| Fair Value of HYPE |
The following represents the changes in quantity of HYPE and the fair value during the three months ended on September 30, 2026 (Unaudited): | | | Quantity of
HYPE | | | Fair Value | | | Beginning balance as of July 1, 2026 | | | 1,087,845.4081 | | | $ | 71,177,725 | | | HYPE purchased for cash contributions | | | 81,158.5107 | | | | 6,660,771 | | | HYPE received as in-kind contributions | | | 81,167.3800 | | | | 6,673,918 | | | HYPE rewards received (net of Staking Provider Consideration) | | | 4,938.2047 | | | | 333,391 | | | HYPE sold for cash redemptions | | | (196,947.0255 | ) | | | (13,031,236 | ) | | HYPE distributed for in-kind redemptions | | | (28,996.1452 | ) | | | (2,446,277 | ) | | HYPE sold to pay expenses | | | (1,824.5998 | ) | | | (122,461 | ) | | HYPE sold for income distribution | | | (3,850.4800 | ) | | | (338,707 | ) | | Net realized gain on investment in HYPE sold to pay Sponsor Fee | | | – | | | | 15,613 | | | Net realized gain on investment in HYPE sold for cash redemptions | | | – | | | | 2,296,556 | | | Net realized gain on investment in HYPE distributed for in-kind redemptions | | | – | | | | 1,310,590 | | | Net realized gain on investment in HYPE sold for income distribution | | | – | | | | 113,007 | | | Net change in unrealized appreciation on investment in HYPE | | | – | | | | 18,140,784 | | | Ending balance as of September 30, 2026* | | | 1,023,491.2530 | | | $ | 90,783,674 | | | * | No comparative financial statements have been provided as the Trust did not have any operations as of September 30, 2025. |
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