# EDGAR Filing Document

**Accession Number:** 0001345125
**File Stem:** 0001133228-26-008969
**Filing Date:** 2026-6
**Character Count:** 121506
**Document Hash:** efc53ad4af905781bc93378a8855e0b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008969.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001133228-26-008969

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CYBER HORNET 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:** 261072332

**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:** ONEFUND Trust
- **DATE OF NAME CHANGE:** 20230314

**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 | BBB             |

?xml version='1.0' encoding='ASCII'? 2026-02-05197359_CyberHornetS-P500andBitcoin75-25StrategyETF_TF_TSRAnnual

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>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>CYBER HORNET 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, 2026</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img166341_l20241003150824.jpg) | **Cyber Hornet S&P 500® and Bitcoin 75/25** **Strategy ETF**  | ![image](img732164_202605121410310.jpg) |
| ![image](img166341_l20241003150824.jpg) | BBB (Principal U.S. Listing Exchange: NASDAQ) | ![image](img732164_202605121410310.jpg) |
| ![image](img166341_l20241003150824.jpg) | Annual Shareholder Report \| March 31, 2026  | ![image](img732164_202605121410310.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, 2025, to March 31, 2026. You can find additional information about the Fund at https://cyberhornets.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 | $99 | 0.96% |

---

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

For the 12-month period ended March 31, 2026, the Cyber Hornet S&P 500 and Bitcoin 75/25 Strategy ETF (the "Fund") returned +7.02% based on net asset value ("NAV"). The Fund's new benchmark (described below), the S&P 500 and S&P Bitcoin 75/25 Blend Index, returned +9.10%, while the Fund's prior benchmark, the S&P 500 and S&P Bitcoin Futures 75/25 Blend Index, returned +8.39% over the same period. The Fund's performance relative to its benchmark index reflects the impact of Fund expenses and transaction costs.

A factor that also affected the Fund's performance during the fiscal year was a change in the Fund's principal investment strategy. From the beginning of the fiscal year through January 28, 2026, the Fund obtained its Bitcoin exposure through cash-settled Bitcoin futures contracts. Effective January 29, 2026, the Fund changed its principal investment strategy to obtain Bitcoin exposure through direct investments in Bitcoin, and in connection with that change replaced its benchmark with the S&P 500 and S&P Bitcoin 75/25 Blend Index to reflect the revised strategy. The Fund's overall 75% / 25% target allocation between the S&P 500 and Bitcoin components remained unchanged. Bitcoin futures performance can differ from spot Bitcoin performance due to roll costs, basis effects, and the term structure of the futures market; for context, the S&P CME Bitcoin Futures Index Total Return returned -19.98% over the full 12-month period, reflecting weakness in the digital asset markets attributable in part to regulatory uncertainty.

The Fund's S&P 500 component provided core large-cap equity exposure and participated in the broad-based equity rally during the fiscal year, while the Bitcoin component detracted from absolute return, reflecting the decline in digital asset prices. The 75/25 strategic weighting limited the impact of that decline on overall Fund performance and is intended to give shareholders diversified exposure to U.S. large-cap equities and Bitcoin within a single investment vehicle.

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

------

**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](ts7127img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/27/2023)** |
| **Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF NAV**  | 7.02 | 15.41 |
| **S&P 500 and S&P Bitcoin 75/25 Blend Index**  | 9.10 | 19.90 |
| **S&P 500 and S&P CME Bitcoin Futures Index 75/25 Blend Index**  | 8.39 | 18.43 |

---

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

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $6694713 |
| **Number of Holdings** | 504 |
| **Total Advisory Fees Paid** | $59876 |
| **Portfolio Turnover** | 32% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **net** **assets)**  |
|  Bitcoin  | 24.2% |
|  NVIDIA Corp.  | 5.7% |
|  Apple, Inc.  | 5.0% |
|  Microsoft Corp.  | 3.7% |
|  Amazon.com, Inc.  | 2.8% |
|  Alphabet, Inc. - Class A  | 2.3% |
|  Broadcom, Inc.  | 2.0% |
|  Alphabet, Inc. - Class C  | 1.8% |
|  Meta Platforms, Inc. - Class A  | 1.7% |
|  Tesla, Inc.  | 1.4% |

---

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

![image](ts7127img004.jpg)

**MATERIAL FUND CHANGES**

This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's current prospectus dated January 29, 2026, at https://cyberhornets.com or upon request at 1-844-282-3837.

Effective January 29, 2026, the Fund changed its principal investment strategy to obtain its Bitcoin exposure through direct investments in Bitcoin, rather than through Bitcoin futures contracts. The Fund also changed the index whose total

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

------

returns it seeks to track, before fees and expenses, from the S&P 500® and S&P Bitcoin Futures 75/25 Blend Index to the S&P 500® and S&P Bitcoin 75/25 Blend Index.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://cyberhornets.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 3 TSR-AR-45407J409

10000120341291913827100001230013815150721000012220135231465724.89.67.87.67.16.84.03.01.927.4 ------

&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 3/31/2026 | FYE 3/31/2025 |
| (a) Audit Fees | $23000 | $19950 |
| (b) Audit-Related Fees | $- | $- |
| (c) Tax Fees | $7000 | $7350 |
| (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 3/31/2026 | FYE 3/31/2025 |
| 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 3/31/2026 | FYE 3/31/2025 |
| 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

(a) ![](efp-24829_cyberlogo.jpg)

