# EDGAR Filing Document

**Accession Number:** 0001345125
**File Stem:** 0001580642-26-003462
**Filing Date:** 2026-6
**Character Count:** 121018
**Document Hash:** 13b5355ab938c734fac26d56eab3e784
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003462.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001580642-26-003462

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**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:** 261057865

**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) (Series ID: S000046772)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000146106 | No Load Shares | INDEX           |

?xml version='1.0' encoding='ASCII'?

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>

**CYBER HORNET TRUST**

(Exact name of registrant as specified in charter)

200 2nd Ave. South #737

St. Petersburg, FL 33701

(Address of principal executive offices) (Zip code)

Michael G. Willis

200 2<sup>nd</sup> Ave. South #737

St. Petersburg, FL33701

(Name and address of agent for service)

With Copies To:

Bo J. Howell, Esq.

FinTech Law, LLC

6224 Turpin Hills Drive

Cincinnati, Ohio 45244

Registrant's telephone number, including area code: <u>1-727-502-0808</u>

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

Date of reporting period: <u>March 31, 2026</u>

**Item 1. Reports to Stockholders.**

(a) #### CYBER HORNET S&P 500<sup>®</sup>
(INDEX)

#### Annual Shareholder Report - March 31, 2026
![Image](i69d423499de80102a9773bab.jpg)

# Fund Overview
This annual shareholder report contains important information about CYBER HORNET S&P 500<sup><sup>®</sup></sup> (the "Fund")(formerly, ONEFUND S&P 500<sup><sup>®</sup></sup>) for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/onefund/. You can also request this information by contacting us at 1-844-464-6339. **This report describes changes to the Fund that occurred after the reporting period as described below in Material Fund Changes.**

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| No Load Shares | $27 | 0.25% |

---

# How did the Fund perform during the reporting period?
During the fiscal year ended March 31, 2026, the Fund ("INDEX") returned 17.64% while the S&P 500<sup>®</sup> Index returned 17.80%. The tracking error of approximately 16 basis points was primarily attributable to fund expenses, trading costs, and the Fund's cash management process.

Some of the factors influencing the S&P 500<sup>®</sup> Index's performance during the fiscal year ended March 31, 2026, are as follows. Early and mid-2025 saw significant volatility driven by tariff concerns and rate uncertainty, followed by a sharp rebound. Late 2025 delivered strong gains led by artificial intelligence adoption and mega-cap technology leadership. Early 2026 brought sector rotation and broadening market participation. Despite the challenging macroeconomic backdrop, the resilience of corporate earnings and the continued advancement of AI technologies provided a foundation for modest gains of 17% during the fiscal year.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib51e5674d321bc2396fb0821.jpg)

---

| | | |
|:---|:---|:---|
| | **CYBER HORNET S&P 500<sup>®</sup>** | **S&P 500<sup>®</sup> Index** |
| **Mar-2016** | $10000 | $10000 |
| **Mar-2017** | $11719 | $11717 |
| **Mar-2018** | $13066 | $13357 |
| **Mar-2019** | $13983 | $14625 |
| **Mar-2020** | $11541 | $13605 |
| **Mar-2021** | $19697 | $21271 |
| **Mar-2022** | $22225 | $24599 |
| **Mar-2023** | $20777 | $22698 |
| **Mar-2024** | $24618 | $29480 |
| **Mar-2025** | $26595 | $31913 |
| **Mar-2026** | $31287 | $37594 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 years** | **10 Years** |
| CYBER HORNET S&P 500<sup>®</sup> | 17.64% | 9.70% | 12.08% |
| S&P 500<sup>®</sup> Index | 17.80% | 12.06% | 14.16% |

---

***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. For updated performance call 1-844-464-6339.***

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $147863663 |
| Number of Portfolio Holdings | 505 |
| Total Advisory Fees Paid (net of waivers) | $0 |
| Portfolio Turnover | 30% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Nvidia Corp. | &nbsp;&nbsp;7.6% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2.6% |
| &nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;1.9% |
| &nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;1.6% |

---

# What did the Fund invest in?

# Composition of Net Assets (% of net assets)
![Group By Sector Chart](i09a820bf9f94cf12ac839281.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Real Estate | 1.9% |
| Materials | 2.1% |
| Utilities | 2.5% |
| Energy | 4.1% |
| Consumer Staples | 5.3% |
| Industrials | 8.9% |
| Health Care | 9.5% |
| Consumer Discretionary | 9.7% |
| Communications | 10.7% |
| Financials | 12.3% |
| Technology | 32.9% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since July 29, 2025. For more complete information you may review the sticker to the Fund's prospectus dated March 18, 2026, which is available upon request at 1-844-464-6339 or on the Fund's website at https://funddocs.filepoint.com/onefund/.

Effective April 1, 2026, Cyber Hornet ETFs LLC (the "Adviser") will replace the Fund's current fee and expense structure with a unitary fee. Under the unitary fee, the Adviser will take on a contractual obligation to pay all ordinary operating expenses of the Fund without any increase in the Adviser's advisory fee. The Fund is currently obligated to pay these expenses, although the Adviser has entered into a voluntary expense waiver and reimbursement agreement that caps the Fund's ordinary operating expenses at the same rate as the Adviser's advisory fee. Under the unitary fee, the Adviser shall pay all of the expenses of the Fund, except for the fee payment under the Advisory Agreement between the Adviser and the Trust, expenses incurred pursuant to any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, if any; taxes or governmental fees; acquired fund fees and expenses, if any; brokerage commissions and other expenses of executing portfolio transactions; interest expenses; and litigation and potential litigation, and other extraordinary expenses.

On May 19, 2026, the Trust delivered written notice to Ultimus Fund Distributors, LLC ("UFD") of its election to terminate the Distribution Agreement between the Trust and UFD, effective July 1, 2026. The Board has approved a new Distribution Agreement with Foreside Fund Services, LLC ("Foreside") to serve as the Fund's distributor, effective on or about July 1, 2026. The change in distributor is not expected to affect the Fund's investment objective, strategies, or operations. Under the Fund's unitary fee arrangement, distribution services fees are paid by the Adviser and not by the Fund or its shareholders.

# Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://funddocs.filepoint.com/onefund/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

#### CYBER HORNET S&P 500<sup>®</sup> - No Load Shares (INDEX)

#### Annual Shareholder Report - March 31, 2026
![Image](i69d423499de80102a9773bab.jpg)

TSR-AR 033126-INDEX

(b) Not
 Applicable

**Item 2. Code of Ethics.** 

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

**Item 3. Audit Committee Financial Expert.** 

(a) The Board of Trustees has evaluated the members of its Audit Committee, and has determined that Lance J. Baller,
 a trustee who is not an 'interested person' (as such term is defined in Section 2(a)(19) of the Investment Company Act of
 1940, as amended), qualifies as an audit committee financial expert.

