Cours d'Anglais : Google, explication, ainsi que, décanter.
Paiement Google : 2 $. Le dire, vous recevez, (2 $ * 6 000 000 000), ainsi, vous payez, 6 milliards de personnes, sur terre.
Ancien élève, de Saker : Association (Lundi, 03 Août 2 026). Fonds.
Site qui vend, les lions indomptables, en l'étranger / Classroom / Classroom / Classroom / Classroom / Classroom / Classroom / 3 défenseurs chétifs chez les lions / Collège / Club / Russian's Art, camera à 45 000 km.
Points : 3 points, un camera, les a aperçu, recherche en direct, par les photos et points (Guide Local).
usa : 2 s 8 e.
cmr : 4 n 44 e.
atlantique sud : 0 s 0 w.
Mett? / Il y a y a / Wild / Folie A, Quick, affaire business plan et lui il reussit, et vous pas, pourtant école, zoomer, avec souris, avec dérouler, et parlez, avec micro, ils répondront, ayant YouTube, avec micro. Ils ont cru que vous ne chantiez plus, par avion, ils vous sack (terme africain). Lire, c'est, avec des découverts, et abandon de créances, des 140 000, (881 * 3, les magasins, en Orange Sa, de, . Ainsi, (1 700 000 fcfa, environ * 140 000), AMZ, l'un, en Cyber Hornet Projet / This, un problème, vos école, même celle sans barrière, vous y passer, la nuit, AMZ. Option / Avaries Techniques / Atterissage d'urgence / Football et Arbitres / Recherche et Cameras, 3 D, Recherche, par la photo et le direct / Osihmen, votre desir de programme, et l'on ne voit vos enfants, en équipe nationale, et changement d programme, et même en direct, sur YouTube, ou en télé, horaire, de venue / Ils Trend / Héritages. lectures, chaque jour férié, héritage, de certains et d'autres, tous les jours. Vous quand, rencontrez, au Cameroun et ailleurs, un chargé de la Bourse. Ici, Bourse CMR, Quantité : 2 000, et BVMAC tous les jours, BGFI HC, 90 000 fcfa et, AFC 05, 17 700 fcfa, Bourse est Bourse, dès lors, montant de la caution aux USA, 20 000 $, mais étudiant apparemment.
AMZ / AES Corp, Boxing Day, comment vont, les lionnes indomptables? à cause, du financement, et emprunt, par la seconde approche, on leurs donne, elles disent non, le financement, se disent t-elles, un essai, ou un oncle. Les nourritures, liste, Amazon, que l'on vous donne, en disent long.
Cyber
Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
CONSOLIDATED
SCHEDULE OF INVESTMENTS
March
31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - 76.8% |
|
|
|
|
|
|
|
Automobiles
& Components - 1.3% |
|
|
|
|
|
|
|
Aptiv
PLC(a) |
|
|
24 |
|
|
$1,428
|
|
BorgWarner,
Inc. |
|
|
16 |
|
|
459
|
|
Ford
Motor Co. |
|
|
312 |
|
|
3,129
|
|
General
Motors Co. |
|
|
112 |
|
|
5,267
|
|
Tesla,
Inc.(a) |
|
|
222 |
|
|
57,534
|
|
|
|
|
|
|
|
67,817
|
|
Banks
- 3.0% |
|
|
|
|
|
|
|
Bank
of America Corp. |
|
|
609 |
|
|
25,414
|
|
Citigroup,
Inc. |
|
|
152 |
|
|
10,790
|
|
Citizens
Financial Group, Inc. |
|
|
40 |
|
|
1,639
|
|
Comerica,
Inc. |
|
|
8 |
|
|
472
|
|
Fifth
Third Bancorp |
|
|
56 |
|
|
2,195
|
|
Huntington
Bancshares, Inc. |
|
|
112 |
|
|
1,681
|
|
JPMorgan
Chase & Co. |
|
|
258 |
|
|
63,287
|
|
KeyCorp |
|
|
72 |
|
|
1,151
|
|
M&T
Bank Corp. |
|
|
16 |
|
|
2,860
|
|
PNC
Financial Services Group, Inc. |
|
|
32 |
|
|
5,625
|
|
Regions
Financial Corp. |
|
|
72 |
|
|
1,565
|
|
Truist
Financial Corp. |
|
|
104 |
|
|
4,280
|
|
US
Bancorp |
|
|
120 |
|
|
5,066
|
|
Wells
Fargo & Co. |
|
|
320 |
|
|
22,973
|
|
Zions
Bancorp NA |
|
|
8 |
|
|
399
|
|
|
|
|
|
|
|
149,397
|
|
Capital
Goods - 4.5% |
|
|
|
|
|
|
|
3M
Co. |
|
|
40 |
|
|
5,874
|
|
A.O.
Smith Corp. |
|
|
8 |
|
|
523
|
|
Allegion
PLC |
|
|
8 |
|
|
1,044
|
|
AMETEK,
Inc. |
|
|
16 |
|
|
2,754
|
|
Axon
Enterprise, Inc.(a) |
|
|
8 |
|
|
4,208
|
|
Boeing
Co.(a) |
|
|
48 |
|
|
8,186
|
|
Builders
FirstSource, Inc.(a) |
|
|
8 |
|
|
1,000
|
|
Carrier
Global Corp. |
|
|
64 |
|
|
4,058
|
|
Caterpillar,
Inc. |
|
|
46 |
|
|
15,171
|
|
Cummins,
Inc. |
|
|
8 |
|
|
2,508
|
|
Deere
& Co. |
|
|
24 |
|
|
11,264
|
|
Dover
Corp. |
|
|
8 |
|
|
1,405
|
|
Eaton
Corp. PLC |
|
|
32 |
|
|
8,699
|
|
Emerson
Electric Co. |
|
|
48 |
|
|
5,263
|
|
Fastenal
Co. |
|
|
48 |
|
|
3,722
|
|
Fortive
Corp. |
|
|
24 |
|
|
1,756
|
|
GE
Vernova, Inc. |
|
|
17 |
|
|
5,190
|
|
Generac
Holdings, Inc.(a) |
|
|
8 |
|
|
1,013
|
|
General
Dynamics Corp. |
|
|
16 |
|
|
4,361
|
|
General
Electric Co. |
|
|
98 |
|
|
19,615
|
|
Honeywell
International, Inc. |
|
|
56 |
|
|
11,858
|
|
Howmet
Aerospace, Inc. |
|
|
32 |
|
|
4,151
|
|
Hubbell,
Inc. |
|
|
8 |
|
|
2,647
|
|
IDEX
Corp. |
|
|
8 |
|
|
1,448
|
|
Illinois
Tool Works, Inc. |
|
|
24 |
|
|
5,952
|
|
Ingersoll
Rand, Inc. |
|
|
32 |
|
|
2,561
|
|
Johnson
Controls International PLC |
|
|
56 |
|
|
4,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
L3Harris
Technologies, Inc. |
|
|
16 |
|
|
$3,349
|
|
Lockheed
Martin Corp. |
|
|
16 |
|
|
7,147
|
|
Masco
Corp. |
|
|
16 |
|
|
1,113
|
|
Nordson
Corp. |
|
|
8 |
|
|
1,614
|
|
Northrop
Grumman Corp. |
|
|
8 |
|
|
4,096
|
|
Otis
Worldwide Corp. |
|
|
32 |
|
|
3,302
|
|
PACCAR,
Inc. |
|
|
40 |
|
|
3,895
|
|
Parker-Hannifin
Corp. |
|
|
8 |
|
|
4,863
|
|
Pentair
PLC |
|
|
16 |
|
|
1,400
|
|
Quanta
Services, Inc. |
|
|
8 |
|
|
2,033
|
|
Rockwell
Automation, Inc. |
|
|
8 |
|
|
2,067
|
|
RTX
Corp. |
|
|
126 |
|
|
16,690
|
|
Snap-on,
Inc. |
|
|
8 |
|
|
2,696
|
|
Stanley
Black & Decker, Inc. |
|
|
16 |
|
|
1,230
|
|
Textron,
Inc. |
|
|
16 |
|
|
1,156
|
|
Trane
Technologies PLC |
|
|
16 |
|
|
5,391
|
|
TransDigm
Group, Inc. |
|
|
8 |
|
|
11,066
|
|
United
Rentals, Inc. |
|
|
8 |
|
|
5,014
|
|
Westinghouse
Air Brake Technologies Corp. |
|
|
16 |
|
|
2,902
|
|
Xylem,
Inc. |
|
|
16 |
|
|
1,911
|
|
|
|
|
|
|
|
223,652
|
|
Commercial
& Professional Services - 1.0% |
| |||||
|
Amentum
Holdings, Inc.(a) |
|
|
8 |
|
|
146
|
|
Automatic
Data Processing, Inc. |
|
|
32 |
|
|
9,777
|
|
Broadridge
Financial Solutions, Inc. |
|
|
8 |
|
|
1,940
|
|
Cintas
Corp. |
|
|
32 |
|
|
6,577
|
|
Copart,
Inc.(a) |
|
|
72 |
|
|
4,074
|
|
Dayforce,
Inc.(a) |
|
|
16 |
|
|
933
|
|
Equifax,
Inc. |
|
|
8 |
|
|
1,948
|
|
Jacobs
Solutions, Inc. |
|
|
8 |
|
|
967
|
|
Leidos
Holdings, Inc. |
|
|
8 |
|
|
1,080
|
|
Paychex,
Inc. |
|
|
24 |
|
|
3,703
|
|
Republic
Services, Inc. |
|
|
16 |
|
|
3,875
|
|
Robert
Half, Inc. |
|
|
8 |
|
|
436
|
|
Rollins,
Inc. |
|
|
24 |
|
|
1,297
|
|
Veralto
Corp. |
|
|
16 |
|
|
1,559
|
|
Verisk
Analytics, Inc. |
|
|
8 |
|
|
2,381
|
|
Waste
Management, Inc. |
|
|
32 |
|
|
7,408
|
|
|
|
|
|
|
|
48,101
|
|
Consumer
Discretionary Distribution & Retail - 4.7% |
|
|
|
|
|
|
|
Amazon.com,
Inc.(a) |
|
|
810 |
|
|
154,111
|
|
Bath
& Body Works, Inc. |
|
|
16 |
|
|
485
|
|
Best
Buy Co., Inc. |
|
|
16 |
|
|
1,178
|
|
CarMax,
Inc.(a) |
|
|
16 |
|
|
1,247
|
|
eBay,
Inc. |
|
|
40 |
|
|
2,709
|
|
Etsy,
Inc.(a) |
|
|
8 |
|
|
377
|
|
Genuine
Parts Co. |
|
|
8 |
|
|
953
|
|
Home
Depot, Inc. |
|
|
89 |
|
|
32,618
|
|
LKQ
Corp. |
|
|
24 |
|
|
1,021
|
|
Lowe's
Cos., Inc. |
|
|
48 |
|
|
11,195
|
|
O'Reilly
Automotive, Inc.(a) |
|
|
8 |
|
|
11,461
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
1 |
|
|
Cyber
Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
CONSOLIDATED
SCHEDULE OF INVESTMENTS
March
31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - (Continued) |
|
|
|
|
|
|
|
Consumer
Discretionary Distribution & Retail - (Continued) |
|
|
|
|
|
|
|
Ross
Stores, Inc. |
|
|
24 |
|
|
$3,067
|
|
TJX
Cos., Inc. |
|
|
88 |
|
|
10,718
|
|
Tractor
Supply Co. |
|
|
40 |
|
|
2,204
|
|
|
|
|
|
|
|
233,344
|
|
Consumer
Durables & Apparel - 0.4% |
|
|
|
|
|
|
|
DR
Horton, Inc. |
|
|
24 |
|
|
3,051
|
|
Garmin
Ltd. |
|
|
16 |
|
|
3,474
|
|
Hasbro,
Inc. |
|
|
8 |
|
|
492
|
|
Lennar
Corp. - Class A |
|
|
16 |
|
|
1,836
|
|
Lululemon
Athletica, Inc.(a) |
|
|
8 |
|
|
2,264
|
|
Mohawk
Industries, Inc.(a) |
|
|
8 |
|
|
913
|
|
NIKE,
Inc. - Class B |
|
|
96 |
|
|
6,094
|
|
PulteGroup,
Inc. |
|
|
16 |
|
|
1,645
|
|
Tapestry,
Inc. |
|
|
16 |
|
|
1,127
|
|
VF
Corp. |
|
|
24 |
|
|
373
|
|
Whirlpool
Corp. |
|
|
8 |
|
|
721
|
|
|
|
|
|
|
|
21,990
|
|
Consumer
Services - 1.1% |
|
|
|
|
|
|
|
Airbnb,
Inc. - Class A(a) |
|
|
32 |
|
|
3,823
|
|
Caesars
Entertainment, Inc.(a) |
|
|
16 |
|
|
400
|
|
Carnival
Corp.(a) |
|
|
80 |
|
|
1,563
|
|
Darden
Restaurants, Inc. |
|
|
8 |
|
|
1,662
|
|
Expedia
Group, Inc. |
|
|
8 |
|
|
1,345
|
|
Hilton
Worldwide Holdings, Inc. |
|
|
24 |
|
|
5,461
|
|
Las
Vegas Sands Corp. |
|
|
32 |
|
|
1,236
|
|
Marriott
International, Inc. - Class A |
|
|
16 |
|
|
3,811
|
|
McDonald's
Corp. |
|
|
63 |
|
|
19,679
|
|
MGM
Resorts International(a) |
|
|
24 |
|
|
711
|
|
Norwegian
Cruise Line Holdings Ltd.(a) |
|
|
32 |
|
|
607
|
|
Royal
Caribbean Cruises Ltd. |
|
|
16 |
|
|
3,287
|
|
Starbucks
Corp. |
|
|
88 |
|
|
8,632
|
|
Wynn
Resorts Ltd. |
|
|
8 |
|
|
668
|
|
Yum!
