Form N-CSR CYBER HORNET TRUST For: Mar 31

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Fund Overview

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

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
No Load Shares	$27	0.25%

How did the Fund perform during the reporting period?

During the fiscal year ended March 31, 2026, the Fund (“INDEX”) returned 17.64% while the S&P 500^® Index returned 17.80%. The tracking error of approximately 16 basis points was primarily attributable to fund expenses, trading costs, and the Fund’s cash management process.

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

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	CYBER HORNET S&P 500^®	S&P 500^® Index
Mar-2016	$10,000	$10,000
Mar-2017	$11,719	$11,717
Mar-2018	$13,066	$13,357
Mar-2019	$13,983	$14,625
Mar-2020	$11,541	$13,605
Mar-2021	$19,697	$21,271
Mar-2022	$22,225	$24,599
Mar-2023	$20,777	$22,698
Mar-2024	$24,618	$29,480
Mar-2025	$26,595	$31,913
Mar-2026	$31,287	$37,594

Average Annual Total Returns

Table Summary
	1 Year	5 years	10 Years
CYBER HORNET S&P 500^®	17.64%	9.70%	12.08%
S&P 500^® Index	17.80%	12.06%	14.16%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 1-844-464-6339.

Fund Statistics

Table Summary
Net Assets	$147,863,663
Number of Portfolio Holdings	505
Total Advisory Fees Paid (net of waivers)	$0
Portfolio Turnover	30%

Top 10 Holdings (% of net assets)

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

What did the Fund invest in?

Composition of Net Assets (% of net assets)

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

Material Fund Changes

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

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

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

Where can I find additional information about the Fund?

Additional information is available on the Fund’s website (https://funddocs.filepoint.com/onefund/), including its:

Prospectus
Financial information
Holdings
Proxy voting information

CYBER HORNET S&P 500^® - No Load Shares (INDEX)

Annual Shareholder Report - March 31, 2026

TSR-AR 033126-INDEX

(b)

Not Applicable

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

(a)

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

Item 4. Principal Accountant Fees and Services.

(a)

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

CYBER HORNET S&P 500 Fund^®		FY 2026			$	15,500
		FY 2025			$	15,500

(b)

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

CYBER HORNET S&P 500 Fund^®		FY 2026			$	0
		FY 2025			$	0

(c)

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

CYBER HORNET S&P 500 Fund^®		FY 2026			$	3,500
		FY 2025			$	3,500

Nature of the fees:

Preparation of the 1120 RIC and Excise review

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

CYBER HORNET S&P 500 Fund^®		FY 2026			$	0
		FY 2025			$	0

(e)(1)

Audit Committee’s Pre-Approval Policies

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

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

(f)

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

(g)

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

	Registrant		Adviser
FY 2026	$	3,500	$	0
FY 2025	$	3,500	$	0

(h)

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

(i)

Not applicable.

(j)

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

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

(a)

TABLE OF CONTENTS

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

CYBER HORNET S&P 500^®	Schedule of Investments
	March 31, 2026

	Shares		Fair Value
COMMON STOCKS — 99.92%
Communications — 10.68%
Alphabet, Inc., Class A		15,353	$	4,414,910
Alphabet, Inc., Class C		12,271		3,520,059
AppLovin Corp., Class A^(a)		714		284,172
AT&T, Inc.		18,708		542,345
Booking Holdings, Inc.		85		357,877
Charter Communications, Inc., Class A^(a)		232		50,084
Comcast Corp., Class A		9,591		275,358
EchoStar Corp., Class A^(a)		355		41,560
Electronic Arts, Inc.		592		120,691
Fox Corp., Class A		550		32,120
Fox Corp., Class B		392		20,815
GoDaddy, Inc., Class A^(a)		357		29,513
Meta Platforms, Inc., Class A		5,747		3,288,031
Netflix, Inc.^(a)		11,182		1,075,149
News Corp., Class A		988		24,631
News Corp., Class B		326		9,294
Omnicom Group, Inc.		842		63,411
Paramount Skydance Corp., Class B		820		7,396
Take-Two Interactive Software, Inc.^(a)		458		90,455
T-Mobile US, Inc.		1,269		266,528
Trade Desk, Inc. (The), Class A^(a)		1,162		26,366
VeriSign, Inc.		220		54,639
Verizon Communications, Inc.		11,127		558,575
Walt Disney Co. (The)		4,711		454,046
Warner Bros. Discovery, Inc.^(a)		6,539		179,561
				15,787,586
Consumer Discretionary — 9.75%
Airbnb, Inc., Class A^(a)		1,122		141,686
Amazon.com, Inc.^(a)		25,672		5,346,707
Aptiv PLC^(a)		570		39,581
AutoZone, Inc.^(a)		44		148,622
Axon Enterprise, Inc.^(a)		208		88,336
Best Buy Co., Inc.		516		33,127
Builders FirstSource, Inc.^(a)		292		24,040
Carnival Corp.		2,865		74,146
Carvana Co.^(a)		373		117,264
Chipotle Mexican Grill, Inc.^(a)		3,489		111,683
Copart, Inc.^(a)		2,350		78,020
D.R. Horton, Inc.		723		99,209
Darden Restaurants, Inc.		307		60,184
Deckers Outdoor Corp.^(a)		385		38,535
Domino’s Pizza, Inc.		82		29,421
DoorDash, Inc., Class A^(a)		987		148,198
eBay, Inc.		1,193		108,587
Expedia Group, Inc.		309		71,345
Ford Motor Co.		10,328		119,185
General Motors Co.		2,462		183,419
Genuine Parts Co.		367		38,810
Hasbro, Inc.		352		32,947

