UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21836

CYBER HORNET TRUST

(Exact name of registrant as specified in charter)

200 2nd Ave. South #737

St. Petersburg, FL 33701

(Address of principal executive offices)

(Zip code)

Michael G. Willis

200 2^nd Ave. South #737

St. Petersburg, FL33701

(Name and address of agent for service)

With Copies To:

Bo J. Howell, Esq.

FinTech Law, LLC

6224 Turpin Hills Drive

Cincinnati, Ohio 45244

Registrant’s telephone number, including area code: 1-727-502-0808

Date of fiscal year end: March 31

Date of reporting period: September 30, 2025

Explanatory Note: The Registrant is filing this amendment to its Form N-CSR for the period ended September 30, 2025, originally filed with the Securities and Exchange Commission on December 3, 2025 (Accession Number 0001580642-25-007554). The purpose of this amendment is to revise the Financial Highlights Total Return “For the Year Ended March 31, 2022 of (12.83)% to 12.83% and the Total Return For the Year Ended March 31, 2021 of (70.67)% to 70.67%” and to revise the name of the Compliance Services provider “from Gryphon Fund Group to Gryphon Compliance Services, LLC”. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.

Item 1. Reports to Stockholders.

(a)

CYBER HORNET S&P 500^®

(INDEX)

Semi-Annual Shareholder Report - September 30, 2025

Fund Overview

This semi-annual shareholder report contains important information about CYBER HORNET S&P 500^® (the "Fund") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/onefund/. You can also request this information by contacting us at 1-844-464-6339. This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
No Load Shares	$14	0.25%

Fund Statistics

Net Assets	$151,073,129
Number of Portfolio Holdings	508
Total Advisory Fees Paid (net of waivers)	$0
Portfolio Turnover	11%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Nvidia Corp.	8.1%
Apple, Inc.	6.8%
Microsoft Corp.	6.8%
Amazon.com, Inc.	3.6%
Meta Platforms, Inc., Class A	2.8%
Broadcom, Inc.	2.7%
Alphabet, Inc., Class A	2.5%
Tesla, Inc.	2.2%
Alphabet, Inc., Class C	2.1%
Berkshire Hathaway, Inc., Class B	1.7%

Composition of Net Assets (% of net assets)

Value	Value
Exchange-Traded Funds	0.3%
Materials	1.8%
Real Estate	1.8%
Utilities	2.2%
Energy	3.0%
Consumer Staples	5.0%
Industrials	7.8%
Health Care	9.0%
Consumer Discretionary	10.4%
Communications	10.6%
Financials	13.0%
Technology	35.1%

Material Fund Changes

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information you may review the Fund’s prospectus dated July 29, 2025, which is available upon request at 1-844-464-6339 or on the Fund's website at https://funddocs.filepoint.com/onefund/.

Effective October 24, 2025, the Fund changed its name from ONEFUND S&P 500^{^®} to CYBER HORNET S&P 500^{^®}.

Where can I find additional information about the Fund?

Additional information is available on the Fund's website (https://funddocs.filepoint.com/onefund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

CYBER HORNET S&P 500^® - No Load Shares (INDEX)

Semi-Annual Shareholder Report - September 30, 2025

TSR-SAR 093025-INDEX

(b)

Not Applicable.

Item 2. Code of Ethics.

Not Applicable – disclosed with annual report

Item 3. Audit Committee Financial Expert.

Not Applicable – disclosed with annual report

Item 4. Principal Accountant Fees and Services.

Not Applicable – disclosed with annual report

Item 5. Audit Committee of Listed Registrants.

Not Applicable – disclosed with annual report

Item 6. Investments.

The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

TABLE OF CONTENTS

Schedule of Investments		1
Statement of Assets and Liabilities		7
Statement of Operations		8
Statements of Changes in Net Assets		9
Financial Highlights		10
Notes to Financial Statements		11
Additional Information		16

CYBER HORNET S&P 500^®	Schedule of Investments
	September 30, 2025 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.67%
Communications — 10.62%
Alphabet, Inc., Class A		15,580	$	3,787,498
Alphabet, Inc., Class C		12,762		3,108,185
AppLovin Corp., Class A^(a)		13		9,341
AT&T, Inc.		18,972		535,770
Booking Holdings, Inc.		89		480,535
Charter Communications, Inc., Class A^(a)		258		70,977
Comcast Corp., Class A		10,077		316,619
Electronic Arts, Inc.		634		127,878
Fox Corp., Class A		635		40,043
Fox Corp., Class B		351		20,109
GoDaddy, Inc., Class A^(a)		370		50,627
Interpublic Group of Companies, Inc.		1,018		28,412
Match Group, Inc.		720		25,430
Meta Platforms, Inc., Class A		5,811		4,267,482
Netflix, Inc.^(a)		1,143		1,370,366
News Corp., Class A		1,012		31,078
News Corp., Class B		305		10,538
Omnicom Group, Inc.		519		42,314
Paramount Skydance Corp.		1,279		24,199
Take-Two Interactive Software, Inc.^(a)		414		106,961
T-Mobile US, Inc.		1,280		306,406
Trade Desk, Inc. (The), Class A^(a)		1,171		57,391
VeriSign, Inc.		224		62,624
Verizon Communications, Inc.		11,303		496,767
Walt Disney Co. (The)		4,840		554,180
Warner Bros. Discovery, Inc.^(a)		5,795		113,176
				16,044,906
Consumer Discretionary — 10.39%
Airbnb, Inc., Class A^(a)		1,131		137,326
Amazon.com, Inc.^(a)		24,858		5,458,291
Aptiv PLC^(a)		736		63,458
AutoZone, Inc.^(a)		46		197,351
Axon Enterprise, Inc.^(a)		185		132,763
Best Buy Co., Inc.		502		37,961
Builders FirstSource, Inc.^(a)		327		39,649
Caesars Entertainment, Inc.^(a)		563		15,215
CarMax, Inc.^(a)		419		18,801
Carnival Corp.^(a)		2,667		77,103
Chipotle Mexican Grill, Inc.^(a)		3,620		141,868
Copart, Inc.^(a)		2,272		102,172
D.R. Horton, Inc.		789		133,712
Darden Restaurants, Inc.		313		59,583
Deckers Outdoor Corp.^(a)		403		40,852
Domino’s Pizza, Inc.		93		40,149
DoorDash, Inc., Class A^(a)		889		241,799
eBay, Inc.		1,350		122,783
Expedia Group, Inc.		341		72,889
Ford Motor Co.		10,314		123,355
General Motors Co.		2,984		181,934

