As filed with the U.S. Securities and Exchange Commission on [12/4/2024]
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: September 30, 2024
Item 1. Reports to Stockholders.
| | |
| Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF | |
| ZZZ (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | September 30, 2024 |
This semi-annual shareholder report contains important information about the Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF for the period of April 1, 2024, to September 30, 2024. You can find additional information about the Fund at https://cyberhornetetfs.com/. You can also request this information by contacting us at 1-844-282-3837.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
Fund Name | Costs of a $10,000 investment | Annualized costs paid as a percentage of a $10,000 investment |
| Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF | $52 | 1.01% |
KEY FUND STATISTICS (as of September 30, 2024)
| |
Net Assets | $2,454,008 |
Number of Holdings | 485 |
Portfolio Turnover | 0% |
WHAT DID THE FUND INVEST IN? (as of September 30, 2024)
| |
Top Holdings | (% of net assets) |
Apple, Inc. | 4.9% |
Microsoft Corp. | 4.6% |
NVIDIA Corp. | 4.3% |
Amazon.com, Inc. | 2.5% |
Meta Platforms, Inc. - Class A | 1.8% |
Alphabet, Inc. - Class A | 1.4% |
Berkshire Hathaway, Inc. - Class B | 1.2% |
Alphabet, Inc. - Class C | 1.2% |
Eli Lilly & Co. | 1.0% |
Tesla, Inc. | 1.0% |
Sector Breakdown (% of net assets)
For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://cyberhornetetfs.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF documents not be householded, please contact Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF at 1-844-282-3837, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF or your financial intermediary.
| Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF | PAGE 1 | TSR-SAR-45407J409 |
22.19.99.07.16.76.54.52.61.929.7
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a)
OneFund Trust
CYBER HORNET S&P 500® AND BITCOIN 75/25 STRATEGY ETF
Semi-Annual Financial Statements
September 30, 2024
TABLE OF CONTENTS
Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
Schedule of Investments
September 30, 2024 (Unaudited)
| | | | | | | |
COMMON STOCKS - 72.2%
| | | | | | |
Automobiles & Components - 1.3%
| | | | | | |
Aptiv PLC(a) | | | 12 | | | $ 864 |
BorgWarner, Inc. | | | 8 | | | 290 |
Ford Motor Co. | | | 156 | | | 1,648 |
General Motors Co. | | | 56 | | | 2,511 |
Tesla, Inc.(a) | | | 97 | | | 25,378 |
| | | | | | 30,691 |
Banks - 2.5%
| | | | | | |
Bank of America Corp. | | | 272 | | | 10,793 |
Citigroup, Inc. | | | 76 | | | 4,758 |
Citizens Financial Group, Inc. | | | 20 | | | 821 |
Comerica, Inc. | | | 4 | | | 240 |
Fifth Third Bancorp | | | 28 | | | 1,199 |
Huntington Bancshares, Inc. | | | 56 | | | 823 |
JPMorgan Chase & Co. | | | 116 | | | 24,460 |
KeyCorp | | | 36 | | | 603 |
M&T Bank Corp. | | | 8 | | | 1,425 |
PNC Financial Services Group, Inc. | | | 16 | | | 2,958 |
Regions Financial Corp. | | | 36 | | | 840 |
Truist Financial Corp. | | | 52 | | | 2,224 |
US Bancorp | | | 60 | | | 2,744 |
Wells Fargo & Co. | | | 144 | | | 8,134 |
Zions Bancorp NA | | | 4 | | | 189 |
| | | | | | 62,211 |
Capital Goods - 4.6%
| | | | | | |
3M Co. | | | 20 | | | 2,734 |
A.O. Smith Corp. | | | 4 | | | 359 |
Allegion PLC | | | 4 | | | 583 |
AMETEK, Inc. | | | 8 | | | 1,374 |
Axon Enterprise, Inc.(a) | | | 4 | | | 1,598 |
Boeing Co.(a) | | | 24 | | | 3,649 |
Builders FirstSource, Inc.(a) | | | 4 | | | 775 |
Carrier Global Corp. | | | 32 | | | 2,576 |
Caterpillar, Inc. | | | 20 | | | 7,822 |
Cummins, Inc. | | | 4 | | | 1,295 |
Deere & Co. | | | 12 | | | 5,008 |
Dover Corp. | | | 4 | | | 767 |
Eaton Corp. PLC | | | 16 | | | 5,303 |
Emerson Electric Co. | | | 24 | | | 2,625 |
Fastenal Co. | | | 24 | | | 1,714 |
Fortive Corp. | | | 12 | | | 947 |
GE Vernova, Inc.(a) | | | 9 | | | 2,295 |
Generac Holdings, Inc.(a) | | | 4 | | | 635 |
General Dynamics Corp. | | | 8 | | | 2,418 |
General Electric Co. | | | 44 | | | 8,297 |
Honeywell International, Inc. | | | 28 | | | 5,788 |
Howmet Aerospace, Inc. | | | 16 | | | 1,604 |
Hubbell, Inc. | | | 4 | | | 1,713 |
IDEX Corp. | | | 4 | | | 858 |
Illinois Tool Works, Inc. | | | 12 | | | 3,145 |
Ingersoll Rand, Inc. | | | 16 | | | 1,571 |
Johnson Controls International PLC | | | 28 | | | 2,173 |
| | | | | | | |
| | | | | | | |
L3Harris Technologies, Inc. | | | 8 | | | $ 1,903 |
Lockheed Martin Corp. | | | 8 | | | 4,676 |
Masco Corp. | | | 8 | | | 672 |
Nordson Corp. | | | 4 | | | 1,051 |
Northrop Grumman Corp. | | | 4 | | | 2,112 |
Otis Worldwide Corp. | | | 16 | | | 1,663 |
PACCAR, Inc. | | | 20 | | | 1,974 |
Parker-Hannifin Corp. | | | 4 | | | 2,527 |
Pentair PLC | | | 8 | | | 782 |
Quanta Services, Inc. | | | 4 | | | 1,193 |
Rockwell Automation, Inc. | | | 4 | | | 1,074 |
RTX Corp. | | | 56 | | | 6,785 |
Snap-on, Inc. | | | 4 | | | 1,159 |
Stanley Black & Decker, Inc. | | | 8 | | | 881 |
Textron, Inc. | | | 8 | | | 709 |
Trane Technologies PLC | | | 8 | | | 3,110 |
TransDigm Group, Inc. | | | 4 | | | 5,709 |
United Rentals, Inc. | | | 4 | | | 3,239 |
Westinghouse Air Brake Technologies
Corp. | | | 8 | | | 1,454 |
Xylem, Inc. | | | 8 | | | 1,080 |
| | | | | | 113,379 |
