4. Distributions to Shareholders

The Trust makes periodic cash distributions to shareholders from the net proceeds of staking rewards (the “Distribution Rewards Amount”), which represent gross staking rewards generated under the Staking Arrangements, net of the Validator Fees and the Sponsor’s Staking Fee. The Sponsor engages a Liquidity Provider to convert such amounts into U.S. dollars by reference to the Index Price at such time, with the net proceeds distributed to shareholders. Distributions are made pursuant to the Sponsor’s staking policy, and the timing and amount of any such distributions are subject to the Sponsor’s discretion and applicable requirements under the Trust Agreement.

During the three months ended September 30, 2026, the Trust made cash distributions to shareholders derived from HYPE received as staking rewards under the Staking Arrangements, including $163,424, or $0.029079 per Share on August 5, 2026, and $205,312, or $0.033713 per Share on September 4, 2026, for aggregate distributions of $368,736, or $0.062792 per Share. The distributions reduced the Trust’s HYPE holdings through the sale of HYPE to generate cash.