	Shares		Value
Consumer Discretionary (Continued)
Genuine Parts Co.		367	$	50,866
Hasbro, Inc.		347		26,320
Hilton Worldwide Holdings, Inc.		664		172,268
Home Depot, Inc. (The)		2,669		1,081,452
Las Vegas Sands Corp.		978		52,607
Lennar Corp., Class A		652		82,178
Live Nation Entertainment, Inc.^(a)		373		60,948
LKQ Corp.		711		21,714
Lowe’s Companies, Inc.		1,507		378,724
Lululemon Athletica, Inc.^(a)		300		53,379
Marriott International, Inc., Class A		641		166,942
Masco Corp.		585		41,178
McDonald’s Corp.		1,919		583,164
MGM Resorts International		722		25,025
Mohawk Industries, Inc.^(a)		140		18,049
NIKE, Inc., Class B		3,178		221,602
Norwegian Cruise Lines Holdings Ltd.^(a)		1,134		27,930
NVR, Inc.^(a)		8		64,277
O’Reilly Automotive, Inc.^(a)		2,272		244,944
Pool Corp.		103		31,937
PulteGroup, Inc.		556		73,464
Ralph Lauren Corp.		103		32,297
Ross Stores, Inc.		875		133,341
Royal Caribbean Cruises Ltd.		624		201,914
Starbucks Corp.		2,960		250,415
Tapestry, Inc.		601		68,045
Tesla, Inc.^(a)		7,377		3,280,700
TJX Companies, Inc. (The)		2,989		432,031
TKO Group Holdings, Inc.		186		37,565
Tractor Supply Co.		1,408		80,073
Ulta Beauty, Inc.^(a)		125		68,344
Williams-Sonoma, Inc.		312		60,980
Wynn Resorts Ltd.		252		32,324
Yum! Brands, Inc.		651		98,952
				15,694,963
Consumer Staples — 4.96%
Altria Group, Inc.		4,512		298,063
Archer-Daniels-Midland Co.		1,399		83,576
Brown-Forman Corp., Class B		480		12,998
Bunge Global SA		386		31,363
Campbell Soup Co.		523		16,516
Church & Dwight Co., Inc.		647		56,697
Clorox Co. (The)		327		40,319
Coca-Cola Co. (The)		10,453		693,243
Colgate-Palmolive Co.		2,162		172,830
Conagra Brands, Inc.		1,272		23,290
Constellation Brands, Inc., Class A		422		56,831
Costco Wholesale Corp.		1,173		1,085,764
Dollar General Corp.		567		58,599
Dollar Tree, Inc.^(a)		550		51,904

See Notes to Financial Statements.
Financial Statements \| September 30, 2025	1

CYBER HORNET S&P 500^®	Schedule of Investments
	September 30, 2025 (Unaudited)

	Shares		Value
Consumer Staples (Continued)
Estee Lauder Companies, Inc. (The), Class A		611	$	53,841
General Mills, Inc.		1,499		75,579
Hershey Co. (The)		394		73,698
Hormel Foods Corp.		772		19,099
J.M. Smucker Co. (The)		282		30,625
Kellogg Co.		694		56,922
Kenvue, Inc.		4,569		74,155
Keurig Dr Pepper, Inc.		2,737		69,821
Kimberly-Clark Corp.		890		110,663
Kraft Heinz Co. (The)		2,067		53,825
Kroger Co. (The)		1,743		117,496
Lamb Weston Holdings, Inc.		384		22,303
McCormick & Co., Inc., Non-Voting Shares		660		44,161
Molson Coors Brewing Co., Class B		493		22,308
Mondelez International, Inc., Class A		3,485		217,708
Monster Beverage Corp.^(a)		1,925		129,572
PepsiCo, Inc.		3,650		512,606
Philip Morris International, Inc.		4,183		678,482
Procter & Gamble Co. (The)		6,341		974,295
Sysco Corp.		1,313		108,112
Target Corp.		1,224		109,793
Tyson Foods, Inc., Class A		752		40,834
Walmart, Inc.		11,781		1,214,149
				7,492,040
Energy — 2.99%
APA Corp.		811		19,691
Baker Hughes Co., Class A		2,600		126,672
Chevron Corp.		5,312		824,900
ConocoPhillips		3,461		327,376
Coterra Energy, Inc.		1,979		46,803
Devon Energy Corp.		1,683		59,006
Diamondback Energy, Inc.		468		66,971
Enphase Energy, Inc.^(a)		354		12,528
EOG Resources, Inc.		1,504		168,628
EQT Corp.		1,101		59,927
Expand Energy Corp.		602		63,956
Exxon Mobil Corp.		12,038		1,357,284
First Solar, Inc.^(a)		284		62,631
Halliburton Co.		2,336		57,466
Kinder Morgan, Inc.		5,093		144,183
Marathon Petroleum Corp.		967		186,380
Occidental Petroleum Corp.		1,746		82,499
ONEOK, Inc.		1,535		112,009
Phillips 66		1,130		153,703
Schlumberger Ltd.		3,753		128,991
Targa Resources Corp.		589		98,681
Texas Pacific Land Corp.		2		1,867
Valero Energy Corp.		900		153,234

