06/09/2025 | Press release | Distributed by Public on 06/09/2025 13:41
As filed with the U.S. Securities and Exchange Commission on [6/6/2025]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number (811-21836)
ONEFUND 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 2nd Ave. South # 737, St. Petersburg, FL 33701
(Name and address of agent for service)
1-844-282-3837
Registrant's telephone number, including area code
Date of fiscal year end: March 31
Date of reporting period: March 31, 2025
Item 1. Reports to Stockholders.
(a) |
CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF
|
||
ZZZ(Principal U.S. Listing Exchange: NASDAQ)
|
||
Annual Shareholder Report | March 31, 2025
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF
|
$102
|
0.98%
|
* | 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. |
CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF | PAGE 1 | TSR-AR-45407J409 |
1 Year
|
Since Inception
(12/28/2023) |
|
CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF NAV
|
7.36%
|
22.54%
|
S&P 500 TR
|
8.25%
|
15.11%
|
S&P 500 and S&P CME Bitcoin Futures Index 75/25 Blend Index
|
10.66%
|
27.06%
|
Net Assets
|
$5,015,301
|
Number of Holdings
|
487
|
Total Advisory Fees Paid
|
$30,678
|
Portfolio Turnover
|
9%
|
Top Holdings (% of net assets)
|
|
Apple, Inc.
|
5.7%
|
Microsoft Corp.
|
4.9%
|
NVIDIA Corp.
|
4.9%
|
Amazon.com, Inc.
|
3.1%
|
Meta Platforms, Inc. - Class A
|
2.2%
|
Alphabet, Inc. - Class A
|
1.6%
|
Berkshire Hathaway, Inc. - Class B
|
1.5%
|
Alphabet, Inc. - Class C
|
1.4%
|
JPMorgan Chase & Co.
|
1.3%
|
Broadcom, Inc.
|
1.2%
|
CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF | PAGE 2 | TSR-AR-45407J409 |
(b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant's Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Lance J. Balleris the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 3/31/2025 | FYE 3/31/2024 | |
(a) Audit Fees | $19,950 | $19,000 |
(b) Audit-Related Fees | $ - | $ - |
(c) Tax Fees | $7,350 | $7,000 |
(d) All Other Fees | $ - | $ - |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 3/31/2025 | FYE 3/31/2024 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.-not sub-adviser) for the last two years.
Non-Audit Related Fees | FYE 3/31/2025 | FYE 3/31/2024 |
Registrant | $ - | $ - |
Registrant's Investment Adviser | $ - | $ - |
(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.
The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee, consisting of the entire Board, are as follows:
Lance J. Baller
Vijoy P. Chattergy
(b) Not applicable.
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
(b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a)
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Page
|
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Consolidated Schedule of Investments
|
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1
|
Consolidated Schedule of Futures Contracts
|
|
|
7
|
Consolidated Statement of Assets and Liabilities
|
|
|
8
|
Consolidated Statement of Operations
|
|
|
9
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Consolidated Statements of Changes in Net Assets
|
|
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10
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Consolidated Financial Highlights
|
|
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11
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Notes to Consolidated Financial Statements
|
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12
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Report of Independent Registered Public Accounting Firm
|
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19
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Additional Information
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20
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TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - 76.8%
|
|
|
|
|
||
Automobiles & Components - 1.3%
|
|
|
|
|
||
Aptiv PLC(a)
|
|
|
24
|
|
|
$1,428
|
BorgWarner, Inc.
|
|
|
16
|
|
|
459
|
Ford Motor Co.
|
|
|
312
|
|
|
3,129
|
General Motors Co.
|
|
|
112
|
|
|
5,267
|
Tesla, Inc.(a)
|
|
|
222
|
|
|
57,534
|
|
|
|
|
67,817
|
||
Banks - 3.0%
|
|
|
|
|
||
Bank of America Corp.
|
|
|
609
|
|
|
25,414
|
Citigroup, Inc.
|
|
|
152
|
|
|
10,790
|
Citizens Financial Group, Inc.
|
|
|
40
|
|
|
1,639
|
Comerica, Inc.
|
|
|
8
|
|
|
472
|
Fifth Third Bancorp
|
|
|
56
|
|
|
2,195
|
Huntington Bancshares, Inc.
|
|
|
112
|
|
|
1,681
|
JPMorgan Chase & Co.
|
|
|
258
|
|
|
63,287
|
KeyCorp
|
|
|
72
|
|
|
1,151
|
M&T Bank Corp.
|
|
|
16
|
|
|
2,860
|
PNC Financial Services Group, Inc.
|
|
|
32
|
|
|
5,625
|
Regions Financial Corp.
|
|
|
72
|
|
|
1,565
|
Truist Financial Corp.
|
|
|
104
|
|
|
4,280
|
US Bancorp
|
|
|
120
|
|
|
5,066
|
Wells Fargo & Co.
|
|
|
320
|
|
|
22,973
|
Zions Bancorp NA
|
|
|
8
|
|
|
399
|
|
|
|
|
149,397
|
||
Capital Goods - 4.5%
|
|
|
|
|
||
3M Co.
|
|
|
40
|
|
|
5,874
|
A.O. Smith Corp.
|
|
|
8
|
|
|
523
|
Allegion PLC
|
|
|
8
|
|
|
1,044
|
AMETEK, Inc.
|
|
|
16
|
|
|
2,754
|
Axon Enterprise, Inc.(a)
|
|
|
8
|
|
|
4,208
|
Boeing Co.(a)
|
|
|
48
|
|
|
8,186
|
Builders FirstSource, Inc.(a)
|
|
|
8
|
|
|
1,000
|
Carrier Global Corp.
|
|
|
64
|
|
|
4,058
|
Caterpillar, Inc.
|
|
|
46
|
|
|
15,171
|
Cummins, Inc.
|
|
|
8
|
|
|
2,508
|
Deere & Co.
|
|
|
24
|
|
|
11,264
|
Dover Corp.
|
|
|
8
|
|
|
1,405
|
Eaton Corp. PLC
|
|
|
32
|
|
|
8,699
|
Emerson Electric Co.
|
|
|
48
|
|
|
5,263
|
Fastenal Co.
|
|
|
48
|
|
|
3,722
|
Fortive Corp.
|
|
|
24
|
|
|
1,756
|
GE Vernova, Inc.
|
|
|
17
|
|
|
5,190
|
Generac Holdings, Inc.(a)
|
|
|
8
|
|
|
1,013
|
General Dynamics Corp.
|
|
|
16
|
|
|
4,361
|
General Electric Co.
|
|
|
98
|
|
|
19,615
|
Honeywell International, Inc.
|
|
|
56
|
|
|
11,858
|
Howmet Aerospace, Inc.
|
|
|
32
|
|
|
4,151
|
Hubbell, Inc.
|
|
|
8
|
|
|
2,647
|
IDEX Corp.
|
|
|
8
|
|
|
1,448
|
Illinois Tool Works, Inc.
|
|
|
24
|
|
|
5,952
|
Ingersoll Rand, Inc.
|
|
|
32
|
|
|
2,561
|
Johnson Controls International PLC
|
|
|
56
|
|
|
4,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
L3Harris Technologies, Inc.