Commercial & Professional Services - 0.9%
|
Amentum Holdings, Inc.(a) | | | 4 | | | 129 |
Automatic Data Processing, Inc. | | | 16 | | | 4,428 |
Broadridge Financial Solutions, Inc. | | | 4 | | | 860 |
Cintas Corp. | | | 16 | | | 3,294 |
Copart, Inc.(a) | | | 36 | | | 1,886 |
Dayforce, Inc.(a) | | | 8 | | | 490 |
Equifax, Inc. | | | 4 | | | 1,175 |
Jacobs Solutions, Inc. | | | 4 | | | 523 |
Leidos Holdings, Inc. | | | 4 | | | 652 |
Paychex, Inc. | | | 12 | | | 1,610 |
Republic Services, Inc. | | | 8 | | | 1,607 |
Robert Half, Inc. | | | 4 | | | 270 |
Rollins, Inc. | | | 12 | | | 607 |
Veralto Corp. | | | 8 | | | 895 |
Verisk Analytics, Inc. | | | 4 | | | 1,072 |
Waste Management, Inc. | | | 16 | | | 3,322 |
| | | | | | 22,820 |
Consumer Discretionary Distribution & Retail - 4.1%
| | | | | | |
Amazon.com, Inc.(a) | | | 325 | | | 60,557 |
Bath & Body Works, Inc. | | | 8 | | | 255 |
Best Buy Co., Inc. | | | 8 | | | 827 |
CarMax, Inc.(a) | | | 8 | | | 619 |
eBay, Inc. | | | 20 | | | 1,302 |
Etsy, Inc.(a) | | | 4 | | | 222 |
Genuine Parts Co. | | | 4 | | | 559 |
Home Depot, Inc. | | | 40 | | | 16,208 |
LKQ Corp. | | | 12 | | | 479 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
Schedule of Investments
September 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
| | | | | | |
Consumer Discretionary Distribution & Retail - (Continued)
| | | | | | |
Lowe’s Cos., Inc. | | | 24 | | | $ 6,501 |
O'Reilly Automotive, Inc.(a) | | | 4 | | | 4,606 |
Ross Stores, Inc. | | | 12 | | | 1,806 |
TJX Cos., Inc. | | | 44 | | | 5,172 |
Tractor Supply Co. | | | 4 | | | 1,164 |
| | | | | | 100,277 |
Consumer Durables & Apparel - 0.6%
|
DR Horton, Inc. | | | 12 | | | 2,289 |
Garmin Ltd. | | | 8 | | | 1,408 |
Hasbro, Inc. | | | 4 | | | 289 |
Lennar Corp. - Class A | | | 8 | | | 1,500 |
Lululemon Athletica, Inc.(a) | | | 4 | | | 1,086 |
Mohawk Industries, Inc.(a) | | | 4 | | | 643 |
NIKE, Inc. - Class B | | | 48 | | | 4,243 |
PulteGroup, Inc. | | | 8 | | | 1,148 |
Tapestry, Inc. | | | 8 | | | 376 |
VF Corp. | | | 12 | | | 239 |
Whirlpool Corp. | | | 4 | | | 428 |
| | | | | | 13,649 |
Consumer Services - 1.1%
| | | | | | |
Airbnb, Inc. - Class A(a) | | | 16 | | | 2,029 |
Caesars Entertainment, Inc.(a) | | | 8 | | | 334 |
Carnival Corp.(a) | | | 40 | | | 739 |
Darden Restaurants, Inc. | | | 4 | | | 656 |
Expedia Group, Inc.(a) | | | 4 | | | 592 |
Hilton Worldwide Holdings, Inc. | | | 12 | | | 2,766 |
Las Vegas Sands Corp. | | | 16 | | | 805 |
Marriott International, Inc. - Class A | | | 8 | | | 1,989 |
McDonald's Corp. | | | 28 | | | 8,526 |
MGM Resorts International(a) | | | 12 | | | 469 |
Norwegian Cruise Line Holdings Ltd. (a) | | | 16 | | | 328 |
Royal Caribbean Cruises Ltd. | | | 8 | | | 1,419 |
Starbucks Corp. | | | 44 | | | 4,290 |
Wynn Resorts Ltd. | | | 4 | | | 384 |
Yum! Brands, Inc. | | | 12 | | | 1,677 |
| | | | | | 27,003 |
Consumer Staples Distribution & Retail - 1.4%
| | | |
Costco Wholesale Corp. | | | 16 | | | 14,184 |
Dollar General Corp. | | | 8 | | | 677 |
Dollar Tree, Inc.(a) | | | 8 | | | 563 |
Kroger Co. | | | 28 | | | 1,604 |
Sysco Corp. | | | 20 | | | 1,561 |
Target Corp. | | | 20 | | | 3,117 |
Walgreens Boots Alliance, Inc. | | | 28 | | | 251 |
Walmart, Inc. | | | 168 | | | 13,566 |
| | | | | | 35,523 |
Energy - 2.6%
| | | | | | |
APA Corp. | | | 12 | | | 294 |
Baker Hughes Co. | | | 40 | | | 1,446 |
| | | | | | | |
| | | | | | | |
Chevron Corp. | | | 68 | | | $10,014 |
ConocoPhillips | | | 48 | | | 5,054 |
Coterra Energy, Inc. | | | 28 | | | 671 |
Devon Energy Corp. | | | 24 | | | 939 |
Diamondback Energy, Inc. | | | 8 | | | 1,379 |
EOG Resources, Inc. | | | 24 | | | 2,950 |
EQT Corp. | | | 16 | | | 586 |
Exxon Mobil Corp. | | | 178 | | | 20,865 |
Halliburton Co. | | | 36 | | | 1,046 |
Hess Corp. | | | 12 | | | 1,630 |
Kinder Morgan, Inc. | | | 76 | | | 1,679 |
Marathon Oil Corp. | | | 24 | | | 639 |
Marathon Petroleum Corp. | | | 16 | | | 2,607 |
Occidental Petroleum Corp. | | | 28 | | | 1,443 |
ONEOK, Inc. | | | 24 | | | 2,187 |
Phillips 66 | | | 16 | | | 2,103 |
Schlumberger NV | | | 56 | | | 2,349 |
Targa Resources Corp. | | | 8 | | | 1,184 |
Valero Energy Corp. | | | 12 | | | 1,620 |
Williams Cos., Inc. | | | 48 | | | 2,191 |
| | | | | | 64,876 |
Financial Services - 5.7%
| | | | | | |
American Express Co. | | | 24 | | | 6,509 |
Ameriprise Financial, Inc. | | | 4 | | | 1,879 |
Bank of New York Mellon Corp. | | | 32 | | | 2,299 |
Berkshire Hathaway, Inc. - Class B(a) | | | 64 | | | 29,457 |
BlackRock, Inc. | | | 4 | | | 3,798 |
Blackstone, Inc. | | | 28 | | | 4,288 |
Capital One Financial Corp. | | | 16 | | | 2,396 |
Cboe Global Markets, Inc. | | | 4 | | | 819 |
Charles Schwab Corp. | | | 60 | | | 3,889 |
CME Group, Inc. | | | 16 | | | 3,530 |
Corpay, Inc.(a) | | | 4 | | | 1,251 |
Discover Financial Services | | | 8 | | | 1,122 |
Fidelity National Information Services,
Inc. | | | 24 | | | 2,010 |
Fiserv, Inc.(a) | | | 24 | | | 4,312 |
Franklin Resources, Inc. | | | 12 | | | 242 |
Global Payments, Inc. | | | 12 | | | 1,229 |
Goldman Sachs Group, Inc. | | | 12 | | | 5,941 |
Intercontinental Exchange, Inc. | | | 24 | | | 3,855 |
Invesco Ltd. | | | 16 | | | 281 |
Jack Henry & Associates, Inc. | | | 4 | | | 706 |
Mastercard, Inc. - Class A | | | 32 | | | 15,802 |
