# EDGAR Filing Document

**Accession Number:** 0001345125
**File Stem:** 0001133228-25-006254
**Filing Date:** 2025-6
**Character Count:** 113079
**Document Hash:** 19e6fd217ff9390fd849cd95dff46d81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006254.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001133228-25-006254

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ONEFUND Trust
- **CENTRAL INDEX KEY:** 0001345125

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21836
- **FILM NUMBER:** 251033813

**BUSINESS ADDRESS:**
- **STREET 1:** 200 2ND AVE. SOUTH #737
- **CITY:** ST. PETERSBURG
- **STATE:** FL
- **ZIP:** 33701
- **BUSINESS PHONE:** 719-884-7500

**MAIL ADDRESS:**
- **STREET 1:** 200 2ND AVE. SOUTH #737
- **CITY:** ST. PETERSBURG
- **STATE:** FL
- **ZIP:** 33701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Index Funds
- **DATE OF NAME CHANGE:** 20140220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Giant 5 Funds
- **DATE OF NAME CHANGE:** 20051122

## Series and Classes Contracts Data

### CYBER HORNET S&P 500(R) and Bitcoin 75/25 Strategy ETF (Series ID: S000079831)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000241217 | CYBER HORNET S&P 500(R) and Bitcoin 75/25 Strategy ETF | ZZZ             |

?xml version='1.0' encoding='ASCII'? 2025-04-08197359_CyberHornetS-P500andBitcoin75-25StrategyETF_TF_TSRAnnual

As filed with the U.S. Securities and Exchange Commission on [6/6/2025]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>(811-21836)</u>**

**<u>ONEFUND TRUST</u>**

(Exact name of registrant as specified in charter)

**<u>200 2<sup>nd</sup> Ave. South # 737, St. Petersburg, FL 33701</u>**

(Address of principal executive offices) (Zip code)

**<u>Michael G. Willis</u>**

**<u>200 2<sup>nd</sup> Ave. South # 737, St. Petersburg, FL 33701</u>**

(Name and address of agent for service)

**<u>1-844-282-3837</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>March 31</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](il20241003150824.jpg) | **CYBER HORNET S&P 500® and Bitcoin 75/** **25 Strategy ETF**  | ![image](i202505231736846.jpg) |
| ![image](il20241003150824.jpg) | ZZZ (Principal U.S. Listing Exchange: NASDAQ) | ![image](i202505231736846.jpg) |
| ![image](il20241003150824.jpg) | Annual Shareholder Report \| March 31, 2025  | ![image](i202505231736846.jpg) |

---

This annual shareholder report contains important information about the CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF for the period of April 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://cyberhornetetfs.com/. You can also request this information by contacting us at 1-844-282-3837.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF | $102 | 0.98% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-months ended March 31, 2025, ZZZ returned +7.36% based on NAV, and returned +7.46% based on market price. Since its inception on 12/28/23, ZZZ had a return of +22.54% based on NAV, and +22.18% based on market price. During the same periods the S&P 500® and S&P 500® Bitcoin Futures 75/25 Blend Index's returns were +15.11% and +27.06%, respectively. The performance of the Fund relative to its index showed tracking error due to our trading process, our cash management process, and the expenses and trading costs of the Fund.

Some of the factors influencing the performance of the portfolio were strong corporate earnings by the "Magnificent 7" tech companies such as Apple, Microsoft, and Amazon. AI technology continued to influence the markets during the period with companies like TSLA & Nvidia leading the way. During the first quarter of 2025, markets sold off in part as a reaction to uncertainty due to aggressive tariff policies and trade wars. However, the U.S. economy demonstrated resilience throughout 2024, with strong GDP growth and declining inflation rates, which are factors that contributed to the positive performance during the last 12 months. During the first quarter of 2025, the Bybit exchange suffered a $1.5 billion hack which undermined investor confidence in the security of crypto platforms, likely contributing to an -11% sell-off in Bitcoin during Q1.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts3768img003.jpg)

CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF PAGE 1 TSR-AR-45407J409

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/28/2023)** |
| **CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF NAV**  | 7.36% | 22.54% |
| **S&P 500 TR**  | 8.25% | 15.11% |
| **S&P 500 and S&P CME Bitcoin Futures Index 75/25 Blend Index**  | 10.66% | 27.06% |

---

Visit https://cyberhornetetfs.com/ for more recent performance information.

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5015301 |
| **Number of Holdings** | 487 |
| **Total Advisory Fees Paid** | $30678 |
| **Portfolio Turnover** | 9% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings (% of net assets)** | **Top Holdings (% of net assets)** |
|  Apple, Inc.  | 5.7% |
|  Microsoft Corp.  | 4.9% |
|  NVIDIA Corp.  | 4.9% |
|  Amazon.com, Inc.  | 3.1% |
|  Meta Platforms, Inc. - Class A  | 2.2% |
|  Alphabet, Inc. - Class A  | 1.6% |
|  Berkshire Hathaway, Inc. - Class B  | 1.5% |
|  Alphabet, Inc. - Class C  | 1.4% |
|  JPMorgan Chase & Co.  | 1.3% |
|  Broadcom, Inc.  | 1.2% |

---

**Sector Breakdown (% of net assets)**

![image](ts3768img004.jpg)

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://cyberhornetetfs.com/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF documents not be householded, please contact CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF at 1-844-282-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF or your financial intermediary.

CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF PAGE 2 TSR-AR-45407J409

10000120341291910000110301194010000122201352323.511.48.87.77.56.64.92.91.824.9 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. <u>Lance J. Baller</u> is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2025 | FYE 3/31/2024 |
| (a) Audit Fees | $19950 | $19000 |
| (b) Audit-Related Fees | $- | $- |
| (c) Tax Fees | $7350 | $7000 |
| (d) All Other Fees | $- | $- |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by **<u>Cohen & Company Ltd.</u>** applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 3/31/2025 | FYE 3/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 3/31/2025 | FYE 3/31/2024 |
| Registrant | $- | $- |
| Registrant's Investment Adviser | $- | $- |

---

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee, consisting of the entire Board, are as follows:

Lance J. Baller

Vijoy P. Chattergy

(b) Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](cyberlogo.jpg)