|
|
|
16
|
|
|
$3,349
|
Lockheed Martin Corp.
|
|
|
16
|
|
|
7,147
|
Masco Corp.
|
|
|
16
|
|
|
1,113
|
Nordson Corp.
|
|
|
8
|
|
|
1,614
|
Northrop Grumman Corp.
|
|
|
8
|
|
|
4,096
|
Otis Worldwide Corp.
|
|
|
32
|
|
|
3,302
|
PACCAR, Inc.
|
|
|
40
|
|
|
3,895
|
Parker-Hannifin Corp.
|
|
|
8
|
|
|
4,863
|
Pentair PLC
|
|
|
16
|
|
|
1,400
|
Quanta Services, Inc.
|
|
|
8
|
|
|
2,033
|
Rockwell Automation, Inc.
|
|
|
8
|
|
|
2,067
|
RTX Corp.
|
|
|
126
|
|
|
16,690
|
Snap-on, Inc.
|
|
|
8
|
|
|
2,696
|
Stanley Black & Decker, Inc.
|
|
|
16
|
|
|
1,230
|
Textron, Inc.
|
|
|
16
|
|
|
1,156
|
Trane Technologies PLC
|
|
|
16
|
|
|
5,391
|
TransDigm Group, Inc.
|
|
|
8
|
|
|
11,066
|
United Rentals, Inc.
|
|
|
8
|
|
|
5,014
|
Westinghouse Air Brake Technologies Corp.
|
|
|
16
|
|
|
2,902
|
Xylem, Inc.
|
|
|
16
|
|
|
1,911
|
|
|
|
|
223,652
|
||
Commercial & Professional Services - 1.0%
|
|
|||||
Amentum Holdings, Inc.(a)
|
|
|
8
|
|
|
146
|
Automatic Data Processing, Inc.
|
|
|
32
|
|
|
9,777
|
Broadridge Financial Solutions, Inc.
|
|
|
8
|
|
|
1,940
|
Cintas Corp.
|
|
|
32
|
|
|
6,577
|
Copart, Inc.(a)
|
|
|
72
|
|
|
4,074
|
Dayforce, Inc.(a)
|
|
|
16
|
|
|
933
|
Equifax, Inc.
|
|
|
8
|
|
|
1,948
|
Jacobs Solutions, Inc.
|
|
|
8
|
|
|
967
|
Leidos Holdings, Inc.
|
|
|
8
|
|
|
1,080
|
Paychex, Inc.
|
|
|
24
|
|
|
3,703
|
Republic Services, Inc.
|
|
|
16
|
|
|
3,875
|
Robert Half, Inc.
|
|
|
8
|
|
|
436
|
Rollins, Inc.
|
|
|
24
|
|
|
1,297
|
Veralto Corp.
|
|
|
16
|
|
|
1,559
|
Verisk Analytics, Inc.
|
|
|
8
|
|
|
2,381
|
Waste Management, Inc.
|
|
|
32
|
|
|
7,408
|
|
|
|
|
48,101
|
||
Consumer Discretionary Distribution & Retail - 4.7%
|
|
|
|
|
||
Amazon.com, Inc.(a)
|
|
|
810
|
|
|
154,111
|
Bath & Body Works, Inc.
|
|
|
16
|
|
|
485
|
Best Buy Co., Inc.
|
|
|
16
|
|
|
1,178
|
CarMax, Inc.(a)
|
|
|
16
|
|
|
1,247
|
eBay, Inc.
|
|
|
40
|
|
|
2,709
|
Etsy, Inc.(a)
|
|
|
8
|
|
|
377
|
Genuine Parts Co.
|
|
|
8
|
|
|
953
|
Home Depot, Inc.
|
|
|
89
|
|
|
32,618
|
LKQ Corp.
|
|
|
24
|
|
|
1,021
|
Lowe's Cos., Inc.
|
|
|
48
|
|
|
11,195
|
O'Reilly Automotive, Inc.(a)
|
|
|
8
|
|
|
11,461
|
|
|
|
|
|
|
|
|
1
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - (Continued)
|
|
|
|
|
||
Consumer Discretionary Distribution & Retail - (Continued)
|
|
|
|
|
||
Ross Stores, Inc.
|
|
|
24
|
|
|
$3,067
|
TJX Cos., Inc.
|
|
|
88
|
|
|
10,718
|
Tractor Supply Co.
|
|
|
40
|
|
|
2,204
|
|
|
|
|
233,344
|
||
Consumer Durables & Apparel - 0.4%
|
|
|
|
|
||
DR Horton, Inc.
|
|
|
24
|
|
|
3,051
|
Garmin Ltd.
|
|
|
16
|
|
|
3,474
|
Hasbro, Inc.
|
|
|
8
|
|
|
492
|
Lennar Corp. - Class A
|
|
|
16
|
|
|
1,836
|
Lululemon Athletica, Inc.(a)
|
|
|
8
|
|
|
2,264
|
Mohawk Industries, Inc.(a)
|
|
|
8
|
|
|
913
|
NIKE, Inc. - Class B
|
|
|
96
|
|
|
6,094
|
PulteGroup, Inc.
|
|
|
16
|
|
|
1,645
|
Tapestry, Inc.
|
|
|
16
|
|
|
1,127
|
VF Corp.
|
|
|
24
|
|
|
373
|
Whirlpool Corp.
|
|
|
8
|
|
|
721
|
|
|
|
|
21,990
|
||
Consumer Services - 1.1%
|
|
|
|
|
||
Airbnb, Inc. - Class A(a)
|
|
|
32
|
|
|
3,823
|
Caesars Entertainment, Inc.(a)
|
|
|
16
|
|
|
400
|
Carnival Corp.(a)
|
|
|
80
|
|
|
1,563
|
Darden Restaurants, Inc.
|
|
|
8
|
|
|
1,662
|
Expedia Group, Inc.
|
|
|
8
|
|
|
1,345
|
Hilton Worldwide Holdings, Inc.
|
|
|
24
|
|
|
5,461
|
Las Vegas Sands Corp.
|
|
|
32
|
|
|
1,236
|
Marriott International, Inc. - Class A
|
|
|
16
|
|
|
3,811
|
McDonald's Corp.
|
|
|
63
|
|
|
19,679
|
MGM Resorts International(a)
|
|
|
24
|
|
|
711
|
Norwegian Cruise Line Holdings Ltd.(a)
|
|
|
32
|
|
|
607
|
Royal Caribbean Cruises Ltd.
|
|
|
16
|
|
|
3,287
|
Starbucks Corp.
|
|
|
88
|
|
|
8,632
|
Wynn Resorts Ltd.
|
|
|
8
|
|
|
668
|
Yum! Brands, Inc.
|
|
|
24
|
|
|
3,777
|
|
|
|
|
56,662
|
||
Consumer Staples Distribution & Retail - 1.7%
|
|
|
|
|||
Costco Wholesale Corp.
|
|
|
38
|
|
|
35,940
|
Dollar General Corp.
|
|
|
16
|
|
|
1,407
|
Dollar Tree, Inc.(a)
|
|
|
16
|
|
|
1,201
|
Kroger Co.