Moody’s Corp. | | | 8 | | | 3,797 |
Morgan Stanley | | | 48 | | | 5,004 |
MSCI, Inc. | | | 4 | | | 2,332 |
Nasdaq, Inc. | | | 12 | | | 876 |
Northern Trust Corp. | | | 8 | | | 720 |
PayPal Holdings, Inc.(a) | | | 44 | | | 3,433 |
Raymond James Financial, Inc. | | | 8 | | | 980 |
S&P Global, Inc. | | | 12 | | | 6,199 |
State Street Corp. | | | 12 | | | 1,062 |
Synchrony Financial | | | 16 | | | 798 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
Schedule of Investments
September 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
| | | | | | |
Financial Services - (Continued)
| | | | | | |
T Rowe Price Group, Inc. | | | 8 | | | $ 871 |
Visa, Inc. - Class A | | | 64 | | | 17,597 |
| | | | | | 139,284 |
Food, Beverage & Tobacco - 2.1%
| | | | | | |
Altria Group, Inc. | | | 68 | | | 3,471 |
Archer-Daniels-Midland Co. | | | 20 | | | 1,195 |
Brown-Forman Corp. - Class B | | | 8 | | | 394 |
Bunge Global SA | | | 4 | | | 387 |
Campbell Soup Co. | | | 8 | | | 391 |
Coca-Cola Co. | | | 152 | | | 10,923 |
Conagra Brands, Inc. | | | 20 | | | 650 |
Constellation Brands, Inc. - Class A | | | 8 | | | 2,061 |
General Mills, Inc. | | | 24 | | | 1,772 |
Hershey Co. | | | 4 | | | 767 |
Hormel Foods Corp. | | | 12 | | | 380 |
J M Smucker Co. | | | 4 | | | 484 |
Kellanova | | | 12 | | | 969 |
Keurig Dr Pepper, Inc. | | | 40 | | | 1,499 |
Kraft Heinz Co. | | | 32 | | | 1,124 |
Lamb Weston Holdings, Inc. | | | 4 | | | 259 |
McCormick & Co., Inc. | | | 8 | | | 658 |
Molson Coors Beverage Co. - Class B | | | 8 | | | 460 |
Mondelez International, Inc. - Class A | | | 52 | | | 3,831 |
Monster Beverage Corp.(a) | | | 28 | | | 1,461 |
PepsiCo, Inc. | | | 56 | | | 9,523 |
Philip Morris International, Inc. | | | 60 | | | 7,284 |
Tyson Foods, Inc. - Class A | | | 12 | | | 715 |
| | | | | | 50,658 |
Health Care Equipment & Services - 3.7%
|
Abbott Laboratories | | | 68 | | | 7,753 |
Align Technology, Inc.(a) | | | 4 | | | 1,017 |
Baxter International, Inc. | | | 20 | | | 759 |
Becton Dickinson & Co. | | | 12 | | | 2,893 |
Boston Scientific Corp.(a) | | | 56 | | | 4,693 |
Cardinal Health, Inc. | | | 8 | | | 884 |
Cencora, Inc. | | | 8 | | | 1,801 |
Centene Corp.(a) | | | 20 | | | 1,506 |
Cigna Group | | | 12 | | | 4,157 |
CVS Health Corp. | | | 52 | | | 3,270 |
DaVita, Inc.(a) | | | 4 | | | 656 |
DENTSPLY SIRONA, Inc. | | | 8 | | | 216 |
Dexcom, Inc.(a) | | | 16 | | | 1,073 |
Edwards Lifesciences Corp.(a) | | | 24 | | | 1,584 |
Elevance Health, Inc. | | | 8 | | | 4,160 |
GE HealthCare Technologies, Inc. | | | 16 | | | 1,502 |
HCA Healthcare, Inc. | | | 8 | | | 3,251 |
Henry Schein, Inc.(a) | | | 4 | | | 292 |
Hologic, Inc.(a) | | | 8 | | | 652 |
Humana, Inc. | | | 4 | | | 1,267 |
IDEXX Laboratories, Inc.(a) | | | 4 | | | 2,021 |
Insulet Corp.(a) | | | 4 | | | 931 |
| | | | | | | |
| | | | | | | |
Intuitive Surgical, Inc.(a) | | | 12 | | | $5,895 |
Labcorp Holdings, Inc. | | | 4 | | | 894 |
McKesson Corp. | | | 4 | | | 1,978 |
Medtronic PLC | | | 52 | | | 4,681 |
Molina Healthcare, Inc.(a) | | | 4 | | | 1,378 |
Quest Diagnostics, Inc. | | | 4 | | | 621 |
ResMed, Inc. | | | 4 | | | 976 |
Solventum Corp.(a) | | | 4 | | | 279 |
STERIS PLC | | | 4 | | | 970 |
Stryker Corp. | | | 12 | | | 4,335 |
UnitedHealth Group, Inc. | | | 36 | | | 21,048 |
Universal Health Services, Inc. - Class B | | | 4 | | | 916 |
Zimmer Biomet Holdings, Inc. | | | 8 | | | 864 |
| | | | | | 91,173 |
Household & Personal Products - 1.0%
|
Church & Dwight Co., Inc. | | | 8 | | | 838 |
Clorox Co. | | | 4 | | | 652 |
Colgate-Palmolive Co. | | | 32 | | | 3,322 |
Estee Lauder Cos., Inc. - Class A | | | 8 | | | 797 |
Kenvue, Inc. | | | 68 | | | 1,573 |
Kimberly-Clark Corp. | | | 12 | | | 1,707 |
Procter & Gamble Co. | | | 92 | | | 15,934 |
| | | | | | 24,823 |
Insurance - 1.7%
| | | | | | |
Aflac, Inc. | | | 20 | | | 2,236 |
Allstate Corp. | | | 12 | | | 2,276 |
American International Group, Inc. | | | 28 | | | 2,050 |
Aon PLC - Class A | | | 8 | | | 2,768 |
Arch Capital Group Ltd.(a) | | | 16 | | | 1,790 |
Arthur J Gallagher & Co. | | | 8 | | | 2,251 |
Assurant, Inc. | | | 4 | | | 795 |
Brown & Brown, Inc. | | | 8 | | | 829 |
Chubb Ltd. | | | 16 | | | 4,614 |
Cincinnati Financial Corp. | | | 8 | | | 1,089 |
Globe Life, Inc. | | | 4 | | | 424 |
Hartford Financial Services Group, Inc. | | | 12 | | | 1,411 |
Loews Corp. | | | 8 | | | 632 |
Marsh & McLennan Cos., Inc. | | | 20 | | | 4,462 |
MetLife, Inc. | | | 24 | | | 1,980 |
Principal Financial Group, Inc. | | | 8 | | | 687 |
Progressive Corp. | | | 24 | | | 6,090 |
Prudential Financial, Inc. | | | 16 | | | 1,938 |
Travelers Cos., Inc. | | | 8 | | | 1,873 |
W R Berkley Corp. | | | 12 | | | 681 |
Willis Towers Watson PLC | | | 4 | | | 1,178 |
| | | | | | 42,054 |
Materials - 1.8%
| | | | | | |
Air Products and Chemicals, Inc. | | | 8 | | | 2,382 |
Albemarle Corp. | | | 4 | | | 379 |
Amcor PLC | | | 56 | | | 634 |
Avery Dennison Corp. | | | 4 | | | 883 |
Ball Corp. | | | 12 | | | 815 |
Celanese Corp. | | | 4 | | | 544 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
Schedule of Investments
September 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
| | | | | | |
Materials - (Continued)
| | | | | | |
CF Industries Holdings, Inc. | | | 8 | | | $ 686 |