**Item 4. Principal Accountant Fees and Services.** 

(a) Audit Fees billed to the registrant
 by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| CYBER HORNET S&P 500 Fund<sup>®</sup> | FY 2026 | $15500 |
|  | FY 2025 | $15500 |

---

(b) Audit-Related Fees billed to the
 registrant by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| CYBER HORNET S&P 500 Fund<sup>®</sup> | FY 2026 | $0 |
|  | FY 2025 | $0 |

---

(c) Tax Fees billed to the registrant
 by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| CYBER HORNET S&P 500 Fund<sup>®</sup> | FY 2026 | $3500 |
|  | FY 2025 | $3500 |

---

Nature of the fees: Preparation of the 1120 RIC and Excise review

(d) All other fees billed to the registrant
 by its principal accountants for the two most recent fiscal years:

---

| | | |
|:---|:---|:---|
| CYBER HORNET S&P 500 Fund<sup>®</sup> | FY 2026 | $0 |
|  | FY 2025 | $0 |

---

---

| | |
|:---|:---|
| (e)(1) | **<u>Audit Committee's Pre-Approval Policies</u>** |

---

The registrant's Audit Committee has not adopted pre-approval policies and procedures for specific services, although the Audit Committee chairman may pre-approve audit and non-audit services pursuant to delegated authority, subject to ratification by the Audit Committee at the next meeting. Instead, the Audit Committee approves on a case-by-case basis each audit or non-audit service before engaging the accountant to render such service.

(2) None of the services described in
 paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation
 S-X.

(f) During the audit of registrant's
 financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement
 were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed
 by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser
 (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

---

| | | |
|:---|:---|:---|
|  | **Registrant** | **Adviser** |
| FY 2026 | $3500 | $0 |
| FY 2025 | $3500 | $0 |

---

(h) Not applicable. The auditor performed
 no services for the registrant's investment adviser or any entity controlling, controlled by, or under common control with the investment
 adviser that provides ongoing services to the registrant.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Schedule of Investments | 1 |
| Statement of Assets and Liabilities | 7 |
| Statement of Operations | 8 |
| Statements of Changes in Net Assets | 9 |
| Financial Highlights | 10 |
| Notes to Financial Statements | 11 |
| Report of Independent Registered Public Accounting Firm | 16 |
| Additional Tax Information | 17 |
| Additional Information (Unaudited) | 18 |

---

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Schedule of Investments</u> <br> March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **COMMON STOCKS — 99.92%** |  |  |
| **Communications — 10.68%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 15353 | $4414910 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 12271 | 3520059 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A<sup>(a)</sup> | 714 | 284172 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 18708 | 542345 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 85 | 357877 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A<sup>(a)</sup> | 232 | 50084 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 9591 | 275358 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A<sup>(a)</sup> | 355 | 41560 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 592 | 120691 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 550 | 32120 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | 392 | 20815 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A<sup>(a)</sup> | 357 | 29513 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 5747 | 3288031 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 11182 | 1075149 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | 988 | 24631 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | 326 | 9294 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 842 | 63411 |
| &nbsp;&nbsp;&nbsp;Paramount Skydance Corp., Class B | 820 | 7396 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 458 | 90455 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1269 | 266528 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. (The), Class A<sup>(a)</sup> | 1162 | 26366 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 220 | 54639 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 11127 | 558575 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | 4711 | 454046 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.<sup>(a)</sup> | 6539 | 179561 |
|  |  | 15787586 |
| **Consumer Discretionary — 9.75%** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A<sup>(a)</sup> | 1122 | 141686 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 25672 | 5346707 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC<sup>(a)</sup> | 570 | 39581 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.<sup>(a)</sup> | 44 | 148622 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.<sup>(a)</sup> | 208 | 88336 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 516 | 33127 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)</sup> | 292 | 24040 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. | 2865 | 74146 |
| &nbsp;&nbsp;&nbsp;Carvana Co.<sup>(a)</sup> | 373 | 117264 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 3489 | 111683 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(a)</sup> | 2350 | 78020 |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 723 | 99209 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 307 | 60184 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.<sup>(a)</sup> | 385 | 38535 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 82 | 29421 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A<sup>(a)</sup> | 987 | 148198 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 1193 | 108587 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 309 | 71345 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 10328 | 119185 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 2462 | 183419 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 367 | 38810 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 352 | 32947 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **Consumer Discretionary (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 613 | $186401 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | 2627 | 863994 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 803 | 43266 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 569 | 49412 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(a)</sup> | 417 | 63597 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 1480 | 349694 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.<sup>(a)</sup> | 285 | 43634 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | 588 | 192317 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 548 | 33083 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 1879 | 583975 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International | 541 | 20022 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | 3138 | 165749 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Lines Holdings Ltd.<sup>(a)</sup> | 1201 | 22459 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.<sup>(a)</sup> | 8 | 52719 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 2228 | 205667 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 87 | 17603 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 514 | 60452 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 102 | 35087 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 858 | 185869 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Group | 669 | 184095 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 3000 | 268769 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 540 | 76199 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 7415 | 2756526 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | 2937 | 469039 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 175 | 35289 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 1394 | 63148 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 118 | 61680 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 321 | 58528 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 223 | 22646 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 733 | 113967 |
|  |  | 14417938 |
| **Consumer Staples — 5.25%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 4430 | 292336 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1268 | 92171 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | 465 | 12295 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | 357 | 45410 |
| &nbsp;&nbsp;&nbsp;Campbell's Co. (The) | 519 | 11558 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 634 | 59165 |
| &nbsp;&nbsp;&nbsp;Clorox Co. (The) | 322 | 33369 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. (The) | 10216 | 776926 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 2127 | 181284 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 1262 | 19839 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 372 | 55800 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1170 | 1165823 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 581 | 68982 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.<sup>(a)</sup> | 501 | 54865 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. (The), Class A | 649 | 46579 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 1408 | 52406 |
| &nbsp;&nbsp;&nbsp;Hershey Co. (The) | 391 | 81285 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 769 | 17418 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| March 31, 2026 1

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Schedule of Investments</u> <br> March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **Consumer Staples (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. (The) | 282 | $27196 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 5056 | 87165 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 3585 | 94393 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 876 | 84508 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | 2249 | 50580 |
| &nbsp;&nbsp;&nbsp;Kroger Co. (The) | 1609 | 116427 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc., Non-Voting Shares | 668 | 33694 |
| &nbsp;&nbsp;&nbsp;Molson Coors Brewing Co., Class B | 447 | 19248 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 3405 | 196264 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.<sup>(a)</sup> | 1882 | 136370 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 3608 | 560286 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 4108 | 679216 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | 6166 | 890617 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 1264 | 90161 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 1199 | 145319 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | 747 | 47860 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 11572 | 1438169 |
|  |  | 7764984 |
| **Energy — 4.06%** |  |  |
| &nbsp;&nbsp;&nbsp;APA Corp. | 936 | 39724 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co., Class A | 2604 | 158974 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 4995 | 1033466 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 3261 | 430452 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 2009 | 70596 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 1655 | 83280 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 491 | 97115 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 1432 | 207024 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 1647 | 104815 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 629 | 69052 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 11129 | 1888146 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(a)</sup> | 283 | 55825 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 2221 | 86597 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 5166 | 173216 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 793 | 193635 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 1898 | 123370 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 1660 | 150047 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 1063 | 193657 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 3942 | 202579 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 566 | 141913 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 153 | 72608 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 805 | 198899 |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. (The) | 3223 | 234570 |
|  |  | 6009560 |
| **Financials — 12.31%** |  |  |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 1245 | 136589 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. (The) | 691 | 143272 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1418 | 428916 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 1424 | 107156 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 245 | 108878 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | 567 | 183016 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **Financials (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Asset Management, Inc., Class A | 1225 | $136490 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd.<sup>(a)</sup> | 953 | 91478 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 544 | 59350 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 678 | 146841 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 132 | 28751 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 17729 | 864289 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. (The) | 1840 | 218279 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 4839 | 2318849 |
| &nbsp;&nbsp;&nbsp;BlackRock, Inc. | 381 | 366411 |
| &nbsp;&nbsp;&nbsp;Blackstone Group L.P. (The), Class A | 1949 | 224115 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 775 | 50538 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1678 | 306118 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 276 | 77575 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. (The) | 4408 | 414263 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 966 | 314848 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 412 | 64828 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 4722 | 535522 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 1133 | 67946 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 952 | 281173 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A<sup>(a)</sup> | 602 | 105115 |
| &nbsp;&nbsp;&nbsp;ERIE Indemnity Co., Class A | 67 | 16838 |
| &nbsp;&nbsp;&nbsp;Everest Re Group, Ltd. | 111 | 36280 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 2373 | 110250 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 811 | 19156 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 210 | 29226 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | 791 | 669179 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | 735 | 99394 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 5365 | 83962 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 1175 | 78807 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 1505 | 236706 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 1175 | 28541 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 7184 | 2113245 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 2452 | 49163 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 1811 | 167518 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 447 | 47713 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 406 | 83928 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 1293 | 224271 |
| &nbsp;&nbsp;&nbsp;MasterCard, Inc., Class A | 2164 | 1081265 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 1461 | 103322 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 405 | 176681 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3187 | 524485 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | 198 | 106724 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 1190 | 101019 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 499 | 69645 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | 1035 | 215373 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 528 | 47578 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 2 https://cyberhornet.io/