Brands, Inc. |
|
|
24 |
|
|
3,777
|
|
|
|
|
|
|
|
56,662
|
|
Consumer
Staples Distribution & Retail - 1.7% |
|
|
|
|||
|
Costco
Wholesale Corp. |
|
|
38 |
|
|
35,940
|
|
Dollar
General Corp. |
|
|
16 |
|
|
1,407
|
|
Dollar
Tree, Inc.(a) |
|
|
16 |
|
|
1,201
|
|
Kroger
Co. |
|
|
56 |
|
|
3,791
|
|
Sysco
Corp. |
|
|
40 |
|
|
3,001
|
|
Target
Corp. |
|
|
40 |
|
|
4,174
|
|
Walgreens
Boots Alliance, Inc. |
|
|
56 |
|
|
625
|
|
Walmart,
Inc. |
|
|
378 |
|
|
33,185
|
|
|
|
|
|
|
|
83,324
|
|
Energy
- 2.9% |
|
|
|
|
|
|
|
APA
Corp. |
|
|
24 |
|
|
504
|
|
Baker
Hughes Co. |
|
|
80 |
|
|
3,516
|
|
Chevron
Corp. |
|
|
152 |
|
|
25,428
|
|
ConocoPhillips |
|
|
106 |
|
|
11,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
Coterra
Energy, Inc. |
|
|
56 |
|
|
$1,618
|
|
Devon
Energy Corp. |
|
|
48 |
|
|
1,795
|
|
Diamondback
Energy, Inc. |
|
|
16 |
|
|
2,558
|
|
EOG
Resources, Inc. |
|
|
48 |
|
|
6,156
|
|
EQT
Corp. |
|
|
32 |
|
|
1,710
|
|
Exxon
Mobil Corp. |
|
|
399 |
|
|
47,453
|
|
Halliburton
Co. |
|
|
72 |
|
|
1,827
|
|
Hess
Corp. |
|
|
24 |
|
|
3,833
|
|
Kinder
Morgan, Inc. |
|
|
152 |
|
|
4,337
|
|
Marathon
Petroleum Corp. |
|
|
32 |
|
|
4,662
|
|
Occidental
Petroleum Corp. |
|
|
56 |
|
|
2,764
|
|
ONEOK,
Inc. |
|
|
48 |
|
|
4,763
|
|
Phillips
66 |
|
|
32 |
|
|
3,951
|
|
Schlumberger
NV |
|
|
112 |
|
|
4,682
|
|
Targa
Resources Corp. |
|
|
16 |
|
|
3,207
|
|
Valero
Energy Corp. |
|
|
24 |
|
|
3,170
|
|
Williams
Cos., Inc. |
|
|
96 |
|
|
5,737
|
|
|
|
|
|
|
|
144,803
|
|
Financial
Services - 6.6% |
|
|
|
|
|
|
|
American
Express Co. |
|
|
54 |
|
|
14,529
|
|
Ameriprise
Financial, Inc. |
|
|
8 |
|
|
3,873
|
|
Bank
of New York Mellon Corp. |
|
|
64 |
|
|
5,368
|
|
Berkshire
Hathaway, Inc. - Class B(a) |
|
|
143 |
|
|
76,159
|
|
Blackrock,
Inc. |
|
|
8 |
|
|
7,572
|
|
Blackstone,
Inc. |
|
|
56 |
|
|
7,828
|
|
Capital
One Financial Corp. |
|
|
32 |
|
|
5,738
|
|
Cboe
Global Markets, Inc. |
|
|
8 |
|
|
1,810
|
|
Charles
Schwab Corp. |
|
|
120 |
|
|
9,393
|
|
CME
Group, Inc. |
|
|
32 |
|
|
8,489
|
|
Corpay,
Inc.(a) |
|
|
8 |
|
|
2,790
|
|
Discover
Financial Services |
|
|
16 |
|
|
2,731
|
|
Fidelity
National Information Services, Inc. |
|
|
48 |
|
|
3,585
|
|
Fiserv,
Inc.(a) |
|
|
48 |
|
|
10,600
|
|
Franklin
Resources, Inc. |
|
|
24 |
|
|
462
|
|
Global
Payments, Inc. |
|
|
24 |
|
|
2,350
|
|
Goldman
Sachs Group, Inc. |
|
|
26 |
|
|
14,203
|
|
Intercontinental
Exchange, Inc. |
|
|
48 |
|
|
8,280
|
|
Invesco
Ltd. |
|
|
32 |
|
|
485
|
|
Jack
Henry & Associates, Inc. |
|
|
8 |
|
|
1,461
|
|
Mastercard,
Inc. - Class A |
|
|
72 |
|
|
39,465
|
|
Moody's
Corp. |
|
|
16 |
|
|
7,451
|
|
Morgan
Stanley |
|
|
110 |
|
|
12,834
|
|
MSCI,
Inc. |
|
|
8 |
|
|
4,524
|
|
Nasdaq,
Inc. |
|
|
24 |
|
|
1,821
|
|
Northern
Trust Corp. |
|
|
16 |
|
|
1,578
|
|
PayPal
Holdings, Inc.(a) |
|
|
88 |
|
|
5,742
|
|
Raymond
James Financial, Inc. |
|
|
16 |
|
|
2,222
|
|
S&P
Global, Inc. |
|
|
26 |
|
|
13,210
|
|
State
Street Corp. |
|
|
24 |
|
|
2,149
|
|
Synchrony
Financial |
|
|
32 |
|
|
1,694
|
|
T
Rowe Price Group, Inc. |
|
|
16 |
|
|
1,470
|
|
Visa,
Inc. - Class A |
|
|
145 |
|
|
50,817
|
|
|
|
|
|
|
|
332,683
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
2 |
|
|
Cyber
Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
CONSOLIDATED
SCHEDULE OF INVESTMENTS
March
31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - (Continued) |
|
|
|
|
|
|
|
Food,
Beverage & Tobacco - 2.2% |
|
|
|
|
|
|
|
Altria
Group, Inc. |
|
|
136 |
|
|
$8,163
|
|
Archer-Daniels-Midland
Co. |
|
|
40 |
|
|
1,920
|
|
Brown-Forman
Corp. - Class B |
|
|
16 |
|
|
543
|
|
Bunge
Global SA |
|
|
8 |
|
|
611
|
|
Campbell
Soup Co. |
|
|
16 |
|
|
639
|
|
Coca-Cola
Co. |
|
|
343 |
|
|
24,566
|
|
Conagra
Brands, Inc. |
|
|
40 |
|
|
1,067
|
|
Constellation
Brands, Inc. - Class A |
|
|
16 |
|
|
2,936
|
|
General
Mills, Inc. |
|
|
48 |
|
|
2,870
|
|
Hershey
Co. |
|
|
8 |
|
|
1,368
|
|
Hormel
Foods Corp. |
|
|
24 |
|
|
743
|
|
J
M Smucker Co. |
|
|
8 |
|
|
947
|
|
Kellanova |
|
|
24 |
|
|
1,980
|
|
Keurig
Dr Pepper, Inc. |
|
|
80 |
|
|
2,738
|
|
Kraft
Heinz Co. |
|
|
64 |
|
|
1,948
|
|
Lamb
Weston Holdings, Inc. |
|
|
8 |
|
|
426
|
|
McCormick
& Co., Inc. |
|
|
16 |
|
|
1,317
|
|
Molson
Coors Beverage Co. - Class B |
|
|
16 |
|
|
974
|
|
Mondelez
International, Inc. - Class A |
|
|
104 |
|
|
7,056
|
|
Monster
Beverage Corp.(a) |
|
|
56 |
|
|
3,277
|
|
PepsiCo,
Inc. |
|
|
126 |
|
|
18,892
|
|
Philip
Morris International, Inc. |
|
|
136 |
|
|
21,587
|
|
Tyson
Foods, Inc. - Class A |
|
|
24 |
|
|
1,532
|
|
|
|
|
|
|
|
108,100
|
|
Health
Care Equipment & Services - 3.7% |
|
|
|
|||
|
Abbott
Laboratories |
|
|
153 |
|
|
20,296
|
|
Align
Technology, Inc.(a) |
|
|
8 |
|
|
1,271
|
|
Baxter
International, Inc. |
|
|
40 |
|
|
1,369
|
|
Becton
Dickinson & Co. |
|
|
24 |
|
|
5,497
|
|
Boston
Scientific Corp.(a) |
|
|
112 |
|
|
11,299
|
|
Cardinal
Health, Inc. |
|
|
16 |
|
|
2,204
|
|
Cencora,
Inc. |
|
|
16 |
|
|
4,449
|
|
Centene
Corp.(a) |
|
|
40 |
|
|
2,428
|
|
Cigna
Group |
|
|
24 |
|
|
7,896
|
|
CVS
Health Corp. |
|
|
104 |
|
|
7,046
|
|
DaVita,
Inc.(a) |
|
|
8 |
|
|
1,224
|
|
DENTSPLY
SIRONA, Inc. |
|
|
16 |
|
|
239
|
|
Dexcom,
Inc.(a) |
|
|
32 |
|
|
2,185
|
|
Edwards
Lifesciences Corp.(a) |
|
|
48 |
|
|
3,479
|
|
Elevance
Health, Inc. |
|
|
16 |
|
|
6,959
|
|
GE
HealthCare Technologies, Inc. |
|
|
32 |
|
|
2,583
|
|
HCA
Healthcare, Inc. |
|
|
16 |
|
|
5,529
|
|
Henry
Schein, Inc.(a) |
|
|
8 |
|
|
548
|
|
Hologic,
Inc.(a) |
|
|
16 |
|
|
988
|
|
Humana,
Inc. |
|
|
8 |
|
|
2,117
|
|
IDEXX
Laboratories, Inc.(a) |
|
|
8 |
|
|
3,360
|
|
Insulet
Corp.(a) |
|
|
8 |
|
|
2,101
|
|
Intuitive
Surgical, Inc.(a) |
|
|
26 |
|
|
12,877
|
|
Labcorp
Holdings, Inc. |
|
|
8 |
|
|
1,862
|
|
McKesson
Corp. |
|
|
8 |
|
|
5,384
|
|
Medtronic
PLC |
|
|
104 |
|
|
9,345
|
|
Molina
Healthcare, Inc.(a) |
|
|
8 |
|
|
2,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
Quest
Diagnostics, Inc. |
|
|
8 |
|
|
$1,354
|
|
ResMed,
Inc. |
|
|
8 |
|
|
1,791
|
|
Solventum
Corp.(a) |
|
|
8 |
|
|
608
|
|
STERIS
PLC |
|
|
8 |
|
|
1,813
|
|
Stryker
Corp. |
|
|
24 |
|
|
8,934
|
|
UnitedHealth
Group, Inc. |
|
|
81 |
|
|
42,424
|
|
Universal
Health Services, Inc. - Class B |
|
|
8 |
|
|
1,503
|
|
Zimmer
Biomet Holdings, Inc. |
|
|
16 |
|
|
1,811
|
|
|
|
|
|
|
|
187,408
|
|
Household
& Personal Products - 1.0% |
|
|
|
|
|
|
|
Church
& Dwight Co., Inc. |
|
|
16 |
|
|
1,762
|
|
Clorox
Co. |
|
|
8 |
|
|
1,178
|
|
Colgate-Palmolive
Co. |
|
|
64 |
|
|
5,997
|
|
Estee
Lauder Cos., Inc. - Class A |
|
|
16 |
|
|
1,056
|
|
Kenvue,
Inc. |
|
|
136 |
|
|
3,261
|
|
Kimberly-Clark
Corp. |
|
|
24 |
|
|
3,413
|
|
Procter
& Gamble Co. |
|
|
207 |
|
|
35,277
|
|
|
|
|
|
|
|