Corteva, Inc. | | | 28 | | | 1,646 |
Dow, Inc. | | | 28 | | | 1,530 |
DuPont de Nemours, Inc. | | | 16 | | | 1,426 |
Eastman Chemical Co. | | | 4 | | | 448 |
Ecolab, Inc. | | | 12 | | | 3,064 |
FMC Corp. | | | 4 | | | 264 |
Freeport-McMoRan, Inc. | | | 56 | | | 2,795 |
International Flavors & Fragrances, Inc. | | | 12 | | | 1,259 |
International Paper Co. | | | 12 | | | 586 |
Linde PLC | | | 20 | | | 9,537 |
LyondellBasell Industries NV - Class A | | | 12 | | | 1,151 |
Martin Marietta Materials, Inc. | | | 4 | | | 2,153 |
Mosaic Co. | | | 12 | | | 321 |
Newmont Corp. | | | 44 | | | 2,352 |
Nucor Corp. | | | 8 | | | 1,203 |
Packaging Corp. of America | | | 4 | | | 861 |
PPG Industries, Inc. | | | 8 | | | 1,060 |
Sherwin-Williams Co. | | | 8 | | | 3,053 |
Smurfit WestRock PLC | | | 12 | | | 593 |
Steel Dynamics, Inc. | | | 8 | | | 1,009 |
Vulcan Materials Co. | | | 4 | | | 1,002 |
| | | | | | 43,636 |
Media & Entertainment - 5.8%
| | | | | | |
Alphabet, Inc. - Class A | | | 207 | | | 34,331 |
Alphabet, Inc. - Class C | | | 176 | | | 29,426 |
Charter Communications, Inc. - Class A(a) | | | 4 | | | 1,296 |
Comcast Corp. - Class A | | | 160 | | | 6,683 |
Electronic Arts, Inc. | | | 8 | | | 1,148 |
Fox Corp. - Class A | | | 8 | | | 339 |
Fox Corp. - Class B | | | 4 | | | 155 |
Interpublic Group of Cos., Inc. | | | 16 | | | 506 |
Live Nation Entertainment, Inc.(a) | | | 4 | | | 438 |
Match Group, Inc.(a) | | | 12 | | | 454 |
Meta Platforms, Inc. - Class A | | | 78 | | | 44,650 |
Netflix, Inc.(a) | | | 16 | | | 11,348 |
News Corp. - Class A | | | 16 | | | 426 |
News Corp. - Class B | | | 4 | | | 112 |
Omnicom Group, Inc. | | | 8 | | | 827 |
Paramount Global - Class B | | | 20 | | | 212 |
Take-Two Interactive Software, Inc.(a) | | | 8 | | | 1,230 |
Walt Disney Co. | | | 72 | | | 6,926 |
Warner Bros Discovery, Inc.(a) | | | 88 | | | 726 |
| | | | | | 141,233 |
Pharmaceuticals, Biotechnology & Life Sciences - 5.3%
| | | | | | |
AbbVie, Inc. | | | 68 | | | 13,429 |
Agilent Technologies, Inc. | | | 12 | | | 1,782 |
Amgen, Inc. | | | 20 | | | 6,444 |
Biogen, Inc.(a) | | | 4 | | | 775 |
Bio-Techne Corp. | | | 8 | | | 639 |
| | | | | | | |
| | | | | | | |
Bristol-Myers Squibb Co. | | | 80 | | | $4,139 |
Catalent, Inc.(a) | | | 8 | | | 484 |
Charles River Laboratories International, Inc.(a) | | | 4 | | | 788 |
Danaher Corp. | | | 24 | | | 6,672 |
Eli Lilly & Co. | | | 29 | | | 25,692 |
Gilead Sciences, Inc. | | | 48 | | | 4,024 |
GRAIL, Inc.(a) | | | 1 | | | 14 |
Illumina, Inc.(a) | | | 8 | | | 1,043 |
Incyte Corp.(a) | | | 8 | | | 529 |
IQVIA Holdings, Inc.(a) | | | 8 | | | 1,896 |
Johnson & Johnson | | | 96 | | | 15,558 |
Merck & Co., Inc. | | | 100 | | | 11,356 |
Moderna, Inc.(a) | | | 12 | | | 802 |
Pfizer, Inc. | | | 224 | | | 6,483 |
Regeneron Pharmaceuticals, Inc.(a) | | | 4 | | | 4,205 |
Revvity, Inc. | | | 4 | | | 511 |
Thermo Fisher Scientific, Inc. | | | 16 | | | 9,897 |
Vertex Pharmaceuticals, Inc.(a) | | | 12 | | | 5,581 |
Viatris, Inc. | | | 48 | | | 557 |
Waters Corp.(a) | | | 4 | | | 1,440 |
West Pharmaceutical Services, Inc. | | | 4 | | | 1,201 |
Zoetis, Inc. | | | 20 | | | 3,908 |
| | | | | | 129,849 |
Real Estate Management & Development - 0.1%
|
CBRE Group, Inc. - Class A(a) | | | 12 | | | 1,494 |
CoStar Group, Inc.(a) | | | 16 | | | 1,207 |
| | | | | | 2,701 |
Semiconductors & Semiconductor Equipment - 7.7%
| | | | | | |
Advanced Micro Devices, Inc.(a) | | | 64 | | | 10,501 |
Analog Devices, Inc. | | | 20 | | | 4,603 |
Applied Materials, Inc. | | | 32 | | | 6,466 |
Broadcom, Inc. | | | 145 | | | 25,013 |
Enphase Energy, Inc.(a) | | | 4 | | | 452 |
First Solar, Inc.(a) | | | 4 | | | 998 |
Intel Corp. | | | 168 | | | 3,941 |
KLA Corp. | | | 4 | | | 3,098 |
Lam Research Corp.(a) | | | 4 | | | 3,264 |
Microchip Technology, Inc. | | | 20 | | | 1,606 |
Micron Technology, Inc. | | | 44 | | | 4,563 |
NVIDIA Corp. | | | 860 | | | 104,438 |
NXP Semiconductors NV | | | 12 | | | 2,880 |
ON Semiconductor Corp.(a) | | | 16 | | | 1,162 |
Qorvo, Inc.(a) | | | 4 | | | 413 |
QUALCOMM, Inc. | | | 44 | | | 7,482 |
Skyworks Solutions, Inc. | | | 8 | | | 790 |
Teradyne, Inc. | | | 8 | | | 1,072 |
Texas Instruments, Inc. | | | 36 | | | 7,437 |
| | | | | | 190,179 |
Software & Services - 8.1%
| | | | | | |
Accenture PLC - Class A | | | 24 | | | 8,483 |
Adobe, Inc.(a) | | | 16 | | | 8,284 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
Schedule of Investments
September 30, 2024 (Unaudited)(Continued)
| | | | | | | |
COMMON STOCKS - (Continued)
| | | | | | |
Software & Services - (Continued)
| |
Akamai Technologies, Inc.(a) | | | 4 | | | $ 404 |
ANSYS, Inc.(a) | | | 4 | | | 1,274 |
Autodesk, Inc.(a) | | | 8 | | | 2,204 |
Cadence Design Systems, Inc.(a) | | | 12 | | | 3,252 |
Cognizant Technology Solutions Corp. - Class A | | | 20 | | | 1,544 |
EPAM Systems, Inc.(a) | | | 4 | | | 796 |
Fortinet, Inc.(a) | | | 24 | | | 1,861 |
Gartner, Inc.(a) | | | 4 | | | 2,027 |
Gen Digital, Inc. | | | 24 | | | 658 |
International Business Machines Corp. | | | 36 | | | 7,959 |
Intuit, Inc. | | | 12 | | | 7,452 |
Microsoft Corp. | | | 262 | | | 112,739 |
Oracle Corp. | | | 64 | | | 10,906 |
Palo Alto Networks, Inc.(a) | | | 12 | | | 4,102 |
PTC, Inc.(a) | | | 4 | | | 723 |