**OneFund Trust**

**CYBER HORNET S&P 500<sup>®</sup> AND BITCOIN 75/25 STRATEGY ETF**

Annual Financial Statements and Additional Information

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Consolidated Schedule of Investments](#soi) | [1](#soi) |
| [Consolidated Schedule of Futures Contracts](#fsoi) | [7](#fsoi) |
| [Consolidated Statement of Assets and Liabilities](#sal) | [8](#sal) |
| [Consolidated Statement of Operations](#sop) | [9](#sop) |
| [Consolidated Statements of Changes in Net Assets](#scna) | [10](#scna) |
| [Consolidated Financial Highlights](#fihi) | [11](#fihi) |
| [Notes to Consolidated Financial Statements](#notes) | [12](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [19](#rep1) |
| [Additional Information](#add) | [20](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Cyber Hornet S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 76.8%**<br>|  |  |
| **Automobiles & Components - 1.3%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 24 | $1428  |
| BorgWarner, Inc. | 16 | 459  |
| Ford Motor Co. | 312 | 3129  |
| General Motors Co. | 112 | 5267  |
| Tesla, Inc.<sup>(a)</sup> | 222 | 57534  |
|  |  | 67817  |
| **Banks - 3.0%**<br>|  |  |
| Bank of America Corp. | 609 | 25414  |
| Citigroup, Inc. | 152 | 10790  |
| Citizens Financial Group, Inc. | 40 | 1639  |
| Comerica, Inc. | 8 | 472  |
| Fifth Third Bancorp | 56 | 2195  |
| Huntington Bancshares, Inc. | 112 | 1681  |
| JPMorgan Chase & Co. | 258 | 63287  |
| KeyCorp | 72 | 1151  |
| M&T Bank Corp. | 16 | 2860  |
| PNC Financial Services Group, Inc. | 32 | 5625  |
| Regions Financial Corp. | 72 | 1565  |
| Truist Financial Corp. | 104 | 4280  |
| US Bancorp | 120 | 5066  |
| Wells Fargo & Co. | 320 | 22973  |
| Zions Bancorp NA | 8 | 399  |
|  |  | 149397  |
| **Capital Goods - 4.5%**<br>|  |  |
| 3M Co. | 40 | 5874  |
| A.O. Smith Corp. | 8 | 523  |
| Allegion PLC | 8 | 1044  |
| AMETEK, Inc. | 16 | 2754  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 8 | 4208  |
| Boeing Co.<sup>(a)</sup> | 48 | 8186  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 8 | 1000  |
| Carrier Global Corp. | 64 | 4058  |
| Caterpillar, Inc. | 46 | 15171  |
| Cummins, Inc. | 8 | 2508  |
| Deere & Co. | 24 | 11264  |
| Dover Corp. | 8 | 1405  |
| Eaton Corp. PLC | 32 | 8699  |
| Emerson Electric Co. | 48 | 5263  |
| Fastenal Co. | 48 | 3722  |
| Fortive Corp. | 24 | 1756  |
| GE Vernova, Inc. | 17 | 5190  |
| Generac Holdings, Inc.<sup>(a)</sup> | 8 | 1013  |
| General Dynamics Corp. | 16 | 4361  |
| General Electric Co. | 98 | 19615  |
| Honeywell International, Inc. | 56 | 11858  |
| Howmet Aerospace, Inc. | 32 | 4151  |
| Hubbell, Inc. | 8 | 2647  |
| IDEX Corp. | 8 | 1448  |
| Illinois Tool Works, Inc. | 24 | 5952  |
| Ingersoll Rand, Inc. | 32 | 2561  |
| Johnson Controls International PLC | 56 | 4486  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| L3Harris Technologies, Inc. | 16 | $3349  |
| Lockheed Martin Corp. | 16 | 7147  |
| Masco Corp. | 16 | 1113  |
| Nordson Corp. | 8 | 1614  |
| Northrop Grumman Corp. | 8 | 4096  |
| Otis Worldwide Corp. | 32 | 3302  |
| PACCAR, Inc. | 40 | 3895  |
| Parker-Hannifin Corp. | 8 | 4863  |
| Pentair PLC | 16 | 1400  |
| Quanta Services, Inc. | 8 | 2033  |
| Rockwell Automation, Inc. | 8 | 2067  |
| RTX Corp. | 126 | 16690  |
| Snap-on, Inc. | 8 | 2696  |
| Stanley Black & Decker, Inc. | 16 | 1230  |
| Textron, Inc. | 16 | 1156  |
| Trane Technologies PLC | 16 | 5391  |
| TransDigm Group, Inc. | 8 | 11066  |
| United Rentals, Inc. | 8 | 5014  |
|  Westinghouse Air Brake Technologies Corp. | 16 | 2902  |
| Xylem, Inc. | 16 | 1911  |
|  |  | 223652  |
| **Commercial & Professional Services - 1.0%** | **Commercial & Professional Services - 1.0%** |  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 8 | 146  |
| Automatic Data Processing, Inc. | 32 | 9777  |
| Broadridge Financial Solutions, Inc. | 8 | 1940  |
| Cintas Corp. | 32 | 6577  |
| Copart, Inc.<sup>(a)</sup> | 72 | 4074  |
| Dayforce, Inc.<sup>(a)</sup> | 16 | 933  |
| Equifax, Inc. | 8 | 1948  |
| Jacobs Solutions, Inc. | 8 | 967  |
| Leidos Holdings, Inc. | 8 | 1080  |
| Paychex, Inc. | 24 | 3703  |
| Republic Services, Inc. | 16 | 3875  |
| Robert Half, Inc. | 8 | 436  |
| Rollins, Inc. | 24 | 1297  |
| Veralto Corp. | 16 | 1559  |
| Verisk Analytics, Inc. | 8 | 2381  |
| Waste Management, Inc. | 32 | 7408  |
|  |  | 48101  |
|  **Consumer Discretionary Distribution & Retail - 4.7%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 810 | 154111  |
| Bath & Body Works, Inc. | 16 | 485  |
| Best Buy Co., Inc. | 16 | 1178  |
| CarMax, Inc.<sup>(a)</sup> | 16 | 1247  |
| eBay, Inc. | 40 | 2709  |
| Etsy, Inc.<sup>(a)</sup> | 8 | 377  |
| Genuine Parts Co. | 8 | 953  |
| Home Depot, Inc. | 89 | 32618  |
| LKQ Corp. | 24 | 1021  |
| Lowe's Cos., Inc. | 48 | 11195  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 8 | 11461  |