	Shares		Fair Value
Consumer Discretionary (Continued)
Hilton Worldwide Holdings, Inc.		613	$	186,401
Home Depot, Inc. (The)		2,627		863,994
Las Vegas Sands Corp.		803		43,266
Lennar Corp., Class A		569		49,412
Live Nation Entertainment, Inc.^(a)		417		63,597
Lowe’s Companies, Inc.		1,480		349,694
Lululemon Athletica, Inc.^(a)		285		43,634
Marriott International, Inc., Class A		588		192,317
Masco Corp.		548		33,083
McDonald’s Corp.		1,879		583,975
MGM Resorts International		541		20,022
NIKE, Inc., Class B		3,138		165,749
Norwegian Cruise Lines Holdings Ltd.^(a)		1,201		22,459
NVR, Inc.^(a)		8		52,719
O’Reilly Automotive, Inc.^(a)		2,228		205,667
Pool Corp.		87		17,603
PulteGroup, Inc.		514		60,452
Ralph Lauren Corp.		102		35,087
Ross Stores, Inc.		858		185,869
Royal Caribbean Group		669		184,095
Starbucks Corp.		3,000		268,769
Tapestry, Inc.		540		76,199
Tesla, Inc.^(a)		7,415		2,756,526
TJX Companies, Inc. (The)		2,937		469,039
TKO Group Holdings, Inc.		175		35,289
Tractor Supply Co.		1,394		63,148
Ulta Beauty, Inc.^(a)		118		61,680
Williams-Sonoma, Inc.		321		58,528
Wynn Resorts Ltd.		223		22,646
Yum! Brands, Inc.		733		113,967
				14,417,938
Consumer Staples — 5.25%
Altria Group, Inc.		4,430		292,336
Archer-Daniels-Midland Co.		1,268		92,171
Brown-Forman Corp., Class B		465		12,295
Bunge Global SA		357		45,410
Campbell’s Co. (The)		519		11,558
Church & Dwight Co., Inc.		634		59,165
Clorox Co. (The)		322		33,369
Coca-Cola Co. (The)		10,216		776,926
Colgate-Palmolive Co.		2,127		181,284
Conagra Brands, Inc.		1,262		19,839
Constellation Brands, Inc., Class A		372		55,800
Costco Wholesale Corp.		1,170		1,165,823
Dollar General Corp.		581		68,982
Dollar Tree, Inc.^(a)		501		54,865
Estee Lauder Companies, Inc. (The), Class A		649		46,579
General Mills, Inc.		1,408		52,406
Hershey Co. (The)		391		81,285
Hormel Foods Corp.		769		17,418