	Shares		Value
Energy (Continued)
Williams Companies, Inc. (The)		3,162	$	200,313
				4,515,699
Financials — 13.02%
Aflac, Inc.		1,383		154,481
Allstate Corp. (The)		691		148,323
American Express Co.		1,486		493,590
American International Group, Inc.		1,844		144,828
Ameriprise Financial, Inc.		264		129,690
Aon PLC, Class A		575		205,034
Apollo Asset Management, Inc., Class A		45		5,997
Arch Capital Group Ltd.		967		87,736
Arthur J. Gallagher & Co.		572		177,172
Assurant, Inc.		138		29,891
Bank of America Corp.		18,179		937,855
Bank of New York Mellon Corp. (The)		1,995		217,375
Berkshire Hathaway, Inc., Class B^(a)		4,940		2,483,536
BlackRock, Inc.		368		429,039
Blackstone Group L.P. (The), Class A		1,906		325,640
Brown & Brown, Inc.		623		58,431
Capital One Financial Corp.		1,673		355,646
Cboe Global Markets, Inc.		277		67,934
Charles Schwab Corp. (The)		3,961		378,157
Chubb Ltd.		993		280,274
Cincinnati Financial Corp.		407		64,347
Citigroup, Inc.		5,044		511,966
Citizens Financial Group, Inc.		1,222		64,962
CME Group, Inc.		941		254,249
Coinbase Global, Inc., Class A^(a)		592		199,794
ERIE Indemnity Co., Class A		67		21,317
Everest Re Group, Ltd.		115		40,276
Fifth Third Bancorp		1,776		79,121
Franklin Resources, Inc.		798		18,458
Globe Life, Inc.		227		32,454
Goldman Sachs Group, Inc. (The)		834		664,156
Hartford Financial Services Group, Inc. (The)		788		105,111
Huntington Bancshares, Inc.		3,756		64,866
Interactive Brokers Group, Inc., Class A		21		1,445
Intercontinental Exchange, Inc.		1,519		255,921
Invesco Ltd.		1,196		27,436
JPMorgan Chase & Co.		7,665		2,417,770
KeyCorp		2,461		45,996
KKR & Co., Inc.		1,785		231,961
Loews Corp.		485		48,689
M&T Bank Corp.		433		85,569
Marsh & McLennan Companies, Inc.		1,300		261,989
MasterCard, Inc., Class A		2,224		1,265,034
MetLife, Inc.		1,611		132,698

See Notes to Financial Statements.
2	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Schedule of Investments
	September 30, 2025 (Unaudited)

	Shares		Value
Financials (Continued)
Moody’s Corp.		413	$	196,786
Morgan Stanley		3,250		516,620
MSCI, Inc.		208		118,021
Nasdaq, Inc.		893		78,986
Northern Trust Corp.		530		71,338
PayPal Holdings, Inc.^(a)		2,667		178,849
PNC Financial Services Group, Inc. (The)		1,050		210,977
Principal Financial Group, Inc.		568		47,093
Progressive Corp. (The)		1,548		382,279
Prudential Financial, Inc.		953		98,864
Raymond James Financial, Inc.		496		85,610
Regions Financial Corp.		2,426		63,974
Robinhood Markets, Inc., Class A^(a)		36		5,154
S&P Global, Inc.		847		412,243
State Street Corp.		798		92,576
Synchrony Financial		1,066		75,739
T. Rowe Price Group, Inc.		579		59,429
Travelers Companies, Inc. (The)		602		168,090
Truist Financial Corp.		3,508		160,386
U.S. Bancorp		4,128		199,506
Visa, Inc., Class A		4,497		1,535,186
W.R. Berkley Corp.		782		59,917
Wells Fargo & Co.		9,221		772,904
Willis Towers Watson PLC		265		91,544
				19,688,285
Health Care — 8.96%
Abbott Laboratories		4,698		629,250
AbbVie, Inc.		4,756		1,101,203
Agilent Technologies, Inc.		769		98,701
Align Technology, Inc.^(a)		189		23,667
AmerisourceBergen Corp.		438		136,888
Amgen, Inc.		1,403		395,927
Baxter International, Inc.		1,334		30,375
Becton, Dickinson and Co.		764		142,998
Biogen, Inc.^(a)		376		52,670
Bio-Techne Corp.		418		23,253
Boston Scientific Corp.^(a)		3,897		380,464
Bristol-Myers Squibb Co.		5,365		241,962
Cardinal Health, Inc.		643		100,925
Centene Corp.^(a)		1,409		50,273
Charles River Laboratories International, Inc.^(a)		136		21,279
Cigna Corp.		737		212,440
Cooper Companies, Inc. (The)^(a)		515		35,308
CVS Health Corp.		3,329		250,974
Danaher Corp.		1,700		337,042
DaVita, Inc.^(a)		142		18,868
DexCom, Inc.^(a)		1,005		67,626
Edwards LifeSciences Corp.^(a)		1,600		124,432
Elevance Health, Inc.		614		198,396
Eli Lilly & Co.		2,135		1,629,004

	Shares		Value
Health Care (Continued)
GE HealthCare Technologies, Inc.		1,057	$	79,381
Gilead Sciences, Inc.		3,250		360,750
HCA Healthcare, Inc.		491		209,264
Henry Schein, Inc.^(a)		345		22,898
Hologic, Inc.^(a)		624		42,114
Humana, Inc.		325		84,555
IDEXX Laboratories, Inc.^(a)		215		137,361
Incyte Corp.^(a)		494		41,896
Insulet Corp.^(a)		187		57,733
Intuitive Surgical, Inc.^(a)		936		418,607
IQVIA Holdings, Inc.^(a)		482		91,551
Johnson & Johnson		6,478		1,201,151
Labcorp Holdings, Inc.		223		64,014
McKesson Corp.		344		265,754
Medtronic PLC		3,394		323,245
Merck & Co., Inc.		6,816		572,067
Mettler-Toledo International, Inc.^(a)		57		69,974
Moderna, Inc.^(a)		884		22,834
Molina Healthcare, Inc.^(a)		152		29,087
PerkinElmer, Inc.		329		28,837
Pfizer, Inc.		14,802		377,155
Quest Diagnostics, Inc.		292		55,649
Regeneron Pharmaceuticals, Inc.		276		155,187
ResMed, Inc.		389		106,481
Solventum Corp.^(a)		368		26,864
STERIS PLC		262		64,829
Stryker Corp.		907		335,291
Thermo Fisher Scientific, Inc.		1,031		500,055
UnitedHealth Group, Inc.		2,473		853,926
Universal Health Services, Inc., Class B		163		33,324
Vertex Pharmaceuticals, Inc.^(a)		672		263,182
Viatris, Inc.		3,205		31,730
Waters Corp.^(a)		154		46,171
West Pharmaceutical Services, Inc.		113		29,643
Zimmer Biomet Holdings, Inc.		547		53,880
Zoetis, Inc., Class A		1,204		176,169
				13,536,534
Industrials — 7.81%
3M Co.		1,452		225,321
A.O. Smith Corp.		326		23,932
Allegion PLC		233		41,323
AMETEK, Inc.		610		114,680
Amphenol Corp., Class A		3,186		394,268
Boeing Co. (The)^(a)		1,560		336,695
Carrier Global Corp.		2,217		132,355
Caterpillar, Inc.		1,310		625,067
CH Robinson Worldwide, Inc.		310		41,044
Cintas Corp.		894		183,502
CSX Corp.		5,057		179,574
Cummins, Inc.		374		157,966
Deere & Co.		678		310,022