---

The accompanying notes are an integral part of these consolidated financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Cyber Hornet S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
|  **Consumer Discretionary Distribution & Retail - (Continued)**<br>|  |  |
| Ross Stores, Inc. | 24 | $3067  |
| TJX Cos., Inc. | 88 | 10718  |
| Tractor Supply Co. | 40 | 2204  |
|  |  | 233344  |
| **Consumer Durables & Apparel - 0.4%**<br>|  |  |
| DR Horton, Inc. | 24 | 3051  |
| Garmin Ltd. | 16 | 3474  |
| Hasbro, Inc. | 8 | 492  |
| Lennar Corp. - Class A | 16 | 1836  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 8 | 2264  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 8 | 913  |
| NIKE, Inc. - Class B | 96 | 6094  |
| PulteGroup, Inc. | 16 | 1645  |
| Tapestry, Inc. | 16 | 1127  |
| VF Corp. | 24 | 373  |
| Whirlpool Corp. | 8 | 721  |
|  |  | 21990  |
| **Consumer Services - 1.1%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 32 | 3823  |
| Caesars Entertainment, Inc.<sup>(a)</sup> | 16 | 400  |
| Carnival Corp.<sup>(a)</sup> | 80 | 1563  |
| Darden Restaurants, Inc. | 8 | 1662  |
| Expedia Group, Inc. | 8 | 1345  |
| Hilton Worldwide Holdings, Inc. | 24 | 5461  |
| Las Vegas Sands Corp. | 32 | 1236  |
| Marriott International, Inc. - Class A | 16 | 3811  |
| McDonald's Corp. | 63 | 19679  |
| MGM Resorts International<sup>(a)</sup> | 24 | 711  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 32 | 607  |
| Royal Caribbean Cruises Ltd. | 16 | 3287  |
| Starbucks Corp. | 88 | 8632  |
| Wynn Resorts Ltd. | 8 | 668  |
| Yum! Brands, Inc. | 24 | 3777  |
|  |  | 56662  |
| **Consumer Staples Distribution & Retail - 1.7%** | **Consumer Staples Distribution & Retail - 1.7%** |  |
| Costco Wholesale Corp. | 38 | 35940  |
| Dollar General Corp. | 16 | 1407  |
| Dollar Tree, Inc.<sup>(a)</sup> | 16 | 1201  |
| Kroger Co. | 56 | 3791  |
| Sysco Corp. | 40 | 3001  |
| Target Corp. | 40 | 4174  |
| Walgreens Boots Alliance, Inc. | 56 | 625  |
| Walmart, Inc. | 378 | 33185  |
|  |  | 83324  |
| **Energy - 2.9%**<br>|  |  |
| APA Corp. | 24 | 504  |
| Baker Hughes Co. | 80 | 3516  |
| Chevron Corp. | 152 | 25428  |
| ConocoPhillips | 106 | 11132  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Coterra Energy, Inc. | 56 | $1618  |
| Devon Energy Corp. | 48 | 1795  |
| Diamondback Energy, Inc. | 16 | 2558  |
| EOG Resources, Inc. | 48 | 6156  |
| EQT Corp. | 32 | 1710  |
| Exxon Mobil Corp. | 399 | 47453  |
| Halliburton Co. | 72 | 1827  |
| Hess Corp. | 24 | 3833  |
| Kinder Morgan, Inc. | 152 | 4337  |
| Marathon Petroleum Corp. | 32 | 4662  |
| Occidental Petroleum Corp. | 56 | 2764  |
| ONEOK, Inc. | 48 | 4763  |
| Phillips 66 | 32 | 3951  |
| Schlumberger NV | 112 | 4682  |
| Targa Resources Corp. | 16 | 3207  |
| Valero Energy Corp. | 24 | 3170  |
| Williams Cos., Inc. | 96 | 5737  |
|  |  | 144803  |
| **Financial Services - 6.6%**<br>|  |  |
| American Express Co. | 54 | 14529  |
| Ameriprise Financial, Inc. | 8 | 3873  |
| Bank of New York Mellon Corp. | 64 | 5368  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 143 | 76159  |
| Blackrock, Inc. | 8 | 7572  |
| Blackstone, Inc. | 56 | 7828  |
| Capital One Financial Corp. | 32 | 5738  |
| Cboe Global Markets, Inc. | 8 | 1810  |
| Charles Schwab Corp. | 120 | 9393  |
| CME Group, Inc. | 32 | 8489  |
| Corpay, Inc.<sup>(a)</sup> | 8 | 2790  |
| Discover Financial Services | 16 | 2731  |
| Fidelity National Information Services, Inc. | 48 | 3585  |
| Fiserv, Inc.<sup>(a)</sup> | 48 | 10600  |
| Franklin Resources, Inc. | 24 | 462  |
| Global Payments, Inc. | 24 | 2350  |
| Goldman Sachs Group, Inc. | 26 | 14203  |
| Intercontinental Exchange, Inc. | 48 | 8280  |
| Invesco Ltd. | 32 | 485  |
| Jack Henry & Associates, Inc. | 8 | 1461  |
| Mastercard, Inc. - Class A | 72 | 39465  |
| Moody's Corp. | 16 | 7451  |
| Morgan Stanley | 110 | 12834  |
| MSCI, Inc. | 8 | 4524  |
| Nasdaq, Inc. | 24 | 1821  |
| Northern Trust Corp. | 16 | 1578  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 88 | 5742  |
| Raymond James Financial, Inc. | 16 | 2222  |
| S&P Global, Inc. | 26 | 13210  |
| State Street Corp. | 24 | 2149  |
| Synchrony Financial | 32 | 1694  |
| T Rowe Price Group, Inc. | 16 | 1470  |
| Visa, Inc. - Class A | 145 | 50817  |
|  |  | 332683  |