**CYBER HORNET TRUST** 

**(formerly, ONEFUND Trust)**

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

Annual Financial Statements and Additional Information

March 31, 2026

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Consolidated Schedule of Investments](#soi) | [1](#soi) |
| [Consolidated Statement of Assets and Liabilities](#sal) | [7](#sal) |
| [Consolidated Statement of Operations](#sop) | [8](#sop) |
| [Consolidated Statements of Changes in Net Assets](#scna) | [9](#scna) |
| [Consolidated Financial Highlights](#fihi) | [10](#fihi) |
| [Notes to Consolidated Financial Statements](#notes) | [11](#notes) |
| [Report of Independent Registered Public Accounting Firm.](#report) | [19](#report) |
| [Additional Information (Unaudited)](#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, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 74.3%**<br>|  |  |
| **Automobiles & Components - 1.6%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 19 | $1319  |
| Ford Motor Co. | &nbsp;&nbsp; 355 | 4097  |
| General Motors Co. | &nbsp;&nbsp; 82 | 6109  |
| Tesla, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 255 | 94796  |
|  |  | 106321  |
| **Banks - 2.7%**<br>|  |  |
| Bank of America Corp. | &nbsp;&nbsp; 601 | 29299  |
| Citigroup, Inc. | &nbsp;&nbsp; 158 | 17919  |
| Citizens Financial Group, Inc. | &nbsp;&nbsp; 39 | 2339  |
| Fifth Third Bancorp | &nbsp;&nbsp; 82 | 3810  |
| Huntington Bancshares, Inc. | &nbsp;&nbsp; 184 | 2880  |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 244 | 71775  |
| KeyCorp | &nbsp;&nbsp; 85 | 1704  |
| M&T Bank Corp. | &nbsp;&nbsp; 14 | 2894  |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp; 37 | 7699  |
| Regions Financial Corp. | &nbsp;&nbsp; 79 | 2063  |
| Truist Financial Corp. | &nbsp;&nbsp; 114 | 5241  |
| US Bancorp | &nbsp;&nbsp; 141 | 7333  |
| Wells Fargo & Co. | &nbsp;&nbsp; 280 | 22291  |
|  |  | 177247  |
| **Capital Goods - 5.2%**<br>|  |  |
| 3M Co. | &nbsp;&nbsp; 48 | 6971  |
| A.O. Smith Corp. | &nbsp;&nbsp; 10 | 659  |
| Allegion PLC | &nbsp;&nbsp; 8 | 1162  |
| AMETEK, Inc. | &nbsp;&nbsp; 21 | 4502  |
| Axon Enterprise, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7 | 2973  |
| Boeing Co.<sup>(a)</sup> | &nbsp;&nbsp; 71 | 14131  |
| Builders FirstSource, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10 | 823  |
| Carrier Global Corp. | &nbsp;&nbsp; 71 | 3998  |
| Caterpillar, Inc. | &nbsp;&nbsp; 42 | 29755  |
| Comfort Systems USA, Inc. | &nbsp;&nbsp; 3 | 4137  |
| Cummins, Inc. | &nbsp;&nbsp; 13 | 6994  |
| Deere & Co. | &nbsp;&nbsp; 23 | 12956  |
| Dover Corp. | &nbsp;&nbsp; 12 | 2501  |
| Eaton Corp. PLC | &nbsp;&nbsp; 35 | 12518  |
| EMCOR Group, Inc. | &nbsp;&nbsp; 4 | 2953  |
| Emerson Electric Co. | &nbsp;&nbsp; 51 | 6682  |
| Fastenal Co. | &nbsp;&nbsp; 104 | 4826  |
| Fortive Corp. | &nbsp;&nbsp; 28 | 1548  |
| GE Vernova, Inc. | &nbsp;&nbsp; 24 | 20950  |
| Generac Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5 | 977  |
| General Dynamics Corp. | &nbsp;&nbsp; 23 | 7894  |
| General Electric Co. | &nbsp;&nbsp; 95 | 26958  |
| Honeywell International, Inc. | &nbsp;&nbsp; 58 | 13110  |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 36 | 8296  |
| Hubbell, Inc. | &nbsp;&nbsp; 5 | 2454  |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp; 4 | 1520  |
| IDEX Corp. | &nbsp;&nbsp; 7 | 1327  |
| Illinois Tool Works, Inc. | &nbsp;&nbsp; 24 | 6247  |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 32 | 2564  |
| Johnson Controls International PLC | &nbsp;&nbsp; 55 | 7202  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | $5867  |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3 | 1392  |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 10879  |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 1087  |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | 1330  |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 8187  |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 35 | 2698  |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | 5544  |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 9848  |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 1307  |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 7686  |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | 3589  |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 122 | 23534  |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | 1816  |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 995  |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16 | 1401  |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 8335  |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | 5795  |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | 4371  |
| Vertiv Holdings Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 35 | 8770  |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 3749  |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 4 | 4363  |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 22 | 2629  |
|  |  | 344760  |
| **Commercial & Professional Services - 0.6%**<br>|  |  |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | 7315  |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 1787  |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 31 | 5243  |
| Copart, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 81 | 2689  |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 1981  |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 1400  |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 1866  |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 2672  |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 3942  |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | 1442  |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 23 | 2034  |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 2467  |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 34 | 7813  |
|  |  | 42651  |
|  **Consumer Discretionary Distribution & Retail - 4.2%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 885 | 184319  |
| AutoZone, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2 | 6755  |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 1156  |
| Carvana Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 4087  |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 41 | 3732  |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 1375  |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 90 | 29600  |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 51 | 12050  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 76 | 7015  |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 3 | 607  |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 6282  |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 101 | 16130  |

---

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, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - (Continued)** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - (Continued)** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - (Continued)** |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | $2174  |
| Ulta Beauty, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4 | 2091  |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 2006  |
|  |  | 279379  |
| **Consumer Durables & Apparel - 0.4%**<br>|  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 1301  |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | 3293  |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 3480  |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 1123  |
| Lennar Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 1737  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10 | 1531  |
| NIKE, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 108 | 5705  |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | 1999  |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4 | 1376  |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 2540  |
|  |  | 24085  |
| **Consumer Services - 1.4%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 38 | 4799  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3 | 12631  |
| Carnival Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 104 | 2692  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 118 | 3777  |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | 1960  |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3 | 1076  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34 | 5105  |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 2540  |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21 | 6386  |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | 1455  |
| Marriott International, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 6541  |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 65 | 20201  |
| MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17 | 629  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 41 | 767  |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 23 | 6329  |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 103 | 9228  |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 8 | 812  |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 25 | 3887  |
|  |  | 90815  |
| **Consumer Staples Distribution & Retail - 1.6%**<br>|  |  |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 40 | 39857  |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 2375  |
| Dollar Tree, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17 | 1862  |
| Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp; 53 | 3835  |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 43 | 3067  |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 41 | 4969  |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 397 | 49339  |
|  |  | 105304  |
| **Energy - 3.0%**<br>|  |  |
| APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 32 | 1358  |
| Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 90 | 5494  |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 170 | 35173  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 111 | $14652  |
| Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 69 | 2425  |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 56 | 2818  |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 3560  |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 49 | 7084  |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 57 | 3627  |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22 | 2415  |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 379 | 64301  |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp; 76 | 2963  |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 177 | 5935  |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | 6593  |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 65 | 4225  |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 57 | 5152  |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp; 37 | 6741  |
| SLB Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 136 | 6989  |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 19 | 4764  |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | 2373  |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 28 | 6918  |
| Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 111 | 8079  |
|  |  | 203639  |
| **Financial Services - 5.6%**<br>|  |  |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 49 | 14822  |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8 | 3555  |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | 4680  |
| Ares Management Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 19 | 2073  |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 62 | 7355  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 166 | 79547  |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 12502  |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 68 | 7819  |
| Block, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 50 | 3009  |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 57 | 10398  |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9 | 2530  |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 151 | 14191  |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 33 | 9747  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 3492  |
| Corpay, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6 | 1746  |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3 | 651  |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 47 | 2205  |
| Fiserv, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 49 | 2734  |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 28 | 661  |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 22 | 1481  |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | 22842  |
| Interactive Brokers Group, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 40 | 2683  |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 51 | 8021  |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 40 | 972  |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7 | 1106  |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 62 | 5735  |
| Mastercard, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 74 | 36975  |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 6107  |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 109 | 17938  |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7 | 3773  |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 41 | 3480  |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | 2373  |
| PayPal Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 83 | 3754  |