See Notes to Financial Statements.
Financial Statements \| September 30, 2025	3

CYBER HORNET S&P 500^®	Schedule of Investments
	September 30, 2025 (Unaudited)

	Shares		Value
Industrials (Continued)
Delta Air Lines, Inc.		1,671	$	94,829
Dover Corp.		367		61,227
Eaton Corp. PLC		1,052		393,710
EMCOR Group, Inc.		2		1,299
Emerson Electric Co.		1,503		197,164
Expeditors International of Washington, Inc.		380		46,584
Fastenal Co.		2,987		146,482
FedEx Corp.		605		142,665
Fortive Corp.		921		45,120
GE Vernova LLC		728		447,646
Generac Holdings, Inc.^(a)		164		27,454
General Dynamics Corp.		682		232,562
General Electric Co.		2,912		875,987
Honeywell International, Inc.		1,700		357,850
Howmet Aerospace Inc.		1,031		202,313
Hubbell, Inc.		140		60,243
Huntington Ingalls Industries, Inc.		105		30,231
IDEX Corp.		200		32,552
Illinois Tool Works, Inc.		714		186,183
Ingersoll Rand, Inc.		1,076		88,899
Jacobs Solutions, Inc.		334		50,053
JB Hunt Transport Services, Inc.		217		29,115
Johnson Controls International PLC		1,769		194,502
Keysight Technologies, Inc.^(a)		463		80,988
L3Harris Technologies, Inc.		501		153,010
Lennox International, Inc.		3		1,588
Lockheed Martin Corp., Class B		561		280,057
Nordson Corp.		145		32,908
Norfolk Southern Corp.		595		178,744
Northrop Grumman Corp.		364		221,792
Old Dominion Freight Line, Inc.		468		65,885
Otis Worldwide Corp.		1,070		97,830
PACCAR, Inc.		1,359		133,617
Parker-Hannifin Corp.		340		257,771
Pentair PLC		440		48,734
Quanta Services, Inc.		384		159,138
Republic Services, Inc.		539		123,690
Rockwell Automation, Inc.		303		105,908
Rollins, Inc.		747		43,879
Roper Technologies, Inc.		277		138,137
RTX Corp.		3,520		589,001
Snap-on, Inc.		138		47,821
Southwest Airlines Co.		1,563		49,875
Stanley Black & Decker, Inc.		408		30,327
TE Connectivity PLC		816		179,136
Teledyne Technologies, Inc.^(a)		124		72,669
Textron, Inc.		519		43,850
Trane Technologies PLC		598		252,332
Transdigm Group, Inc.		148		195,067
Trimble, Inc.^(a)		661		53,971
Union Pacific Corp.		1,610		380,557
United Airlines Holdings, Inc.^(a)		856		82,604

	Shares		Value
Industrials (Continued)
United Parcel Service, Inc., Class B		1,938	$	161,881
United Rentals, Inc.		177		168,976
Veralto Corp.		581		61,940
Verisk Analytics, Inc.		378		95,071
W.W. Grainger, Inc.		114		108,637
Wabtec Corp.		394		78,985
Waste Management, Inc.		961		212,218
Xylem, Inc.		631		93,073
				11,792,086
Materials — 1.77%
Air Products & Chemicals, Inc.		588		160,359
Albemarle Corp.		312		25,297
Amcor PLC		3,929		32,139
Avery Dennison Corp.		214		34,704
Ball Corp.		836		42,151
CF Industries Holdings, Inc.		507		45,478
Corteva, Inc.		1,847		124,913
Dow, Inc.		1,846		42,329
DuPont de Nemours, Inc.		1,137		88,572
Eastman Chemical Co.		312		19,672
Ecolab, Inc.		668		182,938
Freeport-McMoRan, Inc.		3,775		148,056
International Flavors & Fragrances, Inc.		669		41,170
International Paper Co.		918		42,595
Linde PLC		1,288		611,799
LyondellBasell Industries N.V., Class A		672		32,955
Martin Marietta Materials, Inc.		163		102,736
Mosaic Co. (The)		869		30,137
Newmont Corp.		3,030		255,459
Nucor Corp.		649		87,894
Packaging Corporation of America		233		50,778
PPG Industries, Inc.		623		65,484
Sherwin-Williams Co. (The)		614		212,604
Smurfit WestRock PLC		687		29,246
Steel Dynamics, Inc.		392		54,657
Vulcan Materials Co.		349		107,359
				2,671,481
Real Estate — 1.82%
Alexandria Real Estate Equities, Inc.		418		34,836
American Tower Corp.		1,236		237,707
AvalonBay Communities, Inc.		374		72,246
BXP, Inc.		384		28,547
Camden Property Trust		284		30,326
CBRE Group, Inc., Class A^(a)		786		123,842
Crown Castle International Corp.		1,145		110,481
Digital Realty Trust, Inc.		798		137,958
Equinix, Inc.		250		195,810
Equity Residential		906		58,645
Essex Property Trust, Inc.		169		45,235