51,944
|
|
Insurance
- 1.8% |
|
|
|
|
|
|
|
Aflac,
Inc. |
|
|
40 |
|
|
4,448
|
|
Allstate
Corp. |
|
|
24 |
|
|
4,970
|
|
American
International Group, Inc. |
|
|
56 |
|
|
4,869
|
|
Aon
PLC - Class A |
|
|
16 |
|
|
6,385
|
|
Arch
Capital Group Ltd. |
|
|
32 |
|
|
3,078
|
|
Arthur
J Gallagher & Co. |
|
|
16 |
|
|
5,524
|
|
Assurant,
Inc. |
|
|
8 |
|
|
1,678
|
|
Brown
& Brown, Inc. |
|
|
16 |
|
|
1,990
|
|
Chubb
Ltd. |
|
|
32 |
|
|
9,664
|
|
Cincinnati
Financial Corp. |
|
|
16 |
|
|
2,363
|
|
Globe
Life, Inc. |
|
|
8 |
|
|
1,054
|
|
Hartford
Financial Services Group, Inc. |
|
|
24 |
|
|
2,969
|
|
Loews
Corp. |
|
|
16 |
|
|
1,471
|
|
Marsh
& McLennan Cos., Inc. |
|
|
40 |
|
|
9,761
|
|
MetLife,
Inc. |
|
|
48 |
|
|
3,854
|
|
Principal
Financial Group, Inc. |
|
|
16 |
|
|
1,350
|
|
Progressive
Corp. |
|
|
48 |
|
|
13,584
|
|
Prudential
Financial, Inc. |
|
|
32 |
|
|
3,574
|
|
Travelers
Cos., Inc. |
|
|
16 |
|
|
4,231
|
|
W
R Berkley Corp. |
|
|
24 |
|
|
1,708
|
|
Willis
Towers Watson PLC |
|
|
8 |
|
|
2,704
|
|
|
|
|
|
|
|
91,229
|
|
Materials
- 1.6% |
|
|
|
|
|
|
|
Air
Products and Chemicals, Inc. |
|
|
16 |
|
|
4,719
|
|
Albemarle
Corp. |
|
|
8 |
|
|
576
|
|
Amcor
PLC |
|
|
112 |
|
|
1,086
|
|
Avery
Dennison Corp. |
|
|
8 |
|
|
1,424
|
|
Ball
Corp. |
|
|
24 |
|
|
1,250
|
|
Celanese
Corp. |
|
|
8 |
|
|
454
|
|
CF
Industries Holdings, Inc. |
|
|
16 |
|
|
1,250
|
|
Corteva,
Inc. |
|
|
56 |
|
|
3,524
|
|
Dow,
Inc. |
|
|
56 |
|
|
1,956
|
|
DuPont
de Nemours, Inc. |
|
|
32 |
|
|
2,390
|
|
Eastman
Chemical Co. |
|
|
8 |
|
|
705
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
3 |
|
|
Cyber
Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
CONSOLIDATED
SCHEDULE OF INVESTMENTS
March
31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - (Continued) |
|
|
|
|
|
|
|
Materials
- (Continued) |
|
|
|
|
|
|
|
Ecolab,
Inc. |
|
|
24 |
|
|
$6,085
|
|
FMC
Corp. |
|
|
8 |
|
|
338
|
|
Freeport-McMoRan,
Inc. |
|
|
112 |
|
|
4,240
|
|
International
Flavors & Fragrances, Inc. |
|
|
24 |
|
|
1,863
|
|
International
Paper Co. |
|
|
24 |
|
|
1,280
|
|
Linde
PLC |
|
|
46 |
|
|
21,419
|
|
LyondellBasell
Industries NV - Class A |
|
|
24 |
|
|
1,690
|
|
Martin
Marietta Materials, Inc. |
|
|
8 |
|
|
3,825
|
|
Mosaic
Co. |
|
|
24 |
|
|
648
|
|
Newmont
Corp. |
|
|
88 |
|
|
4,249
|
|
Nucor
Corp. |
|
|
16 |
|
|
1,925
|
|
Packaging
Corp. of America |
|
|
8 |
|
|
1,584
|
|
PPG
Industries, Inc. |
|
|
16 |
|
|
1,750
|
|
Sherwin-Williams
Co. |
|
|
16 |
|
|
5,587
|
|
Smurfit
WestRock PLC |
|
|
24 |
|
|
1,081
|
|
Steel
Dynamics, Inc. |
|
|
16 |
|
|
2,001
|
|
Vulcan
Materials Co. |
|
|
8 |
|
|
1,866
|
|
|
|
|
|
|
|
80,765
|
|
Media
& Entertainment - 6.8% |
|
|
|
|
|
|
|
Alphabet,
Inc. - Class A |
|
|
514 |
|
|
79,485
|
|
Alphabet,
Inc. - Class C |
|
|
434 |
|
|
67,804
|
|
Charter
Communications, Inc. - Class A(a) |
|
|
8 |
|
|
2,948
|
|
Comcast
Corp. - Class A |
|
|
320 |
|
|
11,808
|
|
Electronic
Arts, Inc. |
|
|
16 |
|
|
2,312
|
|
Fox
Corp. - Class A |
|
|
16 |
|
|
906
|
|
Fox
Corp. - Class B |
|
|
8 |
|
|
422
|
|
Interpublic
Group of Cos., Inc. |
|
|
32 |
|
|
869
|
|
Live
Nation Entertainment, Inc.(a) |
|
|
8 |
|
|
1,045
|
|
Match
Group, Inc. |
|
|
24 |
|
|
749
|
|
Meta
Platforms, Inc. - Class A |
|
|
193 |
|
|
111,237
|
|
Netflix,
Inc.(a) |
|
|
38 |
|
|
35,436
|
|
News
Corp. - Class A |
|
|
32 |
|
|
871
|
|
News
Corp. - Class B |
|
|
8 |
|
|
243
|
|
Omnicom
Group, Inc. |
|
|
16 |
|
|
1,327
|
|
Paramount
Global - Class B |
|
|
40 |
|
|
478
|
|
Take-Two
Interactive Software, Inc.(a) |
|
|
16 |
|
|
3,316
|
|
Walt
Disney Co. |
|
|
161 |
|
|
15,891
|
|
Warner
Bros Discovery, Inc.(a) |
|
|
176 |
|
|
1,888
|
|
|
|
|
|
|
|
339,035
|
|
Pharmaceuticals,
Biotechnology & Life Sciences - 5.1% |
|
|
|
|
|
|
|
AbbVie,
Inc. |
|
|
153 |
|
|
32,057
|
|
Agilent
Technologies, Inc. |
|
|
24 |
|
|
2,808
|
|
Amgen,
Inc. |
|
|
40 |
|
|
12,462
|
|
Biogen,
Inc.(a) |
|
|
8 |
|
|
1,095
|
|
Bio-Techne
Corp. |
|
|
16 |
|
|
938
|
|
Bristol-Myers
Squibb Co. |
|
|
160 |
|
|
9,758
|
|
Charles
River Laboratories International, Inc.(a) |
|
|
8 |
|
|
1,204
|
|
Danaher
Corp. |
|
|
48 |
|
|
9,840
|
|
Eli
Lilly & Co. |
|
|
65 |
|
|
53,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
Gilead
Sciences, Inc. |
|
|
96 |
|
|
$10,757
|
|
GRAIL,
Inc.(a) |
|
|
1 |
|
|
26
|
|
Illumina,
Inc.(a) |
|
|
16 |
|
|
1,269
|
|
Incyte
Corp.(a) |
|
|
16 |
|
|
969
|
|
IQVIA
Holdings, Inc.(a) |
|
|
16 |
|
|
2,821
|
|
Johnson
& Johnson |
|
|
216 |
|
|
35,821
|
|
Merck
& Co., Inc. |
|
|
225 |
|
|
20,196
|
|
Moderna,
Inc.(a) |
|
|
24 |
|
|
680
|
|
Pfizer,
Inc. |
|
|
448 |
|
|
11,352
|
|
Regeneron
Pharmaceuticals, Inc. |
|
|
8 |
|
|
5,074
|
|
Revvity,
Inc. |
|
|
8 |
|
|
846
|
|
Thermo
Fisher Scientific, Inc. |
|
|
34 |
|
|
16,918
|
|
Vertex
Pharmaceuticals, Inc.(a) |
|
|
24 |
|
|
11,636
|
|
Viatris,
Inc. |
|
|
96 |
|
|
836
|
|
Waters
Corp.(a) |
|
|
8 |
|
|
2,949
|
|
West
Pharmaceutical Services, Inc. |
|
|
8 |
|
|
1,791
|
|
Zoetis,
Inc. |
|
|
40 |
|
|
6,586
|
|
|
|
|
|
|
|
254,373
|
|
Real
Estate Management & Development - 0.1% |
|
|
|
|||
|
CBRE
Group, Inc. - Class A(a) |
|
|
24 |
|
|
3,139
|
|
CoStar
Group, Inc.(a) |
|
|
32 |
|
|
2,535
|
|
|
|
|
|
|
|
5,674
|
|
Semiconductors
& Semiconductor Equipment - 8.1% |
|
|
|
|
|
|
|
Advanced
Micro Devices, Inc.(a) |
|
|
144 |
|
|
14,795
|
|
Analog
Devices, Inc. |
|
|
40 |
|
|
8,067
|
|
Applied
Materials, Inc. |
|
|
64 |
|
|
9,288
|
|
Broadcom,
Inc. |
|
|
370 |
|
|
61,949
|
|
Enphase
Energy, Inc.(a) |
|
|
8 |
|
|
496
|
|
First
Solar, Inc.(a) |
|
|
8 |
|
|
1,011
|
|
Intel
Corp. |
|
|
336 |
|
|
7,631
|
|
KLA
Corp. |
|
|
8 |
|
|
5,438
|
|
Lam
Research Corp. |
|
|
80 |
|
|
5,816
|
|
Microchip
Technology, Inc. |
|
|
40 |
|
|
1,936
|
|
Micron
Technology, Inc. |
|
|
88 |
|
|
7,646
|
|
NVIDIA
Corp. |
|
|
2,254 |
|
|
244,289
|
|
NXP
Semiconductors NV |
|
|
24 |
|
|
4,561
|
|
ON
Semiconductor Corp.(a) |
|
|
32 |
|
|
1,302
|
|
Qorvo,
Inc.(a) |
|
|
8 |
|
|
579
|
|
QUALCOMM,
Inc. |
|
|
98 |
|
|
15,054
|
|
Skyworks
Solutions, Inc. |
|
|
16 |
|
|
1,034
|
|
Teradyne,
Inc. |
|
|
16 |
|
|
1,322
|
|
Texas
Instruments, Inc. |
|
|
81 |
|
|
14,556
|
|
|
|
|
|
|
|
406,770
|
|
Software
& Services - 8.4% |
|
|
|
|
|
|
|
Accenture
PLC - Class A |
|
|
55 |
|
|
17,162
|
|
Adobe,
Inc.(a) |
|
|
38 |
|
|
14,574
|
|
Akamai
Technologies, Inc.(a) |
|
|
8 |
|
|
644
|
|
ANSYS,
Inc.(a) |
|
|
8 |
|
|
2,532
|
|
Autodesk,
Inc.(a) |
|
|
16 |
|
|
4,189
|
|
Cadence
Design Systems, Inc.(a) |
|
|
24 |
|
|
6,104
|
|
Cognizant
Technology Solutions Corp. - Class A |
|
|
40 |
|
|
3,060
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
4 |
|
|
Cyber
Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
CONSOLIDATED
SCHEDULE OF INVESTMENTS