---

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, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Financial Services - (Continued)**  | **Financial Services - (Continued)**  | **Financial Services - (Continued)**  |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16 | $2317  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 72 | 4990  |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 28 | 11909  |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 25 | 3164  |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 32 | 2177  |
| T Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 1803  |
| Visa, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 152 | 45940  |
|  |  | 373257  |
| **Food, Beverage & Tobacco - 1.7%**<br>|  |  |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 152 | 10030  |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp; 44 | 3198  |
| Brown-Forman Corp. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 397  |
| Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 1526  |
| Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 401  |
| Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp; 351 | 26693  |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 43 | 676  |
| Constellation Brands, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 1950  |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | 1787  |
| Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 2703  |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 26 | 589  |
| J M Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | 964  |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 123 | 3239  |
| Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp; 77 | 1732  |
| McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 23 | 1160  |
| Molson Coors Beverage Co. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 646  |
| Mondelez International, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 116 | 6686  |
| Monster Beverage Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65 | 4710  |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 124 | 19256  |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 141 | 23313  |
| Tyson Foods, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 26 | 1666  |
|  |  | 113322  |
| **Health Care Equipment & Services - 2.5%**<br>|  |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 158 | 16222  |
| Align Technology, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6 | 1029  |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 47 | 790  |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 26 | 4088  |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 134 | 8409  |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21 | 4438  |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 5655  |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42 | 1375  |
| Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp; 24 | 6402  |
| Cooper Cos., Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 1287  |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 115 | 8259  |
| DaVita, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3 | 461  |
| Dexcom, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35 | 2198  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 53 | 4244  |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 5855  |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 41 | 2918  |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 6625  |
| Henry Schein, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9 | 663  |
| Hologic, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 1512  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | $1907  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7 | 3933  |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6 | 1259  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32 | 14752  |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 8 | 2134  |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 9519  |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp; 116 | 10051  |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | 1960  |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 2918  |
| Solventum Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 849  |
| STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp; 9 | 1990  |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 31 | 10186  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 82 | 22188  |
| Universal Health Services, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 5 | 895  |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 1628  |
|  |  | 168599  |
| **Household & Personal Products - 0.7%**<br>|  |  |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21 | 1959  |
| Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 1140  |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp; 73 | 6222  |
| Estee Lauder Cos., Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 22 | 1579  |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 174 | 3000  |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | 2894  |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp; 211 | 30477  |
|  |  | 47271  |
| **Insurance - 1.3%**<br>|  |  |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | 4608  |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | 4976  |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 49 | 3687  |
| Aon PLC - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 19 | 6133  |
| Arch Capital Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32 | 3072  |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 23 | 4981  |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | 1089  |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | 1761  |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 33 | 10756  |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 2203  |
| Erie Indemnity Co. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2 | 503  |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 4 | 1307  |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7 | 974  |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 25 | 3381  |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 1601  |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 44 | 7632  |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 50 | 3536  |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 1622  |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 53 | 10507  |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 32 | 3126  |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 5834  |
| W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | 1789  |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp; 9 | 2616  |
|  |  | 87694  |
| **Materials - 1.6%**<br>|  |  |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 5810  |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 1975  |

---

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, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - (Continued)**  | **Materials - (Continued)**  | **Materials - (Continued)**  |
| Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp; 42 | $1669  |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 7 | 1209  |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | 1419  |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 1818  |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 61 | 5106  |
| CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp; 61 | 6412  |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 65 | 2707  |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 37 | 1695  |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 23 | 6118  |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 130 | 7641  |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 23 | 1669  |
| International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp; 48 | 1714  |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp; 42 | 20822  |
| LyondellBasell Industries NV - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 23 | 1853  |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 5 | 2943  |
| Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 739  |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 99 | 10717  |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 21 | 3551  |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp; 8 | 1698  |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 2138  |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp; 21 | 6731  |
| Smurfit Westrock PLC | &nbsp;&nbsp;&nbsp;&nbsp; 47 | 1873  |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 2160  |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 3268  |
|  |  | 105455  |
| **Media & Entertainment - 7.0%**<br>|  |  |
| Alphabet, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 528 | 151832  |
| Alphabet, Inc. - Class C | &nbsp;&nbsp;&nbsp;&nbsp; 424 | 121629  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8 | 1727  |
| EchoStar Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 1405  |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 4077  |
| Fox Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 1051  |
| Fox Corp. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 690  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 2135  |
| Meta Platforms, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 198 | 113282  |
| Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 383 | 36825  |
| News Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 34 | 848  |
| News Corp. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 314  |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 2184  |
| Paramount Skydance Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 28 | 252  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 16 | 3160  |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | 1210  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 40 | 908  |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp; 161 | 15517  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 225 | 6178  |
|  |  | 465224  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 4.6%**<br>|  |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | 34798  |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 26 | 2964  |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 49 | 17241  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Biogen, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13 | $2383  |
| Bio-Techne Corp. | &nbsp;&nbsp; 14 | 732  |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 185 | 11220  |
|  Charles River Laboratories International, <br>Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4 | 690  |
| Danaher Corp. | &nbsp;&nbsp; 57 | 10807  |
| Eli Lilly & Co. | &nbsp;&nbsp; 72 | 66224  |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 112 | 15609  |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 15 | 1412  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 15 | 2558  |
| Johnson & Johnson | &nbsp;&nbsp; 218 | 53288  |
| Merck & Co., Inc. | &nbsp;&nbsp; 225 | 27065  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2 | 2522  |
| Moderna, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 32 | 1626  |
| Pfizer, Inc. | &nbsp;&nbsp; 515 | 14461  |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 9 | 6954  |
| Revvity, Inc. | &nbsp;&nbsp; 10 | 876  |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 34 | 16712  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 23 | 10270  |
| Viatris, Inc. | &nbsp;&nbsp; 104 | 1405  |
| Waters Corp.<sup>(a)</sup> | &nbsp;&nbsp; 9 | 2680  |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp; 7 | 1755  |
| Zoetis, Inc. | &nbsp;&nbsp; 38 | 4492  |
|  |  | 310744  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate Management & Development - 0.1%** |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 26 | 3522  |
| CoStar Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 38 | 1533  |
|  |  | 5055  |
|  **Semiconductors & Semiconductor Equipment - 10.9%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 148 | 30108  |
| Analog Devices, Inc. | &nbsp;&nbsp; 44 | 13998  |
| Applied Materials, Inc. | &nbsp;&nbsp; 72 | 24609  |
| Broadcom, Inc. | &nbsp;&nbsp; 430 | 133089  |
| First Solar, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10 | 1973  |
| Intel Corp.<sup>(a)</sup> | &nbsp;&nbsp; 426 | 18799  |
| KLA Corp. | &nbsp;&nbsp; 12 | 17669  |
| Lam Research Corp. | &nbsp;&nbsp; 113 | 24144  |
| Microchip Technology, Inc. | &nbsp;&nbsp; 49 | 3166  |
| Micron Technology, Inc. | &nbsp;&nbsp; 102 | 34460  |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp; 4 | 4373  |
| NVIDIA Corp. | &nbsp;&nbsp; 2202 | 384029  |
| NXP Semiconductors NV | &nbsp;&nbsp; 23 | 4528  |
| ON Semiconductor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 36 | 2229  |
| Qnity Electronics, Inc. | &nbsp;&nbsp; 19 | 2192  |
| QUALCOMM, Inc. | &nbsp;&nbsp; 97 | 12492  |
| Skyworks Solutions, Inc. | &nbsp;&nbsp; 14 | 750  |
| Teradyne, Inc. | &nbsp;&nbsp; 14 | 4150  |
| Texas Instruments, Inc. | &nbsp;&nbsp; 82 | 15919  |
|  |  | 732677  |
| **Software & Services - 6.8%**<br>|  |  |
| Accenture PLC - Class A | &nbsp;&nbsp; 56 | 11104  |
| Adobe, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37 | 8994  |