See Notes to Financial Statements.
4	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Schedule of Investments
	September 30, 2025 (Unaudited)

	Shares		Value
Real Estate (Continued)
Extra Space Storage, Inc.		559	$	78,785
Federal Realty Investment Trust		196		19,857
Healthpeak Properties, Inc.		1,882		36,040
Host Hotels & Resorts, Inc.		1,874		31,895
Invitation Homes, Inc.		1,511		44,318
Iron Mountain, Inc.		772		78,698
Kimco Realty Corp.		1,774		38,762
Mid-America Apartment Communities, Inc.		306		42,757
Prologis, Inc.		2,448		280,345
Public Storage		415		119,873
Realty Income Corp.		2,195		133,434
Regency Centers Corp.		438		31,930
SBA Communications Corp., Class A		279		53,945
Simon Property Group, Inc.		857		160,833
UDR, Inc.		806		30,032
Ventas, Inc.		1,064		74,469
VICI Properties, Inc.		2,749		89,645
Welltower, Inc.		1,542		274,692
Weyerhaeuser Co.		1,929		47,820
				2,743,763
Technology — 35.13%
Accenture PLC, Class A		1,692		417,247
Adobe, Inc.^(a)		1,175		414,481
Advanced Micro Devices, Inc.^(a)		4,314		697,962
Akamai Technologies, Inc.^(a)		401		30,380
Analog Devices, Inc.		1,296		318,427
Apple, Inc.		40,396		10,286,034
Applied Materials, Inc.		2,161		442,443
Arista Networks, Inc.^(a)		2,723		396,768
Autodesk, Inc.^(a)		557		176,942
Automatic Data Processing, Inc.		1,065		312,578
Block, Inc.^(a)		1,526		110,284
Broadcom, Inc.		12,372		4,081,647
Broadridge Financial Solutions, Inc.		311		74,071
Cadence Design Systems, Inc.^(a)		716		251,502
CDW Corp.		346		55,111
Cisco Systems, Inc.		10,713		732,984
Cognizant Technology Solutions Corp., Class A		1,299		87,124
Corning, Inc.		2,030		166,521
Corpay, Inc.^(a)		191		55,019
CoStar Group, Inc.^(a)		1,066		89,938
Crowdstrike Holdings, Inc., Class A^(a)		606		297,170
Datadog, Inc., Class A^(a)		865		123,176
Dayforce, Inc.^(a)		416		28,658
Dell Technologies, Inc., Class C		754		106,895
EPAM Systems, Inc.^(a)		154		23,222
Equifax, Inc.		327		83,885
F5, Inc.^(a)		153		49,448
FactSet Research Systems, Inc.		102		29,222

	Shares		Value
Technology (Continued)
Fair Isaac Corp.^(a)		66	$	98,771
Fidelity National Information Services, Inc.		1,560		102,866
Fiserv, Inc.^(a)		1,521		196,103
Fortinet, Inc.^(a)		1,656		139,236
Garmin Ltd.		400		98,488
Gartner, Inc.^(a)		207		54,414
Gen Digital, Inc.		1,491		42,329
Global Payments, Inc.		685		56,910
Hewlett Packard Enterprise Co.		3,416		83,897
HP, Inc.		2,308		62,847
Intel Corp.		11,151		374,116
International Business Machines Corp.		2,472		697,499
Intuit, Inc.		728		497,158
Jabil, Inc.		333		72,318
Jack Henry & Associates, Inc.		195		29,041
KLA Corp.		350		377,510
Lam Research Corp.		3,401		455,394
Leidos Holdings, Inc.		355		67,081
MarketAxess Holdings, Inc.		99		17,251
Microchip Technology, Inc.		1,409		90,486
Micron Technology, Inc.		2,896		484,559
Microsoft Corp.		19,757		10,233,139
Monolithic Power Systems, Inc.		125		115,080
Motorola Solutions, Inc.		442		202,122
NetApp, Inc.		533		63,139
Nvidia Corp.		65,389		12,200,280
NXP Semiconductors NV		671		152,807
ON Semiconductor Corp.^(a)		1,106		54,537
Oracle Corp.		4,318		1,214,394
Palantir Technologies, Inc., Class A^(a)		5,275		962,267
Palo Alto Networks, Inc.^(a)		1,693		344,729
Paychex, Inc.		834		105,718
Paycom Software, Inc.		128		26,642
PTC, Inc.^(a)		311		63,139
Qualcomm, Inc.		2,948		490,429
Salesforce, Inc.		2,621		621,177
Seagate Technology PLC		506		119,446
ServiceNow, Inc.^(a)		551		507,074
Skyworks Solutions, Inc.		426		32,793
Super Micro Computer, Inc.^(a)		1,261		60,452
Synopsys, Inc.^(a)		477		235,347
Teradyne, Inc.		395		54,368
Texas Instruments, Inc.		2,407		442,238
Tyler Technologies, Inc.^(a)		111		58,071
Uber Technologies, Inc.^(a)		5,557		544,419
Western Digital Corp.^(a)		805		96,648
Workday, Inc., Class A^(a)		21		5,055
Zebra Technologies Corp., Class A^(a)		128		38,036
				53,080,959

See Notes to Financial Statements.
Financial Statements \| September 30, 2025	5

CYBER HORNET S&P 500^®	Schedule of Investments
	September 30, 2025 (Unaudited)

