| INVESTMENT IN DIGITAL ASSETS |
3.
INVESTMENT IN DIGITAL ASSETS
The following represents the changes in quantity of Digital Assets held and the respective fair value during the quarter from July 1, 2026 to September 30, 2026:
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Bitcoin | |
|
Amount in US$ | |
|
Beginning balance at July 1, 2026
|
|
|
155.4365 |
|
|
$ |
9,186,529 |
|
|
Bitcoin purchased for the creation of Shares
|
|
|
19.4299 |
|
|
|
1,256,943 |
|
|
Bitcoin purchased for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Bitcoin sold for the redemption of Shares
|
|
|
(19.4203 |
) |
|
|
(1,521,654 |
) |
|
Bitcoin sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on bitcoin sales to pay expenses
|
|
|
(0.0731 |
) |
|
|
(4,974 |
) |
|
Net realized gain (loss) from bitcoin sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(72,387 |
) |
|
Net realized gain (loss) from bitcoin sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in bitcoin
|
|
|
- |
|
|
|
4,159,836 |
|
|
Balance at September 30, 2026
|
|
|
155.3730 |
|
|
$ |
13,004,293 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Ether | |
|
Amount in US$ | |
|
Beginning balance at July 1, 2026
|
|
|
806.8154 |
|
|
$ |
1,285,265 |
|
|
Ether purchased for the creation of Shares
|
|
|
100.8278 |
|
|
|
188,637 |
|
|
Ether purchased for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Ether sold for the redemption of Shares
|
|
|
(100.8043 |
) |
|
|
(250,861 |
) |
|
Ether sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on ether sales to pay expenses
|
|
|
(0.3793 |
) |
|
|
(781 |
) |
|
Net realized gain (loss) from ether sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(1,035 |
) |
|
Net realized gain (loss) from ether sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in ether
|
|
|
- |
|
|
|
951,280 |
|
|
Balance at September 30, 2026
|
|
|
806.4596 |
|
|
$ |
2,172,505 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of XRP | |
|
Amount in US$ | |
|
Beginning balance at July 1, 2026
|
|
|
609,842.6656 |
|
|
$ |
639,908 |
|
|
XRP purchased for the creation of Shares
|
|
|
76,212.1900 |
|
|
|
84,104 |
|
|
XRP purchased for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
XRP sold for the redemption of Shares
|
|
|
(76,194.4277 |
) |
|
|
(108,165 |
) |
|
XRP sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on XRP sales to pay expenses
|
|
|
(286.6609 |
) |
|
|
(334 |
) |
|
Net realized gain (loss) from XRP sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(14,245 |
) |
|
Net realized gain (loss) from XRP sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in XRP
|
|
|
- |
|
|
|
313,093 |
|
|
Balance at September 30, 2026
|
|
|
609,573.7670 |
|
|
$ |
914,361 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Solana | |
|
Amount in US$ | |
|
Beginning balance at July 1, 2026
|
|
|
5,398.9017 |
|
|
$ |
406,915 |
|
|
Solana purchased for the creation of Shares
|
|
|
674.7520 |
|
|
|
51,546 |
|
|
Solana purchased for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Solana sold for the redemption of Shares
|
|
|
(674.5447 |
) |
|
|
(69,713 |
) |
|
Solana sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on solana sales to pay expenses
|
|
|
(2.5376 |
) |
|
|
(214 |
) |
|
Net realized gain (loss) from solana sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
2,920 |
|
|
Net realized gain (loss) from solana sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in solana
|
|
|
- |
|
|
|
248,525 |
|
|
Balance at September 30, 2026
|
|
|
5,396.5714 |
|
|
$ |
639,979 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Dogecoin | |
|
Amount in US$ | |
|
Beginning balance at July 1, 2026
|
|
|
1,502,862.6388 |
|
|
$ |
108,567 |
|
|
Dogecoin purchased for the creation of Shares
|
|
|
187,813.7500 |
|
|
|
13,603 |
|
|
Dogecoin purchased for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Dogecoin sold for the redemption of Shares
|
|
|
(187,769.3416 |
) |
|
|
(15,909 |
) |
|
Dogecoin sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on dogecoin sales to pay expenses
|
|
|
(706.4000 |
) |
|
|
(53 |
) |
|
Net realized gain (loss) from dogecoin sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(4,513 |
) |
|
Net realized gain (loss) from dogecoin sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in dogecoin
|
|
|
- |
|
|
|
42,035 |
|
|
Balance at September 30, 2026
|
|
|
1,502,200.6472 |
|
|
$ |
143,730 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Cardano | |
|
Amount in US$ | |
|
Beginning balance at July 1, 2026
|
|
|
374,121.9642 |
|
|
$ |
55,818 |
|
|
Cardano purchased for the creation of Shares
|
|
|
46,760.1993 |
|
|
|
7,820 |
|
|
Cardano purchased for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Cardano sold for the redemption of Shares