---

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, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Software & Services - (Continued)**  | **Software & Services - (Continued)**  | **Software & Services - (Continued)**  |
| Akamai Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13 | $1493  |
| AppLovin Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 25 | 9950  |
| Autodesk, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 19 | 4549  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25 | 6947  |
|  Cognizant Technology Solutions Corp. - Class A | &nbsp;&nbsp; 43 | 2638  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 23 | 8979  |
| Datadog, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 30 | 3542  |
| EPAM Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5 | 677  |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 2 | 2135  |
| Fortinet, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 57 | 4658  |
| Gartner, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6 | 950  |
| Gen Digital, Inc. | &nbsp;&nbsp; 50 | 942  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 12 | 992  |
| International Business Machines Corp. | &nbsp;&nbsp; 85 | 20603  |
| Intuit, Inc. | &nbsp;&nbsp; 25 | 10810  |
| Microsoft Corp. | &nbsp;&nbsp; 673 | 249124  |
| Oracle Corp. | &nbsp;&nbsp; 154 | 22655  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 207 | 30280  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 73 | 11703  |
| PTC, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11 | 1567  |
| Roper Technologies, Inc. | &nbsp;&nbsp; 10 | 3539  |
| Salesforce, Inc. | &nbsp;&nbsp; 85 | 15867  |
| ServiceNow, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 95 | 9932  |
| Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17 | 6740  |
| Trimble, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 22 | 1435  |
| Tyler Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4 | 1370  |
| VeriSign, Inc. | &nbsp;&nbsp; 7 | 1739  |
| Workday, Inc. - Class A<sup>(a)</sup> | &nbsp;&nbsp; 19 | 2468  |
|  |  | 458382  |
| **Technology Hardware & Equipment - 7.1%**<br>|  |  |
| Amphenol Corp. - Class A | &nbsp;&nbsp; 111 | 14025  |
| Apple, Inc. | &nbsp;&nbsp; 1331 | 337795  |
| Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 94 | 11541  |
| CDW Corp. | &nbsp;&nbsp; 12 | 1452  |
| Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13 | 5047  |
| Cisco Systems, Inc. | &nbsp;&nbsp; 358 | 27777  |
| Coherent Corp.<sup>(a)</sup> | &nbsp;&nbsp; 17 | 4050  |
| Corning, Inc. | &nbsp;&nbsp; 71 | 9654  |
| Dell Technologies, Inc. - Class C | &nbsp;&nbsp; 27 | 4432  |
| F5, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 5 | 1447  |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 120 | 2857  |
| HP, Inc. | &nbsp;&nbsp; 83 | 1594  |
| Jabil, Inc. | &nbsp;&nbsp; 10 | 2656  |
| Keysight Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 16 | 4518  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6 | 4217  |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 15 | 6510  |
| NetApp, Inc. | &nbsp;&nbsp; 18 | 1843  |
| Sandisk Corp.<sup>(a)</sup> | &nbsp;&nbsp; 13 | 8259  |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 20 | 7835  |
| Super Micro Computer, Inc.<sup>(a)</sup> | &nbsp;&nbsp; 46 | 1047  |
| TE Connectivity PLC | &nbsp;&nbsp; 27 | 5644  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4 | $2420  |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 31 | 8385  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4 | 836  |
|  |  | 475841  |
| **Telecommunication Services - 0.8%**<br>|  |  |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 635 | 18409  |
| Comcast Corp. - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 325 | 9331  |
| T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 43 | 9031  |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 382 | 19176  |
|  |  | 55947  |
| **Transportation - 1.0%**<br>|  |  |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 1827  |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 169 | 6937  |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 59 | 3922  |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | 1719  |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 7124  |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 7 | 1483  |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | 5740  |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | 3322  |
| Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp; 45 | 1691  |
| Uber Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 187 | 13451  |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | 13102  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 2670  |
| United Parcel Service, Inc. - Class B | &nbsp;&nbsp;&nbsp;&nbsp; 67 | 6591  |
|  |  | 69579  |
| **Utilities - 1.9%**<br>|  |  |
| AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 65 | 916  |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 23 | 1651  |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 25 | 2748  |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 49 | 6423  |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | 2450  |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 2771  |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 59 | 2546  |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 28 | 2172  |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 33 | 3735  |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 28 | 7819  |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 77 | 4760  |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 19 | 2778  |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 70 | 9166  |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp; 35 | 2561  |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 41 | 4607  |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 21 | 1720  |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp; 34 | 2356  |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 93 | 4559  |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 47 | 2381  |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 189 | 17554  |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 43 | 2006  |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19 | 2777  |
| PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 199 | 3496  |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 1108  |
| PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 67 | 2559  |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 45 | 3643  |
| Sempra | &nbsp;&nbsp;&nbsp;&nbsp; 59 | 5733  |

