EZPZ 10-K & 10-Q changes, risk factors and insider trading

This quarterlyinformation reportshould onbe read in conjunction with the financial statements and notes included in Item 1 of Part I of this Form 10-Q,10-Q. includingThis thisForm “Management’s Discussion and Analysis of Financial Condition and Results of Operations,”10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements involve risks and uncertainties. All statements (other than statements of historical fact) included in this Form 10-Q that address activities, events or developments that may occur in the future, the Trust’s and the Fund’s operations, the Sponsor’s plans and references to the Trust’s and the Fund’s future success and other similar matters are forward-looking statements. Words such as “could,” “would,” “may,” “expect,” “intend,” “estimate,” “predict,” and variations on such words or negatives thereof, and similar expressions that reflect our current views with respect to future events and Fund performance, are intended to identify such forward-looking statements. These forward-looking statements are only predictions, subject to risks and uncertainties that are difficult to predict and many of which are outside of our control, and actual results could differ materially from those discussed. Forward-looking statements involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed therein. We express our estimates, expectations, beliefs, and projections in good faith and believe them to have a reasonable basis. However, we make no assurances that management’s estimates, expectations, beliefs, or projections will be achieved or accomplished. These forward-looking statements are based on assumptions about many important factors that could cause actual results to differ materially from those in the forward-looking statements. We do not intend to update any forward-looking statements even if new information becomes available or other events occur in the future, except as required by the federal securities laws.

The Fund generally seeks to reflect the price of the Digital Assets included in the CF Institutional Digital Asset Index – US–Settlement Price (the “Underlying Index”). As of MarchJune 31,30, 2026, the Underlying Index’s only constituent Digital Assets are Bitcoin (“BTC”), Ether (“ETH”), XRP, Solana (“SOL”), Dogecoin (“DOGE”), Cardano (“ADA”), and Stellar Lumens (“XLM”) (collectively, the “Digital Assets”). The Fund's investment objective is to seek to provide investment results that closely correspond, before Fund expenses and liabilities, to the performance of the Underlying Index. The Fund seeks to achieve its investment objective by investing in the Digital Assets in approximately the same weights as they represent in the Underlying Index. Because the Fund’s investment objective is to seek to track the price of the Underlying Index, changes in the price of the Shares may vary from changes in the underlying Digital Assets’ prices. The Fund is a passive investment vehicle and is not a leveraged product. The Sponsor, using a “passive” or indexing investment approach, seeks to provide investment results that closely correspond, before Fund expenses and liabilities, to the performance of the Underlying Index.

At MarchJune 31,30, 2026, the Digital Asset Custodian held the following Digital Assets on behalf of the Fund: 116.5159155.4365 bitcoin, with a market value of $7,938,186$9,186,529 (cost:$10,665,650$13,071,883), 623.6507806.8154 either,ether, with a market value of $1,310,814$1,285,265 (cost: $1,798,262$2,077,864), 447,679.1676609,842.6656 XRP, with a market value of $603,024$639,908 (cost: $830,704$1,016,897), 4,037.31525,398.9017 solana, with a market value of $336,591$406,915 (cost: $460,512$549,508), 1,013,880.34881,502,862.6388 dogecoin, with a market value of $93,683$108,567 (cost: $126,824$170,059), 278,351.5809374,121.9642 cardano, with a market value of $68,306$55,818 (cost: $100,813$116,977), and 186,942.1635257,543.7911 stellar lumens, with a market value of $31,707$52,473 (cost: $40,002$54,156).

For the three months ended MarchJune 31,30, 2026

For the three months ended MarchJune 31,30, 2026, 150,000200,000 Shares were issued in exchange for 29.099838.8575 bitcoin, 158.0716201.6955 ether, 110,048.3021152,454.4000 XRP, 897.82431,349.6700 solana, 249,648.4158375,700.1900 dogecoin, 71,022.676693,525.6000 cardano, 1,077.2271 LINK, and 48,196.865864,383.3000 XLM. No Shares were redeemed during the period. The Fund’s NAV per Share began the period at $22.70$17.30 and ended the period at $17.30$14.67 which represents a 23.79%15.20% decrease. During the same period the Fund accrued the Sponsor's Fee of $4,548.$5,401. During the same period the Fund's Underlying Index fell from 11,716.128,574.16 to 8,574.16,7,235.39, a decline of 26.82%.15.61%. The variance between the Fund's return and the Underlying Index return is primarily due to differences in pricing sources. The Underlying Index is based on CF Reference Rates, while the Fund's reported performance is based on NAV calculated using Principal Market NAV for financial reporting purposes. Accordingly, the returns may not be directly comparable.