|
|
|
(46,742.6923 |
) |
|
|
(9,694 |
) |
|
Cardano sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on cardano sales to pay expenses
|
|
|
(175.9506 |
) |
|
|
(32 |
) |
|
Net realized gain (loss) from cardano sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(4,187 |
) |
|
Net realized gain (loss) from cardano sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in cardano
|
|
|
- |
|
|
|
44,084 |
|
|
Balance at September 30, 2026
|
|
|
373,963.5206 |
|
|
$ |
93,809 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Stellar Lumens | |
|
Amount in US$ | |
|
Beginning balance at July 1, 2026
|
|
|
257,543.7911 |
|
|
$ |
52,473 |
|
|
Stellar lumens purchased for the creation of Shares
|
|
|
32,187.3300 |
|
|
|
6,035 |
|
|
Stellar lumens purchased for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Stellar lumens sold for the redemption of Shares
|
|
|
(32,177.8060 |
) |
|
|
(5,979 |
) |
|
Stellar lumens sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on stellar lumens sales to pay expenses
|
|
|
(121.0678 |
) |
|
|
(22 |
) |
|
Net realized gain (loss) from stellar lumens sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(709 |
) |
|
Net realized gain (loss) from stellar lumens sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in stellar lumens
|
|
|
- |
|
|
|
7,005 |
|
|
Balance at September 30, 2026
|
|
|
257,432.2473 |
|
|
$ |
58,803 |
|
The following represents the changes in quantity of Digital Assets held and the respective fair value during the quarter July 1, 2025 to September 30, 2025:
| |
|
|
|
|
| |
| |
| |
|
Quantity of Bitcoin |
|
| Amount in US$ | |
|
Beginning balance at July 1, 2025
|
|
|
33.2484 |
|
| $ |
3,609,446 | |
|
Bitcoin purchased for the creation of Shares
|
|
|
22.1644 |
|
| |
2,598,294 | |
|
Bitcoin purchased for the rebalancing of Digital Assets
|
|
|
0.0028 |
|
| |
304 | |
|
Bitcoin sold for the rebalancing of Digital Assets
|
|
|
- |
|
| |
- | |
|
Principal on bitcoin sales to pay expenses
|
|
|
- |
|
| |
- | |
|
Net realized gain (loss) from bitcoin sold for rebalancing and the redemption of Shares
|
|
|
- |
|
| |
- | |
|
Net change in unrealized appreciation (depreciation) on investment in bitcoin
|
|
|
- |
|
| |
121,693 | |
|
Balance at September 30, 2025
|
|
|
55.4156 |
|
| $ |
6,329,737 | |
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Ether | |
|
Amount in US$ | |
|
Beginning balance at July 1, 2025
|
|
|
182.6830 |
|
|
$ |
456,764 |
|
|
Ether purchased for the creation of Shares
|
|
|
121.7607 |
|
|
|
462,617 |
|
|
Ether purchased for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Ether sold for the rebalancing of Digital Assets
|
|
|
(0.0711 |
) |
|
|
(304 |
) |
|
Ether sold for the redemption of Shares
|
|
|
- |
|
|
|
- |
|
|
Principal on ether sales to pay expenses
|
|
|
- |
|
|
|
- |
|
|
Net realized gain (loss) from ether sold for rebalancing and the redemption of Shares
|
|
|
- |
|
|
|
116 |
|
|
Net change in unrealized appreciation (depreciation) on investment in ether
|
|
|
- |
|
|
|
338,121 |
|
|
Balance at September 30, 2025
|
|
|
304.3726 |
|
|
$ |
1,257,314 |
|
The following represents the changes in quantity of Digital Assets held and the respective fair value during the nine months from January 1, 2026 to September 30, 2026:
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Bitcoin | |
|
Amount in US$ | |
|
Beginning balance at January 1, 2026
|
|
|
87.3467 |
|
|
$ |
7,639,607 |
|
|
Bitcoin purchased for the creation of Shares
|
|
|
87.3647 |
|
|
|
5,672,121 |
|
|
Bitcoin purchased for the rebalancing of Digital Assets
|
|
|
0.2344 |
|
|
|
16,831 |
|
|
Bitcoin sold for the redemption of Shares
|
|
|
(19.4203 |
) |
|
|
(1,521,654 |
) |
|
Bitcoin sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on bitcoin sales to pay expenses
|
|
|
(0.1525 |
) |
|
|
(12,396 |
) |
|
Net realized gain (loss) from bitcoin sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(74,383 |
) |
|
Net realized gain (loss) from bitcoin sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in bitcoin
|
|
|
- |
|
|
|
1,284,167 |
|
|
Balance at September 30, 2026
|
|
|
155.3730 |
|
|
$ |
13,004,293 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Ether | |
|
Amount in US$ | |
|
Beginning balance at January 1, 2026
|
|
|
474.4721 |
|
|
$ |
1,409,918 |
|
|
Ether purchased for the creation of Shares
|
|
|
460.5949 |
|
|
|
844,614 |
|
|
Ether purchased for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Ether sold for the redemption of Shares
|
|
|
(100.8043 |
) |
|
|
(250,861 |
) |
|
Ether sold for the rebalancing of Digital Assets
|
|
|
(26.8788 |
) |
|
|
(54,001 |
) |
|
Principal on ether sales to pay expenses