|
|
|
56
|
|
|
3,791
|
Sysco Corp.
|
|
|
40
|
|
|
3,001
|
Target Corp.
|
|
|
40
|
|
|
4,174
|
Walgreens Boots Alliance, Inc.
|
|
|
56
|
|
|
625
|
Walmart, Inc.
|
|
|
378
|
|
|
33,185
|
|
|
|
|
83,324
|
||
Energy - 2.9%
|
|
|
|
|
||
APA Corp.
|
|
|
24
|
|
|
504
|
Baker Hughes Co.
|
|
|
80
|
|
|
3,516
|
Chevron Corp.
|
|
|
152
|
|
|
25,428
|
ConocoPhillips
|
|
|
106
|
|
|
11,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Coterra Energy, Inc.
|
|
|
56
|
|
|
$1,618
|
Devon Energy Corp.
|
|
|
48
|
|
|
1,795
|
Diamondback Energy, Inc.
|
|
|
16
|
|
|
2,558
|
EOG Resources, Inc.
|
|
|
48
|
|
|
6,156
|
EQT Corp.
|
|
|
32
|
|
|
1,710
|
Exxon Mobil Corp.
|
|
|
399
|
|
|
47,453
|
Halliburton Co.
|
|
|
72
|
|
|
1,827
|
Hess Corp.
|
|
|
24
|
|
|
3,833
|
Kinder Morgan, Inc.
|
|
|
152
|
|
|
4,337
|
Marathon Petroleum Corp.
|
|
|
32
|
|
|
4,662
|
Occidental Petroleum Corp.
|
|
|
56
|
|
|
2,764
|
ONEOK, Inc.
|
|
|
48
|
|
|
4,763
|
Phillips 66
|
|
|
32
|
|
|
3,951
|
Schlumberger NV
|
|
|
112
|
|
|
4,682
|
Targa Resources Corp.
|
|
|
16
|
|
|
3,207
|
Valero Energy Corp.
|
|
|
24
|
|
|
3,170
|
Williams Cos., Inc.
|
|
|
96
|
|
|
5,737
|
|
|
|
|
144,803
|
||
Financial Services - 6.6%
|
|
|
|
|
||
American Express Co.
|
|
|
54
|
|
|
14,529
|
Ameriprise Financial, Inc.
|
|
|
8
|
|
|
3,873
|
Bank of New York Mellon Corp.
|
|
|
64
|
|
|
5,368
|
Berkshire Hathaway, Inc. - Class B(a)
|
|
|
143
|
|
|
76,159
|
Blackrock, Inc.
|
|
|
8
|
|
|
7,572
|
Blackstone, Inc.
|
|
|
56
|
|
|
7,828
|
Capital One Financial Corp.
|
|
|
32
|
|
|
5,738
|
Cboe Global Markets, Inc.
|
|
|
8
|
|
|
1,810
|
Charles Schwab Corp.
|
|
|
120
|
|
|
9,393
|
CME Group, Inc.
|
|
|
32
|
|
|
8,489
|
Corpay, Inc.(a)
|
|
|
8
|
|
|
2,790
|
Discover Financial Services
|
|
|
16
|
|
|
2,731
|
Fidelity National Information Services, Inc.
|
|
|
48
|
|
|
3,585
|
Fiserv, Inc.(a)
|
|
|
48
|
|
|
10,600
|
Franklin Resources, Inc.
|
|
|
24
|
|
|
462
|
Global Payments, Inc.
|
|
|
24
|
|
|
2,350
|
Goldman Sachs Group, Inc.
|
|
|
26
|
|
|
14,203
|
Intercontinental Exchange, Inc.
|
|
|
48
|
|
|
8,280
|
Invesco Ltd.
|
|
|
32
|
|
|
485
|
Jack Henry & Associates, Inc.
|
|
|
8
|
|
|
1,461
|
Mastercard, Inc. - Class A
|
|
|
72
|
|
|
39,465
|
Moody's Corp.
|
|
|
16
|
|
|
7,451
|
Morgan Stanley
|
|
|
110
|
|
|
12,834
|
MSCI, Inc.
|
|
|
8
|
|
|
4,524
|
Nasdaq, Inc.
|
|
|
24
|
|
|
1,821
|
Northern Trust Corp.
|
|
|
16
|
|
|
1,578
|
PayPal Holdings, Inc.(a)
|
|
|
88
|
|
|
5,742
|
Raymond James Financial, Inc.
|
|
|
16
|
|
|
2,222
|
S&P Global, Inc.
|
|
|
26
|
|
|
13,210
|
State Street Corp.
|
|
|
24
|
|
|
2,149
|
Synchrony Financial
|
|
|
32
|
|
|
1,694
|
T Rowe Price Group, Inc.
|
|
|
16
|
|
|
1,470
|
Visa, Inc. - Class A
|
|
|
145
|
|
|
50,817
|
|
|
|
|
332,683
|
||
|
|
|
|
|
|
|
|
2
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - (Continued)
|
|
|
|
|
||
Food, Beverage & Tobacco - 2.2%
|
|
|
|
|
||
Altria Group, Inc.
|
|
|
136
|
|
|
$8,163
|
Archer-Daniels-Midland Co.
|
|
|
40
|
|
|
1,920
|
Brown-Forman Corp. - Class B
|
|
|
16
|
|
|
543
|
Bunge Global SA
|
|
|
8
|
|
|
611
|
Campbell Soup Co.
|
|
|
16
|
|
|
639
|
Coca-Cola Co.
|
|
|
343
|
|
|
24,566
|
Conagra Brands, Inc.
|
|
|
40
|
|
|
1,067
|
Constellation Brands, Inc. - Class A
|
|
|
16
|
|
|
2,936
|
General Mills, Inc.
|
|
|
48
|
|
|
2,870
|
Hershey Co.
|
|
|
8
|
|
|
1,368
|
Hormel Foods Corp.
|
|
|
24
|
|
|
743
|
J M Smucker Co.
|
|
|
8
|
|
|
947
|
Kellanova
|
|
|
24
|
|
|
1,980
|
Keurig Dr Pepper, Inc.
|
|
|
80
|
|
|
2,738
|
Kraft Heinz Co.
|
|
|
64
|
|
|
1,948
|
Lamb Weston Holdings, Inc.
|
|
|
8
|
|
|
426
|
McCormick & Co., Inc.
|
|
|
16
|
|
|
1,317
|
Molson Coors Beverage Co. - Class B
|
|
|
16
|
|
|
974
|
Mondelez International, Inc. - Class A
|
|
|
104
|
|
|
7,056
|
Monster Beverage Corp.(a)
|
|
|
56
|
|
|
3,277
|
PepsiCo, Inc.
|
|
|
126
|
|
|
18,892
|
Philip Morris International, Inc.
|
|
|
136
|
|
|
21,587
|
Tyson Foods, Inc. - Class A
|
|
|
24
|
|
|
1,532
|
|
|
|
|
108,100
|
||
Health Care Equipment & Services - 3.7%
|
|
|
|
|||
Abbott Laboratories
|
|
|
153
|
|
|
20,296
|
Align Technology, Inc.(a)
|
|
|
8
|
|
|
1,271
|
Baxter International, Inc.