---

The accompanying notes are an integral part of these consolidated financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Cyber Hornet S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Food, Beverage & Tobacco - 2.2%**<br>|  |  |
| Altria Group, Inc. | 136 | $8163  |
| Archer-Daniels-Midland Co. | 40 | 1920  |
| Brown-Forman Corp. - Class B | 16 | 543  |
| Bunge Global SA | 8 | 611  |
| Campbell Soup Co. | 16 | 639  |
| Coca-Cola Co. | 343 | 24566  |
| Conagra Brands, Inc. | 40 | 1067  |
| Constellation Brands, Inc. - Class A | 16 | 2936  |
| General Mills, Inc. | 48 | 2870  |
| Hershey Co. | 8 | 1368  |
| Hormel Foods Corp. | 24 | 743  |
| J M Smucker Co. | 8 | 947  |
| Kellanova | 24 | 1980  |
| Keurig Dr Pepper, Inc. | 80 | 2738  |
| Kraft Heinz Co. | 64 | 1948  |
| Lamb Weston Holdings, Inc. | 8 | 426  |
| McCormick & Co., Inc. | 16 | 1317  |
| Molson Coors Beverage Co. - Class B | 16 | 974  |
| Mondelez International, Inc. - Class A | 104 | 7056  |
| Monster Beverage Corp.<sup>(a)</sup> | 56 | 3277  |
| PepsiCo, Inc. | 126 | 18892  |
| Philip Morris International, Inc. | 136 | 21587  |
| Tyson Foods, Inc. - Class A | 24 | 1532  |
|  |  | 108100  |
| **Health Care Equipment & Services - 3.7%** | **Health Care Equipment & Services - 3.7%** |  |
| Abbott Laboratories | 153 | 20296  |
| Align Technology, Inc.<sup>(a)</sup> | 8 | 1271  |
| Baxter International, Inc. | 40 | 1369  |
| Becton Dickinson & Co. | 24 | 5497  |
| Boston Scientific Corp.<sup>(a)</sup> | 112 | 11299  |
| Cardinal Health, Inc. | 16 | 2204  |
| Cencora, Inc. | 16 | 4449  |
| Centene Corp.<sup>(a)</sup> | 40 | 2428  |
| Cigna Group | 24 | 7896  |
| CVS Health Corp. | 104 | 7046  |
| DaVita, Inc.<sup>(a)</sup> | 8 | 1224  |
| DENTSPLY SIRONA, Inc. | 16 | 239  |
| Dexcom, Inc.<sup>(a)</sup> | 32 | 2185  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 48 | 3479  |
| Elevance Health, Inc. | 16 | 6959  |
| GE HealthCare Technologies, Inc. | 32 | 2583  |
| HCA Healthcare, Inc. | 16 | 5529  |
| Henry Schein, Inc.<sup>(a)</sup> | 8 | 548  |
| Hologic, Inc.<sup>(a)</sup> | 16 | 988  |
| Humana, Inc. | 8 | 2117  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 8 | 3360  |
| Insulet Corp.<sup>(a)</sup> | 8 | 2101  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 26 | 12877  |
| Labcorp Holdings, Inc. | 8 | 1862  |
| McKesson Corp. | 8 | 5384  |
| Medtronic PLC | 104 | 9345  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 8 | 2635  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Quest Diagnostics, Inc. | 8 | $1354  |
| ResMed, Inc. | 8 | 1791  |
| Solventum Corp.<sup>(a)</sup> | 8 | 608  |
| STERIS PLC | 8 | 1813  |
| Stryker Corp. | 24 | 8934  |
| UnitedHealth Group, Inc. | 81 | 42424  |
| Universal Health Services, Inc. - Class B | 8 | 1503  |
| Zimmer Biomet Holdings, Inc. | 16 | 1811  |
|  |  | 187408  |
| **Household & Personal Products - 1.0%**<br>|  |  |
| Church & Dwight Co., Inc. | 16 | 1762  |
| Clorox Co. | 8 | 1178  |
| Colgate-Palmolive Co. | 64 | 5997  |
| Estee Lauder Cos., Inc. - Class A | 16 | 1056  |
| Kenvue, Inc. | 136 | 3261  |
| Kimberly-Clark Corp. | 24 | 3413  |
| Procter & Gamble Co. | 207 | 35277  |
|  |  | 51944  |
| **Insurance - 1.8%**<br>|  |  |
| Aflac, Inc. | 40 | 4448  |
| Allstate Corp. | 24 | 4970  |
| American International Group, Inc. | 56 | 4869  |
| Aon PLC - Class A | 16 | 6385  |
| Arch Capital Group Ltd. | 32 | 3078  |
| Arthur J Gallagher & Co. | 16 | 5524  |
| Assurant, Inc. | 8 | 1678  |
| Brown & Brown, Inc. | 16 | 1990  |
| Chubb Ltd. | 32 | 9664  |
| Cincinnati Financial Corp. | 16 | 2363  |
| Globe Life, Inc. | 8 | 1054  |
| Hartford Financial Services Group, Inc. | 24 | 2969  |
| Loews Corp. | 16 | 1471  |
| Marsh & McLennan Cos., Inc. | 40 | 9761  |
| MetLife, Inc. | 48 | 3854  |
| Principal Financial Group, Inc. | 16 | 1350  |
| Progressive Corp. | 48 | 13584  |
| Prudential Financial, Inc. | 32 | 3574  |
| Travelers Cos., Inc. | 16 | 4231  |
| W R Berkley Corp. | 24 | 1708  |
| Willis Towers Watson PLC | 8 | 2704  |
|  |  | 91229  |
| **Materials - 1.6%**<br>|  |  |
| Air Products and Chemicals, Inc. | 16 | 4719  |
| Albemarle Corp. | 8 | 576  |
| Amcor PLC | 112 | 1086  |
| Avery Dennison Corp. | 8 | 1424  |
| Ball Corp. | 24 | 1250  |
| Celanese Corp. | 8 | 454  |
| CF Industries Holdings, Inc. | 16 | 1250  |
| Corteva, Inc. | 56 | 3524  |
| Dow, Inc. | 56 | 1956  |
| DuPont de Nemours, Inc. | 32 | 2390  |
| Eastman Chemical Co. | 8 | 705  |