|
|
|
(0.9243 |
) |
|
|
(2,013 |
) |
|
Net realized gain (loss) from ether sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(1,444 |
) |
|
Net realized gain (loss) from ether sold for rebalancing
|
|
|
- |
|
|
|
(25,915 |
) |
|
Net change in unrealized appreciation (depreciation) on investment in ether
|
|
|
- |
|
|
|
252,207 |
|
|
Balance at September 30, 2026
|
|
|
806.4596 |
|
|
$ |
2,172,505 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of XRP | |
|
Amount in US$ | |
|
Beginning balance at January 1, 2026
|
|
|
330,323.8883 |
|
|
$ |
603,733 |
|
|
XRP purchased for the creation of Shares
|
|
|
338,714.8921 |
|
|
|
411,761 |
|
|
XRP purchased for the rebalancing of Digital Assets
|
|
|
17,407.8747 |
|
|
|
23,259 |
|
|
XRP sold for the redemption of Shares
|
|
|
(76,194.4277 |
) |
|
|
(108,165 |
) |
|
XRP sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on XRP sales to pay expenses
|
|
|
(678.4604 |
) |
|
|
(890 |
) |
|
Net realized gain (loss) from XRP sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(14,420 |
) |
|
Net realized gain (loss) from XRP sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in XRP
|
|
|
- |
|
|
|
(917 |
) |
|
Balance at September 30, 2026
|
|
|
609,573.7670 |
|
|
$ |
914,361 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Solana | |
|
Amount in US$ | |
|
Beginning balance at January 1, 2026
|
|
|
2,694.9332 |
|
|
$ |
336,139 |
|
|
Solana purchased for the creation of Shares
|
|
|
2,922.2463 |
|
|
|
218,382 |
|
|
Solana purchased for the rebalancing of Digital Assets
|
|
|
459.8864 |
|
|
|
40,141 |
|
|
Solana sold for the redemption of Shares
|
|
|
(674.5447 |
) |
|
|
(69,713 |
) |
|
Solana sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on solana sales to pay expenses
|
|
|
(5.9498 |
) |
|
|
(510 |
) |
|
Net realized gain (loss) from solana sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
2,824 |
|
|
Net realized gain (loss) from solana sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in solana
|
|
|
- |
|
|
|
112,716 |
|
|
Balance at September 30, 2026
|
|
|
5,396.5714 |
|
|
$ |
639,979 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Dogecoin | |
|
Amount in US$ | |
|
Beginning balance at January 1, 2026
|
|
|
749,351.1329 |
|
|
$ |
88,273 |
|
|
Dogecoin purchased for the creation of Shares
|
|
|
813,162.3558 |
|
|
|
69,270 |
|
|
Dogecoin purchased for the rebalancing of Digital Assets
|
|
|
129,068.0000 |
|
|
|
12,845 |
|
|
Dogecoin sold for the redemption of Shares
|
|
|
(187,769.3416 |
) |
|
|
(15,909 |
) |
|
Dogecoin sold for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Principal on dogecoin sales to pay expenses
|
|
|
(1,611.4999 |
) |
|
|
(142 |
) |
|
Net realized gain (loss) from dogecoin sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(4,537 |
) |
|
Net realized gain (loss) from dogecoin sold for rebalancing
|
|
|
- |
|
|
|
- |
|
|
Net change in unrealized appreciation (depreciation) on investment in dogecoin
|
|
|
- |
|
|
|
(6,070 |
) |
|
Balance at September 30, 2026
|
|
|
1,502,200.6472 |
|
|
$ |
143,730 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Cardano | |
|
Amount in US$ | |
|
Beginning balance at January 1, 2026
|
|
|
213,170.9930 |
|
|
$ |
70,709 |
|
|
Cardano purchased for the creation of Shares
|
|
|
211,308.4759 |
|
|
|
43,406 |
|
|
Cardano purchased for the rebalancing of Digital Assets
|
|
|
2,381.1200 |
|
|
|
548 |
|
|
Cardano sold for the redemption of Shares
|
|
|
(46,742.6923 |
) |
|
|
(9,694 |
) |
|
Cardano sold for the rebalancing of Digital Assets
|
|
|
(5,732.5933 |
) |
|
|
(1,598 |
) |
|
Principal on cardano sales to pay expenses
|
|
|
(421.7827 |
) |
|
|
(94 |
) |
|
Net realized gain (loss) from cardano sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(4,215 |
) |
|
Net realized gain (loss) from cardano sold for rebalancing
|
|
|
- |
|
|
|
(637 |
) |
|
Net change in unrealized appreciation (depreciation) on investment in cardano
|
|
|
- |
|
|
|
(4,616 |
) |
|
Balance at September 30, 2026
|
|
|
373,963.5206 |
|
|
$ |
93,809 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Chainlink | |
|
Amount in US$ | |
|
Beginning balance at January 1, 2026
|
|
|
3,233.4330 |
|
|
$ |
39,244 |
|
|
Chainlink purchased for the creation of Shares
|
|
|
1,077.2271 |
|
|
|
9,732 |
|
|
Chainlink purchased for the rebalancing of Digital Assets
|
|
|
- |
|
|
|
- |
|
|
Chainlink sold for the redemption of Shares
|
|
|
- |
|
|
|
- |
|
|
Chainlink sold for the rebalancing of Digital Assets
|
|
|
(4,309.4432 |
) |
|
|
(38,673 |
) |
|
Principal on Chainlink sales to pay expenses
|
|
|
(1.2169 |
) |
|
|
(50 |
) |
|
Net realized gain (loss) from Chainlink sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(3 |