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Schedule of Investments</u> <br> March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **Financials (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Progressive Corp. (The) | 1547 | $306677 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 924 | 90266 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 465 | 67327 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 2314 | 60442 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A<sup>(a)</sup> | 2075 | 143798 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 818 | 347928 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 737 | 93275 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 950 | 64619 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 576 | 51921 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. (The) | 589 | 171800 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 3376 | 155195 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 4102 | 213345 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 4454 | 1346177 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 792 | 52494 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 8284 | 659489 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 253 | 73547 |
|  |  | 18199175 |
| **Health Care — 9.46%** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 4589 | 471153 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 4664 | 1014374 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 748 | 85257 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 176 | 30172 |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen Corp. | 512 | 160840 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1421 | 499979 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 1357 | 22798 |
| &nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | 756 | 118866 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(a)</sup> | 387 | 70949 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 411 | 21479 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(a)</sup> | 3912 | 245478 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 5372 | 325812 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 627 | 132491 |
| &nbsp;&nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | 1232 | 40336 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(a)</sup> | 130 | 22425 |
| &nbsp;&nbsp;&nbsp;Cigna Corp. | 705 | 188059 |
| &nbsp;&nbsp;&nbsp;Cooper Companies, Inc. (The)<sup>(a)</sup> | 525 | 37538 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3350 | 240597 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 1659 | 314546 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(a)</sup> | 93 | 14293 |
| &nbsp;&nbsp;&nbsp;DexCom, Inc.<sup>(a)</sup> | 1029 | 64621 |
| &nbsp;&nbsp;&nbsp;Edwards LifeSciences Corp.<sup>(a)</sup> | 1531 | 122602 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 586 | 171552 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2096 | 1927837 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 1202 | 85558 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3274 | 456297 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 422 | 199707 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(a)</sup> | 264 | 19457 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(a)</sup> | 587 | 44371 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 317 | 54965 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(a)</sup> | 211 | 118559 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(a)</sup> | 435 | 40942 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(a)</sup> | 186 | 39030 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **Health Care (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 935 | $431026 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 449 | 76572 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 6358 | 1554150 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 219 | 58431 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 326 | 282107 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 3385 | 293310 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 6550 | 787900 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.<sup>(a)</sup> | 54 | 68105 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.<sup>(a)</sup> | 918 | 46634 |
| &nbsp;&nbsp;&nbsp;PerkinElmer, Inc. | 299 | 26195 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 15004 | 421312 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 294 | 57618 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 266 | 205522 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 385 | 86425 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.<sup>(a)</sup> | 389 | 25402 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | 259 | 57273 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 908 | 298360 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 991 | 487105 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2390 | 646710 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | 146 | 26130 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 670 | 299182 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 3039 | 41057 |
| &nbsp;&nbsp;&nbsp;Waters Corp.<sup>(a)</sup> | 259 | 77130 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 190 | 47622 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 523 | 47290 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc., Class A | 1163 | 137478 |
|  |  | 13988986 |
| **Industrials — 8.91%** |  |  |
| &nbsp;&nbsp;&nbsp;3M Co. | 1402 | 203612 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 299 | 19716 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | 227 | 32981 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 607 | 130117 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 3230 | 408111 |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The)<sup>(a)</sup> | 2066 | 411196 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 2089 | 117632 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1235 | 874948 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 312 | 51814 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 901 | 152395 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 93 | 128246 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 4914 | 201720 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 364 | 195840 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 663 | 373468 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 1712 | 113814 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 362 | 75459 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 1025 | 366612 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 118 | 87121 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 1483 | 194303 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 354 | 50703 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 3030 | 140592 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 573 | 204091 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| March 31, 2026 3

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Schedule of Investments</u> <br> March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **Industrials (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 838 | $46325 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 716 | 624995 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.<sup>(a)</sup> | 155 | 30276 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 669 | 229614 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 2784 | 790016 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 1675 | 378600 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | 1061 | 244518 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 140 | 68704 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 104 | 39510 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 198 | 37531 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 697 | 181422 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 949 | 76034 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 315 | 40093 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 199 | 42168 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 1613 | 211222 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.<sup>(a)</sup> | 454 | 128196 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 494 | 170504 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 84 | 38987 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp., Class B | 537 | 324557 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 141 | 37514 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 592 | 169904 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 354 | 241513 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 486 | 94964 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1028 | 79238 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 1386 | 160083 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 333 | 298115 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | 432 | 37632 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 394 | 216314 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 531 | 116300 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 296 | 106228 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 775 | 41393 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 284 | 100496 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 3538 | 682481 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 137 | 49761 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 1365 | 51283 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 409 | 29064 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | 776 | 162200 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.<sup>(a)</sup> | 124 | 75021 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 465 | 40715 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | 585 | 243793 |
| &nbsp;&nbsp;&nbsp;Transdigm Group, Inc. | 149 | 172685 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.<sup>(a)</sup> | 628 | 40964 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 1565 | 379700 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.<sup>(a)</sup> | 854 | 78628 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 1950 | 191841 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 168 | 122398 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 655 | 57915 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 368 | 69828 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 1008 | 252585 |
| &nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 115 | 125443 |
| &nbsp;&nbsp;&nbsp;Wabtec Corp. | 451 | 112709 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 978 | 224734 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **Industrials (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 642 | $76719 |
|  |  | 13177924 |
| **Materials — 2.13%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | 587 | 170518 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 311 | 55834 |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 1218 | 48416 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 204 | 35227 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 707 | 41791 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 412 | 53494 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 1783 | 149255 |
| &nbsp;&nbsp;&nbsp;CRH PLC | 1769 | 185957 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 1876 | 78135 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 1106 | 50655 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 673 | 179031 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 3789 | 222717 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 676 | 49044 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 1393 | 49730 |
| &nbsp;&nbsp;&nbsp;Linde PLC | 1232 | 610777 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V., Class A | 680 | 54781 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 159 | 93600 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. (The) | 838 | 21369 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 2880 | 311760 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 604 | 102136 |
| &nbsp;&nbsp;&nbsp;Packaging Corporation of America | 236 | 50084 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 592 | 63273 |
| &nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | 553 | 63805 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. (The) | 608 | 194894 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 1378 | 54913 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 362 | 65160 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 349 | 95033 |
|  |  | 3151389 |
| **Real Estate — 1.91%** |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 410 | 19032 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | 1235 | 213137 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 373 | 60930 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | 389 | 20189 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 281 | 27442 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A<sup>(a)</sup> | 774 | 104846 |
| &nbsp;&nbsp;&nbsp;Crown Castle International Corp. | 1149 | 93425 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 852 | 153539 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 259 | 253882 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 914 | 54063 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 170 | 41140 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 560 | 73433 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 207 | 21985 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 1834 | 30133 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 1688 | 32342 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 1488 | 36977 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 780 | 79669 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 4 https://cyberhornet.io/