|
|
|
40
|
|
|
1,369
|
Becton Dickinson & Co.
|
|
|
24
|
|
|
5,497
|
Boston Scientific Corp.(a)
|
|
|
112
|
|
|
11,299
|
Cardinal Health, Inc.
|
|
|
16
|
|
|
2,204
|
Cencora, Inc.
|
|
|
16
|
|
|
4,449
|
Centene Corp.(a)
|
|
|
40
|
|
|
2,428
|
Cigna Group
|
|
|
24
|
|
|
7,896
|
CVS Health Corp.
|
|
|
104
|
|
|
7,046
|
DaVita, Inc.(a)
|
|
|
8
|
|
|
1,224
|
DENTSPLY SIRONA, Inc.
|
|
|
16
|
|
|
239
|
Dexcom, Inc.(a)
|
|
|
32
|
|
|
2,185
|
Edwards Lifesciences Corp.(a)
|
|
|
48
|
|
|
3,479
|
Elevance Health, Inc.
|
|
|
16
|
|
|
6,959
|
GE HealthCare Technologies, Inc.
|
|
|
32
|
|
|
2,583
|
HCA Healthcare, Inc.
|
|
|
16
|
|
|
5,529
|
Henry Schein, Inc.(a)
|
|
|
8
|
|
|
548
|
Hologic, Inc.(a)
|
|
|
16
|
|
|
988
|
Humana, Inc.
|
|
|
8
|
|
|
2,117
|
IDEXX Laboratories, Inc.(a)
|
|
|
8
|
|
|
3,360
|
Insulet Corp.(a)
|
|
|
8
|
|
|
2,101
|
Intuitive Surgical, Inc.(a)
|
|
|
26
|
|
|
12,877
|
Labcorp Holdings, Inc.
|
|
|
8
|
|
|
1,862
|
McKesson Corp.
|
|
|
8
|
|
|
5,384
|
Medtronic PLC
|
|
|
104
|
|
|
9,345
|
Molina Healthcare, Inc.(a)
|
|
|
8
|
|
|
2,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Quest Diagnostics, Inc.
|
|
|
8
|
|
|
$1,354
|
ResMed, Inc.
|
|
|
8
|
|
|
1,791
|
Solventum Corp.(a)
|
|
|
8
|
|
|
608
|
STERIS PLC
|
|
|
8
|
|
|
1,813
|
Stryker Corp.
|
|
|
24
|
|
|
8,934
|
UnitedHealth Group, Inc.
|
|
|
81
|
|
|
42,424
|
Universal Health Services, Inc. - Class B
|
|
|
8
|
|
|
1,503
|
Zimmer Biomet Holdings, Inc.
|
|
|
16
|
|
|
1,811
|
|
|
|
|
187,408
|
||
Household & Personal Products - 1.0%
|
|
|
|
|
||
Church & Dwight Co., Inc.
|
|
|
16
|
|
|
1,762
|
Clorox Co.
|
|
|
8
|
|
|
1,178
|
Colgate-Palmolive Co.
|
|
|
64
|
|
|
5,997
|
Estee Lauder Cos., Inc. - Class A
|
|
|
16
|
|
|
1,056
|
Kenvue, Inc.
|
|
|
136
|
|
|
3,261
|
Kimberly-Clark Corp.
|
|
|
24
|
|
|
3,413
|
Procter & Gamble Co.
|
|
|
207
|
|
|
35,277
|
|
|
|
|
51,944
|
||
Insurance - 1.8%
|
|
|
|
|
||
Aflac, Inc.
|
|
|
40
|
|
|
4,448
|
Allstate Corp.
|
|
|
24
|
|
|
4,970
|
American International Group, Inc.
|
|
|
56
|
|
|
4,869
|
Aon PLC - Class A
|
|
|
16
|
|
|
6,385
|
Arch Capital Group Ltd.
|
|
|
32
|
|
|
3,078
|
Arthur J Gallagher & Co.
|
|
|
16
|
|
|
5,524
|
Assurant, Inc.
|
|
|
8
|
|
|
1,678
|
Brown & Brown, Inc.
|
|
|
16
|
|
|
1,990
|
Chubb Ltd.
|
|
|
32
|
|
|
9,664
|
Cincinnati Financial Corp.
|
|
|
16
|
|
|
2,363
|
Globe Life, Inc.
|
|
|
8
|
|
|
1,054
|
Hartford Financial Services Group, Inc.
|
|
|
24
|
|
|
2,969
|
Loews Corp.
|
|
|
16
|
|
|
1,471
|
Marsh & McLennan Cos., Inc.
|
|
|
40
|
|
|
9,761
|
MetLife, Inc.
|
|
|
48
|
|
|
3,854
|
Principal Financial Group, Inc.
|
|
|
16
|
|
|
1,350
|
Progressive Corp.
|
|
|
48
|
|
|
13,584
|
Prudential Financial, Inc.
|
|
|
32
|
|
|
3,574
|
Travelers Cos., Inc.
|
|
|
16
|
|
|
4,231
|
W R Berkley Corp.
|
|
|
24
|
|
|
1,708
|
Willis Towers Watson PLC
|
|
|
8
|
|
|
2,704
|
|
|
|
|
91,229
|
||
Materials - 1.6%
|
|
|
|
|
||
Air Products and Chemicals, Inc.
|
|
|
16
|
|
|
4,719
|
Albemarle Corp.
|
|
|
8
|
|
|
576
|
Amcor PLC
|
|
|
112
|
|
|
1,086
|
Avery Dennison Corp.
|
|
|
8
|
|
|
1,424
|
Ball Corp.
|
|
|
24
|
|
|
1,250
|
Celanese Corp.
|
|
|
8
|
|
|
454
|
CF Industries Holdings, Inc.
|
|
|
16
|
|
|
1,250
|
Corteva, Inc.
|
|
|
56
|
|
|
3,524
|
Dow, Inc.
|
|
|
56
|
|
|
1,956
|
DuPont de Nemours, Inc.
|
|
|
32
|
|
|
2,390
|
Eastman Chemical Co.
|
|
|
8
|
|
|
705
|
|
|
|
|
|
|
|
|
3
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - (Continued)
|
|
|
|
|
||
Materials - (Continued)
|
|
|
|
|
||
Ecolab, Inc.
|
|
|
24
|
|
|
$6,085
|
FMC Corp.
|
|
|
8
|
|
|
338
|
Freeport-McMoRan, Inc.
|
|
|
112
|
|
|
4,240
|
International Flavors & Fragrances, Inc.
|
|
|
24
|
|
|
1,863
|
International Paper Co.
|
|
|
24
|
|
|
1,280
|
Linde PLC
|
|
|
46
|
|
|
21,419
|
LyondellBasell Industries NV - Class A
|
|
|
24
|
|
|
1,690
|
Martin Marietta Materials, Inc.
|
|
|
8
|
|
|
3,825
|
Mosaic Co.
|
|
|
24
|
|
|
648
|
Newmont Corp.
|
|
|
88
|
|
|
4,249
|
Nucor Corp.
|
|
|
16
|
|
|
1,925
|
Packaging Corp. of America
|
|
|
8
|
|
|
1,584
|
PPG Industries, Inc.