	Shares		Value
Utilities — 2.20%
AES Corp.		1,785	$	23,491
Alliant Energy Corp.		661		44,558
Ameren Corp.		692		72,231
American Electric Power Co., Inc.		1,367		153,788
American Water Works Co., Inc.		510		70,986
Atmos Energy Corp.		398		67,959
CenterPoint Energy, Inc.		1,661		64,447
CMS Energy Corp.		775		56,777
Consolidated Edison, Inc.		912		91,674
Constellation Energy Corp.		817		268,850
Dominion Energy, Inc.		2,205		134,880
DTE Energy Co.		542		76,655
Duke Energy Corp.		2,043		252,821
Edison International		1,007		55,667
Entergy Corp.		1,120		104,373
Evergy, Inc.		611		46,448
Eversource Energy		919		65,378
Exelon Corp.		2,598		116,936
FirstEnergy Corp.		1,357		62,178
NextEra Energy, Inc.		5,435		410,287
Nisource, Inc.		1,090		47,197
NRG Energy, Inc.		590		95,551
PG&E Corp.		5,644		85,112
Pinnacle West Capital Corp.		302		27,077
PPL Corp.		1,937		71,979
Public Service Enterprise Group, Inc.		1,317		109,917
Sempra Energy		1,660		149,367
Southern Co. (The)		2,891		273,980
Vistra Corp.		32		6,269
WEC Energy Group, Inc.		836		95,797
Xcel Energy, Inc.		1,439		116,055
				3,318,685
Total Common Stocks (Cost $84,787,710)				150,579,401

	Shares		Value
EXCHANGE-TRADED FUNDS — 0.32%
SPDR^® S&P 500^® ETF Trust		720	$	479,650

Total Exchange-Traded Funds (Cost $446,245)				479,650

RIGHT — 0.00%
Sycamore Partners, LLC		1,885		999

Total Right Cost ($–)				999

Total Investments — 99.99% (Cost $85,233,955)				151,060,050

Other Assets in Excess of Liabilities — 0.01%				13,079

NET ASSETS — 100.00%			$	151,073,129

^(a)

Non-income producing security.

See Notes to Financial Statements.
6	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Statement of Assets and Liabilities
	September 30, 2025 (Unaudited)

ASSETS:
Investments in securities at fair value (cost $85,233,955)	$	151,060,050
Cash and cash equivalents		64,770
Receivable for fund shares sold		91,793
Dividends receivable		67,847
Receivable from Investment Adviser		2,863
Prepaid expenses		17,406
Total Assets		151,304,729

LIABILITIES:
Payable for fund shares redeemed		53,716
Payable for investments purchased		99,365
Payable to Administrator		26,698
Payable to trustees		1,268
Other accrued expenses		50,553
Total Liabilities		231,600
NET ASSETS	$	151,073,129

NET ASSETS CONSIST OF:
Paid‐in capital	$	85,160,958
Accumulated earnings		65,912,171
NET ASSETS^(a)	$	151,073,129
Shares of beneficial interest outstanding, without par value		2,387,507
Net asset value, offering and redemption price per share	$	63.28

^(a)

The Fund charges a 0.25% redemption fee on shares redeemed within 30 calendar days of purchase.

See Notes to Financial Statements.
Financial Statements \| September 30, 2025	7

CYBER HORNET S&P 500^®	Statement of Operations
	For the six months ended September 30, 2025 (Unaudited)

INVESTMENT INCOME:
Dividend income (net of foreign taxes withheld of $531)	$	874,970
Total investment income		874,970

EXPENSES:
Investment Adviser fees (Note 4)		168,242
Fund accounting and administration fees		57,131
Legal fees		23,010
Chief compliance officer fees		29,594
Transfer agent fees		18,295
Registration expenses		16,572
Custodian fees		10,797
Insurance expenses		9,972
Audit and tax preparation fees		9,776
Printing and postage expenses		7,959
Pricing		6,148
Trustee fees and expenses		673
Miscellaneous expenses		16,253
Total expenses		374,422
Fees waived/reimbursed by Investment Adviser (Note 3)		(206,017	)
Net operating expenses		168,405
NET INVESTMENT INCOME:		706,565

NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on Investments		261,315
Net change in unrealized gain on investments		23,449,203
NET REALIZED AND CHANGE IN UNREALIZED GAIN ON INVESTMENTS		23,710,518
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,417,083

See Notes to Financial Statements.
8	https://cyberhornet.io/

CYBER HORNET S&P 500^®

Statements of Changes in Net Assets

	For the Six Months Ended September 30, 2025 (Unaudited)			For the Year Ended March 31, 2025
INCREASE (DECREASE) IN NET ASSETS DUE TO:
OPERATIONS:
Net investment income	$	706,565		$	1,349,639
Net realized gain (loss) on investments		261,315			199,414
Net change in unrealized appreciation (depreciation) on investments		23,449,203			7,598,300
Net increase (decrease) in net assets resulting from operations		24,417,083			9,147,353

Distributions to shareholders from earnings		—			(2,531,583	)

CAPITAL TRANSACTIONS
Proceeds from shares sold		17,304,894			27,812,757
Reinvestment of distributions		—			2,501,429
Amount paid for shares redeemed		(13,062,655	)		(28,334,754	)
Proceeds from redemption fees^(a)		2,833			6,073
Net increase (decrease) in net assets resulting from capital transactions		4,245,072			1,985,505
Total Increase (Decrease) in Net Assets		28,662,155			8,601,275

NET ASSETS
Beginning of year		122,410,974			113,809,699
End of year	$	151,073,129		$	122,410,974

SHARE TRANSACTIONS
Shares sold		304,209			515,098
Shares issued in reinvestment of distributions		—			44,055
Shares redeemed		(233,537	)		(525,575	)
Net increase (decrease) in shares outstanding		70,672			33,578

^(a)

The Fund charges a 0.25% redemption fee on shares redeemed within 30 calendar days of purchase. Shares are redeemed at the Net Asset Value if held longer than 30 calendar days.

