Hashdex Nasdaq CME Crypto Index ETF

Previous wording

The discussion below addresses material changes in the results of operations for the three months ended March 31, 2026 compared to the period from February 14, 2025 to March 31, 2025. The Trust commenced operations on February 14, 2025 and no operations occurred prior to this date.

Current wording

The discussion below addresses material changes in the results of operations for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 and the six months ended June 30, 2026 compared to the period from February 14, 2025 to June 30, 2025. The Trust commenced operations on February 14, 2025 and no operations occurred prior to this date.

Previous wording

On March 31, 2026, the Trust held 8,796,626Index Constituents with an asset fair value of $98,000,953 and cash of $102,236.

Current wording

On June 30, 2026, the Trust held 8 Index Constituents with an asset fair value of $189,911,546 and cash of $189,347.

Previous wording

The Trust’s net assets decreased from $121,287,477 as of December 31, 2025 to $98,081,994 as of March 31, 2026. For the comparable period, net assets were $88,730,642 for the period from February 14, 2025 (commencement of operations) to March 31, 2025. This change was driven primarily by net capital share transactions totaling $6,335,023, reflecting capital inflows during the Trust’s inaugural year. These inflows were partially offset by a net decrease in net assets resulting from operations of $(29,540,506), which was attributable to the combined effects of the Trust’s operating expenses and the market performance of the underlying Index Constituents held in the portfolio.

Current wording

The Trust’s net assets increased from $125,608,529 as of June 30, 2025 to $190,069,351 as of June 30, 2026. This change was driven primarily by net capital inflows from the creation of Shares, partially offset by the net decrease in net assets resulting from operations during the period.

Previous wording

The graphs below show the actual Shares outstanding, total net assets and NAV per Share for the Trust from commencement of operations to March 31, 2026 and serves to illustrate the relative changes of these components.

Current wording

The graphs below show the actual Shares outstanding, total net assets and NAV per Share for the Trust from commencement of operations to June 30, 2026 and serve to illustrate the relative changes of these components.

Previous wording

The following graphs illustrate changes in the Trust’s NAV, as reflected by the graph “Comparison of NAV to Index” for the period ended March 31, 2026 and the period from February 14, 2025 (commencement of operations) to March 31, 2025.

Current wording

The following graphs illustrate changes in the Trust’s NAV, as reflected by the graphs “Comparison of NAV to Index” for the three months ended June 30, 2026 and 2025 and the six months ended June 30, 2026 and the period from February 14, 2025 to June 30, 2025.

Previous wording

The graph above compares the return of the Trust with the Index returns for the period from February 14, 2025 (commencement of operations) to March 31, 2025. The difference in the NAV price and the Index value often results in the appearance of a NAV premium or discount to the Index. Differences in the Index and the Trust’s NAV per Share are due to such factors as the Trust’s operating expenses and transaction costs associated with portfolio rebalancing and cash creation and redemption activities.

Current wording

The graphs above compare the return of the Trust with the Index returns for the three months ended June 30, 2026 and the six months ended June 30, 2026. The difference in the NAV price and the Index value often results in the appearance of a NAV premium or discount to the Index. Differences in the Index and the Trust’s NAV per Share are due to such factors as the Trust’s operating expenses and transaction costs associated with portfolio rebalancing and cash creation and redemption activities.

Previous wording

The graph above compares the return of the Trust with the Index returns for the period ended March 31, 2026. The difference in the NAV price and the Index value often results in the appearance of a NAV premium or discount to the Index. Differences in the Index and the Trust’s NAV per Share are due to such factors as the Trust’s operating expenses and transaction costs associated with portfolio rebalancing and cash creation and redemption activities.

Current wording

The graphs above compare the return of the Trust with the Index returns for the three months ended June 30, 2025 and the period from February 14, 2025 to June 30, 2025. The difference in the NAV price and the Index value often results in the appearance of a NAV premium or discount to the Index. Differences in the Index and the Trust’s NAV per Share are due to such factors as the Trust’s operating expenses and transaction costs associated with portfolio rebalancing and cash creation and redemption activities.