See Notes to Financial Statements.
Financial Statements \| March 31, 2026	1

CYBER HORNET S&P 500^®	Schedule of Investments
	March 31, 2026

	Shares		Fair Value
Consumer Staples (Continued)
J.M. Smucker Co. (The)		282	$	27,196
Kenvue, Inc.		5,056		87,165
Keurig Dr Pepper, Inc.		3,585		94,393
Kimberly-Clark Corp.		876		84,508
Kraft Heinz Co. (The)		2,249		50,580
Kroger Co. (The)		1,609		116,427
McCormick & Co., Inc., Non-Voting Shares		668		33,694
Molson Coors Brewing Co., Class B		447		19,248
Mondelez International, Inc., Class A		3,405		196,264
Monster Beverage Corp.^(a)		1,882		136,370
PepsiCo, Inc.		3,608		560,286
Philip Morris International, Inc.		4,108		679,216
Procter & Gamble Co. (The)		6,166		890,617
Sysco Corp.		1,264		90,161
Target Corp.		1,199		145,319
Tyson Foods, Inc., Class A		747		47,860
Walmart, Inc.		11,572		1,438,169
				7,764,984
Energy — 4.06%
APA Corp.		936		39,724
Baker Hughes Co., Class A		2,604		158,974
Chevron Corp.		4,995		1,033,466
ConocoPhillips		3,261		430,452
Coterra Energy, Inc.		2,009		70,596
Devon Energy Corp.		1,655		83,280
Diamondback Energy, Inc.		491		97,115
EOG Resources, Inc.		1,432		207,024
EQT Corp.		1,647		104,815
Expand Energy Corp.		629		69,052
Exxon Mobil Corp.		11,129		1,888,146
First Solar, Inc.^(a)		283		55,825
Halliburton Co.		2,221		86,597
Kinder Morgan, Inc.		5,166		173,216
Marathon Petroleum Corp.		793		193,635
Occidental Petroleum Corp.		1,898		123,370
ONEOK, Inc.		1,660		150,047
Phillips 66		1,063		193,657
Schlumberger Ltd.		3,942		202,579
Targa Resources Corp.		566		141,913
Texas Pacific Land Corp.		153		72,608
Valero Energy Corp.		805		198,899
Williams Companies, Inc. (The)		3,223		234,570
				6,009,560
Financials — 12.31%
Aflac, Inc.		1,245		136,589
Allstate Corp. (The)		691		143,272
American Express Co.		1,418		428,916
American International Group, Inc.		1,424		107,156
Ameriprise Financial, Inc.		245		108,878
Aon PLC, Class A		567		183,016

	Shares		Fair Value
Financials (Continued)
Apollo Asset Management, Inc., Class A		1,225	$	136,490
Arch Capital Group Ltd.^(a)		953		91,478
Ares Management Corp., Class A		544		59,350
Arthur J. Gallagher & Co.		678		146,841
Assurant, Inc.		132		28,751
Bank of America Corp.		17,729		864,289
Bank of New York Mellon Corp. (The)		1,840		218,279
Berkshire Hathaway, Inc., Class B^(a)		4,839		2,318,849
BlackRock, Inc.		381		366,411
Blackstone Group L.P. (The), Class A		1,949		224,115
Brown & Brown, Inc.		775		50,538
Capital One Financial Corp.		1,678		306,118
Cboe Global Markets, Inc.		276		77,575
Charles Schwab Corp. (The)		4,408		414,263
Chubb Ltd.		966		314,848
Cincinnati Financial Corp.		412		64,828
Citigroup, Inc.		4,722		535,522
Citizens Financial Group, Inc.		1,133		67,946
CME Group, Inc.		952		281,173
Coinbase Global, Inc., Class A^(a)		602		105,115
ERIE Indemnity Co., Class A		67		16,838
Everest Re Group, Ltd.		111		36,280
Fifth Third Bancorp		2,373		110,250
Franklin Resources, Inc.		811		19,156
Globe Life, Inc.		210		29,226
Goldman Sachs Group, Inc. (The)		791		669,179
Hartford Insurance Group, Inc. (The)		735		99,394
Huntington Bancshares, Inc.		5,365		83,962
Interactive Brokers Group, Inc., Class A		1,175		78,807
Intercontinental Exchange, Inc.		1,505		236,706
Invesco Ltd.		1,175		28,541
JPMorgan Chase & Co.		7,184		2,113,245
KeyCorp		2,452		49,163
KKR & Co., Inc.		1,811		167,518
Loews Corp.		447		47,713
M&T Bank Corp.		406		83,928
Marsh & McLennan Companies, Inc.		1,293		224,271
MasterCard, Inc., Class A		2,164		1,081,265
MetLife, Inc.		1,461		103,322
Moody’s Corp.		405		176,681
Morgan Stanley		3,187		524,485
MSCI, Inc.		198		106,724
Nasdaq, Inc.		1,190		101,019
Northern Trust Corp.		499		69,645
PNC Financial Services Group, Inc. (The)		1,035		215,373
Principal Financial Group, Inc.		528		47,578

See Notes to Financial Statements.
2	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Schedule of Investments
	March 31, 2026

