Capital Share Transactions

6 Months Ended

Jun. 30, 2026

Capital Share Transactions [Abstract]

Capital Share Transactions

5. Capital Share Transactions

The Trust creates and redeems Shares on a continuous basis but only in Baskets of 10,000 Shares. Only Authorized Participants can place orders to receive Baskets in exchange for cash or in-kind for crypto assets.

The Sponsor and the Trust engage in crypto asset transactions for converting cash into Index Constituents to track the Index (in association with purchase orders) and crypto assets into cash (in association with redemption orders). The Administrator calculates the cost to purchase (or sell in the case of a redemption order) the amount of the Index Constituents represented by the Baskets being created (or redeemed). The amount of Index Constituents is equal to the combined NAV of the number of Shares included in the Baskets being created (or redeemed) determined as of 4:00 p.m. E.T. on the day the order to create or redeem Baskets is properly received.

Capital share transactions in the Trust were as follows:

	Three months ended June 30, 2026 (Unaudited)		Three months ended June 30, 2025 (Unaudited)		Six months ended June 30, 2026 (Unaudited)		Period February 14, 2025* through June 30, 2025 (Unaudited)
Shares issued		7,350,000		340,000		7,700,000		4,640,000
Shares redeemed						—		(50,000	)
Net increase		7,350,000		340,000		7,700,000		4,590,000

* Commencement of operations. No operations occurred prior to this date.