) |
|
Net realized gain (loss) from Chainlink sold for rebalancing
|
|
|
- |
|
|
|
(11,348 |
) |
|
Net change in unrealized appreciation (depreciation) on investment in Chainlink
|
|
|
- |
|
|
|
1,098 |
|
|
Balance at September 30, 2026
|
|
|
- |
|
|
$ |
- |
|
| |
|
|
|
|
|
|
|
|
| |
|
Quantity of Stellar Lumens | |
|
Amount in US$ | |
|
Beginning balance at January 1, 2026
|
|
|
144,668.9849 |
|
|
$ |
29,245 |
|
|
Stellar lumens purchased for the creation of Shares
|
|
|
144,767.4958 |
|
|
|
26,283 |
|
|
Stellar lumens purchased for the rebalancing of Digital Assets
|
|
|
6,310.8000 |
|
|
|
1,569 |
|
|
Stellar lumens sold for the redemption of Shares
|
|
|
(32,177.8060 |
) |
|
|
(5,979 |
) |
|
Stellar lumens sold for the rebalancing of Digital Assets
|
|
|
(5,849.5845 |
) |
|
|
(921 |
) |
|
Principal on stellar lumens sales to pay expenses
|
|
|
(287.6429 |
) |
|
|
(53 |
) |
|
Net realized gain (loss) from stellar lumens sold for the redemption of Shares and to pay expenses
|
|
|
- |
|
|
|
(717 |
) |
|
Net realized gain (loss) from stellar lumens sold for rebalancing
|
|
|
- |
|
|
|
(443 |
) |
|
Net change in unrealized appreciation (depreciation) on investment in stellar lumens
|
|
|
- |
|
|
|
9,819 |
|
|
Balance at September 30, 2026
|
|
|
257,432.2473 |
|
|
$ |
58,803 |
|
The following represents the changes in quantity of Digital Assets held and the respective fair value for the period from February 20, 2025 (Date of commencement of operations) to September 30, 2025:
| |
|
|
|
|
|
|
| |
| |
|
Quantity of Bitcoin | |
|
Amount in US$ | |
|
Beginning balance at February 20, 2025
|
|
|
22.1248 |
|
|
$ |
2,173,344 | ^ |
|
Bitcoin purchased for the creation of Shares
|
|
|
33.1851 |
|
|
|
3,464,155 | |
|
Bitcoin purchased for the rebalancing of Digital Assets
|
|
|
0.1889 |
|
|
|
19,797 | |
|
Bitcoin sold for the rebalancing of Digital Assets
|
|
|
(0.0832 |
) |
|
|
(7,120 | ) |
|
Principal on bitcoin sales to pay expenses
|
|
|
- |
|
|
|
- | |
|
Net realized gain (loss) from bitcoin sold for rebalancing and the redemption of Shares
|
|
|
- |
|
|
|
(976 | ) |
|
Net change in unrealized appreciation (depreciation) on investment in bitcoin
|
|
|
- |
|
|
|
680,537 | |
|
Balance at September 30, 2025
|
|
|
55.4156 |
|
|
$ |
6,329,737 | |
| |
|
|
|
|
|
|
| |
| |
|
Quantity of Ether | |
|
Amount in US$ | |
|
Beginning balance at February 20, 2025
|
|
|
123.5548 |
|
|
$ |
340,034 | ^ |
|
Ether purchased for the creation of Shares
|
|
|
185.2175 |
|
|
|
580,504 | |
|
Ether purchased for the rebalancing of Digital Assets
|
|
|
3.3590 |
|
|
|
7,120 | |
|
Ether sold for the rebalancing of Digital Assets
|
|
|
(7.7587 |
) |
|
|
(19,797 | ) |
|
Ether sold for the redemption of Shares
|
|
|
- |
|
|
|
- | |
|
Principal on ether sales to pay expenses
|
|
|
- |
|
|
|
- | |
|
Net realized gain (loss) from ether sold for rebalancing and the redemption of Shares
|
|
|
- |
|
|
|
1,291 | |
|
Net change in unrealized appreciation (depreciation) on investment in ether
|
|
|
- |
|
|
|
348,162 | |
|
Balance at September 30, 2025
|
|
|
304.3726 |
|
|
$ |
1,257,314 | |
^ On January 22, 2025, Franklin Resources, Inc. (the “Seed Capital Investor”), an affiliate of the Sponsor, subject to conditions, purchased 4,000 Shares at a per-Share price equal to $25.00 (the “Initial Seed Shares”). Delivery of the Initial Seed Shares was made on January 22, 2025. Total proceeds to the Fund from the sale of the Initial Seed Shares were $100,000. On February 10, 2025, the Initial Seed Shares were redeemed for $100,000, and the Seed Capital Investor purchased two Creation Units in a cash transaction comprised of a total of 100,000 Shares at a per-Share price based on 11.06240875 bitcoin and 61.7774073 ether per Creation Unit, for a total of 22.1248175 bitcoin and 123.5548146 ether (the “Seed Creation Units”). The cash proceeds to the Fund from the sale of the Seed Creation Units were used by the Fund to purchase 22.1248175 bitcoin at the price of $97,227.80 per bitcoin and 123.5548146 ether at the price of $2,665.23 per ether on February 10, 2025 (exclusive of transaction and other costs incurred in connection with the conversion of the cash proceeds to bitcoin and ether respectively, which were paid by the Seed Capital Investor). Thus, the ultimate total proceeds to the Fund from the sale of the Seed Creation Units were $2,480,449.33 (an amount representing 22.1248175 bitcoin and 123.5548146 ether) representing 100,000 shares at a per-Share price equal to $24.80. Further, the transaction and other costs incurred in connection with the Seed Creation Units were paid by the Seed Capital Investor and not borne by the Fund.
|
| INVESTMENT IN DIGITAL ASSETS |
3.