	Shares		Fair Value
Financials (Continued)
Progressive Corp. (The)		1,547	$	306,677
Prudential Financial, Inc.		924		90,266
Raymond James Financial, Inc.		465		67,327
Regions Financial Corp.		2,314		60,442
Robinhood Markets, Inc., Class A^(a)		2,075		143,798
S&P Global, Inc.		818		347,928
State Street Corp.		737		93,275
Synchrony Financial		950		64,619
T. Rowe Price Group, Inc.		576		51,921
Travelers Companies, Inc. (The)		589		171,800
Truist Financial Corp.		3,376		155,195
U.S. Bancorp		4,102		213,345
Visa, Inc., Class A		4,454		1,346,177
W.R. Berkley Corp.		792		52,494
Wells Fargo & Co.		8,284		659,489
Willis Towers Watson PLC		253		73,547
				18,199,175
Health Care — 9.46%
Abbott Laboratories		4,589		471,153
AbbVie, Inc.		4,664		1,014,374
Agilent Technologies, Inc.		748		85,257
Align Technology, Inc.^(a)		176		30,172
AmerisourceBergen Corp.		512		160,840
Amgen, Inc.		1,421		499,979
Baxter International, Inc.		1,357		22,798
Becton, Dickinson and Co.		756		118,866
Biogen, Inc.^(a)		387		70,949
Bio-Techne Corp.		411		21,479
Boston Scientific Corp.^(a)		3,912		245,478
Bristol-Myers Squibb Co.		5,372		325,812
Cardinal Health, Inc.		627		132,491
Centene Corp.^(a)		1,232		40,336
Charles River Laboratories International, Inc.^(a)		130		22,425
Cigna Corp.		705		188,059
Cooper Companies, Inc. (The)^(a)		525		37,538
CVS Health Corp.		3,350		240,597
Danaher Corp.		1,659		314,546
DaVita, Inc.^(a)		93		14,293
DexCom, Inc.^(a)		1,029		64,621
Edwards LifeSciences Corp.^(a)		1,531		122,602
Elevance Health, Inc.		586		171,552
Eli Lilly & Co.		2,096		1,927,837
GE HealthCare Technologies, Inc.		1,202		85,558
Gilead Sciences, Inc.		3,274		456,297
HCA Healthcare, Inc.		422		199,707
Henry Schein, Inc.^(a)		264		19,457
Hologic, Inc.^(a)		587		44,371
Humana, Inc.		317		54,965
IDEXX Laboratories, Inc.^(a)		211		118,559
Incyte Corp.^(a)		435		40,942
Insulet Corp.^(a)		186		39,030

	Shares		Fair Value
Health Care (Continued)
Intuitive Surgical, Inc.^(a)		935	$	431,026
IQVIA Holdings, Inc.^(a)		449		76,572
Johnson & Johnson		6,358		1,554,150
Labcorp Holdings, Inc.		219		58,431
McKesson Corp.		326		282,107
Medtronic PLC		3,385		293,310
Merck & Co., Inc.		6,550		787,900
Mettler-Toledo International, Inc.^(a)		54		68,105
Moderna, Inc.^(a)		918		46,634
PerkinElmer, Inc.		299		26,195
Pfizer, Inc.		15,004		421,312
Quest Diagnostics, Inc.		294		57,618
Regeneron Pharmaceuticals, Inc.		266		205,522
ResMed, Inc.		385		86,425
Solventum Corp.^(a)		389		25,402
STERIS PLC		259		57,273
Stryker Corp.		908		298,360
Thermo Fisher Scientific, Inc.		991		487,105
UnitedHealth Group, Inc.		2,390		646,710
Universal Health Services, Inc., Class B		146		26,130
Vertex Pharmaceuticals, Inc.^(a)		670		299,182
Viatris, Inc.		3,039		41,057
Waters Corp.^(a)		259		77,130
West Pharmaceutical Services, Inc.		190		47,622
Zimmer Biomet Holdings, Inc.		523		47,290
Zoetis, Inc., Class A		1,163		137,478
				13,988,986
Industrials — 8.91%
3M Co.		1,402		203,612
A.O. Smith Corp.		299		19,716
Allegion PLC		227		32,981
AMETEK, Inc.		607		130,117
Amphenol Corp., Class A		3,230		408,111
Boeing Co. (The)^(a)		2,066		411,196
Carrier Global Corp.		2,089		117,632
Caterpillar, Inc.		1,235		874,948
CH Robinson Worldwide, Inc.		312		51,814
Cintas Corp.		901		152,395
Comfort Systems USA, Inc.		93		128,246
CSX Corp.		4,914		201,720
Cummins, Inc.		364		195,840
Deere & Co.		663		373,468
Delta Air Lines, Inc.		1,712		113,814
Dover Corp.		362		75,459
Eaton Corp. PLC		1,025		366,612
EMCOR Group, Inc.		118		87,121
Emerson Electric Co.		1,483		194,303
Expeditors International of Washington, Inc.		354		50,703
Fastenal Co.		3,030		140,592
FedEx Corp.		573		204,091