Roper Technologies, Inc. | | | 4 | | | 2,226 |
Salesforce, Inc. | | | 40 | | | 10,948 |
ServiceNow, Inc.(a) | | | 8 | | | 7,155 |
Synopsys, Inc.(a) | | | 8 | | | 4,051 |
VeriSign, Inc.(a) | | | 4 | | | 760 |
| | | | | | 199,808 |
Technology Hardware & Equipment - 6.3%
|
Amphenol Corp. - Class A | | | 48 | | | 3,128 |
Apple, Inc. | | | 516 | | | 120,228 |
Arista Networks, Inc.(a) | | | 8 | | | 3,071 |
CDW Corp. | | | 4 | | | 905 |
Cisco Systems, Inc. | | | 160 | | | 8,515 |
Corning, Inc. | | | 32 | | | 1,445 |
F5, Inc.(a) | | | 4 | | | 881 |
Hewlett Packard Enterprise Co. | | | 52 | | | 1,064 |
HP, Inc. | | | 36 | | | 1,291 |
Jabil, Inc. | | | 4 | | | 479 |
Juniper Networks, Inc. | | | 12 | | | 468 |
Keysight Technologies, Inc.(a) | | | 8 | | | 1,271 |
Motorola Solutions, Inc. | | | 8 | | | 3,597 |
NetApp, Inc. | | | 8 | | | 988 |
Seagate Technology Holdings PLC | | | 8 | | | 876 |
TE Connectivity PLC | | | 12 | | | 1,812 |
Trimble, Inc.(a) | | | 8 | | | 497 |
Western Digital Corp.(a) | | | 12 | | | 820 |
Zebra Technologies Corp. - Class A(a) | | | 4 | | | 1,481 |
| | | | | | 152,817 |
Telecommunication Services - 0.7%
| | | | | | |
AT&T, Inc. | | | 284 | | | 6,248 |
T-Mobile US, Inc. | | | 20 | | | 4,127 |
Verizon Communications, Inc. | | | 168 | | | 7,545 |
| | | | | | 17,920 |
| | | | | | | |
| | | | | | | |
Transportation - 1.2%
| | | | | | |
American Airlines Group, Inc.(a) | | | 24 | | | $270 |
CH Robinson Worldwide, Inc. | | | 4 | | | 441 |
CSX Corp. | | | 80 | | | 2,762 |
Delta Air Lines, Inc. | | | 24 | | | 1,219 |
Expeditors International of
Washington, Inc. | | | 4 | | | 526 |
FedEx Corp. | | | 8 | | | 2,189 |
JB Hunt Transport Services, Inc. | | | 4 | | | 689 |
Norfolk Southern Corp. | | | 8 | | | 1,988 |
Old Dominion Freight Line, Inc. | | | 8 | | | 1,589 |
Southwest Airlines Co. | | | 24 | | | 711 |
Uber Technologies, Inc.(a) | | | 80 | | | 6,013 |
Union Pacific Corp. | | | 24 | | | 5,916 |
United Airlines Holdings, Inc.(a) | | | 12 | | | 685 |
United Parcel Service, Inc. - Class B | | | 28 | | | 3,818 |
| | | | | | 28,816 |
Utilities - 1.9%
| | | | | | |
AES Corp. | | | 28 | | | 562 |
Alliant Energy Corp. | | | 12 | | | 728 |
Ameren Corp. | | | 12 | | | 1,050 |
American Electric Power Co., Inc. | | | 20 | | | 2,052 |
American Water Works Co., Inc. | | | 8 | | | 1,170 |
Atmos Energy Corp. | | | 4 | | | 555 |
CenterPoint Energy, Inc. | | | 24 | | | 706 |
CMS Energy Corp. | | | 12 | | | 848 |
Consolidated Edison, Inc. | | | 12 | | | 1,250 |
Constellation Energy Corp. | | | 12 | | | 3,120 |
Dominion Energy, Inc. | | | 32 | | | 1,849 |
DTE Energy Co. | | | 8 | | | 1,027 |
Duke Energy Corp. | | | 32 | | | 3,690 |
Edison International | | | 16 | | | 1,393 |
Entergy Corp. | | | 8 | | | 1,053 |
Evergy, Inc. | | | 8 | | | 496 |
Eversource Energy | | | 12 | | | 817 |
Exelon Corp. | | | 40 | | | 1,622 |
FirstEnergy Corp. | | | 20 | | | 887 |
NextEra Energy, Inc. | | | 80 | | | 6,762 |
NiSource, Inc. | | | 16 | | | 554 |
NRG Energy, Inc. | | | 8 | | | 729 |
PG&E Corp. | | | 84 | | | 1,661 |
Pinnacle West Capital Corp. | | | 4 | | | 354 |
PPL Corp. | | | 28 | | | 926 |
Public Service Enterprise Group, Inc. | | | 20 | | | 1,784 |
Sempra | | | 24 | | | 2,007 |
Southern Co. | | | 44 | | | 3,968 |
WEC Energy Group, Inc. | | | 12 | | | 1,154 |
Xcel Energy, Inc. | | | 20 | | | 1,306 |
| | | | | | 46,080 |
TOTAL COMMON STOCKS
(Cost $1,522,795) | | | | | | 1,771,460 |
| | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
Schedule of Investments
September 30, 2024 (Unaudited)(Continued)
| | | | | | | |
REAL ESTATE INVESTMENT TRUSTS - 1.7%
|
Alexandria Real Estate Equities, Inc. | | | 8 | | | $950 |
American Tower Corp. | | | 20 | | | 4,651 |
AvalonBay Communities, Inc. | | | 4 | | | 901 |
Boston Properties, Inc. | | | 4 | | | 322 |
Camden Property Trust | | | 4 | | | 494 |
Crown Castle, Inc. | | | 16 | | | 1,898 |
Digital Realty Trust, Inc. | | | 12 | | | 1,942 |
Equinix, Inc. | | | 4 | | | 3,550 |
Equity Residential | | | 12 | | | 894 |
Essex Property Trust, Inc. | | | 4 | | | 1,182 |
Extra Space Storage, Inc. | | | 8 | | | 1,442 |
Federal Realty Investment Trust | | | 4 | | | 460 |
Healthpeak Properties, Inc. | | | 20 | | | 457 |
Host Hotels & Resorts, Inc. | | | 28 | | | 493 |
Invitation Homes, Inc. | | | 24 | | | 846 |
Iron Mountain, Inc. | | | 12 | | | 1,426 |
Kimco Realty Corp. | | | 24 | | | 557 |
Mid-America Apartment
Communities, Inc. | | | 4 | | | 636 |
Prologis, Inc. | | | 36 | | | 4,546 |
Public Storage | | | 8 | | | 2,911 |
Realty Income Corp. | | | 28 | | | 1,776 |
Regency Centers Corp. | | | 8 | | | 578 |
SBA Communications Corp. | | | 4 | | | 963 |
Simon Property Group, Inc. | | | 12 | | | 2,028 |
UDR, Inc. | | | 12 | | | 544 |
Ventas, Inc. | | | 16 | | | 1,026 |
VICI Properties, Inc. | | | 40 | | | 1,332 |
Welltower, Inc. | | | 20 | | | 2,561 |
Weyerhaeuser Co. | | | 28 | | | 948 |
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $36,748) | | | | | | 42,314 |
TOTAL INVESTMENTS - 73.9%
(Cost $1,559,543) | | | | | | $1,813,774 |
Money Market Deposit Account - 0.1%(b) | | | | | | 1,326 |
Other Assets in Excess of
Liabilities - 26.0% | | | | | | 638,908 |
TOTAL NET ASSETS - 100.0% | | | | | | $2,454,008 |
| | | | | | | |
Percentages are stated as a percent of net assets.