Net realized loss and change in unrealized depreciation on investments in Digital Assets for the period ended MarchJune 31,30, 2026, was approximately $2,459,675$1,698,861 which includes a net realized loss from Digital Assets sold to pay expenses and for rebalancing of $23,634$17,448 and a net change in unrealized depreciation on investments in Digital Assets of approximately $2,436,041.$1,681,413. Net assets increased by approximately $165,257,$1,353,044, from approximately $10,215,391 at December 31, 2025 to approximately $10,380,648 at March 31, 2026 to approximately $11,733,692 at June 30, 2026, primarily due to net capital share transactions of approximately $2,629,480,$3,057,306, partially offset by a decrease in net assets resulting from operations due to Digital Asset price depreciation of approximately $2,464,223.$1,704,262.

For the periodquarter Februaryended 20,June 2025 (Date of commencement of operations) to March 31, 2025 For the period February 20, 2025 (Date of commencement of operations) to March 31,30, 2025, 50,000no Shares were issued inor exchange for 10.9374 bitcoin and 66.8158 ether. No Shares were redeemed during the period.redeemed. The Fund'sFund’s NAV per Share began the period at $25.13$20.61 and ended the period at $20.61.$27.11. The 17.99%31.54% decreaseincrease in the Fund's NAV per Shareshare from $25.13 per Share, as of February 20, 2025 (Date of commencement of operations) to $20.61$20.61, at March 31, 2025 to $27.11 at June 30, 2025 is directly related to the 15.55%30.86% decreaseincrease in the price of bitcoin and 33.33%36.27% decreaseincrease in the price of ether over the same period.

Net realized and change in unrealized lossappreciation (depreciation) on investmentsinvestment in Digital Assets for the period ended MarchJune 31,30, 2025, was approximately $405,109$974,203 which includes a net realized gain (loss) on investments in Digital Assets sold for rebalancing of $937$1,146 and net change in unrealized appreciation (depreciation) on investmentsinvestment in Digital Assets of approximately $404,172.$973,057. Net realized and unrealized gain (loss) on investments in Digital Assets for the period was driven by bitcoin price depreciationappreciation from $98,231.15$82,956 per bitcoin at March 31, 2025 to $108,560.00 per bitcoin as of FebruaryJune 20,30, 2025 (Dateand ofether commencementprice ofappreciation operations)from to $82,956.00$1,834.80 per bitcoinether as ofat March 31, 2025.2025 Netto realized and unrealized loss on investments in Digital Assets for the period was also driven by ether price depreciation from $2,752.09$2,500.31 per ether as of FebruaryJune 20, 2025 to $1,834.80 per ether as of March 31,30, 2025. Net assets increased by approximately $578,629 during the period from February 20, 2025 to March 31, 2025, to approximately $3,092,007$4,066,210 ason ofJune March 31,30, 2025. The increase in net assets primarily resulted from netthe capitalaforementioned shareDigital transactionsAssets ofprice approximately $983,738.movement.

The Sponsor’s fee, which is compensation for the Sponsor’s services rendered to the Fund, is calculated and accrued daily at an annualized rate equal to 0.19% (i.e., 0.19%/365 days) of the net asset value of the Fund and is payable at least quarterly in arrears in U.S. dollars. The Sponsor may, at its sole discretion and from time to time, waive all or a portion of the Sponsor’s fee for stated periods of time. The Sponsor is under no obligation to waive any portion of its fees and any such waiver shall create no obligation to waive any such fees during any period not covered by the waiver. For the period from February 20, 2025 (the day the Shares were initially listed on the Exchange) to August 29, 2025, the Sponsor agreed to waive the entire Sponsor’s Fee on the first $10.0 billion of the Fund’s assets. For the quarter ended MarchJune 31,30, 2026, the Fund accrued the Sponsor’s Fee of $4,548.$5,401. In the future, if the Sponsor decides to waive all or a portion of the Sponsor’s Fee, Shareholders will be notified in a prospectus supplement or on the Sponsor’s website for the Fund.

At MarchJune 31,30, 2026 and December 31, 2025, the Fund as well as the Trust did not have any off-balance sheet arrangements.

The following chart shows movements in the price of CF Institutional Digital Asset Index - US - Settlement Price for the period from January 2,April 1, 2026 to MarchJune 31,30, 2026.