INVESTMENT IN DIGITAL ASSETS
The following represents the changes in quantity of Digital Assets held and the respective fair value during the quarter from July 1, 2026 to September 30, 2026:
| | | | | | | | | |
| |
| Quantity of Bitcoin | |
| Amount in US$ | |
|
Beginning balance at July 1, 2026
|
| | 155.4365 | |
| $ | 9,186,529 | |
|
Bitcoin purchased for the creation of Shares
|
| | 19.4299 | |
| | 1,256,943 | |
|
Bitcoin purchased for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Bitcoin sold for the redemption of Shares
|
| | (19.4203 | ) |
| | (1,521,654 | ) |
|
Bitcoin sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on bitcoin sales to pay expenses
|
| | (0.0731 | ) |
| | (4,974 | ) |
|
Net realized gain (loss) from bitcoin sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (72,387 | ) |
|
Net realized gain (loss) from bitcoin sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in bitcoin
|
| | - | |
| | 4,159,836 | |
|
Balance at September 30, 2026
|
| | 155.3730 | |
| $ | 13,004,293 | |
| | | | | | | | | |
| |
| Quantity of Ether | |
| Amount in US$ | |
|
Beginning balance at July 1, 2026
|
| | 806.8154 | |
| $ | 1,285,265 | |
|
Ether purchased for the creation of Shares
|
| | 100.8278 | |
| | 188,637 | |
|
Ether purchased for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Ether sold for the redemption of Shares
|
| | (100.8043 | ) |
| | (250,861 | ) |
|
Ether sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on ether sales to pay expenses
|
| | (0.3793 | ) |
| | (781 | ) |
|
Net realized gain (loss) from ether sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (1,035 | ) |
|
Net realized gain (loss) from ether sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in ether
|
| | - | |
| | 951,280 | |
|
Balance at September 30, 2026
|
| | 806.4596 | |
| $ | 2,172,505 | |
| | | | | | | | | |
| |
| Quantity of XRP | |
| Amount in US$ | |
|
Beginning balance at July 1, 2026
|
| | 609,842.6656 | |
| $ | 639,908 | |
|
XRP purchased for the creation of Shares
|
| | 76,212.1900 | |
| | 84,104 | |
|
XRP purchased for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
XRP sold for the redemption of Shares
|
| | (76,194.4277 | ) |
| | (108,165 | ) |
|
XRP sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on XRP sales to pay expenses
|
| | (286.6609 | ) |
| | (334 | ) |
|
Net realized gain (loss) from XRP sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (14,245 | ) |
|
Net realized gain (loss) from XRP sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in XRP
|
| | - | |
| | 313,093 | |
|
Balance at September 30, 2026
|
| | 609,573.7670 | |
| $ | 914,361 | |
| | | | | | | | | |
| |
| Quantity of Solana | |
| Amount in US$ | |
|
Beginning balance at July 1, 2026
|
| | 5,398.9017 | |
| $ | 406,915 | |
|
Solana purchased for the creation of Shares
|
| | 674.7520 | |
| | 51,546 | |
|
Solana purchased for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Solana sold for the redemption of Shares
|
| | (674.5447 | ) |
| | (69,713 | ) |
|
Solana sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on solana sales to pay expenses
|
| | (2.5376 | ) |
| | (214 | ) |
|
Net realized gain (loss) from solana sold for the redemption of Shares and to pay expenses
|
| | - | |
| | 2,920 | |
|
Net realized gain (loss) from solana sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in solana
|
| | - | |
| | 248,525 | |
|
Balance at September 30, 2026
|
| | 5,396.5714 | |
| $ | 639,979 | |
| | | | | | | | | |
| |
| Quantity of Dogecoin | |
| Amount in US$ | |
|
Beginning balance at July 1, 2026
|
| | 1,502,862.6388 | |
| $ | 108,567 | |
|
Dogecoin purchased for the creation of Shares
|
| | 187,813.7500 | |
| | 13,603 | |
|
Dogecoin purchased for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Dogecoin sold for the redemption of Shares
|
| | (187,769.3416 | ) |
| | (15,909 | ) |
|
Dogecoin sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on dogecoin sales to pay expenses
|
| | (706.4000 | ) |
| | (53 | ) |
|
Net realized gain (loss) from dogecoin sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (4,513 | ) |
|
Net realized gain (loss) from dogecoin sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in dogecoin
|
| | - | |
| | 42,035 | |
|
Balance at September 30, 2026
|
| | 1,502,200.6472 | |
| $ | 143,730 | |
| | | | | | | | | |
| |
| Quantity of Cardano | |
| Amount in US$ | |
|
Beginning balance at July 1, 2026
|
| | 374,121.9642 | |
| $ | 55,818 | |
|
Cardano purchased for the creation of Shares
|
| | 46,760.1993 | |
| | 7,820 | |
|
Cardano purchased for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Cardano sold for the redemption of Shares