See Notes to Financial Statements.
Financial Statements \| March 31, 2026	3

CYBER HORNET S&P 500^®	Schedule of Investments
	March 31, 2026

	Shares		Fair Value
Industrials (Continued)
Fortive Corp.		838	$	46,325
GE Vernova, Inc.		716		624,995
Generac Holdings, Inc.^(a)		155		30,276
General Dynamics Corp.		669		229,614
General Electric Co.		2,784		790,016
Honeywell International, Inc.		1,675		378,600
Howmet Aerospace Inc.		1,061		244,518
Hubbell, Inc.		140		68,704
Huntington Ingalls Industries, Inc.		104		39,510
IDEX Corp.		198		37,531
Illinois Tool Works, Inc.		697		181,422
Ingersoll Rand, Inc.		949		76,034
Jacobs Solutions, Inc.		315		40,093
JB Hunt Transport Services, Inc.		199		42,168
Johnson Controls International PLC		1,613		211,222
Keysight Technologies, Inc.^(a)		454		128,196
L3Harris Technologies, Inc.		494		170,504
Lennox International, Inc.		84		38,987
Lockheed Martin Corp., Class B		537		324,557
Nordson Corp.		141		37,514
Norfolk Southern Corp.		592		169,904
Northrop Grumman Corp.		354		241,513
Old Dominion Freight Line, Inc.		486		94,964
Otis Worldwide Corp.		1,028		79,238
PACCAR, Inc.		1,386		160,083
Parker-Hannifin Corp.		333		298,115
Pentair PLC		432		37,632
Quanta Services, Inc.		394		216,314
Republic Services, Inc.		531		116,300
Rockwell Automation, Inc.		296		106,228
Rollins, Inc.		775		41,393
Roper Technologies, Inc.		284		100,496
RTX Corp.		3,538		682,481
Snap-on, Inc.		137		49,761
Southwest Airlines Co.		1,365		51,283
Stanley Black & Decker, Inc.		409		29,064
TE Connectivity PLC		776		162,200
Teledyne Technologies, Inc.^(a)		124		75,021
Textron, Inc.		465		40,715
Trane Technologies PLC		585		243,793
Transdigm Group, Inc.		149		172,685
Trimble, Inc.^(a)		628		40,964
Union Pacific Corp.		1,565		379,700
United Airlines Holdings, Inc.^(a)		854		78,628
United Parcel Service, Inc., Class B		1,950		191,841
United Rentals, Inc.		168		122,398
Veralto Corp.		655		57,915
Verisk Analytics, Inc.		368		69,828
Vertiv Holdings Co., Class A		1,008		252,585
W.W. Grainger, Inc.		115		125,443
Wabtec Corp.		451		112,709
Waste Management, Inc.		978		224,734

	Shares		Fair Value
Industrials (Continued)
Xylem, Inc.		642	$	76,719
				13,177,924
Materials — 2.13%
Air Products & Chemicals, Inc.		587		170,518
Albemarle Corp.		311		55,834
Amcor PLC		1,218		48,416
Avery Dennison Corp.		204		35,227
Ball Corp.		707		41,791
CF Industries Holdings, Inc.		412		53,494
Corteva, Inc.		1,783		149,255
CRH PLC		1,769		185,957
Dow, Inc.		1,876		78,135
DuPont de Nemours, Inc.		1,106		50,655
Ecolab, Inc.		673		179,031
Freeport-McMoRan, Inc.		3,789		222,717
International Flavors & Fragrances, Inc.		676		49,044
International Paper Co.		1,393		49,730
Linde PLC		1,232		610,777
LyondellBasell Industries N.V., Class A		680		54,781
Martin Marietta Materials, Inc.		159		93,600
Mosaic Co. (The)		838		21,369
Newmont Corp.		2,880		311,760
Nucor Corp.		604		102,136
Packaging Corporation of America		236		50,084
PPG Industries, Inc.		592		63,273
Qnity Electronics, Inc.		553		63,805
Sherwin-Williams Co. (The)		608		194,894
Smurfit WestRock PLC		1,378		54,913
Steel Dynamics, Inc.		362		65,160
Vulcan Materials Co.		349		95,033
				3,151,389
Real Estate — 1.91%
Alexandria Real Estate Equities, Inc.		410		19,032
American Tower Corp.		1,235		213,137
AvalonBay Communities, Inc.		373		60,930
BXP, Inc.		389		20,189
Camden Property Trust		281		27,442
CBRE Group, Inc., Class A^(a)		774		104,846
Crown Castle International Corp.		1,149		93,425
Digital Realty Trust, Inc.		852		153,539
Equinix, Inc.		259		253,882
Equity Residential		914		54,063
Essex Property Trust, Inc.		170		41,140
Extra Space Storage, Inc.		560		73,433
Federal Realty Investment Trust		207		21,985
Healthpeak Properties, Inc.		1,834		30,133
Host Hotels & Resorts, Inc.		1,688		32,342
Invitation Homes, Inc.		1,488		36,977
Iron Mountain, Inc.		780		79,669