---

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, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
| Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | $9652  |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 4360  |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 3357  |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | 4290  |
|  |  | 128654  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,384,103)** |  | 4971902  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 1.4%** |  |
|  **Equity Real Estate Investment Trusts (REITs) - 1.4%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 650  |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 42 | 7248  |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 2124  |
| BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | 675  |
| Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp; 9 | 879  |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 39 | 3171  |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 5226  |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 9 | 8822  |
| Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp; 32 | 1893  |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 6 | 1452  |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 19 | 2492  |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp; 7 | 743  |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 63 | 1035  |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 58 | 1111  |
| Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 51 | 1267  |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | 2758  |
| Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 61 | 1371  |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | 1343  |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 84 | 11103  |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp; 14 | 3792  |
| Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 83 | 5078  |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 15 | 1135  |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | 1721  |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 29 | 5409  |
| UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | 912  |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 43 | 3517  |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 97 | 2650  |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 63 | 12456  |
| Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp; 65 | 1588  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $89,485)** |  | 93621  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **RIGHTS - 0.0%<sup>(b)</sup>**<br>|  |  |
|  Sycamore Partners LLC, Expires 08/28/2026, Exercise Price $3.00<sup>(a)(c)</sup> | 56 | $30  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 30  |
| **CRYPTO CURRENCIES - 24.2%**<br>|  |  |
| BITCOIN<sup>(a)(e)</sup> | &nbsp;&nbsp; 23.92 | 1621513  |
| &nbsp;&nbsp;&nbsp; **TOTAL CRYPTO CURRENCIES** <br>**(Cost 1,667,243)** |  | 1621513  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS – 99.9%** <br>**(Cost $6,140,831)** |  | $6687066  |
| Money Market Deposit Account - 0.1%<sup>(d)</sup> |  | 8341  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(b)</sup> |  | (694)  |
| **TOTAL NET ASSETS - 100.0%** |  | $6694713 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

NV - Naamloze Vennotschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Societe Anonyme

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $30 or 0.0% of net assets as of March 31, 2026.

<sup>(d)</sup> 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, 2026 was 3.36%. 

<sup>(e)</sup> See "Crypto Currency" in the Notes to consolidated financial statements.

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 STATEMENT OF ASSETS AND LIABILITIES** 

**March 31, 2026** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $6687066  |
| Cash | 10711  |
| Dividends receivable | 2460  |
| Interest receivable | 85  |
| Dividend tax reclaims receivable | 33  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 6700355  |
| **LIABILITIES:**<br>|  |
| Payable to Adviser | 5529  |
| Due to broker | 55  |
| Payable for expenses and other liabilities | 58  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5642  |
| **NET ASSETS** | $6694713  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $6246697  |
| Total distributable earnings | 448016  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $6694713  |
| Net assets | $6694713  |
| Shares issued and outstanding<sup>(a)</sup> | 250000  |
| Net asset value per share | $26.78  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $6140831 |

---

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

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 OPERATIONS** 

**For the Year Ended March 31, 2026** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $59126  |
| Less: dividend withholding taxes | (33)  |
| Interest income | 23908  |
| Other income | (8)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 82993  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 59876  |
| Legal fees | 729  |
| Trustees' fees | 63  |
| &nbsp;&nbsp;&nbsp; Total expenses | 60668  |
| **Net investment income** | 22325  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (72930)  |
| &nbsp;&nbsp;&nbsp; Crypto currencies  | (12232)  |
| &nbsp;&nbsp;&nbsp; In-kind  | 196308  |
| &nbsp;&nbsp;&nbsp; Futures contracts | (426053)  |
| Net realized loss | (314907)  |
| Net change in unrealized appreciation on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 517497  |
| &nbsp;&nbsp;&nbsp; Crypto currencies  | (45730)  |
| &nbsp;&nbsp;&nbsp; Future contracts | 58458  |
| Net change in unrealized appreciation | 530225  |
| **Net realized and unrealized gain** | 215318  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $237643 |

---

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 STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended March 31,**  | **Year Ended March 31,**  |
|  | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $22325 | $14703  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (314907) | 175478  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 530225 | (163434)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from operations** | 237643 | 26747  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (14276) | (190936)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (14276) | (190936)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2210958 | 3925597  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (754913) | —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 1456045 | 3925597  |
| **Net increase in net assets** | 1679412 | 3761408  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 5015301 | 1253893  |
| &nbsp;&nbsp;&nbsp; End of the year | $6694713 | $5015301  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 75000 | 150000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (25000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase in shares outstanding** | 50000 | 150000 |

---

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 FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Period Ended** <br>**March 31,** <br>**2024<sup>(a)</sup>**  |
|  | **2026** | **2025**  | **Period Ended** <br>**March 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.08 | &nbsp;&nbsp; $25.08 | &nbsp;&nbsp;&nbsp; $20.85  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.10 | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.03  |
| Net realized and unrealized gain on investments<sup>(c)</sup> | 1.66 | 1.68 | &nbsp;&nbsp;&nbsp;&nbsp;4.21  |
| **Total from investment operations** | 1.76 | 1.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.24  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp;&nbsp; (0.01)  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.80) | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $26.78 | &nbsp;&nbsp; $25.08 | &nbsp;&nbsp;&nbsp; $25.08  |
| Market value total return  | &nbsp;&nbsp; 7.47%  | &nbsp;&nbsp; 7.46%  | &nbsp;&nbsp;&nbsp; —%  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 7.02% | &nbsp;&nbsp; 7.36% | &nbsp;&nbsp;&nbsp; 20.34%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $6695 | &nbsp;&nbsp; $5015 | &nbsp;&nbsp;&nbsp; $1254  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.96%<sup>(f)</sup> | &nbsp;&nbsp; 0.98%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.95%<sup>(h)</sup>  |
| Ratio of net investment income to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.35%<sup>(f)</sup> | &nbsp;&nbsp; 0.46%<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 0.45%<sup>(h)</sup>  |
| Portfolio turnover rate<sup>(d)(i)</sup> | &nbsp;&nbsp; 32% | &nbsp;&nbsp; 9% | &nbsp;&nbsp;&nbsp; 28% |

---

<sup>(a)</sup> Commencement of operations 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 periods.

<sup>(c)</sup> Realized and unrealized gains per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains in the Consolidated Statement of Operations due to share transactions for the periods.