March
31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - (Continued) | ||||||
|
Software
& Services - (Continued) | ||||||
|
EPAM
Systems, Inc.(a) |
|
|
8 |
|
|
$1,351
|
|
Fortinet,
Inc.(a) |
|
|
48 |
|
|
4,620
|
|
Gartner,
Inc.(a) |
|
|
8 |
|
|
3,358
|
|
Gen
Digital, Inc. |
|
|
48 |
|
|
1,274
|
|
International
Business Machines Corp. |
|
|
81 |
|
|
20,141
|
|
Intuit,
Inc. |
|
|
26 |
|
|
15,964
|
|
Microsoft
Corp. |
|
|
655 |
|
|
245,880
|
|
Oracle
Corp. |
|
|
144 |
|
|
20,133
|
|
Palantir
Technologies, Inc. - Class A(a) |
|
|
22 |
|
|
1,857
|
|
Palo
Alto Networks, Inc.(a) |
|
|
48 |
|
|
8,191
|
|
PTC,
Inc.(a) |
|
|
8 |
|
|
1,240
|
|
Roper
Technologies, Inc. |
|
|
8 |
|
|
4,717
|
|
Salesforce,
Inc. |
|
|
89 |
|
|
23,884
|
|
ServiceNow,
Inc.(a) |
|
|
17 |
|
|
13,534
|
|
Synopsys,
Inc.(a) |
|
|
16 |
|
|
6,862
|
|
VeriSign,
Inc.(a) |
|
|
8 |
|
|
2,031
|
|
|
|
|
|
|
|
423,302
|
|
Technology
Hardware & Equipment - 7.0% |
| |||||
|
Amphenol
Corp. - Class A |
|
|
96 |
|
|
6,297
|
|
Apple,
Inc. |
|
|
1,295 |
|
|
287,658
|
|
Arista
Networks, Inc.(a) |
|
|
64 |
|
|
4,959
|
|
CDW
Corp. |
|
|
8 |
|
|
1,282
|
|
Cisco
Systems, Inc. |
|
|
359 |
|
|
22,154
|
|
Corning,
Inc. |
|
|
64 |
|
|
2,930
|
|
F5,
Inc.(a) |
|
|
8 |
|
|
2,130
|
|
Hewlett
Packard Enterprise Co. |
|
|
104 |
|
|
1,605
|
|
HP,
Inc. |
|
|
72 |
|
|
1,994
|
|
Jabil,
Inc. |
|
|
8 |
|
|
1,089
|
|
Juniper
Networks, Inc. |
|
|
24 |
|
|
869
|
|
Keysight
Technologies, Inc.(a) |
|
|
16 |
|
|
2,396
|
|
Motorola
Solutions, Inc. |
|
|
16 |
|
|
7,005
|
|
NetApp,
Inc. |
|
|
16 |
|
|
1,405
|
|
Sandisk
Corp./DE(a) |
|
|
8 |
|
|
381
|
|
Seagate
Technology Holdings PLC |
|
|
16 |
|
|
1,359
|
|
TE
Connectivity PLC |
|
|
24 |
|
|
3,392
|
|
Trimble,
Inc.(a) |
|
|
16 |
|
|
1,050
|
|
Western
Digital Corp.(a) |
|
|
24 |
|
|
970
|
|
Zebra
Technologies Corp. - Class A(a) |
|
|
8 |
|
|
2,260
|
|
|
|
|
|
|
|
353,185
|
|
Telecommunication
Services - 0.9% |
|
|
|
|
|
|
|
AT&T,
Inc. |
|
|
639 |
|
|
18,071
|
|
T-Mobile
US, Inc. |
|
|
40 |
|
|
10,668
|
|
Verizon
Communications, Inc. |
|
|
377 |
|
|
17,101
|
|
|
|
|
|
|
|
45,840
|
|
Transportation
- 1.1% |
|
|
|
|
|
|
|
American
Airlines Group, Inc.(a) |
|
|
48 |
|
|
506
|
|
CH
Robinson Worldwide, Inc. |
|
|
8 |
|
|
819
|
|
CSX
Corp. |
|
|
160 |
|
|
4,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
Delta
Air Lines, Inc. |
|
|
48 |
|
|
$2,093
|
|
Expeditors
International of Washington, Inc. |
|
|
8 |
|
|
962
|
|
FedEx
Corp. |
|
|
16 |
|
|
3,900
|
|
JB
Hunt Transport Services, Inc. |
|
|
8 |
|
|
1,184
|
|
Norfolk
Southern Corp. |
|
|
16 |
|
|
3,790
|
|
Old
Dominion Freight Line, Inc. |
|
|
16 |
|
|
2,647
|
|
Southwest
Airlines Co. |
|
|
48 |
|
|
1,612
|
|
Uber
Technologies, Inc.(a) |
|
|
160 |
|
|
11,658
|
|
Union
Pacific Corp. |
|
|
48 |
|
|
11,340
|
|
United
Airlines Holdings, Inc.(a) |
|
|
24 |
|
|
1,657
|
|
United
Parcel Service, Inc. - Class B |
|
|
56 |
|
|
6,159
|
|
|
|
|
|
|
|
53,036
|
|
Utilities
- 1.8% |
|
|
|
|
|
|
|
AES
Corp. |
|
|
56 |
|
|
696
|
|
Alliant
Energy Corp. |
|
|
24 |
|
|
1,544
|
|
Ameren
Corp. |
|
|
24 |
|
|
2,410
|
|
American
Electric Power Co., Inc. |
|
|
40 |
|
|
4,371
|
|
American
Water Works Co., Inc. |
|
|
16 |
|
|
2,360
|
|
Atmos
Energy Corp. |
|
|
8 |
|
|
1,237
|
|
CenterPoint
Energy, Inc. |
|
|
48 |
|
|
1,739
|
|
CMS
Energy Corp. |
|
|
24 |
|
|
1,803
|
|
Consolidated
Edison, Inc. |
|
|
24 |
|
|
2,654
|
|
Constellation
Energy Corp. |
|
|
24 |
|
|
4,839
|
|
Dominion
Energy, Inc. |
|
|
64 |
|
|
3,588
|
|
DTE
Energy Co. |
|
|
16 |
|
|
2,212
|
|
Duke
Energy Corp. |
|
|
64 |
|
|
7,806
|
|
Edison
International |
|
|
32 |
|
|
1,885
|
|
Entergy
Corp. |
|
|
32 |
|
|
2,736
|
|
Evergy,
Inc. |
|
|
16 |
|
|
1,103
|
|
Eversource
Energy |
|
|
24 |
|
|
1,491
|
|
Exelon
Corp. |
|
|
80 |
|
|
3,686
|
|
FirstEnergy
Corp. |
|
|
40 |
|
|
1,617
|
|
NextEra
Energy, Inc. |
|
|
160 |
|
|
11,342
|
|
NiSource,
Inc. |
|
|
32 |
|
|
1,283
|
|
NRG
Energy, Inc. |
|
|
16 |
|
|
1,527
|
|
PG&E
Corp. |
|
|
168 |
|
|
2,886
|
|
Pinnacle
West Capital Corp. |
|
|
8 |
|
|
762
|
|
PPL
Corp. |
|
|
56 |
|
|
2,022
|
|
Public
Service Enterprise Group, Inc. |
|
|
40 |
|
|
3,292
|
|
Sempra |
|
|
48 |
|
|
3,425
|
|
Southern
Co. |
|
|
88 |
|
|
8,092
|
|
WEC
Energy Group, Inc. |
|
|
24 |
|
|
2,616
|
|
Xcel
Energy, Inc. |
|
|
40 |
|
|
2,832
|
|
|
|
|
|
|
|
89,856
|
|
TOTAL
COMMON STOCKS
(Cost
$3,780,176) |
|
|
|
|
|
3,852,290
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
5 |
|
|
Cyber
Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
CONSOLIDATED
SCHEDULE OF INVESTMENTS
March
31, 2025(Continued)
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
REAL
ESTATE INVESTMENT TRUSTS - 1.6% |
|
|
|
|
|
|
|
Equity
Real Estate Investment Trusts (REITs) - 1.6% |
|
|
|
|
|
|
|
Alexandria
Real Estate Equities, Inc. |
|
|
16 |
|
|
$1,480
|
|
American
Tower Corp. |
|
|
40 |
|
|
8,704
|
|
AvalonBay
Communities, Inc. |
|
|
8 |
|
|
1,717
|
|
Boston
Properties, Inc. |
|
|
8 |
|
|
537
|
|
Camden
Property Trust |
|
|
8 |
|
|
978
|
|
Crown
Castle, Inc. |
|
|
32 |
|
|
3,335
|
|
Digital
Realty Trust, Inc. |
|
|
24 |
|
|
3,439
|
|
Equinix,
Inc. |
|
|
8 |
|
|
6,523
|
|
Equity
Residential |
|
|
24 |
|
|
1,718
|
|
Essex
Property Trust, Inc. |
|
|
8 |
|
|
2,453
|
|
Extra
Space Storage, Inc. |
|
|
16 |
|
|
2,376
|
|
Federal
Realty Investment Trust |
|
|
8 |
|
|
782
|
|
Healthpeak
Properties, Inc. |
|
|
40 |
|
|
809
|
|
Host
Hotels & Resorts, Inc. |
|
|
56 |
|
|
796
|
|
Invitation
Homes, Inc. |
|
|
48 |
|
|
1,673
|
|
Iron
Mountain, Inc. |
|
|
24 |
|
|
2,065
|
|
Kimco
Realty Corp. |
|
|
48 |
|
|
1,019
|
|
Mid-America
Apartment Communities,
Inc. |
|
|
8 |
|
|
1,341
|
|
Millrose
Properties, Inc.(a) |
|
|
6 |
|
|
159 |
|
Prologis,
Inc. |
|
|
72 |
|
|
8,049
|
|
Public
Storage |
|
|
16 |
|
|
4,789
|
|
Realty
Income Corp. |
|
|
56 |
|
|
3,249
|
|
Regency
Centers Corp. |
|
|
16 |
|
|
1,180
|
|
SBA
Communications Corp. |
|
|
8 |
|
|
1,760
|
|
Simon
Property Group, Inc. |
|
|
24 |
|
|
3,986
|
|
UDR,
Inc. |
|
|
24 |
|
|
1,084
|
|
Ventas,
Inc. |
|
|
32 |
|
|
2,200
|
|
VICI
Properties, Inc. |
|
|
80 |
|
|
2,610
|
|
Welltower,
Inc. |
|
|
40 |
|
|
6,128
|
|
Weyerhaeuser
Co. |
|
|
56 |
|
|
1,640
|
|
|
|
|
|
|
|
78,579
|
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS
(Cost
$76,137) |
|
|
|
|
|
78,579
|
|
TOTAL
INVESTMENTS - 78.4%
(Cost
$3,856,313) |
|
|
|
|
|
3,930,869
|
|
Money
Market Deposit Account - 0.1%(b) |
|
|
|
|
|
4,735
|
|
Other
Assets in Excess of
Liabilities
- 21.5% |
|
|
|
|
|
1,079,697
|
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
$5,015,301 |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
The
Global Industry Classification Standard (“GICS®”)was developed by and/or is the exclusive property of MSCI,
Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service
mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
PLC
- Public Limited Company
REIT
- Real Estate Investment Trust
|
(a) |
Non-income producing security. |
|
(b) |
The
U.S. Bank Money Market Deposit Account (the
“MMDA”) is a short-term vehicle in which the Fund holds cash
balances. The MMDA will bear interest at a variable rate that
is determined based on market conditions and is subject to
change daily. The rate as of March 31, 2025 was 4.11%. |
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
6 |
|
|
Cyber
Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
CONSOLIDATED
SCHEDULE OF FUTURES CONTRACTS
March 31,
2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional
Value |
|
|
Value/Unrealized
Depreciation
|
|
CME
Micro Bitcoin Futures |
|
|
114 |
|
|
04/25/2025 |
|
|
$942,894 |
|
|
$(27,001)
|
|
CME
Bitcoin Reference Rate (BRR) |
|
|
1 |
|
|
04/25/2025 |
|
|
413,550 |
|
|
(31,457)
|
|
Net
Unrealized Depreciation |
|
|
|
|
|
|
|
|
|
|
|
$(58,458) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
7 |
|
|
CYBER
HORNET S&P 500® AND BITCOIN 75/25 STRATEGY ETF
CONSOLIDATED
STATEMENT OF ASSETS AND LIABILITIES
March 31,
2025
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Investments,
at value |
|
|
$3,930,869
|
|
Deposit
at broker for futures contracts |
|
|
1,098,660
|
|
Cash
- interest bearing deposit account |
|
|
4,735
|
|
Dividends
and interest receivable |
|
|
4,009
|
|
Cash
held at broker |
|
|
763
|
|
Dividend
tax reclaims receivable |
|
|
41
|
|
Total
assets |
|
|
5,039,077
|
|
LIABILITIES: |
|
|
|
|
Variation
margin payable |
|
|
21,894 |
|
Payable
to adviser (Note 3) |
|
|
1,140
|
|
Payable
for expense and other liabilities |
|
|
742
|
|
Total
liabilities |
|
|
23,776 |
|
Commitments
and contingencies (Note 8) |
|
|
—
|
|
NET
ASSETS |
|
|
$5,015,301
|
|
Net
Assets Consists of: |
|
|
|
|
Paid-in
capital |
|
|
$4,970,117
|
|
Accumulated
gains |
|
|
45,184
|
|
Total
net assets |
|
|
$5,015,301
|
|
Net
assets |
|
|
$5,015,301
|
|
Shares
issued and outstanding(a) |
|
|
200,000
|
|
Net
asset value per share |
|
|
$25.08
|
|
Cost: |
|
|
|
|
Investments,
at cost |
|
|
$3,856,313 |
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
8 |
|
|
CYBER
HORNET S&P 500® AND BITCOIN 75/25 STRATEGY ETF
CONSOLIDATED
STATEMENT OF OPERATIONS
For
the Year Ended March 31, 2025
|
|
|
|
|
|
INVESTMENT
INCOME: |
|
|
|
|
Dividend
income |
|
|
$32,915
|
|
Less:
Dividend withholding taxes |
|
|
(10)
|
|
Interest
income |
|
|
13,598
|
|
Other
income |
|
|
(10)
|
|
Total
investment income |
|
|
46,493
|
|
EXPENSES: |
|
|
|
|
Investment
advisory fee (Note 3) |
|
|
30,678
|
|
Legal
fees |
|
|
667
|
|
Trustees’
fees |
|
|
25
|
|
Other
expenses and fees |
|
|
420
|
|
Total
expenses |
|
|
31,790
|
|
Net
investment income |
|
|
14,703
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
Net
realized gain from: |
|
|
|
|
Investments |
|
|
17,643
|
|
Futures
contracts |
|
|
157,835
|
|
Net
realized gain |
|
|
175,478
|
|
Net
change in unrealized depreciation on: |
|
|
|
|
Investments |
|
|
(3,110)
|
|
Future
contracts |
|
|
(160,324)
|
|
Net
change in unrealized depreciation |
|
|
(163,434)
|
|
Net
realized and unrealized gain |
|
|
12,044
|
|
NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$26,747 |
|
|
|
|
|
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
9 |
|
|
CYBER
HORNET S&P 500® AND BITCOIN 75/25 STRATEGY ETF
CONSOLIDATED
STATEMENTS OF CHANGES IN NET ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
March 31,
2025 |
|
|
Period
Ended
March 31,
2024(a) |
|
OPERATIONS: |
|
|
|
|
|
|
|
Net
investment income |
|
|
$14,703 |
|
|
$1,296
|
|
Net
realized gain |
|
|
175,478 |
|
|
31,161
|
|
Net
change in unrealized depreciation |
|
|
(163,434) |
|
|
179,525
|
|
Net
increase in net assets from operations |
|
|
26,747 |
|
|
211,982
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
From
earnings |
|
|
(190,936) |
|
|
(589)
|
|
Total
distributions to shareholders |
|
|
(190,936) |
|
|
(589)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
Subscriptions |
|
|
3,925,597 |
|
|
1,042,500
|
|
Net
increase in net assets from capital transactions |
|
|
3,925,597 |
|
|
1,042,500
|
|
Net
increase in net assets |
|
|
3,761,408 |
|
|
1,253,893
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
Beginning
of the year |
|
|
1,253,893 |
|
|
—
|
|
End
of the year |
|
|
$5,015,301 |
|
|
$1,253,893
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
Subscriptions |
|
|
150,000 |
|
|
50,000
|
|
Total
increase (decrease) in shares outstanding |
|
|
150,000 |
|
|
50,000 |
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 28, 2023. |
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
10 |
|
|
CYBER
HORNET S&P 500® AND BITCOIN 75/25 STRATEGY ETF
CONSOLIDATED
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
March 31,
2025 |
|
|
Period
Ended
March 31,
2024(a) |
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.08 |
|
|
$20.85
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
Net
investment income(b) |
|
|
0.12 |
|
|
0.03
|
|
Net
realized and unrealized gain on investments |
|
|
1.68 |
|
|
4.21
|
|
Total
from investment operations |
|
|
1.80 |
|
|
4.24
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
Net
investment income |
|
|
(1.40) |
|
|
(0.01)
|
|
Net
realized gains |
|
|
(0.40) |
|
|
—
|
|
Total
distributions |
|
|
(1.80) |
|
|
(0.01)
|
|
Net
asset value, end of period |
|
|
$25.08 |
|
|
$25.08
|
|
Market
value total return |
|
|
7.46% |
|
|
—% |
|
Total
return(c) |
|
|
7.36% |
|
|
20.34%(d)
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$5,015 |
|
|
$1,254
|
|
Ratio
of expenses to average net assets |
|
|
0.98%(f) |
|
|
0.95%(g)(e) |
|
Ratio
of net investment income (loss) to average net assets |
|
|
0.46%(f) |
|
|
0.45%(g)(e)
|
|
Portfolio
turnover rate(h) |
|
|
9% |
|
|
28%(d) |
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 28, 2023. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the year. |
|
(c) |
Total
return represents
the rate that an investor would have earned or lost on an
investment in the Fund, assuming reinvestment of distributions. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Includes expenses
of 0.03% not covered by the Fund's Unitary Fee agreement. |
|
(g) |
Includes tax-related
expenses of less than 0.01% not covered by the Funds’ Unitary Fee agreement. |
|
(h) |
Portfolio turnover
rate excludes in-kind transactions. |
The
accompanying notes are an integral part of these consolidated financial statements.
|
|
|
11 |
|
|
ONEFUND
TRUST
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
March 31,
2025
1.