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
(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 September 30, 2024 was 4.63%. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Cyber Hornet S&P 500 and Bitcoin 75/25 Strategy ETF
Schedule of Futures Contracts
September 30, 2024 (Unaudited)
| | | | | | | | | | | | | |
CME Bitcoin Reference Rate (BRR) | | | 2 | | | 12/27/2024 | | | $647,000 | | | $31,477 |
Total Unrealized Appreciation (Depreciation) | | | | | | | | | | | | $31,477 |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
CYBER HORNET S&P 500® AND BITCOIN 75/25 STRATEGY ETF
Statement of Assets and Liabilities
September 30, 2024 (Unaudited)
| |
ASSETS:
|
Investments, at value | | | $1,813,774 |
Deposit at broker for futures contracts | | | 668,759 |
Cash - interest bearing deposit account | | | 1,326 |
Dividends and interest receivable | | | 1,070 |
Broker Interest receivable | | | 793 |
Total assets | | | 2,485,722 |
LIABILITIES:
| | | |
Payable to custodian | | | 29,705 |
Payable to adviser (Note 3) | | | 1,911 |
Payable for expense and other liabilities | | | 98 |
Total liabilities | | | 31,714 |
NET ASSETS | | | $2,454,008 |
Net Assets Consist of: | | | |
Paid-in capital | | | $2,283,393 |
Accumulated earnings | | | 170,615 |
Total net assets | | | $2,454,008 |
Net assets | | | $2,454,008 |
Shares issued and outstanding(a) | | | 100,000 |
Net asset value per share | | | $24.54 |
Cost:
| | | |
Investments, at cost | | | $1,559,543 |
| | | | |
(a)
| Unlimited shares authorized without par value. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
CYBER HORNET S&P 500® AND BITCOIN 75/25 STRATEGY ETF
Statement of Operations
For the Period Ended September 30, 2024 (Unaudited)
| | | | |
INVESTMENT INCOME:
| | | |
Dividend income | | | $12,250 |
Less: Dividend withholding taxes | | | (4) |
Interest income | | | 5,479 |
Total investment income | | | 17,725 |
EXPENSES:
| | | |
Investment advisory fee (See Note 3) | | | 11,288 |
Legal fees | | | 303 |
Trustees’ fees | | | 4 |
Tax expense | | | 420 |
Total expenses | | | 12,015 |
NET INVESTMENT INCOME | | | 5,710 |
REALIZED AND UNREALIZED GAIN
| | | |
Net realized gain (loss) from:
| | | |
Investments | | | 17,388 |
Futures contracts | | | (32,158) |
Net realized loss | | | (14,770) |
Net change in unrealized appreciation (depreciation) on:
| | | |
Investments | | | 176,571 |
Future contracts | | | (70,389) |
Net change in unrealized appreciation | | | 106,182 |
Net realized and unrealized gain | | | 91,412 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | $97,122 |
| | | | |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
CYBER HORNET S&P 500® AND BITCOIN 75/25 STRATEGY ETF
Statements of Changes in Net Assets
| | | | | | | |
OPERATIONS:
| | | | | | |
Net investment income | | | $5,710 | | | $1,296 |
Net realized gain/(loss) | | | (14,770) | | | 31,161 |
Net change in unrealized appreciation | | | 106,182 | | | 179,525 |
Net increase in net assets from operations | | | 97,122 | | | 211,982 |
DISTRIBUTIONS TO SHAREHOLDERS:
| | | | | | |
Distributions to shareholders | | | (137,902) | | | (589) |
Total distributions to shareholders | | | (137,902) | | | (589) |
CAPITAL TRANSACTIONS:
| | | | | | |
Subscriptions | | | 1,240,895 | | | 1,042,500 |
Net increase in net assets from capital transactions | | | 1,240,895 | | | 1,042,500 |
NET INCREASE IN NET ASSETS | | | 1,200,115 | | | 1,253,893 |
NET ASSETS:
| | | | | | |
Beginning of the period | | | 1,253,893 | | | — |
End of the period | | | $2,454,008 | | | $1,253,893 |
SHARES TRANSACTIONS
| | | | | | |
Subscriptions | | | 50,000 | | | 50,000 |
Total increase in shares outstanding | | | 50,000 | | | 50,000 |
| | | | | | | |
(a)
| Inception date of the Fund was December 28, 2023. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
Financial Highlights
| | | | | | | |
PER SHARE DATA:
| | | | | | |
Net asset value, beginning of period | | | $25.08 | | | $20.85 |
INVESTMENT OPERATIONS:
| | | | | | |
Net investment income(b) | | | 0.06 | | | 0.03 |
Net realized and unrealized gain on investments(c) | | | 0.78 | | | 4.21 |
Total from investment operations | | | 0.84 | | | 4.24 |
LESS DISTRIBUTIONS FROM:
| | | | | | |
Net investment income | | | (1.38) | | | (0.01) |
Total distributions | | | (1.38) | | | (0.01) |
Net asset value, end of period | | | $24.54 | | | $25.08 |
TOTAL RETURN(d)(e) | | | 3.45% | | | 20.34% |
SUPPLEMENTAL DATA AND RATIOS:
| | | | | | |
Net assets, end of period (in thousands) | | | $2,454 | | | $1,254 |
Ratio of expenses to average net assets(f)(g) | | | 1.01% | | | 0.95% |
Ratio of net investment income to average net assets(f)(g) | | | 0.48% | | | 0.45% |
Portfolio turnover rate(e)(h) | | | 0% | | | 28% |
| | | | | | | |
(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 period.
|
(c)
| Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
(d)
| Total return represents the rate that an investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. |
(e)
| Not annualized for periods less than one year. |
(f)
| Annualized for periods less than one year.
|
(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. |
The accompanying notes are an integral part of these financial statements.