|
| | (46,742.6923 | ) |
| | (9,694 | ) |
|
Cardano sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on cardano sales to pay expenses
|
| | (175.9506 | ) |
| | (32 | ) |
|
Net realized gain (loss) from cardano sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (4,187 | ) |
|
Net realized gain (loss) from cardano sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in cardano
|
| | - | |
| | 44,084 | |
|
Balance at September 30, 2026
|
| | 373,963.5206 | |
| $ | 93,809 | |
| | | | | | | | | |
| |
| Quantity of Stellar Lumens | |
| Amount in US$ | |
|
Beginning balance at July 1, 2026
|
| | 257,543.7911 | |
| $ | 52,473 | |
|
Stellar lumens purchased for the creation of Shares
|
| | 32,187.3300 | |
| | 6,035 | |
|
Stellar lumens purchased for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Stellar lumens sold for the redemption of Shares
|
| | (32,177.8060 | ) |
| | (5,979 | ) |
|
Stellar lumens sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on stellar lumens sales to pay expenses
|
| | (121.0678 | ) |
| | (22 | ) |
|
Net realized gain (loss) from stellar lumens sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (709 | ) |
|
Net realized gain (loss) from stellar lumens sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in stellar lumens
|
| | - | |
| | 7,005 | |
|
Balance at September 30, 2026
|
| | 257,432.2473 | |
| $ | 58,803 | |
The following represents the changes in quantity of Digital Assets held and the respective fair value during the quarter July 1, 2025 to September 30, 2025:
| | | | | | | | | |
| |
| Quantity of Bitcoin | |
| Amount in US$ | |
| Beginning balance at July 1, 2025 |
| | 33.2484 | |
| $ | 3,609,446 | |
|
Bitcoin purchased for the creation of Shares
|
| | 22.1644 | |
| | 2,598,294 | |
|
Bitcoin purchased for the rebalancing of Digital Assets
|
| | 0.0028 | |
| | 304 | |
|
Bitcoin sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on bitcoin sales to pay expenses
|
| | - | |
| | - | |
|
Net realized gain (loss) from bitcoin sold for rebalancing and the redemption of Shares
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in bitcoin
|
| | - | |
| | 121,693 | |
|
Balance at September 30, 2025
|
| | 55.4156 | |
| $ | 6,329,737 | |
| | | | | | | | | |
| |
| Quantity of Ether | |
| Amount in US$ | |
|
Beginning balance at July 1, 2025
|
| | 182.6830 | |
| $ | 456,764 | |
|
Ether purchased for the creation of Shares
|
| | 121.7607 | |
| | 462,617 | |
|
Ether purchased for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Ether sold for the rebalancing of Digital Assets
|
| | (0.0711 | ) |
| | (304 | ) |
|
Ether sold for the redemption of Shares
|
| | - | |
| | - | |
|
Principal on ether sales to pay expenses
|
| | - | |
| | - | |
|
Net realized gain (loss) from ether sold for rebalancing and the redemption of Shares
|
| | - | |
| | 116 | |
|
Net change in unrealized appreciation (depreciation) on investment in ether
|
| | - | |
| | 338,121 | |
|
Balance at September 30, 2025
|
| | 304.3726 | |
| $ | 1,257,314 | |
The following represents the changes in quantity of Digital Assets held and the respective fair value during the nine months from January 1, 2026 to September 30, 2026:
| | | | | | | | | |
| |
| Quantity of Bitcoin | |
| Amount in US$ | |
|
Beginning balance at January 1, 2026
|
| | 87.3467 | |
| $ | 7,639,607 | |
|
Bitcoin purchased for the creation of Shares
|
| | 87.3647 | |
| | 5,672,121 | |
|
Bitcoin purchased for the rebalancing of Digital Assets
|
| | 0.2344 | |
| | 16,831 | |
|
Bitcoin sold for the redemption of Shares
|
| | (19.4203 | ) |
| | (1,521,654 | ) |
|
Bitcoin sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on bitcoin sales to pay expenses
|
| | (0.1525 | ) |
| | (12,396 | ) |
|
Net realized gain (loss) from bitcoin sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (74,383 | ) |
|
Net realized gain (loss) from bitcoin sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in bitcoin
|
| | - | |
| | 1,284,167 | |
|
Balance at September 30, 2026
|
| | 155.3730 | |
| $ | 13,004,293 | |
| | | | | | | | | |
| |
| Quantity of Ether | |
| Amount in US$ | |
|
Beginning balance at January 1, 2026
|
| | 474.4721 | |
| $ | 1,409,918 | |
|
Ether purchased for the creation of Shares
|
| | 460.5949 | |
| | 844,614 | |
|
Ether purchased for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Ether sold for the redemption of Shares
|
| | (100.8043 | ) |
| | (250,861 | ) |
|
Ether sold for the rebalancing of Digital Assets
|
| | (26.8788 | ) |
| | (54,001 | ) |
|
Principal on ether sales to pay expenses
|
| | (0.9243 | ) |
| | (2,013 | ) |
|