---

The accompanying notes are an integral part of these consolidated financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Cyber Hornet S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Materials - (Continued)** <br>|  |  |
| Ecolab, Inc. | 24 | $6085  |
| FMC Corp. | 8 | 338  |
| Freeport-McMoRan, Inc. | 112 | 4240  |
| International Flavors & Fragrances, Inc. | 24 | 1863  |
| International Paper Co. | 24 | 1280  |
| Linde PLC | 46 | 21419  |
| LyondellBasell Industries NV - Class A | 24 | 1690  |
| Martin Marietta Materials, Inc. | 8 | 3825  |
| Mosaic Co. | 24 | 648  |
| Newmont Corp. | 88 | 4249  |
| Nucor Corp. | 16 | 1925  |
| Packaging Corp. of America | 8 | 1584  |
| PPG Industries, Inc. | 16 | 1750  |
| Sherwin-Williams Co. | 16 | 5587  |
| Smurfit WestRock PLC | 24 | 1081  |
| Steel Dynamics, Inc. | 16 | 2001  |
| Vulcan Materials Co. | 8 | 1866  |
|  |  | 80765  |
| **Media & Entertainment - 6.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 514 | 79485  |
| Alphabet, Inc. - Class C | 434 | 67804  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 8 | 2948  |
| Comcast Corp. - Class A | 320 | 11808  |
| Electronic Arts, Inc. | 16 | 2312  |
| Fox Corp. - Class A | 16 | 906  |
| Fox Corp. - Class B | 8 | 422  |
| Interpublic Group of Cos., Inc. | 32 | 869  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 8 | 1045  |
| Match Group, Inc. | 24 | 749  |
| Meta Platforms, Inc. - Class A | 193 | 111237  |
| Netflix, Inc.<sup>(a)</sup> | 38 | 35436  |
| News Corp. - Class A | 32 | 871  |
| News Corp. - Class B | 8 | 243  |
| Omnicom Group, Inc. | 16 | 1327  |
| Paramount Global - Class B | 40 | 478  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 16 | 3316  |
| Walt Disney Co. | 161 | 15891  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 176 | 1888  |
|  |  | 339035  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 5.1%**<br>|  |  |
| AbbVie, Inc. | 153 | 32057  |
| Agilent Technologies, Inc. | 24 | 2808  |
| Amgen, Inc. | 40 | 12462  |
| Biogen, Inc.<sup>(a)</sup> | 8 | 1095  |
| Bio-Techne Corp. | 16 | 938  |
| Bristol-Myers Squibb Co. | 160 | 9758  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 8 | 1204  |
| Danaher Corp. | 48 | 9840  |
| Eli Lilly & Co. | 65 | 53684  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Gilead Sciences, Inc. | 96 | $10757  |
| GRAIL, Inc.<sup>(a)</sup> | 1 | 26  |
| Illumina, Inc.<sup>(a)</sup> | 16 | 1269  |
| Incyte Corp.<sup>(a)</sup> | 16 | 969  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 16 | 2821  |
| Johnson & Johnson | 216 | 35821  |
| Merck & Co., Inc. | 225 | 20196  |
| Moderna, Inc.<sup>(a)</sup> | 24 | 680  |
| Pfizer, Inc. | 448 | 11352  |
| Regeneron Pharmaceuticals, Inc. | 8 | 5074  |
| Revvity, Inc. | 8 | 846  |
| Thermo Fisher Scientific, Inc. | 34 | 16918  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 24 | 11636  |
| Viatris, Inc. | 96 | 836  |
| Waters Corp.<sup>(a)</sup> | 8 | 2949  |
| West Pharmaceutical Services, Inc. | 8 | 1791  |
| Zoetis, Inc. | 40 | 6586  |
|  |  | 254373  |
| **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 24 | 3139  |
| CoStar Group, Inc.<sup>(a)</sup> | 32 | 2535  |
|  |  | 5674  |
|  **Semiconductors & Semiconductor Equipment - 8.1%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 144 | 14795  |
| Analog Devices, Inc. | 40 | 8067  |
| Applied Materials, Inc. | 64 | 9288  |
| Broadcom, Inc. | 370 | 61949  |
| Enphase Energy, Inc.<sup>(a)</sup> | 8 | 496  |
| First Solar, Inc.<sup>(a)</sup> | 8 | 1011  |
| Intel Corp. | 336 | 7631  |
| KLA Corp. | 8 | 5438  |
| Lam Research Corp. | 80 | 5816  |
| Microchip Technology, Inc. | 40 | 1936  |
| Micron Technology, Inc. | 88 | 7646  |
| NVIDIA Corp. | 2254 | 244289  |
| NXP Semiconductors NV | 24 | 4561  |
| ON Semiconductor Corp.<sup>(a)</sup> | 32 | 1302  |
| Qorvo, Inc.<sup>(a)</sup> | 8 | 579  |
| QUALCOMM, Inc. | 98 | 15054  |
| Skyworks Solutions, Inc. | 16 | 1034  |
| Teradyne, Inc. | 16 | 1322  |
| Texas Instruments, Inc. | 81 | 14556  |
|  |  | 406770  |
| **Software & Services - 8.4%**<br>|  |  |
| Accenture PLC - Class A | 55 | 17162  |
| Adobe, Inc.<sup>(a)</sup> | 38 | 14574  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 8 | 644  |
| ANSYS, Inc.<sup>(a)</sup> | 8 | 2532  |
| Autodesk, Inc.<sup>(a)</sup> | 16 | 4189  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 24 | 6104  |
|  Cognizant Technology Solutions Corp. - Class A | 40 | 3060  |

---

The accompanying notes are an integral part of these consolidated financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Cyber Hornet S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Software & Services - (Continued)**  | **Software & Services - (Continued)**  | **Software & Services - (Continued)**  |
| EPAM Systems, Inc.<sup>(a)</sup> | 8 | $1351  |
| Fortinet, Inc.<sup>(a)</sup> | 48 | 4620  |
| Gartner, Inc.<sup>(a)</sup> | 8 | 3358  |
| Gen Digital, Inc. | 48 | 1274  |
| International Business Machines Corp. | 81 | 20141  |
| Intuit, Inc. | 26 | 15964  |
| Microsoft Corp. | 655 | 245880  |
| Oracle Corp. | 144 | 20133  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 22 | 1857  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 48 | 8191  |
| PTC, Inc.<sup>(a)</sup> | 8 | 1240  |
| Roper Technologies, Inc. | 8 | 4717  |
| Salesforce, Inc. | 89 | 23884  |
| ServiceNow, Inc.<sup>(a)</sup> | 17 | 13534  |
| Synopsys, Inc.<sup>(a)</sup> | 16 | 6862  |
| VeriSign, Inc.<sup>(a)</sup> | 8 | 2031  |
|  |  | 423302  |
| **Technology Hardware & Equipment - 7.0%** | **Technology Hardware & Equipment - 7.0%** |  |
| Amphenol Corp. - Class A | 96 | 6297  |
| Apple, Inc. | 1295 | 287658  |
| Arista Networks, Inc.<sup>(a)</sup> | 64 | 4959  |
| CDW Corp. | 8 | 1282  |
| Cisco Systems, Inc. | 359 | 22154  |
| Corning, Inc. | 64 | 2930  |
| F5, Inc.<sup>(a)</sup> | 8 | 2130  |
| Hewlett Packard Enterprise Co. | 104 | 1605  |
| HP, Inc. | 72 | 1994  |
| Jabil, Inc. | 8 | 1089  |
| Juniper Networks, Inc. | 24 | 869  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 16 | 2396  |
| Motorola Solutions, Inc. | 16 | 7005  |
| NetApp, Inc. | 16 | 1405  |
| Sandisk Corp./DE<sup>(a)</sup> | 8 | 381  |
| Seagate Technology Holdings PLC | 16 | 1359  |
| TE Connectivity PLC | 24 | 3392  |
| Trimble, Inc.<sup>(a)</sup> | 16 | 1050  |
| Western Digital Corp.<sup>(a)</sup> | 24 | 970  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 8 | 2260  |
|  |  | 353185  |
| **Telecommunication Services - 0.9%**<br>|  |  |
| AT&T, Inc. | 639 | 18071  |
| T-Mobile US, Inc. | 40 | 10668  |
| Verizon Communications, Inc. | 377 | 17101  |
|  |  | 45840  |
| **Transportation - 1.1%**<br>|  |  |
| American Airlines Group, Inc.<sup>(a)</sup> | 48 | 506  |
| CH Robinson Worldwide, Inc. | 8 | 819  |
| CSX Corp. | 160 | 4709  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Delta Air Lines, Inc. | 48 | $2093  |
|  Expeditors International of Washington, Inc. | 8 | 962  |
| FedEx Corp. | 16 | 3900  |
| JB Hunt Transport Services, Inc. | 8 | 1184  |
| Norfolk Southern Corp. | 16 | 3790  |
| Old Dominion Freight Line, Inc. | 16 | 2647  |
| Southwest Airlines Co. | 48 | 1612  |
| Uber Technologies, Inc.<sup>(a)</sup> | 160 | 11658  |
| Union Pacific Corp. | 48 | 11340  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 24 | 1657  |
| United Parcel Service, Inc. - Class B | 56 | 6159  |
|  |  | 53036  |
| **Utilities - 1.8%**<br>|  |  |
| AES Corp. | 56 | 696  |
| Alliant Energy Corp. | 24 | 1544  |
| Ameren Corp. | 24 | 2410  |
| American Electric Power Co., Inc. | 40 | 4371  |
| American Water Works Co., Inc. | 16 | 2360  |
| Atmos Energy Corp. | 8 | 1237  |
| CenterPoint Energy, Inc. | 48 | 1739  |
| CMS Energy Corp. | 24 | 1803  |
| Consolidated Edison, Inc. | 24 | 2654  |
| Constellation Energy Corp. | 24 | 4839  |
| Dominion Energy, Inc. | 64 | 3588  |
| DTE Energy Co. | 16 | 2212  |
| Duke Energy Corp. | 64 | 7806  |
| Edison International | 32 | 1885  |
| Entergy Corp. | 32 | 2736  |
| Evergy, Inc. | 16 | 1103  |
| Eversource Energy | 24 | 1491  |
| Exelon Corp. | 80 | 3686  |
| FirstEnergy Corp. | 40 | 1617  |
| NextEra Energy, Inc. | 160 | 11342  |
| NiSource, Inc. | 32 | 1283  |
| NRG Energy, Inc. | 16 | 1527  |
| PG&E Corp. | 168 | 2886  |
| Pinnacle West Capital Corp. | 8 | 762  |
| PPL Corp. | 56 | 2022  |
| Public Service Enterprise Group, Inc. | 40 | 3292  |
| Sempra | 48 | 3425  |
| Southern Co. | 88 | 8092  |
| WEC Energy Group, Inc. | 24 | 2616  |
| Xcel Energy, Inc. | 40 | 2832  |
|  |  | 89856  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,780,176)** |  | 3852290  |