|
|
|
16
|
|
|
1,750
|
Sherwin-Williams Co.
|
|
|
16
|
|
|
5,587
|
Smurfit WestRock PLC
|
|
|
24
|
|
|
1,081
|
Steel Dynamics, Inc.
|
|
|
16
|
|
|
2,001
|
Vulcan Materials Co.
|
|
|
8
|
|
|
1,866
|
|
|
|
|
80,765
|
||
Media & Entertainment - 6.8%
|
|
|
|
|
||
Alphabet, Inc. - Class A
|
|
|
514
|
|
|
79,485
|
Alphabet, Inc. - Class C
|
|
|
434
|
|
|
67,804
|
Charter Communications, Inc. - Class A(a)
|
|
|
8
|
|
|
2,948
|
Comcast Corp. - Class A
|
|
|
320
|
|
|
11,808
|
Electronic Arts, Inc.
|
|
|
16
|
|
|
2,312
|
Fox Corp. - Class A
|
|
|
16
|
|
|
906
|
Fox Corp. - Class B
|
|
|
8
|
|
|
422
|
Interpublic Group of Cos., Inc.
|
|
|
32
|
|
|
869
|
Live Nation Entertainment, Inc.(a)
|
|
|
8
|
|
|
1,045
|
Match Group, Inc.
|
|
|
24
|
|
|
749
|
Meta Platforms, Inc. - Class A
|
|
|
193
|
|
|
111,237
|
Netflix, Inc.(a)
|
|
|
38
|
|
|
35,436
|
News Corp. - Class A
|
|
|
32
|
|
|
871
|
News Corp. - Class B
|
|
|
8
|
|
|
243
|
Omnicom Group, Inc.
|
|
|
16
|
|
|
1,327
|
Paramount Global - Class B
|
|
|
40
|
|
|
478
|
Take-Two Interactive Software, Inc.(a)
|
|
|
16
|
|
|
3,316
|
Walt Disney Co.
|
|
|
161
|
|
|
15,891
|
Warner Bros Discovery, Inc.(a)
|
|
|
176
|
|
|
1,888
|
|
|
|
|
339,035
|
||
Pharmaceuticals, Biotechnology & Life Sciences - 5.1%
|
|
|
|
|
||
AbbVie, Inc.
|
|
|
153
|
|
|
32,057
|
Agilent Technologies, Inc.
|
|
|
24
|
|
|
2,808
|
Amgen, Inc.
|
|
|
40
|
|
|
12,462
|
Biogen, Inc.(a)
|
|
|
8
|
|
|
1,095
|
Bio-Techne Corp.
|
|
|
16
|
|
|
938
|
Bristol-Myers Squibb Co.
|
|
|
160
|
|
|
9,758
|
Charles River Laboratories International, Inc.(a)
|
|
|
8
|
|
|
1,204
|
Danaher Corp.
|
|
|
48
|
|
|
9,840
|
Eli Lilly & Co.
|
|
|
65
|
|
|
53,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Gilead Sciences, Inc.
|
|
|
96
|
|
|
$10,757
|
GRAIL, Inc.(a)
|
|
|
1
|
|
|
26
|
Illumina, Inc.(a)
|
|
|
16
|
|
|
1,269
|
Incyte Corp.(a)
|
|
|
16
|
|
|
969
|
IQVIA Holdings, Inc.(a)
|
|
|
16
|
|
|
2,821
|
Johnson & Johnson
|
|
|
216
|
|
|
35,821
|
Merck & Co., Inc.
|
|
|
225
|
|
|
20,196
|
Moderna, Inc.(a)
|
|
|
24
|
|
|
680
|
Pfizer, Inc.
|
|
|
448
|
|
|
11,352
|
Regeneron Pharmaceuticals, Inc.
|
|
|
8
|
|
|
5,074
|
Revvity, Inc.
|
|
|
8
|
|
|
846
|
Thermo Fisher Scientific, Inc.
|
|
|
34
|
|
|
16,918
|
Vertex Pharmaceuticals, Inc.(a)
|
|
|
24
|
|
|
11,636
|
Viatris, Inc.
|
|
|
96
|
|
|
836
|
Waters Corp.(a)
|
|
|
8
|
|
|
2,949
|
West Pharmaceutical Services, Inc.
|
|
|
8
|
|
|
1,791
|
Zoetis, Inc.
|
|
|
40
|
|
|
6,586
|
|
|
|
|
254,373
|
||
Real Estate Management & Development - 0.1%
|
|
|
|
|||
CBRE Group, Inc. - Class A(a)
|
|
|
24
|
|
|
3,139
|
CoStar Group, Inc.(a)
|
|
|
32
|
|
|
2,535
|
|
|
|
|
5,674
|
||
Semiconductors & Semiconductor Equipment - 8.1%
|
|
|
|
|
||
Advanced Micro Devices, Inc.(a)
|
|
|
144
|
|
|
14,795
|
Analog Devices, Inc.
|
|
|
40
|
|
|
8,067
|
Applied Materials, Inc.
|
|
|
64
|
|
|
9,288
|
Broadcom, Inc.
|
|
|
370
|
|
|
61,949
|
Enphase Energy, Inc.(a)
|
|
|
8
|
|
|
496
|
First Solar, Inc.(a)
|
|
|
8
|
|
|
1,011
|
Intel Corp.
|
|
|
336
|
|
|
7,631
|
KLA Corp.
|
|
|
8
|
|
|
5,438
|
Lam Research Corp.
|
|
|
80
|
|
|
5,816
|
Microchip Technology, Inc.
|
|
|
40
|
|
|
1,936
|
Micron Technology, Inc.
|
|
|
88
|
|
|
7,646
|
NVIDIA Corp.
|
|
|
2,254
|
|
|
244,289
|
NXP Semiconductors NV
|
|
|
24
|
|
|
4,561
|
ON Semiconductor Corp.(a)
|
|
|
32
|
|
|
1,302
|
Qorvo, Inc.(a)
|
|
|
8
|
|
|
579
|
QUALCOMM, Inc.
|
|
|
98
|
|
|
15,054
|
Skyworks Solutions, Inc.
|
|
|
16
|
|
|
1,034
|
Teradyne, Inc.
|
|
|
16
|
|
|
1,322
|
Texas Instruments, Inc.
|
|
|
81
|
|
|
14,556
|
|
|
|
|
406,770
|
||
Software & Services - 8.4%
|
|
|
|
|
||
Accenture PLC - Class A
|
|
|
55
|
|
|
17,162
|
Adobe, Inc.(a)
|
|
|
38
|
|
|
14,574
|
Akamai Technologies, Inc.(a)
|
|
|
8
|
|
|
644
|
ANSYS, Inc.(a)
|
|
|
8
|
|
|
2,532
|
Autodesk, Inc.(a)
|
|
|
16
|
|
|
4,189
|
Cadence Design Systems, Inc.(a)
|
|
|
24
|
|
|
6,104
|
Cognizant Technology Solutions Corp. - Class A
|
|
|
40
|
|
|
3,060
|
|
|
|
|
|
|
|
|
4
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - (Continued)
|
||||||
Software & Services - (Continued)
|
||||||
EPAM Systems, Inc.(a)
|
|
|
8
|
|
|
$1,351
|
Fortinet, Inc.(a)
|
|
|
48
|
|
|
4,620
|
Gartner, Inc.(a)
|
|
|
8
|
|
|
3,358
|
Gen Digital, Inc.
