GRAYSCALE BITCOIN COVERED CALL ETF CONSOLIDATED SCHEDULE OF INVESTMENTS June 30, 2025 (Unaudited)
Notional Amount
Contracts
Value
PURCHASED OPTIONS - 17.8% Call Options - 17.8% Grayscale Bitcoin Trust ETF, Expiration:
12/19/2025; Exercise Price: $66.00 (a)(b)(c) . . .
$5,123,732
604 $1,389,200
TOTAL PURCHASED OPTIONS (Cost$1,327,190) . . . .
1,389,200
Shares
SHORT-TERM INVESTMENTS - 83.7% Money Market Funds - 83.7% First American Government Obligations Fund - Class X, 4.25% (d)(e) ................. TOTAL SHORT-TERM INVESTMENTS (Cost$6,546,754) . . . . . . . . . . . . . TOTAL INVESTMENTS - 101.5% (Cost $7,873,944) . . . . . . . . . . . . Liabilities in Excess of Other Assets-(1.5)%..............
6,546,754 6,546,754
6,546,754
$7,935,954
(116,239)
TOTAL NET ASSETS - 100.0% . . . .
$7,819,715
Percentages are stated as a percent of net assets. (a) Non-income producing security. (b) Exchange-traded. (c) 100 shares per contract. (d) The rate shown represents the 7-day annualized effective yield as of June 30, 2025. (e) Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
2 The accompanying notes are an integral part of these financial statements.
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