---

The accompanying notes are an integral part of these consolidated financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Cyber Hornet S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**March 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.6%**<br>|  |  |
|  **Equity Real Estate Investment Trusts (REITs) - 1.6%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 16 | $1480  |
| American Tower Corp. | 40 | 8704  |
| AvalonBay Communities, Inc. | 8 | 1717  |
| Boston Properties, Inc. | 8 | 537  |
| Camden Property Trust | 8 | 978  |
| Crown Castle, Inc. | 32 | 3335  |
| Digital Realty Trust, Inc. | 24 | 3439  |
| Equinix, Inc. | 8 | 6523  |
| Equity Residential | 24 | 1718  |
| Essex Property Trust, Inc. | 8 | 2453  |
| Extra Space Storage, Inc. | 16 | 2376  |
| Federal Realty Investment Trust | 8 | 782  |
| Healthpeak Properties, Inc. | 40 | 809  |
| Host Hotels & Resorts, Inc. | 56 | 796  |
| Invitation Homes, Inc. | 48 | 1673  |
| Iron Mountain, Inc. | 24 | 2065  |
| Kimco Realty Corp. | 48 | 1019  |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, <br>Inc. | 8 | 1341  |
| Millrose Properties, Inc.<sup>(a)</sup> | 6 | 159 |
| Prologis, Inc. | 72 | 8049  |
| Public Storage | 16 | 4789  |
| Realty Income Corp. | 56 | 3249  |
| Regency Centers Corp. | 16 | 1180  |
| SBA Communications Corp. | 8 | 1760  |
| Simon Property Group, Inc. | 24 | 3986  |
| UDR, Inc. | 24 | 1084  |
| Ventas, Inc. | 32 | 2200  |
| VICI Properties, Inc. | 80 | 2610  |
| Welltower, Inc. | 40 | 6128  |
| Weyerhaeuser Co. | 56 | 1640  |
|  |  | 78579  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $76,137)** |  | 78579  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 78.4%** <br>**(Cost $3,856,313)** |  | 3930869  |
| Money Market Deposit Account - 0.1%<sup>(b)</sup> |  | 4735  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 21.5% |  | 1079697  |
| **TOTAL NET ASSETS - 100.0%** |  | $5015301 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>")was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Cyber Hornet S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF** 

**CONSOLIDATED SCHEDULE OF FUTURES CONTRACTS** 

**March 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional Value** | **Value/Unrealized** <br>**Depreciation**  |
| CME Micro Bitcoin Futures | &nbsp;&nbsp;&nbsp;&nbsp; 114 | 04/25/2025 | &nbsp;&nbsp; $942894 | &nbsp;&nbsp;&nbsp;&nbsp; $(27001)  |
| CME Bitcoin Reference Rate (BRR) | &nbsp;&nbsp;&nbsp;&nbsp; 1 | 04/25/2025 | &nbsp;&nbsp; 413550 | &nbsp;&nbsp;&nbsp;&nbsp; (31457)  |
| **Net Unrealized Depreciation** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(58458) |

---

The accompanying notes are an integral part of these consolidated financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**CYBER HORNET S&P 500<sup>®</sup> AND BITCOIN 75/25 STRATEGY ETF** 

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** 

**March 31, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $3930869  |
| Deposit at broker for futures contracts | 1098660  |
| Cash - interest bearing deposit account | 4735  |
| Dividends and interest receivable | 4009  |
| Cash held at broker | 763  |
| Dividend tax reclaims receivable | 41  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 5039077  |
| **LIABILITIES:**<br>|  |
| Variation margin payable | 21894 |
| Payable to adviser (Note 3) | 1140  |
| Payable for expense and other liabilities | 742  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 23776 |
| Commitments and contingencies (Note 8) | —  |
| **NET ASSETS** | $5015301  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $4970117  |
| Accumulated gains | 45184  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $5015301  |
| Net assets | $5015301  |
| Shares issued and outstanding<sup>(a)</sup> | 200000  |
| Net asset value per share | $25.08  |
| **Cost:**<br>|  |
| Investments, at cost | $3856313 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these consolidated financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**CYBER HORNET S&P 500<sup>®</sup> AND BITCOIN 75/25 STRATEGY ETF** 

**CONSOLIDATED STATEMENT OF OPERATIONS** 

**For the Year Ended March 31, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $32915  |
| Less: Dividend withholding taxes | (10)  |
| Interest income | 13598  |
| Other income | (10)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 46493  |
| **EXPENSES:**<br>|  |
| Investment advisory fee (Note 3) | 30678  |
| Legal fees | 667  |
| Trustees' fees | 25  |
| Other expenses and fees | 420  |
| &nbsp;&nbsp;&nbsp; Total expenses | 31790  |
| **Net investment income** | 14703  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |
| Net realized gain from: <br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 17643  |
| &nbsp;&nbsp;&nbsp; Futures contracts | 157835  |
| Net realized gain | 175478  |
| Net change in unrealized depreciation on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (3110)  |
| &nbsp;&nbsp;&nbsp; Future contracts | (160324)  |
| Net change in unrealized depreciation | (163434)  |
| **Net realized and unrealized gain** | 12044  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $26747 |

---

The accompanying notes are an integral part of these consolidated financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**CYBER HORNET S&P 500<sup>®</sup> AND BITCOIN 75/25 STRATEGY ETF** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**March 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $14703 | &nbsp;&nbsp; $1296  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 175478 | &nbsp;&nbsp; 31161  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized depreciation | (163434) | &nbsp;&nbsp; 179525  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 26747 | &nbsp;&nbsp; 211982  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (190936) | &nbsp;&nbsp; (589)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (190936) | &nbsp;&nbsp; (589)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3925597 | &nbsp;&nbsp; 1042500  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 3925597 | &nbsp;&nbsp; 1042500  |
| **Net increase in net assets** | 3761408 | &nbsp;&nbsp; 1253893  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 1253893 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the year | $5015301 | &nbsp;&nbsp; $1253893  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 150000 | &nbsp;&nbsp; 50000  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 150000 | &nbsp;&nbsp; 50000 |

---

<sup>(a)</sup> Inception date of the Fund was December 28, 2023.

