Grayscale Bitcoin Premium Income ETF Schedule of Investments September 30, 2025 (Unaudited)
PURCHASED OPTIONS - 12.0% (a)
Notional Amount
Contracts
Value
Call Options - 12.0%
$–
Grayscale Bitcoin Trust ETF, Expiration: 10/17/2025; Exercise Price: $79.33 (b)(c)
$
6,095,383
679 $
739,021 739,021
TOTAL PURCHASED OPTIONS (Cost $636,765)
SHORT-TERM INVESTMENTS MONEY MARKET FUNDS - 88.4%
Shares
Value
First American Government Obligations Fund - Class X, 4.05% (d)(e) TOTAL MONEY MARKET FUNDS (Cost $5,431,164)
5,431,164
5,431,164 5,431,164
TOTAL INVESTMENTS - 100.4% ( Cost $6,067,929 ) Liabilities in Excess of Other Assets - (0.4)%
6,170,185
(26,200)
TOTAL NET ASSETS - 100.0%
0.0%
0.0%
$
6,143,985
two
–% –%
Percentages are stated as a percent of net assets.
(a) (b) (c)
Non-income producing security.
Exchange-traded.
100 shares per contract.
(d) The rate shown represents the 7-day annualized yield as of September 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.
Grayscale Bitcoin Premium Income ETF Schedule of Written Options September 30, 2025 (Unaudited)
WRITTEN OPTIONS - (0.4)%
Notional Amount
Contracts
Value
Call Options - (0.4)% Grayscale Bitcoin Trust ETF, Expiration: 10/17/2025; Exercise Price: $99.16 (a)(b)
$
(6,095,383)
(679) $
(23,952) (23,952)
TOTAL WRITTEN OPTIONS (Premiums received $57,173)
$
Percentages are stated as a percent of net assets.
(a) (b)
Exchange-traded.
100 shares per contract.
Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Grayscale Bitcoin Premium Income ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities. Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the
assumptions a market participant would use in valuing the asset or liability, and based on the best information available. The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2025:
Level 1
Level 2
Level 3
Total
Assets: Investments: Purchased Options Money Market Funds
$
– $
739,021 $
– $
739,021 5,431,164 6,170,185
5,431,164
–
–
Total Investments
$
5,431,164 $
739,021 $
– $
Liabilities: Investments: Written Options Total Investments
$ $
– $ – $
(23,952) $ (23,952) $
– $ – $
(23,952) (23,952)
Refer to the Schedule of Investments for further disaggregation of investment categories.
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