|
|
|
48
|
|
|
1,274
|
International Business Machines Corp.
|
|
|
81
|
|
|
20,141
|
Intuit, Inc.
|
|
|
26
|
|
|
15,964
|
Microsoft Corp.
|
|
|
655
|
|
|
245,880
|
Oracle Corp.
|
|
|
144
|
|
|
20,133
|
Palantir Technologies, Inc. - Class A(a)
|
|
|
22
|
|
|
1,857
|
Palo Alto Networks, Inc.(a)
|
|
|
48
|
|
|
8,191
|
PTC, Inc.(a)
|
|
|
8
|
|
|
1,240
|
Roper Technologies, Inc.
|
|
|
8
|
|
|
4,717
|
Salesforce, Inc.
|
|
|
89
|
|
|
23,884
|
ServiceNow, Inc.(a)
|
|
|
17
|
|
|
13,534
|
Synopsys, Inc.(a)
|
|
|
16
|
|
|
6,862
|
VeriSign, Inc.(a)
|
|
|
8
|
|
|
2,031
|
|
|
|
|
423,302
|
||
Technology Hardware & Equipment - 7.0%
|
|
|||||
Amphenol Corp. - Class A
|
|
|
96
|
|
|
6,297
|
Apple, Inc.
|
|
|
1,295
|
|
|
287,658
|
Arista Networks, Inc.(a)
|
|
|
64
|
|
|
4,959
|
CDW Corp.
|
|
|
8
|
|
|
1,282
|
Cisco Systems, Inc.
|
|
|
359
|
|
|
22,154
|
Corning, Inc.
|
|
|
64
|
|
|
2,930
|
F5, Inc.(a)
|
|
|
8
|
|
|
2,130
|
Hewlett Packard Enterprise Co.
|
|
|
104
|
|
|
1,605
|
HP, Inc.
|
|
|
72
|
|
|
1,994
|
Jabil, Inc.
|
|
|
8
|
|
|
1,089
|
Juniper Networks, Inc.
|
|
|
24
|
|
|
869
|
Keysight Technologies, Inc.(a)
|
|
|
16
|
|
|
2,396
|
Motorola Solutions, Inc.
|
|
|
16
|
|
|
7,005
|
NetApp, Inc.
|
|
|
16
|
|
|
1,405
|
Sandisk Corp./DE(a)
|
|
|
8
|
|
|
381
|
Seagate Technology Holdings PLC
|
|
|
16
|
|
|
1,359
|
TE Connectivity PLC
|
|
|
24
|
|
|
3,392
|
Trimble, Inc.(a)
|
|
|
16
|
|
|
1,050
|
Western Digital Corp.(a)
|
|
|
24
|
|
|
970
|
Zebra Technologies Corp. - Class A(a)
|
|
|
8
|
|
|
2,260
|
|
|
|
|
353,185
|
||
Telecommunication Services - 0.9%
|
|
|
|
|
||
AT&T, Inc.
|
|
|
639
|
|
|
18,071
|
T-Mobile US, Inc.
|
|
|
40
|
|
|
10,668
|
Verizon Communications, Inc.
|
|
|
377
|
|
|
17,101
|
|
|
|
|
45,840
|
||
Transportation - 1.1%
|
|
|
|
|
||
American Airlines Group, Inc.(a)
|
|
|
48
|
|
|
506
|
CH Robinson Worldwide, Inc.
|
|
|
8
|
|
|
819
|
CSX Corp.
|
|
|
160
|
|
|
4,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Delta Air Lines, Inc.
|
|
|
48
|
|
|
$2,093
|
Expeditors International of Washington, Inc.
|
|
|
8
|
|
|
962
|
FedEx Corp.
|
|
|
16
|
|
|
3,900
|
JB Hunt Transport Services, Inc.
|
|
|
8
|
|
|
1,184
|
Norfolk Southern Corp.
|
|
|
16
|
|
|
3,790
|
Old Dominion Freight Line, Inc.
|
|
|
16
|
|
|
2,647
|
Southwest Airlines Co.
|
|
|
48
|
|
|
1,612
|
Uber Technologies, Inc.(a)
|
|
|
160
|
|
|
11,658
|
Union Pacific Corp.
|
|
|
48
|
|
|
11,340
|
United Airlines Holdings, Inc.(a)
|
|
|
24
|
|
|
1,657
|
United Parcel Service, Inc. - Class B
|
|
|
56
|
|
|
6,159
|
|
|
|
|
53,036
|
||
Utilities - 1.8%
|
|
|
|
|
||
AES Corp.
|
|
|
56
|
|
|
696
|
Alliant Energy Corp.
|
|
|
24
|
|
|
1,544
|
Ameren Corp.
|
|
|
24
|
|
|
2,410
|
American Electric Power Co., Inc.
|
|
|
40
|
|
|
4,371
|
American Water Works Co., Inc.
|
|
|
16
|
|
|
2,360
|
Atmos Energy Corp.
|
|
|
8
|
|
|
1,237
|
CenterPoint Energy, Inc.
|
|
|
48
|
|
|
1,739
|
CMS Energy Corp.
|
|
|
24
|
|
|
1,803
|
Consolidated Edison, Inc.
|
|
|
24
|
|
|
2,654
|
Constellation Energy Corp.
|
|
|
24
|
|
|
4,839
|
Dominion Energy, Inc.
|
|
|
64
|
|
|
3,588
|
DTE Energy Co.
|
|
|
16
|
|
|
2,212
|
Duke Energy Corp.
|
|
|
64
|
|
|
7,806
|
Edison International
|
|
|
32
|
|
|
1,885
|
Entergy Corp.
|
|
|
32
|
|
|
2,736
|
Evergy, Inc.
|
|
|
16
|
|
|
1,103
|
Eversource Energy
|
|
|
24
|
|
|
1,491
|
Exelon Corp.
|
|
|
80
|
|
|
3,686
|
FirstEnergy Corp.
|
|
|
40
|
|
|
1,617
|
NextEra Energy, Inc.
|
|
|
160
|
|
|
11,342
|
NiSource, Inc.
|
|
|
32
|
|
|
1,283
|
NRG Energy, Inc.
|
|
|
16
|
|
|
1,527
|
PG&E Corp.
|
|
|
168
|
|
|
2,886
|
Pinnacle West Capital Corp.
|
|
|
8
|
|
|
762
|
PPL Corp.
|
|
|
56
|
|
|
2,022
|
Public Service Enterprise Group, Inc.
|
|
|
40
|
|
|
3,292
|
Sempra
|
|
|
48
|
|
|
3,425
|
Southern Co.
|
|
|
88
|
|
|
8,092
|
WEC Energy Group, Inc.
|
|
|
24
|
|
|
2,616
|
Xcel Energy, Inc.