The accompanying notes are an integral part of these consolidated financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**CYBER HORNET S&P 500<sup>®</sup> AND BITCOIN 75/25 STRATEGY ETF** 

**CONSOLIDATED FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**March 31, 2025** | **Period Ended** <br>**March 31, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $25.08 | &nbsp;&nbsp;&nbsp;&nbsp; $20.85  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.21  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.24  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.40) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $25.08 | &nbsp;&nbsp;&nbsp;&nbsp; $25.08  |
| Market value total return | &nbsp;&nbsp;&nbsp;&nbsp; 7.46% | &nbsp;&nbsp;&nbsp;&nbsp; —% |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.36% | &nbsp;&nbsp;&nbsp;&nbsp; 20.34%<sup>(d)</sup>  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $5015 | &nbsp;&nbsp;&nbsp;&nbsp; $1254  |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.98%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.95%<sup>(g)(e)</sup> |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp; 0.46%<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.45%<sup>(g)(e)</sup>  |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp;&nbsp; 28%<sup>(d)</sup> |

---

<sup>(a)</sup> Inception date of the Fund was December 28, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>(c)</sup> Total return represents the rate that an investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Includes expenses of 0.03% not covered by the Fund's Unitary Fee agreement.

<sup>(g)</sup> Includes tax-related expenses of less than 0.01% not covered by the Funds' Unitary Fee agreement.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these consolidated financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ONEFUND TRUST** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**March 31, 2025** 

1. ORGANIZATION

The CYBER HORNET S&P 500<sup>®</sup> 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<sup>®</sup> 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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3852290 | $— | $— | $3852290  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 78579 |  |  | 78579  |
| **Total Investments** | $3930869 | $— | $— | $3930869  |
| <u>Other Financial Instruments\*:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(58458) | $— | $— | $(58458)  |
| **Total Other Financial Instruments** | $(58458) | $— | $— | $(58458) |

---

\* 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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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**<br>|  |  |
| Commodity Contracts | Deposits at broker for future contracts\* | &nbsp;&nbsp;&nbsp;&nbsp; ($58458) |

---

\* 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 | &nbsp;&nbsp;&nbsp;&nbsp; $157835 |

---

**Change in Unrealized Depreciation on Derivatives Transactions** 

---

| | | |
|:---|:---|:---|
|  |  | **Futures Contracts**  |
| Commodity Contracts | Net change in unrealized depreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; ($160324) |

---

**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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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** <br>**Purchased** | **Proceeds from** <br>**Investments Sold**  |
| CYBER HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF<br>|  |  |
| &nbsp;&nbsp;&nbsp; Broker | &nbsp;&nbsp;&nbsp;&nbsp; $404009 | &nbsp;&nbsp; $209836  |
| &nbsp;&nbsp;&nbsp; In-kind transfer | &nbsp;&nbsp;&nbsp;&nbsp; 2864001 | &nbsp;&nbsp; —  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $3268010 | &nbsp;&nbsp; $209836 |

---

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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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**  | **Ordinary Income**  |
|  | **March 31, 2025** | **March 31, 2024**  |
| CYBER HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF | &nbsp;&nbsp;&nbsp; $190757 | $— |

---

---

| | | |
|:---|:---|:---|
|  | **Long-Term Capital Gains**  | **Long-Term Capital Gains**  |
|  | **March 31, 2025** | **March 31, 2024**  |
| CYBER HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF | &nbsp;&nbsp; $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 | $3858353  |
| Unrealized appreciation | 341807  |
| Unrealized depreciation | (269291)  |
| Net unrealized appreciation | 72516  |
| Undistributed ordinary income | —  |
| Undistributed long-term gains | —  |
| Distributable earnings | —  |
| Other accumulated gains (losses) | (27332)  |
| Total accumulated gains | $45184 |

---

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**  |
| $(2029) | &nbsp;&nbsp;&nbsp;&nbsp; $2029 |

---

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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**ONEFUND TRUST** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of CYBER HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF and

Board of Trustees of ONEFUND Trust

<u>Opinion on the Financial Statements</u>

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<sup>®</sup> 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.

<u>Basis for Opinion</u>

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.

![](abc15544_signature.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 30, 2025

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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<sup>®</sup> 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<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**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<br>

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

 

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](chef-efp15544_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](chef-efp15544_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](chef-efp15544_ex99906cert.htm)

**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 <u>6/9/25</u>

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.*

## Ex-99.Code

**EX.99.CODE ETH**

<u>Conduct Requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2**. **ONEFUND Trust Code of Ethics ("1940 Act Code of Ethics")** 

**Purpose of the Code of Ethics**

The ONEFUND Trust (the "Trust") has adopted this Code of Ethics (the "Code") to set forth guidelines and procedures that promote ethical practices and conduct by all of the Trust's Access Persons, as defined below, and to ensure compliance with the Federal Securities Laws. To the extent that any such individuals are subject to compliance with the separately maintained Code of Ethics of the Trust's Adviser (the "Adviser"), Fund Administrator or Distributor (collectively the "Service Providers"), as applicable, whose Codes of Ethics complies with Rule 17j-1, compliance by such individuals with the provisions of the Code of the applicable Service Providers shall constitute compliance with this Code. This Code is based on the principle that each Access Person of the Trust will conduct such activities in accordance with to the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To be dutiful in placing the interests of the Trust's shareholders first and before their own;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all personal securities transactions must be conducted consistent with this Code of Ethics and in such
a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of Trust and responsibility;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adhere to the fundamental standard that Access Persons shall not take inappropriate advantage of their
position.

Any violation of this Code must be reported promptly to the Trust CCO. Failure to do so will be deemed a violation of the Code.

**Legal Requirement**

Pursuant to Rule 17j-1(b) of the Investment Company Act of 1940 (the "1940 Act"), it is unlawful for any Access Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ any device, scheme or artifice to defraud the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any untrue statement of a material fact to the Trust or fail to state a material fact necessary
in order to make the statements made to the Trust, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any manipulative practice with respect to the Trust, in connection with the purchase or sale
(directly or indirectly) by such Access Person of a security "held or to be acquired" by the Trust.