<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 0.01% not covered by the Fund's Unitary Fee agreement. 

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

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

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

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

10<br>

------

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

**CYBER HORNET TRUST** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**March 31, 2026** 

1. ORGANIZATION

The CYBER HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF (the "Fund") is a separate series of CYBER HORNET Trust (formerly, 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 six 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 (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 Bitcoin 75/25 Blend Index (the "Index"), an Index by Standard & Poor's.

The consolidated financial statements include the accounts of Cyber Hornet BBB (formerly 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, 2026 the Subsidiary's net assets were $1,620,492, which represented 24.2% 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 ("NAV"). 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, 2026, securities that were internally fair valued are located in the Consolidated Schedule of Investments.** 

11<br>

------

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

**CYBER HORNET TRUST** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**March 31, 2026(Continued)** 

Crypto currencies are stated at fair value and generally valued using the closing price of each crypto currency on BitGo's website (closing price is determined by the 3pm closing price of the 1-hour candle).

**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, 2026, 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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4971902 | $— | $— | $4971902  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 93621 |  |  | 93621  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 30 | 30  |
| &nbsp;&nbsp;&nbsp; Crypto Currencies | 1621513 |  |  | 1621513  |
| **Total Investments** | $6687036 | $— | $30 | $6687066 |

---

Refer to the Consolidated Schedule of Investments for further disaggregation of the investment categories.

12<br>

------

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

**CYBER HORNET TRUST** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**March 31, 2026(Continued)** 

As of March 31, 2026, the Fund held investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value. The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs** | **Level 3**  |
| Beginning balance as of March 31, 2025 | $—  |
| Acquisitions  | 30 |
| Change in unrealized appreciation | —  |
| Amortization/(Accretion) | —  |
| Ending balance as of March 31, 2026 | $30  |
| Change in unrealized appreciation/depreciation still held as of March 31, 2026 | $30 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Security** | **Fair Value at** <br>**March 31, 2026** | **Valuation** <br>**Technique** | **Unobservable** <br>**Input** | **Input** <br>**Value**  |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30 | Corporate Action <br>Rights Issuance | Corporate Action <br>Payout | $0.53 |

---

The method used to determine realized gains and losses was High Cost. Realized gains (losses) and change in unrealized appreciation (depreciation) on crypto assets is included on the Statement of Operations as "Crypto Currencies". The additions and disposals of Bitcoin were made as part of the Fund's ordinary course of business in seeking to achieve its investment objective.

**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 fiscal year ended March 31, 2026. The use of derivatives included futures contracts.** 

---

| | |
|:---|:---|
|  | **Crypto Asset** <br>**Activity** |
| Beginning balance | $— |
| Additions | 1813300 |
| Dispositions | (133825) |
| Realized gains |  |
| Realized losses | (12232) |
| Change in Unrealized appreciation (depreciation) | (45730) |
| Ending balance | $1621513 |

---

**Crypto Asset Risk – Certain of the Fund's investments may be subject to the risks associated with investing in crypto assets, including cryptocurrencies and crypto tokens. Such companies may be subject to the risk that the technology that facilitates the transfer of a cryptocurrency could fail or be affected by connectivity disruptions, fraud, or cyber attacks; that because crypto assets are a new technological innovation with a limited history, they are highly speculative assets; that future regulatory actions or policies may limit the ability to sell, exchange or use a crypto asset; that the price of a crypto asset may be impacted by the transactions of a small number of holders of such crypto asset; and that a crypto asset will decline in popularity, acceptance or use, thereby impairing its price.** 

**Crypto Innovators Risk – The technology relating to crypto assets is new and developing. Companies that use crypto asset technology operate both directly in employing the technology, and by providing infrastructure, solutions and transactional markets for the crypto ecosystem. Currently, there are a limited number of publicly listed or quoted companies for which crypto asset technology represents an attributable and significant revenue stream and, as a result, the Index may include companies that only have indirect involvement in the crypto ecosystem. The use of crypto asset** 

13<br>

------

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

**CYBER HORNET TRUST** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**March 31, 2026(Continued)** 

technology may not expand to a larger number of public companies due to friction relating to adoption or the failure of the technologies to realize economic incentives for their use.

An investment in companies actively engaged in crypto asset technology may be subject to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;• Crypto asset technology is new and many of its
 uses may be untested.

&nbsp;&nbsp;&nbsp;&nbsp;• The companies may not capitalize on crypto
 asset technology innovation or may be unable to develop uses or applications for such technologies.

&nbsp;&nbsp;&nbsp;&nbsp;• Some of the companies in which the Fund will
 invest are engaged in other lines of business unrelated to the crypto ecosystem and these lines of business could adversely affect their
 operating results. The operating results of these companies may fluctuate as a result of these additional lines of business.

&nbsp;&nbsp;&nbsp;&nbsp;• Use of crypto asset technology requires public
 private key cryptography, which may expose a user to losses relating to theft, loss, or destruction and which exposes companies using
 such technology to enhanced cybersecurity risks.

&nbsp;&nbsp;&nbsp;&nbsp;• Competing crypto asset technologies may be
 developed that compete with the technologies selected by a company.

&nbsp;&nbsp;&nbsp;&nbsp;• Although much of the crypto ecosystem relies
 on open source development and licensing, companies using crypto asset technology may be subject to conflicting intellectual property
 claims or licenses that limits the use of a selected crypto asset technology.

&nbsp;&nbsp;&nbsp;&nbsp;• Crypto asset markets are relatively nascent,
 are not regulated in a manner similar to U.S. equities markets, have variable liquidity and may be subject to manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;• Crypto asset systems, including those built
 using third party products, may be subject to technical defects or vulnerabilities, and such defects or vulnerabilities may not be capable
 of being cured.

**Futures contracts – The Fund purchases and sells futures contracts and held futures contracts during the year ended March 31, 2026. 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, 2026, was $1,340,123 for long contracts. As of the fiscal year ended March 31, 2026, the Fund did not hold any future contracts.

The tables below reflect the values of derivatives assets and liabilities as reflected in the Consolidated Statements of Operations.

**Amount of Realized Loss on Derivatives Transactions** 

---

| | | |
|:---|:---|:---|
|  |  | **Futures Contracts**  |
| Commodity Contracts | Net realized loss on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ($426053) |

---

**Change in Unrealized Appreciation on Derivatives Transactions** 

---

| | | |
|:---|:---|:---|
|  |  | **Futures Contracts**  |
| Commodity Contracts | Net change in unrealized appreciation on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $58458 |

---

14<br>

------

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

**CYBER HORNET TRUST** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**March 31, 2026(Continued)** 

**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, 2026, 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 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, 2026. 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 – 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. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the President of the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.** 

In December 2023, the FASB issued Accounting Standards Updated 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Fund Management has determined that additional disclosures were not necessary due to being deemed immaterial.