Net realized gain (loss) from ether sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (1,444 | ) |
|
Net realized gain (loss) from ether sold for rebalancing
|
| | - | |
| | (25,915 | ) |
|
Net change in unrealized appreciation (depreciation) on investment in ether
|
| | - | |
| | 252,207 | |
|
Balance at September 30, 2026
|
| | 806.4596 | |
| $ | 2,172,505 | |
| | | | | | | | | |
| |
| Quantity of XRP | |
| Amount in US$ | |
|
Beginning balance at January 1, 2026
|
| | 330,323.8883 | |
| $ | 603,733 | |
|
XRP purchased for the creation of Shares
|
| | 338,714.8921 | |
| | 411,761 | |
|
XRP purchased for the rebalancing of Digital Assets
|
| | 17,407.8747 | |
| | 23,259 | |
|
XRP sold for the redemption of Shares
|
| | (76,194.4277 | ) |
| | (108,165 | ) |
|
XRP sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on XRP sales to pay expenses
|
| | (678.4604 | ) |
| | (890 | ) |
|
Net realized gain (loss) from XRP sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (14,420 | ) |
|
Net realized gain (loss) from XRP sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in XRP
|
| | - | |
| | (917 | ) |
|
Balance at September 30, 2026
|
| | 609,573.7670 | |
| $ | 914,361 | |
| | | | | | | | | |
| |
| Quantity of Solana | |
| Amount in US$ | |
| Beginning balance at January 1, 2026 |
| | 2,694.9332 | |
| $ | 336,139 | |
|
Solana purchased for the creation of Shares
|
| | 2,922.2463 | |
| | 218,382 | |
|
Solana purchased for the rebalancing of Digital Assets
|
| | 459.8864 | |
| | 40,141 | |
|
Solana sold for the redemption of Shares
|
| | (674.5447 | ) |
| | (69,713 | ) |
|
Solana sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on solana sales to pay expenses
|
| | (5.9498 | ) |
| | (510 | ) |
|
Net realized gain (loss) from solana sold for the redemption of Shares and to pay expenses
|
| | - | |
| | 2,824 | |
|
Net realized gain (loss) from solana sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in solana
|
| | - | |
| | 112,716 | |
|
Balance at September 30, 2026
|
| | 5,396.5714 | |
| $ | 639,979 | |
| | | | | | | | | |
| |
| Quantity of Dogecoin | |
| Amount in US$ | |
|
Beginning balance at January 1, 2026
|
| | 749,351.1329 | |
| $ | 88,273 | |
|
Dogecoin purchased for the creation of Shares
|
| | 813,162.3558 | |
| | 69,270 | |
|
Dogecoin purchased for the rebalancing of Digital Assets
|
| | 129,068.0000 | |
| | 12,845 | |
|
Dogecoin sold for the redemption of Shares
|
| | (187,769.3416 | ) |
| | (15,909 | ) |
|
Dogecoin sold for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Principal on dogecoin sales to pay expenses
|
| | (1,611.4999 | ) |
| | (142 | ) |
|
Net realized gain (loss) from dogecoin sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (4,537 | ) |
|
Net realized gain (loss) from dogecoin sold for rebalancing
|
| | - | |
| | - | |
|
Net change in unrealized appreciation (depreciation) on investment in dogecoin
|
| | - | |
| | (6,070 | ) |
|
Balance at September 30, 2026
|
| | 1,502,200.6472 | |
| $ | 143,730 | |
| | | | | | | | | |
| |
| Quantity of Cardano | |
| Amount in US$ | |
|
Beginning balance at January 1, 2026
|
| | 213,170.9930 | |
| $ | 70,709 | |
|
Cardano purchased for the creation of Shares
|
| | 211,308.4759 | |
| | 43,406 | |
|
Cardano purchased for the rebalancing of Digital Assets
|
| | 2,381.1200 | |
| | 548 | |
|
Cardano sold for the redemption of Shares
|
| | (46,742.6923 | ) |
| | (9,694 | ) |
|
Cardano sold for the rebalancing of Digital Assets
|
| | (5,732.5933 | ) |
| | (1,598 | ) |
|
Principal on cardano sales to pay expenses
|
| | (421.7827 | ) |
| | (94 | ) |
|
Net realized gain (loss) from cardano sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (4,215 | ) |
|
Net realized gain (loss) from cardano sold for rebalancing
|
| | - | |
| | (637 | ) |
|
Net change in unrealized appreciation (depreciation) on investment in cardano
|
| | - | |
| | (4,616 | ) |
|
Balance at September 30, 2026
|
| | 373,963.5206 | |
| $ | 93,809 | |
| | | | | | | | | |
| |
| Quantity of Chainlink | |
| Amount in US$ | |
|
Beginning balance at January 1, 2026
|
| | 3,233.4330 | |
| $ | 39,244 | |
|
Chainlink purchased for the creation of Shares
|
| | 1,077.2271 | |
| | 9,732 | |
|
Chainlink purchased for the rebalancing of Digital Assets
|
| | - | |
| | - | |
|
Chainlink sold for the redemption of Shares
|
| | - | |
| | - | |
|
Chainlink sold for the rebalancing of Digital Assets
|
| | (4,309.4432 | ) |
| | (38,673 | ) |
|
Principal on Chainlink sales to pay expenses
|
| | (1.2169 | ) |
| | (50 | ) |
|
Net realized gain (loss) from Chainlink sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (3 | ) |
|
Net realized gain (loss) from Chainlink sold for rebalancing