ORGANIZATION
The
CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF is a
separate series of ONEFUND Trust, an open-end management
investment company that was organized as a trust under the laws of the
State of Delaware on November 9, 2005 (the “Trust”).
The Trust currently has two series, one of which is covered by this
report. The Fund is diversified, as that term is defined in the
Investment
Company Act of 1940, as amended (the “1940 Act”). The Fund commenced
operations on December 28, 2023. CYBER HORNET ETFs, LLC
(formerly ONEFUND, LLC) (the “Adviser”) serves as the investment adviser
to the Fund.
The
Fund’s investment objective is to replicate, before fees and expenses, the total return of the S&P 500® and
S&P CME Bitcoin Futures Index 75/25 Blend Index (the “Index”), an Index by Standard & Poor’s.
The
consolidated financial statements include the accounts of ONEFUND
International Ltd. (the “Subsidiary”), a wholly-owned and
controlled subsidiary of the Fund. All intercompany accounts and
transactions have been eliminated in consolidation. The Subsidiary acts
as an investment vehicle in order to invest in derivative or Bitcoin-
related instruments consistent with the Fund’s objectives
and policies. As of March 31, 2025, the Subsidiary’s net assets were
$1,078,369, which represented 21.5% of the Fund’s
net assets.
2.
SIGNIFICANT ACCOUNTING POLICIES
The
following is a summary of significant accounting policies consistently
followed by the Fund. These policies are in conformity with accounting
principles generally accepted in The United States of America (“GAAP”).
The Fund is an investment company and accordingly
follows the Investment Company accounting and reporting guidance of the
Financial Accounting Standards Board (“FASB”) Accounting
Standards Codification Topic 946, “Financial Services-Investment Companies.”
Use
of Estimates – The preparation of
financial statements in conformity with GAAP requires management
to make estimates and assumptions that affect the amounts of assets and
liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of
increases and decreases in net assets from operations during the
reporting
period. Actual results could differ from those estimates.
Investment
Transactions – Investment security transactions are accounted for on trade date. Gains and losses
on securities sold are determined on a specific identification basis.
Investment
Income – Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends
have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Interest
income, which includes amortization of premium and accretion of discount, is recorded on the accrual basis.
Expenses
– The Fund bears expenses incurred specifically for the Fund as well as general Trust expenses
that are allocated between the Fund and a separate series of the Trust. See Note 3 for further information on the Fund’s unitary
fee arrangement.
Investment
Valuation – The Fund’s portfolio
securities are valued as of the close of trading of the
New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern Time).
Each security, excluding short-term investments, is valued
at the last sale price reported by the principal security exchange on
which the issue is traded. Futures contracts are valued at the
settlement
price on the exchange. Money market funds, representing short-term
investments, are valued at their daily net asset value. Securities
that are traded on the Nasdaq Stock Market, Inc. are valued at the
Nasdaq Official Closing Price or if no sale is reported, the mean
between
the bid and the ask. Securities which are traded over-the-counter are
valued at the last sale price or, if no sale, at the mean between
the bid and the ask. Securities for which quotations are not readily
available are valued at fair value as determined by the Fund’s
investment adviser, as the Valuation Designee appointed by the Board of
Trustees (the “Board”), in accordance with procedures
approved by the Board. The fair value of a security is the amount which
the Fund might reasonably expect to receive upon a current sale.
The fair value of a security may differ from the last quoted price and
the Fund may not be able to sell a security at the fair value.
Market quotations may not be available, for example, if trading in
particular securities was halted during the day and not resumed prior
to the close of trading on the NYSE. As of March 31, 2025, there were no
securities that were internally fair valued.
|
|
|
12 |
|
|
ONEFUND
TRUST
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2025(Continued)
Fair
Value Measurements – A three-tier
hierarchy has been established to classify fair value measurements
for disclosure purposes. Inputs refer broadly to the assumptions that
market participants would use in pricing the asset or liability,
including assumptions about risk. Inputs may be observable or
unobservable. Observable inputs are inputs that reflect the assumptions
market participants would use in pricing the asset or liability that are
developed based on market data obtained from sources independent
of the reporting entity. Unobservable inputs are inputs that reflect the
reporting entity’s own assumptions about the assumptions
market participants would use in pricing the asset or liability that are
developed based on the best information available. In accordance
with the authoritative guidance on fair value measurements and
disclosure under GAAP, the Fund discloses fair value of its investments
in a hierarchy that prioritizes the inputs to valuation techniques used
to measure the fair value.
Various
inputs are used in determining the value of the Fund’s investments as of the reporting period end. These inputs are categorized
in the following hierarchy under applicable financial accounting standards:
|
Level 1 – |
Unadjusted quoted prices in active markets
for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date; |
|
Level 2 – |
Quoted
prices which are not active, quoted
prices for similar assets or liabilities in active markets or
inputs other than quoted prices that are observable (either directly or
indirectly) for substantially the full term of the asset or
liability; and |
|
Level 3 – |
Significant
unobservable prices or inputs (including
the Fund’s own assumptions in determining the fair value of
investments) where there is little or no market activity for the asset
or liability at the measurement date. |
The
availability of observable inputs can vary from security to security and
is affected by a wide variety of factors, including, for example,
the type of security, whether the security is new and not yet
established in the marketplace, the liquidity of markets, and other
characteristics
particular to the security. To the extent that valuation is based on
models or inputs that are less observable or unobservable in the
market, the determination of fair value requires more judgment.
Accordingly, the degree of judgment exercised in determining fair value
is greatest for instruments categorized in Level 3.
An
investment level within the fair value hierarchy is based on the lowest
level input, individually or in the aggregate, that is significant
to fair value measurement. The valuation techniques used by the Fund to
measure fair value during the fiscal year ended March 31,
2025, maximized the use of observable inputs and minimized the use of
unobservable inputs.
The
inputs or methodologies used for valuing securities are not necessarily
an indication of the risk or liquidity associated with investing
in those securities. The following is a summary of the inputs used in
valuing the Fund’s investments as of March 31, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
|
$3,852,290 |
|
|
$— |
|
|
$— |
|
|
$3,852,290
|
|
Real
Estate Investment Trusts |
|
|
78,579 |
|
|
— |
|
|
— |
|
|
78,579
|
|
Total
Investments |
|
|
$3,930,869 |
|
|
$— |
|
|
$— |
|
|
$3,930,869
|
|
Other
Financial Instruments*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
$(58,458) |
|
|
$— |
|
|
$— |
|
|
$(58,458)
|
|
Total
Other Financial Instruments |
|
|
$(58,458) |
|
|
$— |
|
|
$— |
|
|
$(58,458) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Other financial instruments are derivatives,
such as futures. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument. |
Refer
to the Consolidated Schedule of Investments for further disaggregation of the investment categories on the instrument.
|
|
|
13 |
|
|
ONEFUND
TRUST
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2025(Continued)
The
Fund did not hold any investments at the end of the reporting period for
which significant unobservable inputs (Level 3) were used
in determining fair value; therefore, no reconciliation of Level 3
securities is included for this reporting period.
Cash
and Cash Equivalents – Idle cash may
be swept into various interest bearing overnight demand deposits
and is classified as a cash equivalent on the Consolidated Statement of
Assets and Liabilities. The Fund maintains cash in bank deposit
accounts which, at times, may exceed United States federally insured
limit of $250,000. Amounts swept overnight are available on the next
business day.
Derivative
Transactions – The Fund engaged in derivatives for speculative purposes during the year ended
March 31, 2025. The use of derivatives included futures contracts.
Futures
contracts – The Fund purchases and
sells futures contracts and held futures contracts during the
year ended March 31, 2025. The Fund generally deposits cash (also known
as “margin”) with a Futures Commission Merchant
(“FCM”) for its open positions in futures contracts. The margin
requirements or position limits may be based on the notional
exposure (i.e., the total dollar value of exposure the Fund has to the
asset that underlies the futures contract) of the futures contracts
or the number of futures contracts purchased. The FCM, in turn,
generally transfers such deposits to the clearing house to protect the
clearing house against non-payment by the Fund. “Variation Margin” is
the amount of cash that each party agrees to pay to
or receive from the other to reflect the daily fluctuation in the value
of the futures contract. The clearing house becomes substituted
for each counterparty to a futures contract and, in effect, guarantees
performance. In addition, the FCM may require the Fund to deposit
additional collateral in excess of the clearing house’s requirements for
the FCM’s own protection. Margin requirements for
CME Bitcoin Futures are substantially higher than margin requirements
for many other types of futures contracts.
The
average notional amount of futures contracts during the fiscal year ended March 31, 2025, was $861,189 for long contracts.
The
tables below reflect the values of derivatives assets and liabilities as
reflected in the Consolidated Statements of Assets and Liabilities
and Consolidated Statements of Operations.
Consolidated
Statements of Assets and Liabilities Location
|
|
|
|
|
|
|
|
|
Risk
Exposure |
|
|
|
|
|
Fair
Value |
|
Futures |
|
|
|
|
|
|
|
Commodity
Contracts |
|
|
Deposits
at broker for future contracts* |
|
|
($58,458) |
|
|
|
|
|
|
|
|
|
* |
Reflects cumulative unrealized appreciation of
futures contracts as reported in the Consolidated Schedule of Futures Contracts. |
Consolidated
Statements of Operations Location
Amount
of Realized Gain on Derivatives Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
Commodity
Contracts |
|
|
Net
realized gain from futures contracts |
|
|
$157,835 |
|
|
|
|
|
|
|
|
Change
in Unrealized Depreciation on Derivatives Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
Commodity
Contracts |
|
|
Net
change in unrealized depreciation on futures contracts |
|
|
($160,324) |
|
|
|
|
|
|
|
|
Distributions
to Shareholders – Dividends from net
investment income will be declared and paid at least quarterly.