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Schedule of Investments</u> <br> March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **Real Estate (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 1787 | $40154 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 309 | 37735 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 2451 | 323973 |
| &nbsp;&nbsp;&nbsp;Public Storage | 417 | 112957 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 2428 | 148545 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 434 | 32836 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp., Class A | 281 | 48363 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 862 | 160789 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 794 | 26821 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 1240 | 101407 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 2821 | 77070 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 1811 | 358053 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 1902 | 46466 |
|  |  | 2831333 |
| **Technology — 32.93%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 1636 | 324402 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.<sup>(a)</sup> | 1105 | 268603 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 4296 | 873935 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 380 | 43643 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 1298 | 412946 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 38994 | 9896286 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 2102 | 718443 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 2725 | 334576 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | 562 | 134543 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1067 | 216793 |
| &nbsp;&nbsp;&nbsp;Block, Inc.<sup>(a)</sup> | 1445 | 86960 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 12462 | 3857113 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 308 | 50044 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(a)</sup> | 718 | 199511 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 344 | 41631 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.<sup>(a)</sup> | 372 | 144422 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 10399 | 806858 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 1274 | 78160 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.<sup>(a)</sup> | 485 | 115532 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 2059 | 279962 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.<sup>(a)</sup> | 185 | 53833 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.<sup>(a)</sup> | 1118 | 45100 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 662 | 258451 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A<sup>(a)</sup> | 859 | 101405 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 795 | 130483 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(a)</sup> | 146 | 19768 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 323 | 58163 |
| &nbsp;&nbsp;&nbsp;F5, Inc.<sup>(a)</sup> | 152 | 43978 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 99 | 21482 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.<sup>(a)</sup> | 63 | 67255 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 1367 | 64126 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 1419 | 79180 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(a)</sup> | 1668 | 136309 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **Technology (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 431 | $99996 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 190 | 30085 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 1481 | 27887 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 625 | 42063 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 3482 | 82906 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 2467 | 47391 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 11832 | 522146 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2467 | 597976 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 736 | 318232 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 282 | 74908 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 191 | 30186 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 347 | 510926 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 3315 | 708283 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 337 | 52410 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.<sup>(a)</sup> | 189 | 132822 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 1426 | 92134 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 2962 | 1000682 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 19613 | 7260145 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 126 | 137762 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 440 | 190947 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 527 | 53960 |
| &nbsp;&nbsp;&nbsp;Nvidia Corp. | 64126 | 11183573 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | 664 | 130715 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.<sup>(a)</sup> | 1062 | 65759 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 4439 | 653021 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A<sup>(a)</sup> | 6028 | 881776 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(a)</sup> | 2098 | 336351 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 855 | 78763 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 2469 | 111673 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)</sup> | 316 | 45027 |
| &nbsp;&nbsp;&nbsp;Qualcomm, Inc. | 2826 | 363932 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2512 | 468915 |
| &nbsp;&nbsp;&nbsp;SanDisk Corp.<sup>(a)</sup> | 390 | 247783 |
| &nbsp;&nbsp;&nbsp;Seagate Technology PLC | 575 | 225262 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(a)</sup> | 2738 | 286258 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 392 | 20992 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.<sup>(a)</sup> | 1323 | 30125 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(a)</sup> | 490 | 194275 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 413 | 122438 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2398 | 465548 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.<sup>(a)</sup> | 114 | 39031 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(a)</sup> | 5483 | 394392 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 902 | 243982 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A<sup>(a)</sup> | 573 | 74444 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A<sup>(a)</sup> | 134 | 28017 |
|  |  | 48669795 |
| **Utilities — 2.53%** |  |  |
| &nbsp;&nbsp;&nbsp;AES Corp. | 1879 | 26475 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 678 | 48653 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 714 | 78483 |

---

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| March 31, 2026 5

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Schedule of Investments</u> <br> March 31, 2026

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **Utilities (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 1413 | $185216 |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 515 | 70086 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 424 | 78322 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 1723 | 74365 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 803 | 62297 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 952 | 107747 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 824 | 230102 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 2253 | 139280 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 548 | 80129 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2052 | 268689 |
| &nbsp;&nbsp;&nbsp;Edison International | 1015 | 74278 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 1179 | 132472 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 608 | 49807 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 990 | 68587 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 2666 | 130687 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 1372 | 69506 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 5496 | 510469 |
| &nbsp;&nbsp;&nbsp;Nisource, Inc. | 1259 | 58745 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 560 | 81838 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 5800 | 101906 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 316 | 31837 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 1952 | 74566 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 1317 | 106611 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 1722 | 167327 |
| &nbsp;&nbsp;&nbsp;Southern Co. (The) | 2906 | 280487 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 840 | 126277 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 858 | 99331 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 1561 | 124006 |
|  |  | 3738581 |
| **Total Common Stocks<br> (Cost $85,324,011)** |  | 147737251 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair<br> Value** |
| **EXCHANGE-TRADED FUNDS — 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp;SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust | 8 | $5203 |
| **Total Exchange-Traded Funds<br> (Cost $4,104)** |  | 5203 |
| **RIGHTS — 0.00%<sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Sycamore Partners, LLC<sup>(c)</sup> | 1885 | 999 |
| **Total Rights<br> Cost ($–)** |  | 999 |
| **Total Investments — 99.92%<br> (Cost $85,328,115)** |  | 147743453 |
| **Other Assets in Excess of Liabilities — 0.08%** |  | 120210 |
| **NET ASSETS — 100.00%** |  | $**147863663** |

---

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

*<sup>(b)</sup>* *Percentage rounds to less than 0.01%.*

*<sup>(c)</sup>* *Security is currently being valued according to fair value procedures approved by the Board of Trustees.*

*ETF - Exchange-Traded Fund*

*SPDR - Standard & Poor's Depositary Receipt*

<u>*See Notes to Financial Statements.*</u>   <br> 6 https://cyberhornet.io/

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Statement of Assets and Liabilities</u> <br> March 31, 2026

---

| | |
|:---|:---|
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments in securities at fair value (cost $85,328,115) | $147743453 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 113760 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 78711 |
| &nbsp;&nbsp;&nbsp;Receivable from Investment Adviser | 18321 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 46373 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 148000618 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 14362 |
| &nbsp;&nbsp;&nbsp;Cash due to Custodian | 30362 |
| &nbsp;&nbsp;&nbsp;Payable to Administrator | 25098 |
| &nbsp;&nbsp;&nbsp;Payable to trustees | 2054 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses | 65079 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 136955 |
| **NET ASSETS** | $147863663 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $86253834 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | 61609829 |
| **NET ASSETS<sup>(a)</sup>** | $147863663 |
| &nbsp;&nbsp;&nbsp;**Shares of beneficial interest outstanding, without par value** | 2403653 |
| &nbsp;&nbsp;&nbsp;**Net asset value, offering and redemption price per share** | $61.52 |

