GRAYSCALE BITCOIN COVERED CALL ETF CONSOLIDATED SCHEDULE OF INVESTMENTS December 31, 2025
Notional Amount
Contracts
Value
PURCHASED OPTIONS - 18.1% (a) Call Options - 18.1% Grayscale Bitcoin Trust ETF, Expiration: 01/16/2026; Exercise Price: $52.89 (b)(c)(d) . . . $18,751,148
2,743 $ 4,322,872
TOTAL PURCHASED OPTIONS (Cost $3,828,581) . . .
4,322,872
Shares
SHORT-TERM INVESTMENTS MONEY MARKET FUNDS - 83.2% First American Government Obligations Fund - Class X, 3.67% (e)(f) . . . . . . . TOTAL MONEY MARKET FUNDS (Cost $19,922,634). . . . . . . . . . . . TOTAL INVESTMENTS - 101.3% (Cost $23,751,215). . . . . . . . . . . . Liabilities in Excess of Other Assets-(1.3)%..............
19,922,634 19,922,634
19,922,634
$24,245,506
(306,488)
TOTAL NET ASSETS - 100.0% . . . .
$23,939,018
Percentages are stated as a percent of net assets. (a) Non-income producing security. (b) Exchange-traded. (c) 100 shares per contract. (d) Held in connection with written options. (e) The rate shown represents the 7-day annualized yield as of December 31, 2025. (f) 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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