|
|
|
40
|
|
|
2,832
|
|
|
|
|
89,856
|
||
TOTAL COMMON STOCKS
(Cost $3,780,176)
|
|
|
|
|
3,852,290
|
|
|
|
|
|
|
|
|
|
5
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
REAL ESTATE INVESTMENT TRUSTS - 1.6%
|
|
|
|
|
|
|
Equity Real Estate Investment Trusts (REITs) - 1.6%
|
|
|
|
|
||
Alexandria Real Estate Equities, Inc.
|
|
|
16
|
|
|
$1,480
|
American Tower Corp.
|
|
|
40
|
|
|
8,704
|
AvalonBay Communities, Inc.
|
|
|
8
|
|
|
1,717
|
Boston Properties, Inc.
|
|
|
8
|
|
|
537
|
Camden Property Trust
|
|
|
8
|
|
|
978
|
Crown Castle, Inc.
|
|
|
32
|
|
|
3,335
|
Digital Realty Trust, Inc.
|
|
|
24
|
|
|
3,439
|
Equinix, Inc.
|
|
|
8
|
|
|
6,523
|
Equity Residential
|
|
|
24
|
|
|
1,718
|
Essex Property Trust, Inc.
|
|
|
8
|
|
|
2,453
|
Extra Space Storage, Inc.
|
|
|
16
|
|
|
2,376
|
Federal Realty Investment Trust
|
|
|
8
|
|
|
782
|
Healthpeak Properties, Inc.
|
|
|
40
|
|
|
809
|
Host Hotels & Resorts, Inc.
|
|
|
56
|
|
|
796
|
Invitation Homes, Inc.
|
|
|
48
|
|
|
1,673
|
Iron Mountain, Inc.
|
|
|
24
|
|
|
2,065
|
Kimco Realty Corp.
|
|
|
48
|
|
|
1,019
|
Mid-America Apartment Communities,
Inc.
|
|
|
8
|
|
|
1,341
|
Millrose Properties, Inc.(a)
|
|
|
6
|
|
|
159
|
Prologis, Inc.
|
|
|
72
|
|
|
8,049
|
Public Storage
|
|
|
16
|
|
|
4,789
|
Realty Income Corp.
|
|
|
56
|
|
|
3,249
|
Regency Centers Corp.
|
|
|
16
|
|
|
1,180
|
SBA Communications Corp.
|
|
|
8
|
|
|
1,760
|
Simon Property Group, Inc.
|
|
|
24
|
|
|
3,986
|
UDR, Inc.
|
|
|
24
|
|
|
1,084
|
Ventas, Inc.
|
|
|
32
|
|
|
2,200
|
VICI Properties, Inc.
|
|
|
80
|
|
|
2,610
|
Welltower, Inc.
|
|
|
40
|
|
|
6,128
|
Weyerhaeuser Co.
|
|
|
56
|
|
|
1,640
|
|
|
|
|
78,579
|
||
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $76,137)
|
|
|
|
|
78,579
|
|
TOTAL INVESTMENTS - 78.4%
(Cost $3,856,313)
|
|
|
|
|
3,930,869
|
|
Money Market Deposit Account - 0.1%(b)
|
|
|
|
|
4,735
|
|
Other Assets in Excess of
Liabilities - 21.5%
|
|
|
|
|
1,079,697
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$5,015,301
|
|
|
|
|
|
|
|
|
(a)
|
Non-income producing security.
|
(b)
|
The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2025 was 4.11%.
|
|
6
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
|
Contracts
Purchased
|
|
|
Expiration
Date
|
|
|
Notional Value
|
|
|
Value/Unrealized
Depreciation
|
CME Micro Bitcoin Futures
|
|
|
114
|
|
|
04/25/2025
|
|
|
$942,894
|
|
|
$(27,001)
|
CME Bitcoin Reference Rate (BRR)
|
|
|
1
|
|
|
04/25/2025
|
|
|
413,550
|
|
|
(31,457)
|
Net Unrealized Depreciation
|
|
|
|
|
|
|
|
|
$(58,458)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
TABLE OF CONTENTS
|
|
|
|
ASSETS:
|
|
|
|
Investments, at value
|
|
|
$3,930,869
|
Deposit at broker for futures contracts
|
|
|
1,098,660
|
Cash - interest bearing deposit account
|
|
|
4,735
|
Dividends and interest receivable
|
|
|
4,009
|
Cash held at broker
|
|
|
763
|
Dividend tax reclaims receivable
|
|
|
41
|
Total assets
|
|
|
5,039,077
|
LIABILITIES:
|
|
|
|
Variation margin payable
|
|
|
21,894
|
Payable to adviser (Note 3)
|
|
|
1,140
|
Payable for expense and other liabilities
|
|
|
742
|
Total liabilities
|
|
|
23,776
|
Commitments and contingencies (Note 8)
|
|
|
-
|
NET ASSETS
|
|
|
$5,015,301
|
Net Assets Consists of:
|
|
|
|
Paid-in capital
|
|
|
$4,970,117
|
Accumulated gains
|
|
|
45,184
|
Total net assets
|
|
|
$5,015,301
|
Net assets
|
|
|
$5,015,301
|
Shares issued and outstanding(a)
|
|
|
200,000
|
Net asset value per share
|
|
|
$25.08
|
Cost:
|
|
|
|
Investments, at cost
|
|
|
$3,856,313
|
|
|
|
|
(a)
|
Unlimited shares authorized without par value.
|
|
8
|
|
TABLE OF CONTENTS
|
|
|
|
INVESTMENT INCOME:
|
|
|
|
Dividend income
|
|
|
$32,915
|
Less: Dividend withholding taxes
|
|
|
(10)
|
Interest income
|
|
|
13,598
|
Other income
|
|
|
(10)
|
Total investment income
|
|
|
46,493
|
EXPENSES:
|
|
|
|
Investment advisory fee (Note 3)
|
|
|
30,678
|
Legal fees
|
|
|
667
|
Trustees' fees
|
|
|
25
|
Other expenses and fees
|
|
|
420
|
Total expenses
|
|
|
31,790
|
Net investment income
|
|
|
14,703
|
REALIZED AND UNREALIZED GAIN (LOSS)
|
|
|
|
Net realized gain from:
|
|
|
|
Investments
|
|
|
17,643
|
Futures contracts
|
|
|
157,835
|
Net realized gain
|
|
|
175,478
|
Net change in unrealized depreciation on:
|
|
|
|
Investments
|
|
|
(3,110)
|
Future contracts
|
|
|
(160,324)
|
Net change in unrealized depreciation
|
|
|
(163,434)
|
Net realized and unrealized gain
|
|
|
12,044
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
$26,747
|
|
|
|
|
|
9
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Year Ended
March 31, 2025
|
|
|
Period Ended
March 31, 2024(a)
|
|
OPERATIONS:
|
|
|
|
|
||
Net investment income
|
|
|
$14,703
|
|
|
$1,296
|
Net realized gain
|
|
|
175,478
|
|
|
31,161
|
Net change in unrealized depreciation
|
|
|
(163,434)
|
|
|
179,525
|
Net increase in net assets from operations
|
|
|
26,747
|
|
|
211,982
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
||
From earnings
|
|
|
(190,936)
|
|
|
(589)
|
Total distributions to shareholders
|
|
|
(190,936)
|
|
|
(589)
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
||
Subscriptions
|
|
|
3,925,597
|
|
|
1,042,500
|
Net increase in net assets from capital transactions
|
|
|
3,925,597
|
|
|
1,042,500
|
Net increase in net assets
|
|
|
3,761,408
|
|
|
1,253,893
|
NET ASSETS:
|
|
|
|
|
||
Beginning of the year
|
|
|
1,253,893
|
|
|
-
|
End of the year
|
|
|
$5,015,301
|
|
|
$1,253,893
|
SHARES TRANSACTIONS
|
|
|
|
|
||
Subscriptions
|
|
|
150,000
|
|
|
50,000
|
Total increase (decrease) in shares outstanding
|
|
|
150,000
|
|
|
50,000
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 28, 2023.