See Notes to Financial Statements.
4	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Schedule of Investments
	March 31, 2026

	Shares		Fair Value
Real Estate (Continued)
Kimco Realty Corp.		1,787	$	40,154
Mid-America Apartment Communities, Inc.		309		37,735
Prologis, Inc.		2,451		323,973
Public Storage		417		112,957
Realty Income Corp.		2,428		148,545
Regency Centers Corp.		434		32,836
SBA Communications Corp., Class A		281		48,363
Simon Property Group, Inc.		862		160,789
UDR, Inc.		794		26,821
Ventas, Inc.		1,240		101,407
VICI Properties, Inc.		2,821		77,070
Welltower, Inc.		1,811		358,053
Weyerhaeuser Co.		1,902		46,466
				2,831,333
Technology — 32.93%
Accenture PLC, Class A		1,636		324,402
Adobe, Inc.^(a)		1,105		268,603
Advanced Micro Devices, Inc.^(a)		4,296		873,935
Akamai Technologies, Inc.^(a)		380		43,643
Analog Devices, Inc.		1,298		412,946
Apple, Inc.		38,994		9,896,286
Applied Materials, Inc.		2,102		718,443
Arista Networks, Inc.^(a)		2,725		334,576
Autodesk, Inc.^(a)		562		134,543
Automatic Data Processing, Inc.		1,067		216,793
Block, Inc.^(a)		1,445		86,960
Broadcom, Inc.		12,462		3,857,113
Broadridge Financial Solutions, Inc.		308		50,044
Cadence Design Systems, Inc.^(a)		718		199,511
CDW Corp.		344		41,631
Ciena Corp.^(a)		372		144,422
Cisco Systems, Inc.		10,399		806,858
Cognizant Technology Solutions Corp., Class A		1,274		78,160
Coherent Corp.^(a)		485		115,532
Corning, Inc.		2,059		279,962
Corpay, Inc.^(a)		185		53,833
CoStar Group, Inc.^(a)		1,118		45,100
Crowdstrike Holdings, Inc., Class A^(a)		662		258,451
Datadog, Inc., Class A^(a)		859		101,405
Dell Technologies, Inc., Class C		795		130,483
EPAM Systems, Inc.^(a)		146		19,768
Equifax, Inc.		323		58,163
F5, Inc.^(a)		152		43,978
FactSet Research Systems, Inc.		99		21,482
Fair Isaac Corp.^(a)		63		67,255
Fidelity National Information Services, Inc.		1,367		64,126
Fiserv, Inc.^(a)		1,419		79,180
Fortinet, Inc.^(a)		1,668		136,309

	Shares		Fair Value
Technology (Continued)
Garmin Ltd.		431	$	99,996
Gartner, Inc.^(a)		190		30,085
Gen Digital, Inc.		1,481		27,887
Global Payments, Inc.		625		42,063
Hewlett Packard Enterprise Co.		3,482		82,906
HP, Inc.		2,467		47,391
Intel Corp.		11,832		522,146
International Business Machines Corp.		2,467		597,976
Intuit, Inc.		736		318,232
Jabil, Inc.		282		74,908
Jack Henry & Associates, Inc.		191		30,186
KLA Corp.		347		510,926
Lam Research Corp.		3,315		708,283
Leidos Holdings, Inc.		337		52,410
Lumentum Holdings, Inc.^(a)		189		132,822
Microchip Technology, Inc.		1,426		92,134
Micron Technology, Inc.		2,962		1,000,682
Microsoft Corp.		19,613		7,260,145
Monolithic Power Systems, Inc.		126		137,762
Motorola Solutions, Inc.		440		190,947
NetApp, Inc.		527		53,960
Nvidia Corp.		64,126		11,183,573
NXP Semiconductors NV		664		130,715
ON Semiconductor Corp.^(a)		1,062		65,759
Oracle Corp.		4,439		653,021
Palantir Technologies, Inc., Class A^(a)		6,028		881,776
Palo Alto Networks, Inc.^(a)		2,098		336,351
Paychex, Inc.		855		78,763
PayPal Holdings, Inc.^(a)		2,469		111,673
PTC, Inc.^(a)		316		45,027
Qualcomm, Inc.		2,826		363,932
Salesforce, Inc.		2,512		468,915
SanDisk Corp.^(a)		390		247,783
Seagate Technology PLC		575		225,262
ServiceNow, Inc.^(a)		2,738		286,258
Skyworks Solutions, Inc.		392		20,992
Super Micro Computer, Inc.^(a)		1,323		30,125
Synopsys, Inc.^(a)		490		194,275
Teradyne, Inc.		413		122,438
Texas Instruments, Inc.		2,398		465,548
Tyler Technologies, Inc.^(a)		114		39,031
Uber Technologies, Inc.^(a)		5,483		394,392
Western Digital Corp.		902		243,982
Workday, Inc., Class A^(a)		573		74,444
Zebra Technologies Corp., Class A^(a)		134		28,017
				48,669,795
Utilities — 2.53%
AES Corp.		1,879		26,475
Alliant Energy Corp.		678		48,653
Ameren Corp.		714		78,483