TABLE OF CONTENTS
OneFund Trust
Notes to Financial Statements
September 30, 2024
1. ORGANIZATION
The CYBER HORNET S&P 500® and Bitcoin 75/25 Strategy ETF is a separate series of ONEFUND Trust, an open-end management investment company that was organized as a trust under the laws of the State of Delaware on November 9, 2005 (the “Trust”). The Trust currently has two series, one of which is covered by this report. The Fund is diversified, as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund commenced operations on December 28, 2023. ONEFUND, LLC (the “Adviser”) serves as the investment adviser to the Fund.
The Fund’s investment objective is to replicate, before fees and expenses, the total return of the S&P 500® and S&P CME Bitcoin Futures Index 75/25 Blend Index (the “Index”), an Index by Standard & Poor’s.
The consolidated financial statements include the accounts of ONEFUND International Ltd. (the “Subsidiary”), a wholly-owned and controlled subsidiary of the Fund. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in derivative or Bitcoin- related instruments consistent with the Fund’s objectives and policies. As of September 30, 2024, the Subsidiary’s net assets were $645,871, which represented 26.3% of the Fund’s net assets.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in The United States of America (“GAAP”). The Fund is an investment company and accordingly follows the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.”
Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Investment Transactions – Investment security transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis.
Investment Income – Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Interest income, which includes amortization of premium and accretion of discount, is recorded on the accrual basis.
Expenses – The Fund bears expenses incurred specifically for the Fund as well as general Trust expenses that are allocated between the Fund and a separate series of the Trust. See Note 3 for further information on the Fund’s unitary fee arrangement.
Investment Valuation – The Fund’s portfolio securities are valued as of the close of trading of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern Time). Each security, excluding short-term investments, is valued at the last sale price reported by the principal security exchange on which the issue is traded. Futures contracts are valued at the settlement price on the exchange. Money market funds, representing short-term investments, are valued at their daily net asset value. Securities that are traded on the Nasdaq Stock Market, Inc. are valued at the Nasdaq Official Closing Price or if no sale is reported, the mean between the bid and the ask. Securities which are traded over-the-counter are valued at the last sale price or, if no sale, at the mean between the bid and the ask. Securities for which quotations are not readily available are valued at fair value as determined by the Fund’s investment adviser, as the Valuation Designee appointed by the Board of Trustees (the “Board”), in accordance with procedures approved by the Board. The fair value of a security is the amount which the Fund might reasonably expect to receive upon a current sale. The fair value of a security may differ from the last quoted price and the Fund may not be able to sell a security at the fair value. Market quotations may not be available, for example, if trading in particular securities was halted during the day and not resumed prior to the close of trading on the NYSE. As of September 30, 2024, there were no securities that were internally fair valued.
TABLE OF CONTENTS
OneFund Trust
Notes to Financial Statements
September 30, 2024(Continued)
Fair Value Measurements – A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value.
Various inputs are used in determining the value of the Fund’s investments as of the reporting period end. These inputs are categorized in the following hierarchy under applicable financial accounting standards:
Level 1 –
Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;
Level 2 –
Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
Level 3 –
Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Fund to measure fair value during the fiscal period ended September 30, 2024 maximized the use of observable inputs and minimized the use of unobservable inputs.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund’s investments as of September 30, 2024:
| | | | | | | | | | | | | |
Investments:
| | | | | | | | | | | | |
Common Stocks | | | $ 1,771,460 | | | — | | | — | | | $ 1,771,460 |
Real Estate Investment Trusts | | | 42,314 | | | — | | | — | | | 42,314 |
Total Investments | | | $1,813,774 | | | — | | | — | | | $1,813,774 |
Other Financial Instruments*:
| | | | | | | | | | | | |
Futures Contracts | | | 31,477 | | | — | | | — | | | 31,477 |
Total Other Financial Instruments | | | $31,477 | | | — | | | — | | | $31,477 |
| | | | | | | | | | | | | |
*
| Other financial instruments are derivatives, such as futures. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument. |
Refer to the Consolidated Schedule of Investments for further disaggregation of the investment categories on the instrument.
TABLE OF CONTENTS
OneFund Trust
Notes to Financial Statements
September 30, 2024(Continued)
The Fund did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.
Cash and Cash Equivalents – Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Consolidated Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.
Derivative Transactions – The Fund engaged in derivatives for speculative purposes during the period ended September 30, 2024. The use of derivatives included futures contracts.
Futures contracts – The Fund purchases and sells futures contracts and held futures contracts during the period ended September 30, 2024. The Fund generally deposits cash (also known as “margin”) with a Futures Commission Merchant (“FCM”) for its open positions in futures contracts. The margin requirements or position limits may be based on the notional exposure (i.e., the total dollar value of exposure the Fund has to the asset that underlies the futures contract) of the futures contracts or the number of futures contracts purchased. The FCM, in turn, generally transfers such deposits to the clearing house to protect the clearing house against non-payment by the Fund. “Variation Margin” is the amount of cash that each party agrees to pay to or receive from the other to reflect the daily fluctuation in the value of the futures contract. The clearing house becomes substituted for each counterparty to a futures contract and, in effect, guarantees performance. In addition, the FCM may require the Fund to deposit additional collateral in excess of the clearing house’s requirements for the FCM’s own protection. Margin requirements for CME Bitcoin Futures are substantially higher than margin requirements for many other types of futures contracts.
The average notional amount of futures contracts during the six months ended September 30, 2024, was $620,845 for long contracts.
The tables below reflect the values of derivatives assets and liabilities as reflected in the Consolidated Statement of Assets and Liabilities.
Consolidated Statement of Assets and Liabilities Location
| | | | | | | |
Futures
| | | | | | |
Commodity Contracts | | | Deposits at broker for future contracts* | | | $31,477 |
| | | | | | | |
*
| Relfects cumulative unrealized appreciation of futures contracts as reported in the Consolidated Schedule of Investments |
Amount of Realized Loss on Derivatives Transactions
| | | | | | | |
Commodity Contracts | | | Net realized loss on futures contracts | | | (32,158) |
| | | | | | | |
Change in Unrealized Appreciation on Derivatives Transactions
| | | | | | | |
Commodity Contracts | | | Net change in unrealized appreciation on futures contracts | | | $31,477 |
| | | | | | | |
Distributions to Shareholders – Dividends from net investment income will be declared and paid at least quarterly. Distributions of net realized gains, if any, will be declared and paid at least annually. Income and capital gains distributions are determined in accordance with income tax regulations, which may differ from GAAP. Distributions to shareholders are recorded on the ex-dividend date.