|
| | - | |
| | (11,348 | ) |
|
Net change in unrealized appreciation (depreciation) on investment in Chainlink
|
| | - | |
| | 1,098 | |
|
Balance at September 30, 2026
|
| | - | |
| $ | - | |
| | | | | | | | | |
| |
| Quantity of Stellar Lumens | |
| Amount in US$ | |
|
Beginning balance at January 1, 2026
|
| | 144,668.9849 | |
| $ | 29,245 | |
|
Stellar lumens purchased for the creation of Shares
|
| | 144,767.4958 | |
| | 26,283 | |
|
Stellar lumens purchased for the rebalancing of Digital Assets
|
| | 6,310.8000 | |
| | 1,569 | |
|
Stellar lumens sold for the redemption of Shares
|
| | (32,177.8060 | ) |
| | (5,979 | ) |
|
Stellar lumens sold for the rebalancing of Digital Assets
|
| | (5,849.5845 | ) |
| | (921 | ) |
|
Principal on stellar lumens sales to pay expenses
|
| | (287.6429 | ) |
| | (53 | ) |
|
Net realized gain (loss) from stellar lumens sold for the redemption of Shares and to pay expenses
|
| | - | |
| | (717 | ) |
|
Net realized gain (loss) from stellar lumens sold for rebalancing
|
| | - | |
| | (443 | ) |
|
Net change in unrealized appreciation (depreciation) on investment in stellar lumens
|
| | - | |
| | 9,819 | |
|
Balance at September 30, 2026
|
| | 257,432.2473 | |
| $ | 58,803 | |
The following represents the changes in quantity of Digital Assets held and the respective fair value for the period from February 20, 2025 (Date of commencement of operations) to September 30, 2025:
| | | | | | | | | |
| |
| Quantity of Bitcoin | |
| Amount in US$ | |
|
Beginning balance at February 20, 2025
|
| | 22.1248 | |
| $ | 2,173,344 | ^ |
|
Bitcoin purchased for the creation of Shares
|
| | 33.1851 | |
| | 3,464,155 | |
|
Bitcoin purchased for the rebalancing of Digital Assets
|
| | 0.1889 | |
| | 19,797 | |
|
Bitcoin sold for the rebalancing of Digital Assets
|
| | (0.0832 | ) |
| | (7,120 | ) |
|
Principal on bitcoin sales to pay expenses
|
| | - | |
| | - | |
|
Net realized gain (loss) from bitcoin sold for rebalancing and the redemption of Shares
|
| | - | |
| | (976 | ) |
|
Net change in unrealized appreciation (depreciation) on investment in bitcoin
|
| | - | |
| | 680,537 | |
|
Balance at September 30, 2025
|
| | 55.4156 | |
| $ | 6,329,737 | |
| | | | | | | | | |
| |
| Quantity of Ether | |
| Amount in US$ | |
|
Beginning balance at February 20, 2025
|
| | 123.5548 | |
| $ | 340,034 | ^ |
|
Ether purchased for the creation of Shares
|
| | 185.2175 | |
| | 580,504 | |
|
Ether purchased for the rebalancing of Digital Assets
|
| | 3.3590 | |
| | 7,120 | |
|
Ether sold for the rebalancing of Digital Assets
|
| | (7.7587 | ) |
| | (19,797 | ) |
|
Ether sold for the redemption of Shares
|
| | - | |
| | - | |
|
Principal on ether sales to pay expenses
|
| | - | |
| | - | |
|
Net realized gain (loss) from ether sold for rebalancing and the redemption of Shares
|
| | - | |
| | 1,291 | |
|
Net change in unrealized appreciation (depreciation) on investment in ether
|
| | - | |
| | 348,162 | |
|
Balance at September 30, 2025
|
| | 304.3726 | |
| $ | 1,257,314 | |
^ On January 22, 2025, Franklin Resources, Inc. (the “Seed Capital Investor”), an affiliate of the Sponsor, subject to conditions, purchased 4,000 Shares at a per-Share price equal to $25.00 (the “Initial Seed Shares”). Delivery of the Initial Seed Shares was made on January 22, 2025. Total proceeds to the Fund from the sale of the Initial Seed Shares were $100,000. On February 10, 2025, the Initial Seed Shares were redeemed for $100,000, and the Seed Capital Investor purchased two Creation Units in a cash transaction comprised of a total of 100,000 Shares at a per-Share price based on 11.06240875 bitcoin and 61.7774073 ether per Creation Unit, for a total of 22.1248175 bitcoin and 123.5548146 ether (the “Seed Creation Units”). The cash proceeds to the Fund from the sale of the Seed Creation Units were used by the Fund to purchase 22.1248175 bitcoin at the price of $97,227.80 per bitcoin and 123.5548146 ether at the price of $2,665.23 per ether on February 10, 2025 (exclusive of transaction and other costs incurred in connection with the conversion of the cash proceeds to bitcoin and ether respectively, which were paid by the Seed Capital Investor). Thus, the ultimate total proceeds to the Fund from the sale of the Seed Creation Units were $2,480,449.33 (an amount representing 22.1248175 bitcoin and 123.5548146 ether) representing 100,000 shares at a per-Share price equal to $24.80. Further, the transaction and other costs incurred in connection with the Seed Creation Units were paid by the Seed Capital Investor and not borne by the Fund.
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