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 that the Adviser agrees to receive no additional compensation from the Subsidiary.

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.

15<br>

------

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

**CYBER HORNET TRUST** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**March 31, 2026(Continued)** 

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-l Distribution Plan adopted pursuant to Rule 12b-l 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 proxy costs; fees and expenses associated with the Fund's securities lending program, if any; 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 – Gryphon Compliance Services, LLC ("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 Foreside Fund Services, LLC (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, 2026.

---

| | | |
|:---|:---|:---|
|  | **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; $797786 | &nbsp;&nbsp; $1484740  |
| &nbsp;&nbsp;&nbsp; In-kind transfer | &nbsp;&nbsp;&nbsp;&nbsp; 1658179 | &nbsp;&nbsp; 520541  |
| &nbsp;&nbsp;&nbsp; Crypto Currency | &nbsp;&nbsp;&nbsp;&nbsp; 1813300 | &nbsp;&nbsp; 133825 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $4269265 | &nbsp;&nbsp; $2139106 |

---

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)**

**CYBER HORNET TRUST** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**March 31, 2026(Continued)** 

The tax character of distributions paid during the fiscal year ended March 31, 2026, and the fiscal year ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income**  | **Ordinary Income**  |
|  | **March 31, 2026**  | **March 31, 2025**  |
| **Cyber Hornet S&P 500 and Bitcoin 75/25 Strategy ETF**  | &nbsp;&nbsp;&nbsp; $14276  | &nbsp;&nbsp;&nbsp; $190757 |

---

---

| | | |
|:---|:---|:---|
|  | **Long-Term Capital Gain**  | **Long-Term Capital Gain**  |
|  | **March 31, 2026**  | **March 31, 2025**  |
| **Cyber Hornet S&P 500 and Bitcoin 75/25 Strategy ETF**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  | &nbsp;&nbsp;&nbsp;&nbsp; $179 |

---

As of March 31, 2026, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $6175793  |
| Unrealized appreciation | 878049  |
| Unrealized depreciation | (366776)  |
| Net unrealized appreciation | 511273  |
| Undistributed ordinary income | —  |
| Undistributed long-term gains | —  |
| Distributable earnings | —  |
| Other accumulated gains (losses) | (63257)  |
| Total accumulated earnings | $448016 |

---

The difference between book basis and tax basis cost and unrealized gain (loss) is primarily attributed to wash sales.

As of March 31, 2026, the Fund had no Post-October Losses to report. There were no ordinary late year losses.

As of March 31, 2026, the Fund had the following capital loss carryovers available for federal income tax purposes:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryovers**  | **Capital Loss Carryovers**  |
|  | **Short-Term**  | **Long-Term**  |
| **Cyber Hornet S&P 500 and Bitcoin 75/25 Strategy ETF**  | 41,943  | 21,314 |

---

U.S. Generally accepted accounting principles require that certain components of net assets relating to permanent differences be reclassified between financial reporting and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended March 31, 2026, the following table shows the reclassifications made:

---

| | |
|:---|:---|
| **Accumulated** <br>**Earnings** | **Paid-in-Capital** |
| $179465 | &nbsp;&nbsp; $(179465) |

---

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

17<br>

------

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

**CYBER HORNET TRUST** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**March 31, 2026(Continued)** 

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.

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)**

**CYBER HORNET 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 CYBER HORNET TRUST

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

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF (the "Fund"), a series of CYBER HORNET TRUST (formerly ONEFUND TRUST), as of March 31, 2026, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assts for each of the two years in the period then ended, the consolidated financial highlights for each of the two years in the period 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, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended and the financial highlights for each of the two years in the period 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 audit 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, 2026, by correspondence with the custodians . 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.

![](15544_signature.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 29, 2026

19<br>

------

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

**CYBER HORNET TRUST** 

**ADDITIONAL INFORMATION** 

**March 31, 2026 (Unaudited)** 

**QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION** 

For the fiscal year ended March 31, 2026, 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 | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate

dividends received deduction for the fiscal year ended March 31, 2026 was as follows:

---

| | |
|:---|:---|
| Cyber Hornet S&P 500 and Bitcoin 75/25 Strategy ETF | 100.00% |

---

**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 Agreement.** 

At a meeting held on March 11, 2026, the Board of Trustees, including all of the Independent Trustees, considered whether to approve the continuance of the Investment Advisory Agreement between CYBER HORNET ETFS, LLC (the "Adviser") and CYBER HORNET Trust (formerly, ONEFUND Trust) (the "Trust"), on behalf of the CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF (the "Fund").

In considering the approval of the continuance of the Investment 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 continuance of the Investment Advisory Agreement. In advance of the meeting, the Independent Trustees requested, received, and reviewed a substantial amount of information provided by the Adviser related to the Adviser and the terms of the Investment Advisory Agreement. Prior to voting, the Independent Trustees met with and asked questions of representatives of the Adviser and also discussed the Investment Advisory Agreement with their independent legal counsel.

In considering the approval of the continuance of the Investment Advisory Agreement, the Board, including the Independent Trustees, considered a variety of factors, including those described below. The determinations made with respect to the renewal of the Investment 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 Board 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 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 provide services to the Fund. The Board considered the responsibilities of the Adviser under the Investment Advisory Agreement. The Board also considered that the Trust's President and Treasurer are employees of the Adviser and serve the Trust without additional compensation. The Board also evaluated the Adviser's investment management experience.

20<br>

------

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

**CYBER HORNET TRUST** 

**ADDITIONAL INFORMATION** 

**March 31, 2026 (Unaudited)(Continued)** 

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 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 Investment Advisory Agreement and that the nature, overall quality, and extent of the management services provided by the Adviser to the Trust are satisfactory and adequate.

Performance. The Board considered the historical performance of the Adviser in managing the Fund. The Board compared the performance of the Fund with the performance of its benchmark index. The Board noted that the Fund had underperformed its benchmark index for the one-year and since inception (December 28, 2023) periods. Following discussion of the investment performance of the Fund, the Adviser's experience in managing the Fund, and the impact of other factors, the Board concluded that the investment performance of the Fund has been satisfactory.