See Notes to Financial Statements.
Financial Statements \| March 31, 2026	5

CYBER HORNET S&P 500^®	Schedule of Investments
	March 31, 2026

	Shares		Fair Value
Utilities (Continued)
American Electric Power Co., Inc.		1,413	$	185,216
American Water Works Co., Inc.		515		70,086
Atmos Energy Corp.		424		78,322
CenterPoint Energy, Inc.		1,723		74,365
CMS Energy Corp.		803		62,297
Consolidated Edison, Inc.		952		107,747
Constellation Energy Corp.		824		230,102
Dominion Energy, Inc.		2,253		139,280
DTE Energy Co.		548		80,129
Duke Energy Corp.		2,052		268,689
Edison International		1,015		74,278
Entergy Corp.		1,179		132,472
Evergy, Inc.		608		49,807
Eversource Energy		990		68,587
Exelon Corp.		2,666		130,687
FirstEnergy Corp.		1,372		69,506
NextEra Energy, Inc.		5,496		510,469
Nisource, Inc.		1,259		58,745
NRG Energy, Inc.		560		81,838
PG&E Corp.		5,800		101,906
Pinnacle West Capital Corp.		316		31,837
PPL Corp.		1,952		74,566
Public Service Enterprise Group, Inc.		1,317		106,611
Sempra Energy		1,722		167,327
Southern Co. (The)		2,906		280,487
Vistra Corp.		840		126,277
WEC Energy Group, Inc.		858		99,331
Xcel Energy, Inc.		1,561		124,006
				3,738,581
Total Common Stocks (Cost $85,324,011)				147,737,251

	Shares		Fair Value
EXCHANGE-TRADED FUNDS — 0.00%
SPDR^®S&P 500^® ETF Trust		8	$	5,203

Total Exchange-Traded Funds (Cost $4,104)				5,203

RIGHTS — 0.00%^(b)
Sycamore Partners, LLC^(c)		1,885		999

Total Rights Cost ($–)				999

Total Investments — 99.92% (Cost $85,328,115)				147,743,453

Other Assets in Excess of Liabilities — 0.08%				120,210

NET ASSETS — 100.00%			$	147,863,663

	^(a)	Non-income producing security.
	^(b)	Percentage rounds to less than 0.01%.
	^(c)	Security is currently being valued according to fair value procedures approved by the Board of Trustees.

ETF - Exchange-Traded Fund

SPDR - Standard & Poor’s Depositary Receipt

See Notes to Financial Statements.
6	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Statement of Assets and Liabilities
	March 31, 2026

ASSETS:
Investments in securities at fair value (cost $85,328,115)	$	147,743,453
Receivable for fund shares sold		113,760
Dividends receivable		78,711
Receivable from Investment Adviser		18,321
Prepaid expenses		46,373
Total Assets		148,000,618

LIABILITIES:
Payable for fund shares redeemed		14,362
Cash due to Custodian		30,362
Payable to Administrator		25,098
Payable to trustees		2,054
Other accrued expenses		65,079
Total Liabilities		136,955
NET ASSETS	$	147,863,663

NET ASSETS CONSIST OF:
Paid-in capital	$	86,253,834
Accumulated earnings		61,609,829
NET ASSETS^(a)	$	147,863,663
Shares of beneficial interest outstanding, without par value		2,403,653
Net asset value, offering and redemption price per share	$	61.52

^(a)

The Fund charges a 0.25% redemption fee on shares redeemed within 30 calendar days of purchase.