|
|
10
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Year Ended
March 31, 2025
|
|
|
Period Ended
March 31, 2024(a)
|
|
PER SHARE DATA:
|
|
|
|
|
||
Net asset value, beginning of period
|
|
|
$25.08
|
|
|
$20.85
|
INVESTMENT OPERATIONS:
|
|
|
|
|
||
Net investment income(b)
|
|
|
0.12
|
|
|
0.03
|
Net realized and unrealized gain on investments
|
|
|
1.68
|
|
|
4.21
|
Total from investment operations
|
|
|
1.80
|
|
|
4.24
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
||
Net investment income
|
|
|
(1.40)
|
|
|
(0.01)
|
Net realized gains
|
|
|
(0.40)
|
|
|
-
|
Total distributions
|
|
|
(1.80)
|
|
|
(0.01)
|
Net asset value, end of period
|
|
|
$25.08
|
|
|
$25.08
|
Market value total return
|
|
|
7.46%
|
|
|
-%
|
Total return(c)
|
|
|
7.36%
|
|
|
20.34%(d)
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
||
Net assets, end of period (in thousands)
|
|
|
$5,015
|
|
|
$1,254
|
Ratio of expenses to average net assets
|
|
|
0.98%(f)
|
|
|
0.95%(g)(e)
|
Ratio of net investment income (loss) to average net assets
|
|
|
0.46%(f)
|
|
|
0.45%(g)(e)
|
Portfolio turnover rate(h)
|
|
|
9%
|
|
|
28%(d)
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was December 28, 2023.
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the year.
|
(c)
|
Total return represents the rate that an investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.
|
(d)
|
Not annualized for periods less than one year.
|
(e)
|
Annualized for periods less than one year.
|
(f)
|
Includes expenses of 0.03% not covered by the Fund's Unitary Fee agreement.
|
(g)
|
Includes tax-related expenses of less than 0.01% not covered by the Funds' Unitary Fee agreement.
|
(h)
|
Portfolio turnover rate excludes in-kind transactions.
|
|
11
|
|
TABLE OF CONTENTS
|
12
|
|
TABLE OF CONTENTS
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Investments:
|
|
|
|
|
|
|
|
|
||||
Common Stocks
|
|
|
$3,852,290
|
|
|
$-
|
|
|
$-
|
|
|
$3,852,290
|
Real Estate Investment Trusts
|
|
|
78,579
|
|
|
-
|
|
|
-
|
|
|
78,579
|
Total Investments
|
|
|
$3,930,869
|
|
|
$-
|
|
|
$-
|
|
|
$3,930,869
|
Other Financial Instruments*:
|
|
|
|
|
|
|
|
|
||||
Futures Contracts
|
|
|
$(58,458)
|
|
|
$-
|
|
|
$-
|
|
|
$(58,458)
|
Total Other Financial Instruments
|
|
|
$(58,458)
|
|
|
$-
|
|
|
$-
|
|
|
$(58,458)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Other financial instruments are derivatives, such as futures. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument.
|
|
13
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
Risk Exposure
|
|
|
|
|
Fair Value
|
|
Futures
|
|
|
|
|
||
Commodity Contracts
|
|
|
Deposits at broker for future contracts*
|
|
|
($58,458)
|
|
|
|
|
|
|
|
*
|
Reflects cumulative unrealized appreciation of futures contracts as reported in the Consolidated Schedule of Futures Contracts.
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
||
Commodity Contracts
|
|
|
Net realized gain from futures contracts
|
|
|
$157,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
||
Commodity Contracts
|
|
|
Net change in unrealized depreciation on futures contracts
|
|
|
($160,324)
|
|
|
|
|
|
|
|
|
14
|
|
TABLE OF CONTENTS
|
15
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Cost of Investments
Purchased
|
|
|
Proceeds from
Investments Sold
|
|
CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF
|
|
|
|
|
||
Broker
|
|
|
$404,009
|
|
|
$209,836
|
In-kind transfer
|
|
|
2,864,001
|
|
|
-
|
|
|
$3,268,010
|
|
|
$209,836
|
|
|
|
|
|
|
|
|
|
16
|
|
TABLE OF CONTENTS
|
|
|
|
|||
|
|
Ordinary Income
|
||||
|
|
March 31, 2025
|
|
|
March 31, 2024
|
|
CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF
|
|
|
$190,757
|
|
|
$ -
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Long-Term Capital Gains
|
||||
|
|
March 31, 2025
|
|
|
March 31, 2024
|
|
CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF
|
|
|
$ 179
|
|
|
$ -
|
|
|
|
|
|
|
|
|
|
|
|
Tax cost of investments
|
|
|
$3,858,353
|
Unrealized appreciation
|
|
|
341,807
|
Unrealized depreciation
|
|
|
(269,291)
|
Net unrealized appreciation
|
|
|
72,516
|
Undistributed ordinary income
|
|
|
-
|
Undistributed long-term gains
|
|
|
-
|
Distributable earnings
|
|
|
-
|
Other accumulated gains (losses)
|
|
|
(27,332)
|
Total accumulated gains
|
|
|
$45,184
|
|
|
|
|
|
|
|
|
Accumulated Earnings
|
|
|
Paid-in-Capital
|
$(2,029)
|
|
|
$2,029
|
|
|
|
|
|
17
|
|
TABLE OF CONTENTS
|
18
|
|
TABLE OF CONTENTS
|
19
|
|
TABLE OF CONTENTS
|
|
|
|
CYBER HORNET S&P 500 and Bitcoin 75/25 Strategy ETF
|
|
|
17.95%
|
|
|
|
|
|
|
|
|
CYBER HORNET S&P 500 and Bitcoin 75/25 Strategy ETF
|
|
|
17.31%
|
|
|
|
|
|
20
|
|
TABLE OF CONTENTS
|
21
|
|
TABLE OF CONTENTS
|
22
|
|
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 16. Controls and Procedures.
(a) | The Registrant's President/Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not Applicable
(b) Not Applicable
Item 19. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. There was no change in the registrant's independent public accountant for the period covered by this report.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | ONEFUND TRUST |
By (Signature and Title)* | /s/ Michael Willis | ||
Michael Willis, President & Treasurer | |||
Principal Executive Officer and Principal Financial Officer |
Date | 6/9/25 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Michael Willis | ||
Michael Willis, President & Treasurer | |||
Principal Executive Officer and Principal Financial Officer |
* Print the name and title of each signing officer under his or her signature.