---

*<sup>(a)</sup>* *The Fund charges a 0.25% redemption fee on shares redeemed within 30 calendar days of purchase.*

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| March 31, 2026 7

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Statement of Operations</u> <br> For the year ended March 31, 2026

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Dividend income (net of foreign taxes withheld of $742) | $1813361 |
| &nbsp;&nbsp;&nbsp;**Total investment income** | 1813361 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment Adviser fees (Note 4) | 364843 |
| &nbsp;&nbsp;&nbsp;Fund accounting and administration fees | 113950 |
| &nbsp;&nbsp;&nbsp;Chief compliance officer fees | 52280 |
| &nbsp;&nbsp;&nbsp;Registration expenses | 36588 |
| &nbsp;&nbsp;&nbsp;Legal fees | 36212 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 34378 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 33417 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 27090 |
| &nbsp;&nbsp;&nbsp;Insurance expenses | 26656 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation fees | 19381 |
| &nbsp;&nbsp;&nbsp;Pricing | 12397 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses | 1460 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses | 34750 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 793402 |
| &nbsp;&nbsp;&nbsp;Fees waived/reimbursed by Investment Adviser (Note 4) | (428446) |
| &nbsp;&nbsp;&nbsp;**Net operating expenses** | 364956 |
| **NET INVESTMENT INCOME:** | 1448405 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on Investments | 297273 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized gain on investments | 20038446 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN ON INVESTMENTS** | 20335719 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $21784124 |

---

<u>*See Notes to Financial Statements.*</u>   <br> 8 https://cyberhornet.io/

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Statements of Changes in Net Assets</u>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> March 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS DUE TO:** |  |  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1448405 | $1349639 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 297273 | 199414 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 20038446 | 7598300 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 21784124 | 9147353 |
| **Distributions to shareholders from earnings** | (1669383) | (2531583) |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 38404279 | 27812757 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 1650095 | 2501429 |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (34728940) | (28334754) |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees<sup>(a)</sup> | 12514 | 6073 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from capital transactions** | 5337948 | 1985505 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 25452689 | 8601275 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 122410974 | 113809699 |
| &nbsp;&nbsp;&nbsp;End of year | $147863663 | $122410974 |
| **SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 635144 | 515098 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 25718 | 44055 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (574044) | (525575) |
| &nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | 86818 | 33578 |

---

*<sup>(a)</sup>* *The Fund charges a 0.25% redemption fee on shares redeemed within 30 calendar days of purchase. Shares are redeemed at the Net Asset Value if held longer than 30 calendar days.*

<u>*See Notes to Financial Statements.*</u>   <br> Financial Statements \| March 31, 2026 9

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Financial Highlights</u> <br> *(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> March 31,<br> 2026** | **For the<br> Year Ended<br> March 31,<br> 2025** | **For the<br> Year Ended<br> March 31,<br> 2024** | **For the<br> Year Ended<br> March 31,<br> 2023** | **For the<br> Year Ended<br> March 31,<br> 2022** |
| **SELECTED PER SHARE DATA** |  |  |  |  |  |
| **Net asset value, beginning of year** | $52.84 | $49.85 | $42.74 | $47.16 | $42.58 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.60 | 0.58 | 0.66 | 0.71 | 0.63 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 8.74 | 3.50 | 7.16 | (3.78) | 4.83 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 9.34 | 4.08 | 7.82 | (3.07) | 5.46 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.53) | (0.74) | (0.71) | (0.50) | (0.53) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.14) | (0.35) |  | (0.85) | (0.35) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.67) | (1.09) | (0.71) | (1.35) | (0.88) |
| Paid in capital from redemption fees | 0.01 | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;**Net asset value, end of year** | $61.52 | $52.84 | $49.85 | $42.74 | $47.16 |
| **Total Return<sup>(c)</sup>** | 17.64% | 8.03% | 18.48% | (6.52)% | 12.83% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $147864 | $122411 | $113810 | $101449 | $102267 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets after expense waiver<sup>(d)</sup> | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before expense waiver<sup>(d)</sup> | 0.54% | 0.63% | 0.71% | 0.65% | 0.66% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets after expense waiver<sup>(d)</sup> | 0.99% | 1.09% | 1.50% | 1.66% | 1.37% |
| **Portfolio turnover rate** | 30% | 18% | 81% | 42% | 60% |

---

*<sup>(a)</sup>* *Calculated using the average shares method.*

*<sup>(b)</sup>* *Rounds to less than $0.005 per share.*

*<sup>(c)</sup>* *Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. Had the Adviser not waived its fees and/or reimbursed expenses, total return would have been lower.*

*<sup>(d)</sup>* *Ratios do not include the income and expenses of the underlying funds in which the Fund invests.*

<u>*See Notes to Financial Statements.*</u>   <br> 10 https://cyberhornet.io/

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> March 31, 2026

**1.** **ORGANIZATION** 

The CYBER HORNET S&P 500<sup>®</sup> (the "Fund") (formerly known as the ONEFUND S&P 500<sup>®</sup>) is a separate series of CYBER HORNET TRUST (formerly known as ONEFUND TRUST), an open-end management investment company that was organized as a statutory 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 currently offers one class of shares: No Load Shares. The Fund is diversified, as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund may become non-diversified solely as a result of a change in relative market capitalization or index weightings of one or more constituents of the S&P 500<sup>®</sup> Index (the "Index"). Shareholder approval will not be sought if the Fund transitions from a diversified to a non-diversified status in order to approximate the composition of the Index.

The Fund seeks to achieve its investment objective, to replicate, before fees and expenses, the total return of the Index, by investing in a portfolio of assets whose performance, before fees and expenses, is expected to match approximately the performance of the Index. The Fund expects that its portfolio will consist primarily of securities of issuers included in the Index. The Index is designed to measure the performance of approximately 500 U.S. issuers chosen for market size, liquidity and industry grouping, among other factors.

**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."

**Segment Reporting** — The Fund has adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the Adviser of the Fund. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**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.

**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 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.

**Expenses** — The Fund bears expenses incurred specifically for the Fund and general Trust expenses. Expenses of the Trust which are not attributable to a specific series are allocated among all of their series in a manner deemed by the Trustees to be fair and equitable.

**Fees on Redemptions** — The Fund charges a redemption fee of 0.25% on redemptions of Fund's shares occurring within 30 days of purchase. The redemption fee is not a fee to finance sales or sales promotion expenses but is paid to the Fund to defray the costs of liquidating an investor and discourage short-term trading of the Fund's shares. No redemption fee will be imposed on the redemption of shares representing dividends or capital gains distributions, or on amounts representing capital appreciation of shares. The Fund's redemption fees allocated fees for the fiscal years ended March 31, 2026 and March 31, 2025, are reported on the Statements of Changes in Net Assets.

**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 Statement of Operations when incurred.

**Investment Transactions** — Investment security transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis.

    <br> Financial Statements \| March 31, 2026 11

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> March 31, 2026

**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.

**Dividends and Distributions —** The Fund intends to distribute its net investment income and net realized long-term and short-term capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the period from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified among the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset Value ("NAV") per share of the Funds.