Federal Income Taxes – As of and during the fiscal year ended March 31, 2024, 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.
TABLE OF CONTENTS
OneFund Trust
Notes to Financial Statements
September 30, 2024(Continued)
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, 2024. In addition, by distributing in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, the Fund will not be subject to a federal excise tax. Interest or penalties, if any, will be recorded in the Consolidated Statement of Operations when incurred.
The Subsidiary is an exempted Cayman investment company and as such is not subject to Cayman Island taxes at the present time. For U.S. income tax purposes, the Subsidiary is a controlled foreign corporation not subject to U.S. income taxes. As a wholly-owned controlled foreign corporation, the Subsidiary’s net income and capital gains, if any, will be included each year in the Fund’s investment company taxable income.
3. ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS
Investment Advisory Agreement – The Adviser currently provides investment advisory services for individuals, trusts, estates and institutions. The Adviser commenced operations in 2004 and is registered as an investment adviser with the Securities and Exchange Commission. The Adviser is entitled to an investment advisory fee, computed daily and payable monthly, of 0.95% of the average daily net assets of the Fund. Mike Willis, an officer of the Trust is also an officer of the Adviser.
The Subsidiary is subject to an Advisory Agreement between the Subsidiary and the Adviser, which specifies an an investment advisory fee, computed daily and payable monthly, of 0.95% of the average daily net assets of the Subsidiary. In the Fund’s computation of the investment advisory fee, the net assets of the Subsidiary are waived from the computation and the investment advisory fee of the Subsidiary is consolidated with the investment advisory fee of the Fund.
The Adviser’s unitary management fee is designed to pay the Fund’s expenses and to compensate the Adviser for providing services for the Fund. Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the costs of transfer agency, custody, fund administration, legal, audit and other services. The Adviser and not the Fund’s shareholders, would benefit from any reduction in fees paid for third-party services, including reductions based on increases in net assets.
Under the Advisory Agreement, the Adviser has agreed to pay the Fund’s operating expenses, with certain exceptions, in return for a “unitary fee” exclusive of expenses incurred pursuant to the Fund’s 12b-1 Distribution Plan adopted pursuant to Rule 12b-1 under the 1940 Act, if any; costs of borrowings (including interest charges and dividend expenses on securities sold short); taxes or governmental fees; acquired fund fees and expenses, if any; brokerage commissions and other expenses of executing portfolio transactions; costs of holding shareholder meetings, including proxy costs; fees and expenses associated with the Fund’s securities lending program, if any; fees of disinterested Trustees and fees of independent counsel to the disinterested Trustees; and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.
The initial term of the Advisory Agreement is two years, and the Board may thereafter extend the Advisory Agreement for additional one-year terms. The Advisory Agreement may be terminated immediately by vote of the shareholders of the Fund, or upon 60 days’ notice by the Board or the Adviser. All organizational and offering costs for the Fund were borne by the Adviser and are not subject to reimbursement.
Administration Services – U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, LLC (“Fund Services” or the “Administrator”) acts as the Fund’s Administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials supplied to the Trustees; monitors the activities of the Fund’s custodian, transfer agent and accountants; coordinates the preparation and payment of the Fund’s expenses and reviews the Fund’s expense accruals. Fund Services also serves as the fund accountant and transfer agent to the Fund. U.S. Bank N.A., an affiliate of Fund Services, serves as the Fund’s custodian. The Administrator receives a monthly fee which is paid by the adviser out of the unitary fee.
TABLE OF CONTENTS
OneFund Trust
Notes to Financial Statements
September 30, 2024(Continued)
Compliance Services – PINE Advisor Solutions (“PINE”), provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between PINE and the Trust. Under the terms of such agreement PINE is entitled to receive fees from the Trust but, pursuant to the unitary fee arrangement between the Adviser and the Fund, such fees are paid by the Adviser.
Distributor – The Fund has entered into a Distribution Agreement with ACA Foreside (the “Distributor”) to provide distribution services to the Fund. The Distributor serves as underwriter/distributor of shares of the Fund. Distribution services fees are paid by the Adviser pursuant to the terms set forth in the Distribution Agreement.
4. PURCHASES AND SALES OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales of investment securities, excluding short-term securities, are shown below for the period ended September 30, 2024.
| | | | | | | |
Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF
| | | | | | |
Broker | | | $906,757 | | | — |
In-kind transfer | | | 63,563 | | | — |
| | | $970,327 | | | — |
| | | | | | | |
5. TAX BASIS INFORMATION
Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end.
The tax character of distributions paid during the fiscal year ended March 31, 2024, were as follows:
| | | | | | | |
Cyber Hornet S&P 500® and Bitcoin 75/25 Strategy ETF | | | $ — | | | $ — |
| | | | | | | |
The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended March 31, 2024.
As of March 31, 2024, the components of accumulated earnings/(losses) for income tax purposes were as follows:
| | | | |
Tax cost of investments | | | $781,936 |
Unrealized appreciation | | | 96,654 |
Unrealized depreciation | | | (18,995) |
Net unrealized appreciation | | | 77,659 |
Undistributed ordinary income | | | 134,303 |
Undistributed long-term gains | | | 22 |
Distributable earnings | | | 134,325 |
Other accumulated gains (losses) | | | (589) |
Total accumulated earnings | | | $211,395 |
| | | | |
There were no capital loss carryovers or post-October losses for the tax year ended March 31, 2024.
TABLE OF CONTENTS
OneFund Trust
Notes to Financial Statements
September 30, 2024(Continued)
U.S. generally accepted accounting principles require that certain components of net assets relating to permanent differences be reclassified between financial reportingand tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended March 31, 2024, the following table shows thereclassifications made:
6. CREATION AND REDEMPTION TRANSACTIONS
Individual shares may only be purchased and sold on a national securities exchange through a broker-dealer. You can purchase and sell individual shares of the Fund on any day the Nasdaq Stock Market (“NASDAQ”) is open for business like any publicly traded security. The Fund’s shares are listed on the Nasdaq Stock Market exchange. The price of the Fund’s shares is based on market price, and because exchange-traded fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). The Fund issues and redeems shares on a continuous basis, at NAV, only in blocks of 25,000 shares (“Creation Units”), which may be partially in-kind for securities included in the Index and partially in cash, and only Authorized Participants (typically, broker-dealers) may purchase or redeem Creation Units. Except when aggregated in Creation Units, the Fund’s shares are not redeemable securities.
7. BENEFICIAL OWNERSHIP
As of September 30, 2024, no one owned beneficially 25% or greater of the Fund’s outstanding shares.
8. 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.
9. 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.
| (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. Not applicable. |
(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. Not applicable.
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 | |
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.