Fees and Expenses. The Board considered the advisory fee and the total expenses 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 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 above the average advisory fee and average net expense ratio paid by similar funds, but within the range of similar funds. The Board noted that the Adviser had implemented a unitary fee for the Fund. Based on these considerations and other factors, the Board concluded that the advisory fee charged by the Adviser was fair and reasonable for the services to be provided under the Investment Advisory Agreement.

Profitability. The Board considered the Adviser's estimated profitability for the years ending December 31, 2026, 2027, and 2028 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 had not earned a profit since the Fund had commenced operations in 2023, and the Adviser had not been profitable in 2025. The Board considered the Adviser's ability to meet its obligations under the unitary fee and its liquidity, capital resources, and proposed financings. The Board concluded that, based on the services provided and the projected asset growth of the Fund, the profits from the Adviser's relationship with the Fund were not expected to be excessive and not unreasonable to the Fund.

Economies of Scale. The Board considered that the Adviser has not realized economies of scale in managing the Fund and will not begin to realize economies of scale until the Fund achieves significant asset growth. The Board will continue to consider whether economies of scale exist in the future as Trust assets grow.

Fall-out Benefits. The Board noted that the Adviser has not received any material fallout benefits from its relationship with the Fund at this stage.

Conclusion. Based on their consideration of all materials and information presented to them, the Board, including 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 was 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 Investment Advisory Agreements was in the best interests of the Fund and its shareholders.

21<br>

&nbsp;&nbsp;&nbsp;&nbsp;&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>**

See Item 7(a).

**<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 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.](ch-efp24829_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.](ch-efp24829_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. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ch-efp24829_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) CYBER
 HORNET TRUST

---

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

---

Date <u>6/8/26</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 |

---

Date <u>6/8/26</u>

*\* Print the name and title of each signing officer under his or her signature*

## Ex-99.Code

**EX.99.CODE ETH**

Sarbanes-Oxley Code of Ethics for Chief Executive and Senior Financial Officers

The CYBER HORNET Trust (the "Trust") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate financial disclosure in compliance with applicable law. This Code of Ethics, applicable to the Trust's Principal Executive Officer, Principal Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers"), sets forth specific policies to guide such individuals in the performance of their duties.

Senior Officers must comply with applicable law and have a responsibility to conduct themselves in an honest and ethical manner. Senior Officers have leadership responsibilities that include creating a culture of high ethical standards and commitment to compliance, maintaining a work environment that encourages employees to raise concerns, and promptly addressing employee compliance concerns.

The Code of Ethics of the Trust pursuant to Rule 17j-1(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (the "1940 Act Code of Ethics"), which this Code of Ethics is intended to supplement, sets forth the fundamental principles and key policies and procedures that govern the conduct of in business as registered investment companies. All Senior Officers will be held accountable for adherence to this Code. Each Senior Officer must, upon the Trust's adoption of this Code (or thereafter as applicable, upon becoming a Senior Officer), affirm in writing to the Board that they have received, read, and understand this Code by signing the Acknowledgement Form attached hereto as Exhibit F. Thereafter, each Senior Officer must affirm to the Board on an annual basis that they have complied with the requirements of this Code.

Compliance with Laws, Rules and Regulations

Each Senior Officer is required to comply with the laws, rules and regulations that govern the conduct of the Trust and to report any suspected violations in accordance with the section below entitled "Violations".

Conflicts of Interest

Senior Officers are expected to dedicate their best efforts to advancing the Trust's interests and to use objective and unbiased standards when making decisions that affect the Trust, keeping in mind that certain officers are subject to inherent conflicts of interest because they are also officers of CYBER HORNET ETFS (the "Adviser") as well as the Trust. A Senior Officer's obligation to conduct the Trust's business in an honest and ethical manner includes the ethical handling of actual or apparent conflicts of interest between personal and business relationships.

A conflict of interest for the purpose of this Code of Ethics occurs when a Senior Officer's private interests interfere in any way, or even appear to interfere, with the interests of the Trust. The 1940 Act Code of Ethics, the Adviser's and the Trust's allocation procedures and the other policies of the Trust are designed to ensure the ethical handling of such conflicts. As a result, it is incumbent on each Senior Officer to be familiar with the 1940 Act Code of Ethics, the Adviser's and Trust's allocations procedures and other rules and regulations under the 1940 Act as well as the policies of the Trust.

When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest where a Senior Officer is receiving a personal benefit, the Senior Officer should act in accordance with the letter and the spirit of the 1940 Act Code of Ethics and/or the Trust's or the Adviser's other applicable policies and procedures.

A Senior Officer, if in doubt as to the application or interpretation of any of these, should make full disclosure of all facts and circumstances and obtain the prior written approval of the Secretary of the Trust.

Disclosures

It is the policy of the Trust to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in all other public communications made by the Trust. Senior Officers are required to promote compliance with this policy by all employees and to abide by the Trust's standards, policies and procedures designed to promote compliance with this Code of Ethics.

Violations

A Senior Officer must immediately report any known or suspected violation of applicable laws, regulations, policies, procedures or this Code of Ethics, to the Chairman of the Audit Committee of the Trust verbally, in writing or by other means necessary. No one will be subject to retaliation when making any such report in good faith report of an actual or suspected violation.

Violations of this Code of Ethics may result in disciplinary action, up to and including discharge. The Board of Trustees shall determine, or shall designate appropriate persons to determine, appropriate action in response to violations of this Code.

Waivers of Code of Ethics

Any waiver of this Code, including an implicit waiver, granted to a Senior Officer may be made only by the Board of Trustees or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Trust in the manner prescribed by law.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Trust's Senior Officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

**PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICER ANNUAL CERTIFICATE**

Pursuant to the requirements of the Code of Ethics for Principal Executive and Senior Financial Officers of CYBER HORNET Trust (the "Trust" or the "Funds"), the undersigned hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have read the Trust's Code of Ethics for Principal Executive and Senior Financial Officers.

• I understand the Code of Ethics for Principal Executive and Senior Financial Officers and acknowledge that I am subject to it.

• I affirm that I have complied with the requirements of this code.

---

| | |
|:---|:---|
| Date | Name |
| Signature |  |

---

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940<br> 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 CYBER HORNET 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: | 6/8/26 | /s/ Michael Willis |
|  |  | Michael Willis, President & Treasurer |
|  |  | (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 CYBER HORNET TRUST, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the CYBER HORNET TRUST for the period ended March 31, 2026 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 CYBER HORNET TRUST for the stated period.

---

| |
|:---|
| /s/ Michael Willis |
| Michael Willis, President & Treasurer <br> (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 CYBER HORNET TRUST for purposes of Section 18 of the Securities Exchange Act of 1934.