**3.** **SECURITIES VALUATION AND FAIR VALUE MEASUREMENT** 

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. Money market funds, representing short-term investments, are valued at their daily net asset value. Securities that are traded on the Nasdaq Stock Market, Inc. are valued at the Nasdaq Official Closing Price or if no sale is reported, the mean between the bid and the ask. Securities which are traded over-the-counter are valued at the last sale price or, if no sale, at the mean between the bid and the ask. Securities for which quotations are not readily available are valued at fair value as determined by the Fund's investment adviser, as the Valuation Designee appointed by the Board of Trustees (the "Board"), in accordance with procedures approved by the Board. The fair value of a security is the amount which the Fund might reasonably expect to receive upon a current sale. The fair value of a security may differ from the last quoted price and the Fund may not be able to sell a security at the fair value. Market quotations may not be available, for example, if trading in particular securities was halted during the day and not resumed prior to the close of trading on the NYSE.

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.

    <br> 12 https://cyberhornet.io/

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> March 31, 2026

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $147737251 | $— | $— | $147737251 |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | 5203 |  |  | 5203 |
| &nbsp;&nbsp;&nbsp;Rights |  |  | 999 | 999 |
| &nbsp;&nbsp;&nbsp;TOTAL | $147742454 | $— | $999 | $147743453 |

---

*\** *See Schedule of Investments for sector classifications.*

The following table shows the aggregate changes in fair value of the Fund's Level 3 investments during the period ended March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance<br> as of**<br> **March 31,<br> 2025** | **Realized gain<br> (loss)** | **Amortization/<br> Accretion** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Purchases** | **Sales/<br> (Paydown)** | **Acquisitions** | **Balance<br> as of**<br> **March 31,**<br> **2026** |
| Rights | $— | $— | $— | $— | $— | $— | $999 | $999 |
| &nbsp;&nbsp;&nbsp;Total | $— | $— | $— | $— | $— | $— | $999 | $999 |

---

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** | **Quantitative Information about Significant Level 3 Fair Value Measurements** |
| **Asset Category** | **Fair Value<br> At March 31,<br> 2026** | **Valuation<br> Methodology** | **Significant<br> Unobservable<br> Inputs** | **Range** |
| Rights | $999 | Recent transaction price | Recent transaction price | $0.53 |

---

**4.** **ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS** 

**Investment Advisory Agreement** — CYBER HORNET ETFS, LLC (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 0.25% of the average daily net assets of the Fund. An officer and trustee of the Trust is also an officer of the Adviser.

The Adviser has agreed to waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses after fee waiver/expense reimbursement (excluding acquired fund fees and expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to 0.25% of the Fund's average daily net assets for No Load Shares. The Adviser intends to reimburse fund expenses no less frequently than on a quarterly basis, but there have been and there may continue to be instances where the Adviser reimburses fund expenses on a less frequent basis. This agreement is in effect through July 31, 2026, and may not be terminated or modified by the Adviser prior to this date except with the approval of the Fund's Board. Amounts previously waived or reimbursed by the Adviser under this agreement are not subject to subsequent recapture by the Adviser.

**Fund Accounting and Administration Fees and Expenses** — Ultimus Fund Solutions, LLC ("Ultimus" or the "Administrator") provides administrative, fund accounting and other services to the Fund under a Master Services Agreement with the Trust (the "Master Services Agreement"). Under the Master Services Agreement, Ultimus is paid fees for its services and is reimbursed for certain out-of-pocket expenses. Administrator fees paid by the Fund for the fiscal year ended March 31, 2026 are disclosed in the Statement of Operations.

Certain officers and trustees of the Trust are also officers of the Adviser and/or the Administrator. Such officers are paid no fees by the Trust for serving as officers or trustees to the Trust.

**Transfer Agent and Shareholder Services Agreement** — Ultimus serves as transfer, dividend paying and shareholder servicing agent for the Fund (the "Transfer Agent") under the Master Services Agreement. Transfer Agent fees paid by the Fund for the fiscal year ended March 31, 2026 are disclosed in the Statement of Operations.

    <br> Financial Statements \| March 31, 2026 13

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> March 31, 2026

**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 Fund.

**Distributor** — The Fund has entered into a Distribution Agreement with Ultimus Fund Distributors, 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. See Note 10 — Subsequent Events for information regarding the termination of the Distribution Agreement with the Distributor and the appointment of a new distributor, effective July 1, 2026.

**5.** **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> | $48184207 | $43119281 |

---

**6.** **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.

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

---

| | | |
|:---|:---|:---|
|  | **2026** | **2025** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary Income | $1441581 | $1866270 |
| &nbsp;&nbsp;&nbsp;Long-Term Capital Gains | 227802 | 665313 |
| Total distributions paid | $1669383 | $2531583 |

---

As of March 31, 2026, net unrealized appreciation/(depreciation) of investments based on the federal tax cost were as follows:

---

| | |
|:---|:---|
|  | **CYBER HORNET<br> S&P 500<sup>®</sup>** |
| Gross Appreciation (excess of value over tax cost) | $63574475 |
| Gross Depreciation (excess of tax cost over value) | (2548637) |
| Net Unrealized Appreciation | 61025838 |
| Cost of Investments for Income Tax Purposes | $86717615 |

---

The difference between book basis and tax basis cost is primarily attributable to wash sales.

At March 31, 2026, components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  | **CYBER HORNET<br> S&P 500<sup>®</sup>** |
| Accumulated ordinary income | $489246 |
| Accumulated long term capital gains | 94745 |
| Net unrealized appreciation on investments | 61025838 |
| &nbsp;&nbsp;&nbsp;Total | $61609829 |

---

**Capital Losses —** As of March 31, 2026, the Fund did not have any short-term and long-term capital loss carryforwards. During the fiscal year ended March 31, 2026, the Fund did not utilize short-term and long-term capital loss carryforwards.

    <br> 14 https://cyberhornet.io/

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Notes to Financial Statements</u> <br> March 31, 2026

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to enhance transparency and decision usefulness of income tax disclosures including additional detail related to rate reconciliation and income taxes paid during the reporting period. For the period ended March 31, 2026, federal, state or local income taxes or any income taxes in foreign jurisdictions paid by the Fund was immaterial.

**7.** **BENEFICIAL OWNERSHIP** 

As of March 31, 2026, the following entities owned beneficially 25% or greater of the Fund's outstanding shares. The shares are held under omnibus accounts (whereby the transactions of two or more shareholders are combined and carried in the name of the origination broker rather than designated separately).

---

| | |
|:---|:---|
| **CYBER HORNET S&P 500<sup>®</sup>** | **Percentage** |
| Charles Schwab & Co. | 69% |

---

**8.** **SECTOR RISK** 

If a Fund has significant investments in the securities of issuers within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. For instance, economic or market factors, regulatory changes or other developments may negatively impact all companies in a particular sector, and therefore the value of the Fund's portfolio will be adversely affected. As of March 31, 2026, the Fund had 32.93% of the value of its net assets invested in stocks within the Technology sector.

**9.** **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.

**10.** **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 except as noted below.

(a) At a meeting held on March 11, 2026, the Board approved an Amended and Restated Investment Advisory Agreement (the "Advisory Agreement") between the Trust, on behalf of the Fund, and Cyber Hornet ETFs LLC (the "Adviser"), the Fund's investment adviser.

Effective April 1, 2026, the Adviser will replace the Fund's current fee and expense structure with a unitary fee. Under the unitary fee, the Adviser will take on a contractual obligation to pay all ordinary operating expenses of the Fund without any increase in the Adviser's advisory fee. The Fund is currently obligated to pay these expenses, although the Adviser has entered into a voluntary expense waiver and reimbursement agreement that caps the Fund's ordinary operating expenses at the same rate as the Adviser's advisory fee. Under the unitary fee, the Adviser shall pay all of the expenses of the Fund, except for the fee payment under the Advisory Agreement between the Adviser and the Trust, expenses incurred pursuant to any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, if any; taxes or governmental fees; acquired fund fees and expenses, if any; brokerage commissions and other expenses of executing portfolio transactions; interest expenses; and litigation and potential litigation, and other extraordinary expenses.