Distributions of net realized gains, if any, will be declared and paid
at least annually. Income and capital gains distributions are determined
in accordance with income tax regulations, which may differ from GAAP.
Distributions to shareholders are recorded on the ex-dividend date.
Federal
Income Taxes – As of and during the
fiscal year ended March 31, 2025, the Fund did not have a
liability for any unrecognized tax benefits. The Fund files U.S.
federal, state, and local tax returns as required. The Fund’s tax
returns are subject to examination by the relevant tax authorities until
expiration of the applicable statute of limitations
|
|
|
14 |
|
|
ONEFUND
TRUST
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2025(Continued)
which
is generally three years after the filing of the tax return for federal
purposes and four years for most state returns. Tax returns for
open years have incorporated no uncertain tax positions that require a
provision for income taxes. Therefore, no provision is made by
the Fund for federal income or excise taxes. The Fund intends to
continue to qualify each year as a “regulated investment company”
under Subchapter M of the Internal Revenue Code of 1986, as amended. By
so qualifying, the Fund will not be subject to federal income
taxes to the extent that it distributes substantially all of its taxable
or tax-exempt income, if any, for its tax year ended March 31,
2025. In addition, by distributing in each calendar year substantially
all of its net investment income, capital gains and certain other
amounts, if any, the Fund will not be subject to a federal excise tax.
Interest or penalties, if any, will be recorded in the Consolidated
Statement of Operations when incurred.
The
Subsidiary is an exempted Cayman investment company and as such is not
subject to Cayman Island taxes at the present time. For U.S. income
tax purposes, the Subsidiary is a controlled foreign corporation not
subject to U.S. income taxes. As a wholly-owned controlled foreign
corporation, the Subsidiary’s net income and capital gains, if any, will
be included each year in the Fund’s investment company
taxable income.
Recently
Issued Accounting Pronouncements – In
November 2023, the FASB issued ASU 2023-07, Segment Reporting
(Topic 280): Improvements to Reportable Segment Disclosures (“ASU
2023-07”). ASU 2023-07 is intended to improve reportable
segment disclosure requirements, primarily through enhanced disclosures
about significant segment expenses, allowing financial statement
users to better understand the components of a segment’s profit or loss
and assess potential future cash flows for each reportable
segment and the entity as a whole. The amendments expand a public
entity’s segment disclosures by requiring disclosure of significant
segment expenses that are regularly provided to the chief operating
decision maker, clarifying when an entity may report one or more
additional
measures to assess segment performance, requiring enhanced interim
disclosures and providing new disclosure requirements for entities
with a single reportable segment, among other new disclosure
requirements.
Management
has evaluated the impact of adopting ASU 2023-07, Segment Reporting
(Topic 280): Improvements to Reportable Segment Disclosures with respect
to the financial statements and disclosures and determined there is no
material impact for the Fund(s). The Fund operates as a single
segment entity. The Fund’s income, expenses, assets, and performance are
regularly monitored and assessed by the Adviser, who serves
as the chief operating decision maker, using the information presented
in the financial statements and financial highlights.
3.
ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS
Investment
Advisory Agreement – The Adviser
currently provides investment advisory services for individuals,
trusts, estates and institutions. The Adviser commenced operations in
2004 and is registered as an investment adviser with the Securities
and Exchange Commission. The Adviser is entitled to an investment
advisory fee, computed daily and payable monthly, of 0.95% of the
average
daily net assets of the Fund. An officer of the Trust is also an officer
of the Adviser.
The
Subsidiary is subject to an Advisory Agreement between the Subsidiary
and the Adviser, which specifies an an investment advisory fee,
computed daily and payable monthly, of 0.95% of the average daily net
assets of the Subsidiary. In the Fund’s computation of the
investment advisory fee, the net assets of the Subsidiary are waived
from the computation and the investment advisory fee of the Subsidiary
is consolidated with the investment advisory fee of the Fund.
The
Adviser’s unitary management fee is designed to pay the Fund’s expenses
and to compensate the Adviser for providing services
for the Fund. Out of the unitary management fee, the Adviser pays
substantially all expenses of the Fund, including the costs of transfer
agency, custody, fund administration, legal, audit and other services.
The Adviser and not the Fund’s shareholders, would benefit
from any reduction in fees paid for third-party services, including
reductions based on increases in net assets.
Under
the Advisory Agreement, the Adviser has agreed to pay the Fund’s
operating expenses, with certain exceptions, in return for a “unitary
fee” exclusive of expenses incurred pursuant to the Fund’s 12b-1
Distribution Plan adopted pursuant to Rule 12b-1 under the
1940 Act, if any; costs of borrowings (including interest charges and
dividend expenses on securities sold short); taxes or governmental
fees; acquired fund fees and expenses, if any; brokerage commissions and
other expenses of executing portfolio transactions; costs of
holding shareholder meetings, including
|
|
|
15 |
|
|
ONEFUND
TRUST
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2025(Continued)
proxy
costs; fees and expenses associated with the Fund’s securities lending
program, if any; fees of disinterested Trustees and fees
of independent counsel to the disinterested Trustees; and litigation and
potential litigation and other extraordinary expenses not incurred
in the ordinary course of the Fund’s business.
The
Adviser has contractually agreed to extend the Advisory Agreement
annually. The Advisory Agreement may be terminated immediately by vote
of the shareholders of the Fund, or upon 60 days’ notice by the Board or
the Adviser. All organizational and offering costs for
the Fund were borne by the Adviser and are not subject to reimbursement.
Administration
Services – U.S. Bancorp Fund Services,
LLC, doing business as U.S. Bank Global Fund Services,
LLC (“Fund Services” or the “Administrator”) acts as the Fund’s
Administrator under an Administration Agreement.
The Administrator prepares various federal and state regulatory filings,
reports and returns for the Fund; prepares reports and materials
supplied to the Trustees; monitors the activities of the Fund’s
custodian, transfer agent and accountants; coordinates the preparation
and payment of the Fund’s expenses and reviews the Fund’s expense
accruals. Fund Services also serves as the fund accountant
and transfer agent to the Fund. U.S. Bank N.A., an affiliate of Fund
Services, serves as the Fund’s custodian. The Administrator
receives a monthly fee which is paid by the adviser out of the unitary
fee.
Compliance
Services – Prior to March 13, 2025,
PINE Advisor Solutions (“PINE”) provided a Chief
Compliance Officer to the Trust, as well as related compliance services,
pursuant to a consulting agreement between PINE and the Trust.
Under the terms of such agreement, PINE was entitled to receive fees
from the Trust but, pursuant to the unitary fee arrangement between
the Adviser and the Fund, such fees are paid by the Adviser.
Effective
March 13, 2025, Gryphon Fund Group (“Gryphon”), provides a Chief
Compliance Officer to the Trust, as well as related compliance
services, pursuant to a consulting agreement between Gryphon and the
Trust. Under the terms of such agreement Gryphon is entitled to receive
fees from the Trust but, pursuant to the unitary fee arrangement between
the Adviser and the Fund, such fees are paid by the Adviser.
Distributor
– The Fund has entered into a
Distribution Agreement with ACA Foreside (the “Distributor”)
to provide distribution services to the Fund. The Distributor serves as
underwriter/distributor of shares of the Fund. Distribution services
fees are paid by the Adviser pursuant to the terms set forth in the
Distribution Agreement.
4.
PURCHASES AND SALES OF INVESTMENT SECURITIES
The
aggregate cost of purchases and proceeds from sales of investment
securities, excluding short-term securities, are shown below for the
fiscal year ended March 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of Investments
Purchased |
|
|
Proceeds
from
Investments
Sold |
|
CYBER
HORNET S&P 500® and Bitcoin 75/25 Strategy ETF |
|
|
|
|
|
|
|
Broker |
|
|
$404,009 |
|
|
$209,836
|
|
In-kind
transfer |
|
|
2,864,001 |
|
|
—
|
|
|
|
|
$3,268,010 |
|
|
$209,836 |
|
|
|
|
|
|
|
|
5.
TAX BASIS INFORMATION
Distributions
are determined in accordance with federal income tax regulations, which
differ from GAAP, and, therefore, may differ significantly in
amount or character from net investment income and realized gains for
financial reporting purposes. Financial reporting records are adjusted
for permanent book/tax differences to reflect tax character but are not
adjusted for temporary differences. The amounts and characteristics
of tax basis distributions and composition of distributable
earnings/(accumulated losses) are finalized at fiscal year-end.
|
|
|
16 |
|
|
ONEFUND
TRUST
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2025(Continued)
The
tax character of distributions paid during the fiscal year ended
March 31, 2025 and the period ended March 31, 2024, were as follows:
|
|
|
|
| |||
|
|
|
|
Ordinary
Income | |||
|
|
|
|
March
31, 2025 |
|
|
March
31, 2024 |
|
CYBER
HORNET S&P 500® and Bitcoin 75/25 Strategy ETF |
|
|
$190,757 |
|
|
$ — |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
Long-Term
Capital Gains | |||
|
|
|
|
March
31, 2025 |
|
|
March
31, 2024 |
|
CYBER
HORNET S&P 500® and Bitcoin 75/25 Strategy ETF |
|
|
$ 179 |
|
|
$ — |
|
|
|
|
|
|
|
|
The
Fund designated as long-term capital gain dividend, pursuant to Internal
Revenue Code Section 852(b)(3), the amount necessary to reduce
the earnings and profits of the Fund related to net capital gain to zero
for the tax year ended March 31, 2025.
As
of March 31, 2025, the components of accumulated earnings/(losses) for income tax purposes were as follows:
|
|
|
|
|
|
Tax
cost of investments |
|
|
$3,858,353
|
|
Unrealized
appreciation |
|
|
341,807
|
|
Unrealized
depreciation |
|
|
(269,291)
|
|
Net
unrealized appreciation |
|
|
72,516
|
|
Undistributed
ordinary income |
|
|
—
|
|
Undistributed
long-term gains |
|
|
—
|
|
Distributable
earnings |
|
|
—
|
|
Other
accumulated gains (losses) |
|
|
(27,332)
|
|
Total
accumulated gains |
|
|
$45,184 |
|
|
|
|
|
The
difference between book basis and tax basis cost and unrealized gain (loss) is primarily attributed to wash sales.
As
of March 31, 2025, the Fund deferred $27,332 of Post-October Losses. There were no ordinary late year losses.
As
of March 31, 2025, the Fund had no capital loss carryovers available for federal income tax purposes.