See Notes to Financial Statements.
Financial Statements \| September 30, 2025	9

CYBER HORNET S&P 500^®	Financial Highlights
	(For a share outstanding during each period)

	For the Six Months Ended September 30, 2025 (Unaudited)			For the Year Ended March 31, 2025			For the Year Ended March 31, 2024			For the Year Ended March 31, 2023			For the Year Ended March 31, 2022			For the Year Ended March 31, 2021
SELECTED PER SHARE DATA
Net asset value, beginning of period	$	52.84		$	49.85		$	42.74		$	47.16		$	42.58		$	25.34

Investment operations:
Net investment income^(a)		0.30			0.58			0.66			0.71			0.63			0.56
Net realized and unrealized gain (loss) on investments		10.14			3.50			7.16			(3.78	)		4.83			17.25
Total from investment operations		10.44			4.08			7.82			(3.07	)		5.46			17.81

Less distributions to shareholders from:
Net investment income		—			(0.74	)		(0.71	)		(0.50	)		(0.53	)		(0.58	)
Net realized gains		—			(0.35	)		—			(0.85	)		(0.35	)		—
Total distributions		—			(1.09	)		(0.71	)		(1.35	)		(0.88	)		(0.58	)

Paid in capital from redemption fees		—			—	^(b)		—	^(b)		—	^(b)		—	^(b)		0.01
Net asset value, end of period	$	63.28		$	52.84		$	49.85		$	42.74		$	47.16		$	42.58

Total Return^(c)		19.76	%^(d)		8.03	%		18.48	%		(6.52	)%		12.83	%		70.67	%

Ratios and Supplemental Data:
Net assets, end of period (000 omitted)	$	151,073		$	122,411		$	113,810		$	101,449		$	102,267		$	70,202
Ratio of expenses to average net assets after expense waiver		0.25	%^(e)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets before expense waiver		0.56	%^(e)		0.63	%		0.71	%		0.65	%		0.66	%		0.86	%
Ratio of net investment income to average net assets after expense waiver		1.05	%^(e)		1.09	%		1.50	%		1.66	%		1.37	%		1.61	%

Portfolio turnover rate		11	%^(d)		18	%		81	%		42	%		60	%		96	%

^(a)	Calculated using the average shares method.
^(b)	Rounds to less than $0.005 per share.
^(c)	Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.
^(d)	Not annualized.
^(e)	Annualized.

See Notes to Financial Statements.
10	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Notes to Financial Statements
	September 30, 2025 (Unaudited)

ORGANIZATION

The CYBER HORNET S&P 500^® (the “Fund”) (formerly known as the ONEFUND S&P 500^®) is a separate series of CYBER HORNET TRUST (formerly known as ONEFUND TRUST), an open-end management investment company that was organized as a trust under the laws of the State of Delaware on November 9, 2005 (the “Trust”). The Trust currently has two series, one of which is covered by this report. The Fund currently offers one class of shares: No Load Shares. The Fund is diversified, as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”).

The Fund seeks to achieve its investment objective, to replicate, before fees and expenses, the total return of the S&P 500^® (the “Index”), by investing in a portfolio of assets whose performance, before fees and expenses, is expected to match approximately the performance of the Index. The Fund expects that its portfolio will consist primarily of securities of issuers included in the Index. The Index is designed to measure the performance of approximately 500 U.S. issuers chosen for market size, liquidity and industry grouping, among other factors.

The Fund has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, Segment Reporting (“Topic 280”) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Adviser of the Fund. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in The United States of America (“GAAP”). The Fund is an investment company and accordingly follows the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.”

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

Cash and Cash Equivalents — Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

Expenses — The Fund bears expenses incurred specifically for the Fund and general Trust expenses. Expenses of the Trust which are not attributable to a specific series are allocated among all of their series in a manner deemed by the Trustees to be fair and equitable.

Fees on Redemptions — The Fund charges a redemption fee of 0.25% on redemptions of Fund’s shares occurring within 30 days following the issuance of such shares. The redemption fee is not a fee to finance sales or sales promotion expenses but is paid to the Fund to defray the costs of liquidating an investor and discourage short-term trading of the Fund’s shares. No redemption fee will be imposed on the redemption of shares representing dividends or capital gains distributions, or on amounts representing capital appreciation of shares. The Fund’s redemption fees allocated fees for the six months ended September 30, 2025, are reported on the Statements of Changes.

Federal Income Taxes — As of and during the six months ended September 30, 2025 the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. Therefore, no provision is made by the Fund for federal income or excise taxes. The Fund intends to continue to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying, the Fund will not be subject to federal income taxes to the extent that it distributes substantially all of its taxable or tax-exempt income, if any, for its tax year ended September 30, 2025. In addition, by distributing in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, the Fund will not be subject to a federal excise tax. Interest or penalties, if any, will be recorded in the Statement of Operations when incurred.

Investment Transactions — Investment security transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis.


Financial Statements \| September 30, 2025	11

CYBER HORNET S&P 500^®	Notes to Financial Statements
	September 30, 2025 (Unaudited)

Investment Income — Dividend income is recorded on the ex‐dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Interest income, which includes amortization of premium and accretion of discount, is recorded on the accrual basis.

Dividends and Distributions — The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset Value (“NAV”) per share of the Funds.

SECURITIES VALUATION AND FAIR VALUE MEASUREMENT

The Fund’s portfolio securities are valued as of the close of trading of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern Time). Each security, excluding short-term investments, is valued at the last sale price reported by the principal security exchange on which the issue is traded. Money market funds, representing short-term investments, are valued at their daily net asset value. Securities that are traded on the Nasdaq Stock Market, Inc. are valued at the Nasdaq Official Closing Price or if no sale is reported, the mean between the bid and the ask. Securities which are traded over-the-counter are valued at the last sale price or, if no sale, at the mean between the bid and the ask. Securities for which quotations are not readily available are valued at fair value as determined by the Fund’s investment adviser, as the Valuation Designee appointed by the Board of Trustees (the “Board”), in accordance with procedures approved by the Board. The fair value of a security is the amount which the Fund might reasonably expect to receive upon a current sale. The fair value of a security may differ from the last quoted price and the Fund may not be able to sell a security at the fair value. Market quotations may not be available, for example, if trading in particular securities was halted during the day and not resumed prior to the close of trading on the NYSE. As of September 30, 2025, there were no securities that were internally fair valued.

A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value.

Various inputs are used in determining the value of the Fund’s investments as of the reporting period end. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 —

Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 —

Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 —

Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Fund to measure fair value during the six months ended September 30, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs.


12	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Notes to Financial Statements
	September 30, 2025 (Unaudited)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund’s investments as of September 30, 2025:

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Assets
Common Stocks*	$	150,579,401	$	—	$	—	$	150,579,401
Exchange-Traded Funds		479,650		—		—		479,650
Rights		999		—		—		999
TOTAL	$	151,060,050	$	—	$	—	$	151,060,050

*	See Schedule of Investments for sector classifications.