Definitions - All definitions shall have the same meaning as explained in Rule 17j-1 or Section 2(a) of the 1940 Act and are summarized below.

*Access Person* – Any officers, Trustees, general partner or employee of the Trust or of the Trust's Investment Adviser (or of any entity in a control relationship to the Trust or Investment Adviser) who, in connection with his/her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Trust, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

*Automatic Investment Plan* – A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

<u>Conduct Requirements</u>

*Beneficial Ownership* - in general and subject to the specific provisions of Rule 16a- 1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

*Connected Persons* – Adult children or parents living at home, and any relative, person or entity for whom the Access Person directs the investments or securities trading unless otherwise specified

*Control* - shall have the same meaning as that set forth in Section 2(a)(9) of the Exchange Act.

*Covered Security* – shall be any security except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term
debt instruments, including repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by open-end trusts (excluding open-end exchange traded trust).

*Exchange Traded Fund ("ETF")* - a registered open-end management company: (A) that issues (and redeems) creation units to (and from) authorized participants in exchange for a basket and a cash balancing amount if any; and whose shares are listed on a national securities exchange and traded at market-determined prices.

*Exempt Transactions* – shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales affected in any account over which the Access Person has no direct or indirect influence
or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases which are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class
of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

*Fund* - an investment company registered under the 1940 Act.

*Independent Trustees* - those Trustees of the Trust that would not be deemed an "interested person" of the Trust, as defined in Section 2(a)(19)(A) of the 1940 Act.

*Initial Public Offering* - an offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Act.

*Limited Offering* - an offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

*Purchase or Sale of a Covered Security* - includes, among other things, the writing of an option to purchase or sell a Covered Security.

*Restricted Trustee* - each trustee of the Trust who is not also a director, officer, partner, employee or controlling person of any one or more of the Trust's investment advisers, administrator, custodian, transfer agent, or distributor.

*Security held or to be Acquired by the Trust*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any Covered Security which, within the most recent fifteen (15) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is or has been held by the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is being or has been considered by the Trust or its Investment Adviser for purchase by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

<u>Conduct Requirements</u>

**Policies of the Trust Regarding Personal Securities**

*Transactions General*

No Access Person of the Trust shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

*Specific Policies*

No Access Person of the Trust shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he/she knows or should have known at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is being considered for purchase or sale by the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is be purchased or sold by the Trust.

*Pre-Approval of Investments in IPOs and Limited Offerings*

Investment Personnel must obtain approval from the Trust or the Trust's Adviser before directly or indirectly acquiring beneficial ownership in any securities in an initial public offering or in a private placement or other limited offering.

**Reporting Requirements**

The Trust CCO or designee shall monitor all personal trading activity of all Access Persons as deemed appropriate and covered by this Code. An Access Person of a Trust who is also an Access Person of the Trust's principal underwriter, affiliates or Adviser may submit such reporting requirements via the forms prescribed by any such separate Code of Ethics provided that the associated forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Initial/Ongoing Disclosure of Personal Brokerage Accounts. Within ten (10) days
of the commencement of employment or at the commencement of a relationship with the Trust, all Access Persons, except Independent Trustees,
are required to submit to the Trust CCO a report stating the names and account numbers of all of their personal brokerage accounts, brokerage
accounts of any Connected Persons, and any brokerage accounts which they control or in which they or a Connected Person has Beneficial
Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no
more than forty-five (45) days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the
Trust CCO must be notified immediately. The information required by the above paragraph must be provided to the Trust CCO on an annual
basis. Disclosure of an account shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution opened during the
quarter and provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with whom the Access Person has established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that the report is submitted by the Access Person.

Each of these accounts is required to furnish duplicate confirmations and statements to the Trust CCO. Such statements and confirms as an Access Person of the Trust may be sent to the Adviser.

<u>Conduct Requirements</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Holdings Report. Within ten (10) days of becoming an Access Person (and with information
that is current as of a date no more than forty-five (45) days prior to the date that the person becomes an Access Person), each Access
Person, except Independent Trustees, must submit (i) a holdings report that must contain, at a minimum, the title and type of Security,
and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which
the Access Person has any direct or indirect Beneficial Ownership and (ii) the name of any broker, dealer or bank with whom the Access
Person maintained an account in which any securities were held for the Access Person's direct or indirect benefit as of the date
they became an Access Person. This report must state the date on which it is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction Reports. All Access Persons, except Independent Trustees,
shall report to the Trust CCO or designee the following information with respect to transactions in a Covered Security in which such person
has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The price of the Covered Security at which the transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the broker, dealer, or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than thirty (30) days after the end of the calendar quarter in which the transaction to which the report relates was effected and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to the appropriate address noted above is an acceptable form of a quarterly transaction report.

**Review of Reports**

The Trust CCO, or designee, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate and reporting to the board of Trustees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction that appears to evidence a possible violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• apparent violations of the reporting requirements stated herein.

The Trust CCO shall review the reports referenced hereunder and shall determine whether the policies established in this Code have been violated, and what sanctions, if any, should be imposed on the violator. Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and the disgorgement of any profits.

The Trust CCO and the Board of Trustees of the Trust shall review the operation of this Code at least annually. All material violations of this Code and any sanctions imposed with respect thereto shall periodically be reported to the Board of Trustees of the Trust.

<u>Conduct Requirements</u>

**Certification**

Each Access Person will be required to certify annually that he/she has read and understood the provisions of this Code and will abide by them. Each Access Person will further certify that he/she has disclosed or reported all personal securities transactions required to be reported under the Code. A form of such certification is attached below:

*I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it. [if an employee of the Adviser] I further certify I will fulfill my personal securities holdings and transactions reporting obligations through the procedures of the Adviser with respect to covered securities.*

Printed Name:   Signature:  

Date:

Before the Board of Trustees of the Trust may approve the Code of Ethics, the Trust must certify to the Board that the Trust has adopted procedures reasonably necessary to prevent Access Persons from violating this Code. Such certification shall be submitted to the Board of Trustees at least annually.

Adopted: April 9, 2015

Amended: June 24, 2022

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940</u>**

**<u>AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002</u>**

I, Michael Willis, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of ONEFUND TRUST;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/9/25 | /s/ Michael Willis |
|  |  | Michael Willis, President & Treasurer<br> (Principal Executive Officer and Principal Financial Officer)  |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the ONEFUND TRUST, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the ONEFUND TRUST for the period ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the ONEFUND TRUST for the stated period.

---

| |
|:---|
| /s/ Michael Willis |
| Michael Willis, President & Treasurer |
| (Principal Executive Officer and Principal Financial Officer) |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ONEFUND TRUST for purposes of Section 18 of the Securities Exchange Act of 1934.