(b) On May 19, 2026, the Trust delivered written notice to Ultimus Fund Distributors, LLC ("UFD") of its election to terminate the Distribution Agreement between the Trust and UFD, effective July 1, 2026. The Board has approved a new Distribution Agreement with Foreside Fund Services, LLC ("Foreside") to serve as the Fund's distributor, effective on or about July 1, 2026. The change in distributor is not expected to affect the Fund's investment objective, strategies, or operations. Under the Fund's unitary fee arrangement, distribution services fees are paid by the Adviser and not by the Fund or its shareholders.

    <br> Financial Statements \| March 31, 2026 15

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Report of Independent Registered Public Accounting Firm</u>

To the Shareholders of CYBER HORNET S&P 500<sup>®</sup> and

Board of Trustees of CYBER HORNET TRUST

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CYBER HORNET S&P 500<sup>®</sup> (the "Fund") (formerly ONEFUND S&P 500<sup>®</sup>), a series of CYBER HORNET TRUST (formerly ONEFUND TRUST), as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, 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 five years in the period then ended, 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 audits 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 custodian. 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.

![](image_002.gif)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 29, 2026

    <br> 16 https://cyberhornet.io/

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Additional Tax Information</u> <br> March 31, 2026 (Unaudited)

The Form 1099-DIV you received in January 2026 showed the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income.** The Fund designates approximately 100% or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

**Qualified Business Income.** The Fund designates approximately 0% of its ordinary income dividends, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

**Dividends Received Deduction.** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's calendar year 2026 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

For the fiscal year ended March 31, 2026, the Fund designated $227,802 as long-term capital gain distributions.

    <br> Financial Statements \| March 31, 2026 17

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Additional Information</u> <br> March 31, 2026 (Unaudited)

**Changes in and Disagreements with Accountants**

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

**Proxy Disclosures**

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

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**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<sup>®</sup> (formerly, ONEFUND S&P 500<sup>®</sup>) (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.

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 outperformed its benchmark index for the three-month period ended December 31, 2025, but had underperformed its benchmark index for all other 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 below the average advisory fee and average net expense ratio paid by similar funds. The Board noted that the Adviser intends to implement a unitary fee for the Fund effective April 1, 2026. 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 2015, and the Adviser had not been profitable

    <br> 18 https://cyberhornet.io/

<u>CYBER HORNET S&P 500<sup>®</sup></u> <u>Additional Information</u> <br> March 31, 2026 (Unaudited)

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 was 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 Agreement was in the best interests of the Fund and its shareholders.

    <br> Financial Statements \| March 31, 2026 19

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

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

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

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

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures**

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the
 registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation
 and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these
 disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) 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.

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

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics attached hereto.](cyberhornet_ex99codeeth.htm) |
| (a)(2) | Not applicable |
| (a)(3) | [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.](cyberhornet_ex99cert.htm) |
| (a)(4) | Not applicable |
| (b) | [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](cyberhornet_ex99-906cert.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 G. Willis |
|  | Michael G. Willis, President and Principal Executive Officer |
| Date | 6/2/2026 |
| 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. | 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 G. Willis |
|  | Michael G. Willis, President and Principal Executive Officer |
| Date | 6/2/2026 |
| By (Signature and Title) | /s/ Michael G. Willis |
|  | Michael G. Willis, President and Principal Executive Officer |
| Date | 6/2/2026 |

---

## Ex-99.Cert

**EX-99.CERT**

**<u>CERTIFICATIONS</u>**

I, Michael G. Willis, certify that:

1. I have reviewed this report on Form N-CSR of CYBER HORNET TRUST (the "registrant");

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;

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;

4. The registrant's other certifying officer 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;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;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;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;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

5. The registrant's other certifying officer 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;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;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.

---

| | |
|:---|:---|
| 6/2/2026 | /s/ Michael G. Willis |
| Date | Michael G. Willis |
|  | Principal Executive Officer and Principal Financial Officer<br> CYBER HORNET TRUST |

---

## Exhibit 99.906

**EX-99.906CERT**

**section 906 CERTIFICATION**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2026 of CYBER HORNET TRUST (the "Registrant").

I, Michael G. Willis, the Principal Executive Officer and Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| /s/ Michael G. Willis |
| Michael G. Willis |
| Principal Executive Officer and Principal Financial Officer<br> CYBER HORNET TRUST |

---

<u>6/2/2026</u> <br> Date

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

## Ex-99.Code

**EX-99.CODE ETH**

**11. C Code of Ethics for Principal Executive and Principal Financial Officers**

**I.** **Purpose of the Code** 

The Index Funds ("Trust") code of ethics (this "Code") is intended to serve as the code of ethics described in Section 406 of The Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR. This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's Adviser, principal underwriter, or other Service Providers govern or purport to govern the behavior or activities of the Covered Officers, as defined herein, who are subject to this Code, such policies and procedures are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its Adviser and principal underwriter's codes of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") are separate requirements applying to the Covered Officers and others, and are not part of this Code.

All Covered Officers must become familiar and fully comply with this Code. Because this Code cannot and does not cover every applicable law or provide answers to all questions that might arise, all Covered Officers are expected to use common sense about what is right and wrong, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct.

The purpose of this Code is to set standards for the Covered Officers that are reasonably designed to deter wrongdoing and to promote:

● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● Full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission (the "SEC") and in any other public communications by the Trust;

● Compliance with applicable governmental laws, rules and regulations;

● The prompt internal reporting of violations of this Code to the appropriate persons as set forth in this Code; and

● Accountability for adherence to this Code.

**II.** **Covered Persons** 

This Code applies to the Trust's principal executive officer and principal financial officer, principal accounting officer or controller or any persons performing similar functions on behalf of the Trust (the "Covered Officers"). Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

Covered Officers are expected to act in accordance with the standards set forth in this Code.

**III.** **HONEST AND ETHICAL CONDUCT** 

**A.** **Honesty, Diligence and Professional Responsibility** 

Covered Officers are expected to observe both the letter and the spirit of the ethical principles contained in this Code. Covered Officers must perform their duties and responsibilities for the Trust:

● With honesty, diligence, and a commitment to professional and ethical responsibility;

● Carefully, thoroughly and in a timely manner; and

● In conformity with applicable professional and technical standards.

Covered Officers who are certified public accountants are expected to carry out their duties and responsibilities in a manner consistent with the principles governing the accounting profession, including any guidelines or principles issued by the Public Company Accounting Oversight Board or the American Institute of Certified Public Accountants from time to time.

**B.** **Objectivity/Avoidance of Undisclosed Conflicts of Interest** 

Covered Officers are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties and responsibilities for the Trust, Covered Officers must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their own interests or by the interests of others. Covered Officers must avoid participation in any activity or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties and waived by the Trustees on behalf of the Trust. Further, Covered Officers should avoid participation in any activity or relationship that could create the appearance of an undisclosed conflict of interest.

A conflict of interest would generally arise if, for instance, a Covered Officer directly or indirectly participates in any investment, interest, association, activity or relationship that may impair or appear to impair the Covered Officer's objectivity or interfere with the interests of, or the Covered Officer's service to, the Trust.