The Fund did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS

Investment Advisory Agreement — CYBER HORNET ETFS, LLC (formerly, ONEFUND, LLC) (the “Adviser”) currently provides investment advisory services for individuals, trusts, estates and institutions. The Adviser commenced operations in 2004 and is registered as an investment adviser with the Securities and Exchange Commission. The Adviser is entitled to an investment advisory fee, computed daily and payable monthly, of 0.25% of the average daily net assets of the Fund. An officer and trustee of the Trust is also an officer of the Adviser.

The Adviser has agreed to waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses after fee waiver/expense reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 0.25% of the Fund’s average daily net assets for No Load Shares. The Adviser intends to reimburse fund expenses no less frequently than on a quarterly basis, but there have been and there may continue to be instances where the Adviser reimburses fund expenses on a less frequent basis. This agreement is in effect through July 31, 2026, and may not be terminated or modified by the Adviser prior to this date except with the approval of the Fund’s Board. Amounts previously waived or reimbursed by the Adviser under this agreement are not subject to subsequent recapture by the Adviser.

Fund Accounting and Administration Fees and Expenses — Ultimus Fund Solutions, LLC (“Ultimus” or the “Administrator”) provides administrative, fund accounting and other services to the Fund under a Master Services Agreement with the Trust (the “Master Services Agreement”). Under the Master Services Agreement, Ultimus is paid fees for its services and is reimbursed for certain out‐of‐pocket expenses. Administrator fees paid by the Fund for the six months ended September 30, 2025 are disclosed in the Statement of Operations.

Certain officers and trustees of the Trust are also officers of the Adviser and/or the Administrator. Such officers are paid no fees by the Trust for serving as officers or trustees to the Trust.

Transfer Agent and Shareholder Services Agreement — Ultimus serves as transfer, dividend paying and shareholder servicing agent for the Fund (the “Transfer Agent”) under the Master Services Agreement. Transfer Agent fees paid by the Fund for the six months ended September 30, 2025 are disclosed in the Statement of Operations.

Compliance Services — Gryphon Compliance Services, LLC (“Gryphon”), provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between Gryphon and the Trust. Under the terms of such agreement Gryphon is entitled to receive fees from the Fund.

Distributor — The Fund has entered into a Distribution Agreement with Ultimus Fund Distributors, LLC (the “Distributor”) to provide distribution services to the Fund. The Distributor serves as underwriter/distributor of shares of the Fund. Distribution services fees are paid by the Adviser pursuant to the terms set forth in the Distribution Agreement.

PURCHASES AND SALES OF INVESTMENT SECURITIES

The aggregate cost of purchases and proceeds from sales of investment securities, excluding short-term securities, are shown below for the six months ended September 30, 2025.

		Cost of Investments Purchased				Proceeds from Investments Sold
CYBER HORNET S&P 500^®		$	19,699,313			$	14,727,531


Financial Statements \| September 30, 2025	13

CYBER HORNET S&P 500^®	Notes to Financial Statements
	September 30, 2025 (Unaudited)

TAX BASIS INFORMATION

Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end.

The tax character of distributions paid during the fiscal year ended March 31, 2025, were as follows:

		Ordinary Income				Long-Term Capital Gains
CYBER HORNET S&P 500^®		$	1,866,270			$	665,313

As of September 30, 2025, net unrealized appreciation/(depreciation) of investments based on the federal tax cost were as follows:

		Gross Appreciation (excess of value over tax cost)				Gross Depreciation (excess of tax cost over value)				Net Unrealized Appreciation				Cost of Investments for Income Tax Purposes
CYBER HORNET S&P 500^®		$	66,202,178			$	(1,691,162	)		$	64,511,016			$	86,549,034

The difference between book basis and tax basis cost is primarily attributable to wash sales.

At March 31, 2025, components of distributable earnings on a tax basis were as follows:

	CYBER HORNET S&P 500^®
Accumulated ordinary income	$	312,756
Accumulated capital and other losses		120,519
Net unrealized appreciation on investments		41,061,813
Total	$	41,495,088

Capital Losses — As of March 31, 2025, the Fund did not have any short‐term and long‐term capital loss carryforwards. During the fiscal year ended March 31, 2025, the Fund did not utilize short‐term and long‐term capital loss carryforwards.

BENEFICIAL OWNERSHIP

As of September 30, 2025, the following entities owned beneficially 25% or greater of the Fund’s outstanding shares. The shares are held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the origination broker rather than designated separately).

CYBER HORNET S&P 500^®		Percentage
Charles Schwab & Co.		69%

SECTOR RISK

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund’s NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund’s portfolio will be adversely affected. As of September 30, 2025, the Fund had 35.13% of the value of its net assets invested in stocks within the Technology sector.


14	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Notes to Financial Statements
	September 30, 2025 (Unaudited)

COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Fund, and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects the risk of loss to be remote.

10.

SUBSEQUENT EVENTS

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.


Financial Statements \| September 30, 2025	15

CYBER HORNET S&P 500^®	Additional Information
	September 30, 2025 (Unaudited)

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the period covered by this report.

Proxy Disclosures

There were no matters submitted to a vote of shareholders during the period covered by this report.

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

Not applicable.


16	https://cyberhornet.io/

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not Applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not Applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not Applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

None

Item 16. Controls and Procedures

(a)

The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)	Not Applicable.

(b)	Not Applicable.

Item 19. Exhibits.

(a)(1)	Not Applicable – disclosed with annual report.

(a)(2)	Not Applicable.

(a)(3)	Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.

(a)(4)	Not Applicable.

(b)	Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	CYBER HORNET TRUST

By (Signature and Title)	/s/ Michael G. Willis
	Michael G. Willis, President and Principal Executive Officer

Date	09/01/2026


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Michael G. Willis
	Michael G. Willis, President and Principal Executive Officer

Date	09/01/2026

By (Signature and Title)	/s/ Michael G. Willis
	Michael G. Willis, President and Principal Executive Officer

Date	09/01/2026

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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