U.S.
generally accepted accounting principles require that certain components
of net assets relating to permanent differences be reclassified
between financial reportingand tax reporting. These reclassifications
have no effect on net assets or net asset value per share. For the
year ended March 31, 2025, the following table shows the
reclassifications made:
|
|
|
|
|
|
Accumulated
Earnings |
|
|
Paid-in-Capital
|
|
$(2,029) |
|
|
$2,029 |
|
|
|
|
|
6.
CREATION AND REDEMPTION TRANSACTIONS
Individual
shares may only be purchased and sold on a national securities exchange
through a broker-dealer. You can purchase and sell individual
shares of the Fund on any day the Nasdaq Stock Market (“NASDAQ”) is open
for business like any publicly traded security. The
Fund’s shares are listed on the Nasdaq Stock Market exchange. The price
of the Fund’s shares is based on market price, and
because exchange-traded fund shares trade at market prices rather than
NAV, shares may trade at a price greater than NAV (premium) or
less than NAV (discount). The Fund issues and redeems shares on a
continuous basis, at NAV, only in blocks of 25,000 shares (“Creation
Units”), which may be partially in-kind for securities included in the
Index and partially in cash, and only Authorized Participants
(typically, broker-dealers) may purchase or redeem Creation Units.
Except when aggregated in Creation Units, the Fund’s shares are
not redeemable securities.
|
|
|
17 |
|
|
ONEFUND
TRUST
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2025(Continued)
7.
COMMITMENTS AND CONTINGENCIES
Under
the Trust’s organizational documents, its Officers and Trustees are
indemnified against certain liabilities arising out of the performance
of their duties to the Fund. In addition, in the normal course of
business, the Trust entered into contracts with its service providers,
on behalf of the Fund, and others that provide for general
indemnifications. The Fund’s maximum exposure under these arrangements
is unknown, as this would involve future claims that may be made against
the Fund. The Fund expects the risk of loss to be remote.
8.
SUBSEQUENT EVENTS
Management
of the Fund has evaluated the need for disclosures and/or adjustments
resulting from subsequent events through the date at which these
financial statements were issued. Based upon this evaluation, management
has determined there were no items requiring adjustment of the
financial statements or additional disclosure.
|
|
|
18 |
|
|
ONEFUND
TRUST
Report
of Independent Registered Public Accounting Firm
To
the Shareholders of CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF and
Board
of Trustees of ONEFUND Trust
Opinion
on the Financial Statements
We
have audited the accompanying consolidated statement of assets and
liabilities, including the consolidated schedules of investments and
futures contracts, of CYBER HORNET S&P 500® and Bitcoin
75/25 Strategy ETF (the “Fund”), a series of ONEFUND
Trust, as of March 31, 2025, the related consolidated statement of
operations for the year then ended, the consolidated statements of
changes in net assets and the consolidated financial highlights for the
year then ended and for the period December 28, 2023 (commencement
of operations) through March 31, 2024, and the related notes
(collectively referred to as the “financial statements”). In
our opinion, the financial statements present fairly, in all material
respects, the financial position of the Fund as of March 31, 2025,
the results of its operations for the year then ended, and the changes
in net assets and the financial highlights for the year then ended
and for the period December 28, 2023 through March 31, 2024, in
conformity with accounting principles generally accepted in the United
States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Fund’s management.
Our responsibility is to express an opinion on the Fund’s
financial statements based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with
respect to the Fund in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of
material misstatement whether due to error or fraud.
Our
audit included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of March 31, 2025,
by correspondence with the custodian and broker. Our audits also
included evaluating the accounting principles used and significant
estimates
made by management, as well as evaluating the overall presentation of
the financial statements. We believe that our audits provide a
reasonable
basis for our opinion.
We
have served as the auditor of one or more investment companies within the Trust since 2006.
COHEN
& COMPANY, LTD.
Philadelphia,
Pennsylvania
May
30, 2025
|
|
|
19 |
|
|
ONEFUND
TRUST
ADDITIONAL
INFORMATION
March 31,
2025 (Unaudited)
QUALIFIED
DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION
For
the fiscal year ended March 31, 2025, certain dividends paid by the
Funds may be subject to a maximum tax rate of 15%, as provided for
by the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The
percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
|
|
|
|
|
|
CYBER
HORNET S&P 500 and Bitcoin 75/25 Strategy ETF |
|
|
17.95% |
|
|
|
|
|
For
corporate shareholders, the percent of ordinary income distributions
qualifying for the corporate dividends received deduction for the
fiscal year ended March 31, 2025 was as follows:
|
|
|
|
|
|
CYBER
HORNET S&P 500 and Bitcoin 75/25 Strategy ETF |
|
|
17.31% |
|
|
|
|
|
|
|
|
20 |
|
|
ONEFUND
TRUST
ADDITIONAL
INFORMATION
March
31, 2025 (Unaudited)(Continued)
Changes
in and Disagreements with Accountants for Open-End Investment Companies.
There
were no changes in or disagreements with accountants during the period covered by this report.
Proxy
Disclosure for Open-End Investment Companies.
There
were no matters submitted to a vote of shareholders during the period covered by this report.
Remuneration
Paid to Directors, Officers, and Others of Open-End Investment Companies.
Refer
to information provided within financial statements.
Statement
Regarding Basis for Approval of Investment Advisory Contract.
The
Board of Trustees, including all of the Independent Trustees, held a
meeting on March 13, 2025 to consider the continuance of the Investment
Advisory Agreement (the “Advisory Agreement”) between CYBER HORNET ETFs,
LLC (formerly ONEFUND, LLC) (the “Adviser”)
and ONEFUND Trust (the “Trust”), on behalf of the CYBER HORNET S&P
500® and Bitcoin 75/25 Strategy ETF
(the “Fund”) and the Subsidiary Management Agreement between the Advisor and ONEFUND International Ltd. (the “Subsidiary
Agreement”).
In
considering the continuance of the Advisory Agreement, the Independent
Trustees were advised by independent legal counsel and received
materials from such counsel discussing the legal standards applicable to
their consideration of the approval of the Advisory Agreement.
In advance of the meeting, the Independent Trustees requested, received
and reviewed a substantial amount of information provided by the
Adviser in response to inquiries from independent legal counsel to the
Independent Trustees related to the Adviser and the terms of the
Advisory Agreement. Prior to voting, the Independent Trustees met with
and asked questions of representatives of the Adviser and also
discussed the Advisory Agreement with their independent legal counsel.
In
considering the continuance of the Advisory Agreement, the Board,
including the Independent Trustees, considered a variety of factors,
including those described below. The determinations made with respect to
the approval of the Advisory Agreement were based on each Trustee’s
business judgment after consideration of all information presented to
the Board. In its deliberations, the Board did not identify any
single item that was paramount or controlling and individual Trustees
may have attributed different weights to various factors. The Trustees
considered all information available to them. The summary set forth
below highlights a number of the key factors considered by the Board.
Nature,
Extent, and Quality of Services. The
Board examined the nature, extent, and quality of the services to
be provided by the Adviser to the Fund. The Board reviewed the
information presented in the Adviser’s memorandum, including a copy
of the Adviser’s current Form ADV and information regarding the
Adviser’s organizational structure and the personnel who would
service the Fund. The Board considered the responsibilities of the
Adviser under the Advisory Agreement. The Board also considered that
the Trust’s President, Treasurer and Secretary is an employee of the
Adviser and serves the Trust without additional compensation.
The
Board also evaluated the investment management experience of the
Adviser. The Board discussed the nature of the Adviser’s operations,
the quality of the Adviser’s compliance infrastructure, and the
experience and background of all key personnel on its management
team, including the portfolio management team. The Board thus considered
the Adviser’s capabilities and concluded that the Adviser
has sufficient quality and depth of personnel, resources, investment
methods, and compliance policies and procedures essential to performing
its duties under the Advisory Agreement and that the nature, overall
quality, and extent of the management services to be provided by
the Adviser to the Fund are satisfactory and adequate.
Performance.
The Board noted that, the Fund delivered a return of +39% for calendar year 2024 with assets of $5.3 million.
Fees
and Expenses. The Board considered the
advisory fee and the total expenses to be paid by the Fund. The
Board reviewed a report provided by the Adviser showing the advisory
fees and net expense ratios of a group of funds that the Adviser
deemed comparable to the Fund. The Board evaluated the Fund’s advisory
fee of 0.95% of the Fund’s average daily net assets
and net expense ratio in light of the comparative information with
respect to fees paid by similar funds, noting that the Fund’s
advisory fee and net expense ratio were below the average advisory fee
and average net
|
|
|
21 |
|
|
ONEFUND
TRUST
ADDITIONAL
INFORMATION
March
31, 2025 (Unaudited)(Continued)
expense
ratio paid by similar funds. Based on these considerations and other
factors, the Board concluded that the advisory fee to be charged
by the Adviser was fair and reasonable for the services to be provided
under the Advisory Agreement.
Profitability.
The Board considered the Adviser’s estimated profitability for the years
ending December 31, 2025, 2026, and 2027 attributable to
its management of the Fund, and considered information pertaining to the
Adviser’s financial condition and commitment to the operation
of the Fund. The Board noted that the Adviser does not expect to accrue a
profit in 2025. The Board considered the Adviser’s liquidity,
capital resources and proposed financings. The Board concluded that
based on the services to be provided and the projected asset growth
of the Fund, the profits from the Adviser’s relationship with the Fund
were not excessive and not unreasonable to the Fund.
Economies
of Scale. The Board considered that the
Adviser will not begin to realize economies of scale until the
Fund achieves significant growth in assets. The Board will continue to
consider whether economies of scale exist in the future as Fund
assets grow.
Fall-out
Benefits. The Board noted that the Adviser does not anticipate receiving any material fallout benefits
from its relationship with the Fund at this stage.
Subsidiary
Agreement. The Board applied the same analysis to the Subsidiary Agreement, and the wholly owned Cayman
Island subsidiary of the Fund, as summarized above.
Conclusion.
Based on their consideration of all materials and information presented,
the Board, including all of the Independent Trustees, concluded
(without any single factor being identified as determinative) that: the
quality of services to be provided by the Adviser is acceptable;
the profit, if any, to be realized by the Adviser in connection with its
management of the Fund is not unreasonable to the Fund; any economies
of scale or other incidental benefits accruing to the Adviser were not
material; the fees and expenses associated with the Fund are reasonable;
and the approval of the continuance of the Advisory Agreement and the
Subsidiary Agreement are in the best interests of the Fund.
|
|
|
22 |
|
|
|
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
|
| (a) | The Registrant’s President/Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
|
| (b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not Applicable
(b) Not Applicable
Item 19. Exhibits.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. There was no change in the registrant’s independent public accountant for the period covered by this report.
|
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | ONEFUND TRUST |
| By (Signature and Title)* | /s/ Michael Willis | ||
| Michael Willis, President & Treasurer | |||
| Principal Executive Officer and Principal Financial Officer |
| Date | 6/9/25 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Michael Willis | ||
| Michael Willis, President & Treasurer | |||
| Principal Executive Officer and Principal Financial Officer |
* Print the name and title of each signing officer under his or her signature.
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