Any Covered Officer who may be involved in a situation or activity that might be a conflict of interest or give the appearance of a conflict of interest must report such situation or activity using the reporting procedures set forth in Section VI (Reporting and Accountability).

Each Covered Officer must not:

● Use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

● Cause the Trust to take action, or fail to take actions, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust; or

● Use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer is responsible for his or her compliance with this conflict of interest policy.

**C.** **Preparation of Financial Statements** 

Covered Officers must not knowingly make any misrepresentations regarding the Trust's financial statements or any facts in the preparation of the Trust's financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and regulations in the preparation of the Trust's financial statements. This section is intended to prohibit:

● Making, or permitting or directing another to make, materially false or misleading entries in the Trust's financial statements or records;

● Failing to correct the Trust's financial statements or records that are materially false or misleading when he or she has the authority to record an entry; and

● Signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

Covered Officers must be scrupulous in their application of generally accepted accounting principles. No Covered Officer may express an opinion or state affirmatively that the financial statements or other financial data of the Trust are presented in conformity with generally accepted accounting principles, or state that he or she is not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with generally accepted accounting principles, if in either case such Covered Officer knows or should know that such statements or data contain any departure from generally accepted accounting principles then in effect in the United States.

Covered Officers must follow the laws, standards, principles, guidelines, rules and regulations established by all applicable governmental bodies, commissions or other regulatory agencies in the preparation of financial statements, records and related information. If a Covered Officer prepares financial statements, records or related information for purposes of reporting to such bodies, commissions or regulatory agencies, the Covered Officer must follow the requirements of such organizations in addition to generally accepted accounting principles.

If a Covered Officer and his or her supervisor have a disagreement or dispute relating to the preparation of financial statements or the recording of transactions, the Covered Officer should take the following steps to ensure that the situation does not constitute an impermissible subordination of judgment:

● The Covered Officer should consider whether the entry or the failure to record a transaction in the records, or the financial statement presentation or the nature or omission of disclosure in the financial statements, as proposed by the supervisor, represents the use of an acceptable alternative and does not materially misrepresent the facts or result in an omission of a material fact. If, after appropriate research or consultation, the Covered Officer concludes that the matter has authoritative support and/or does not result in a material misrepresentation, the Covered Officer need do nothing further.

● If the Covered Officer concludes that the financial statements or records could be materially misstated as a result of the supervisor's determination, the Covered Officer should follow the reporting procedures set forth in Section VI (Reporting and Accountability).

**D.** **Obligations in Dealing with the Independent Auditor of the Trust** 

In dealing with the Trust's independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Trust's independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Trust's independent auditor in the performance of an audit of the Trust's financial statements for the purpose of rendering such financial statements materially misleading.

**IV.** **FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE** 

The Trust's policy is to provide full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in any other public communications by the Trust. The Trust has designed and implemented Disclosure Controls and Procedures ("DCP") to carry out this policy.

Covered Officers are expected to familiarize themselves with the disclosure requirements generally applicable to the Trust, and to use their best efforts to promote, facilitate, and prepare full, fair, accurate, timely, and understandable disclosure in all reports and documents that the Trust files with, or submits to, the SEC and in any other public communications by the Trust.

Covered Officers must review the Trust's DCP to ensure they are aware of and carry out their duties and responsibilities in accordance with the DCP and the disclosure obligations of the Trust. Covered Officers are responsible for monitoring the integrity and effectiveness of the Trust's DCP.

**V.** **COMPLIANCE WITH APPLICABLE LAWS, RULES AND REGULATIONS** 

Covered Officers are expected to know, respect and comply with all laws, rules and regulations applicable to the conduct of the Trust's business. If a Covered Officer is in doubt about the legality or propriety of an action, business practice or policy, the Covered Officer should seek advice from the Covered Officer's supervisor or the Trust's legal counsel.

In the performance of their work, Covered Officers must not knowingly be a party to any illegal activity or engage in acts that are discreditable to the Trust.

Covered Officers are expected to promote the Trust's compliance with applicable laws, rules and regulations. To promote such compliance, Covered Officers may establish and maintain mechanisms to educate employees carrying out the finance and compliance functions of the Trust about any applicable laws, rules or regulations that affect the operation of the finance and compliance functions and the Trust generally.

**VI.** **REPORTING AND ACCOUNTABILITY** 

All Covered Officers will be held accountable for adherence to this Code. Each Covered Officer must, upon the Trust's adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer or upon the effectiveness of an amendment to the Code as set forth in Section IX (Amendment)), affirm in writing to the Board that he/she has received, read, and understands this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

Covered Officers may not retaliate against any other Covered Officer of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Any Covered Officer who knows of any violation of this Code or who questions whether a situation, activity or practice is acceptable must immediately report such practice to the CCO. The CCO shall take appropriate action to investigate any reported potential violations. If, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action. Any matter that the CCO believes is a violation will be reported to the Chairman of the Boards. The CCO shall respond to the Covered Officer within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** If the Covered Officer is not satisfied with the response of the CCO, the Covered Officer shall report the matter to the Chairman of the Board. If the Chairman is unavailable, the Covered Officer may report the matter to any other member of the Board. The person receiving the report shall consider the matter, refer it to the full Board if he or she deems appropriate, and respond to the Covered Officer within a reasonable amount of time. If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of and appropriate modifications to applicable policies and procedures or notification to appropriate personnel of the Adviser or the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** If the Board determines that a Covered Officer violated this Code, failed to report a known or suspected violation of this Code, or provided intentionally false or malicious information in connection with an alleged violation of this Code, the Board may take disciplinary action against any such Covered Officer to the extent the Board deems appropriate. No Covered Officer will be disciplined for reporting a concern in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** To the extent possible and as allowed by law, reports will be treated as confidential. The Trust may report violations of the law to the appropriate authorities.

**VII.** **DISCLOSURE OF THIS CODE** 

This Code, and any applicable waivers under Section VIII (Waivers) or amendments under Section IX (Amendments), shall be disclosed to the public by at least one of the following methods in the manner prescribed by the SEC, and as otherwise required by law:

● Filing a copy of this Code as an exhibit to the Trust's annual report on Form N-CSR;

● Providing an undertaking in the Trust's most recent report on Form N-CSR to provide a copy of this Code to any person without charge upon request, and explaining the manner in which such a request may be made.

**VIII.** **WAIVERS** 

Any waiver of this Code, including an implicit waiver, granted to a Covered Officer may be made only by the Board 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 and as set forth above in Section VII (Disclosure of this Code).

**IX.** **AMENDMENTS** 

This Code may be amended by the affirmative vote of a majority of the Board, including a majority of the independent Trustees. Any amendment of this Code must be disclosed by the Trust in the manner prescribed by law and as set forth above in Section VII (Disclosure of this Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any amendments to this Code will be provided to the Covered Officers promptly upon adoption, as well as a new Acknowledgment Form.

**X.** **CONFIDENTIALITY** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, the CCO of the Trust, the legal counsel to the Trust, legal counsel to the independent trustees and such other persons as a majority of the Board, including a majority of the independent Trustees, shall determine to be appropriate.

**Responsible Party**: CCO

*Adopted by the Board: April 9, 2015, as revised June 24, 2022*

**Appendix A**

**INDEX FUNDS**

Certification and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers

I acknowledge and certify that I have received a copy of Index Fund's Code of Ethics for Principal Executive Officers and Principal Financial Officers (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge and certify that I have read and understand the Code.

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