See Notes to Financial Statements.
Financial Statements \| March 31, 2026	7

CYBER HORNET S&P 500^®	Statement of Operations
	For the year ended March 31, 2026

INVESTMENT INCOME:
Dividend income (net of foreign taxes withheld of $742)	$	1,813,361
Total investment income		1,813,361

EXPENSES:
Investment Adviser fees (Note 4)		364,843
Fund accounting and administration fees		113,950
Chief compliance officer fees		52,280
Registration expenses		36,588
Legal fees		36,212
Transfer agent fees		34,378
Custodian fees		33,417
Printing and postage expenses		27,090
Insurance expenses		26,656
Audit and tax preparation fees		19,381
Pricing		12,397
Trustee fees and expenses		1,460
Miscellaneous expenses		34,750
Total expenses		793,402
Fees waived/reimbursed by Investment Adviser (Note 4)		(428,446	)
Net operating expenses		364,956
NET INVESTMENT INCOME:		1,448,405

NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on Investments		297,273
Net change in unrealized gain on investments		20,038,446
NET REALIZED AND CHANGE IN UNREALIZED GAIN ON INVESTMENTS		20,335,719
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	21,784,124

See Notes to Financial Statements.
8	https://cyberhornet.io/

CYBER HORNET S&P 500^®

Statements of Changes in Net Assets

	For the Year Ended March 31, 2026			For the Year Ended March 31, 2025
INCREASE (DECREASE) IN NET ASSETS DUE TO:
OPERATIONS:
Net investment income	$	1,448,405		$	1,349,639
Net realized gain on investments		297,273			199,414
Net change in unrealized appreciation on investments		20,038,446			7,598,300
Net increase in net assets resulting from operations		21,784,124			9,147,353

Distributions to shareholders from earnings		(1,669,383	)		(2,531,583	)

CAPITAL TRANSACTIONS
Proceeds from shares sold		38,404,279			27,812,757
Reinvestment of distributions		1,650,095			2,501,429
Amount paid for shares redeemed		(34,728,940	)		(28,334,754	)
Proceeds from redemption fees^(a)		12,514			6,073
Net increase in net assets resulting from capital transactions		5,337,948			1,985,505
Total Increase in Net Assets		25,452,689			8,601,275

NET ASSETS
Beginning of year		122,410,974			113,809,699
End of year	$	147,863,663		$	122,410,974

SHARE TRANSACTIONS
Shares sold		635,144			515,098
Shares issued in reinvestment of distributions		25,718			44,055
Shares redeemed		(574,044	)		(525,575	)
Net increase in shares outstanding		86,818			33,578

^(a)

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

See Notes to Financial Statements.
Financial Statements \| March 31, 2026	9

CYBER HORNET S&P 500^®	Financial Highlights
	(For a share outstanding during each year)

	For the Year Ended March 31, 2026			For the Year Ended March 31, 2025			For the Year Ended March 31, 2024			For the Year Ended March 31, 2023			For the Year Ended March 31, 2022
SELECTED PER SHARE DATA
Net asset value, beginning of year	$	52.84		$	49.85		$	42.74		$	47.16		$	42.58

Investment operations:
Net investment income^(a)		0.60			0.58			0.66			0.71			0.63
Net realized and unrealized gain (loss) on investments		8.74			3.50			7.16			(3.78	)		4.83
Total from investment operations		9.34			4.08			7.82			(3.07	)		5.46

Less distributions to shareholders from:
Net investment income		(0.53	)		(0.74	)		(0.71	)		(0.50	)		(0.53	)
Net realized gains		(0.14	)		(0.35	)		—			(0.85	)		(0.35	)
Total distributions		(0.67	)		(1.09	)		(0.71	)		(1.35	)		(0.88	)

Paid in capital from redemption fees		0.01			—	^(b)		—	^(b)		—	^(b)		—	^(b)
Net asset value, end of year	$	61.52		$	52.84		$	49.85		$	42.74		$	47.16

Total Return^(c)		17.64	%		8.03	%		18.48	%		(6.52	)%		12.83	%

Ratios and Supplemental Data:
Net assets, end of year (000 omitted)	$	147,864		$	122,411		$	113,810		$	101,449		$	102,267
Ratio of expenses to average net assets after expense waiver^(d)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of expenses to average net assets before expense waiver^(d)		0.54	%		0.63	%		0.71	%		0.65	%		0.66	%
Ratio of net investment income to average net assets after expense waiver^(d)		0.99	%		1.09	%		1.50	%		1.66	%		1.37	%

Portfolio turnover rate		30	%		18	%		81	%		42	%		60	%

	^(a)	Calculated using the average shares method.
	^(b)	Rounds to less than $0.005 per share.
	^(c)	Total return represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions. Had the Adviser not waived its fees and/or reimbursed expenses, total return would have been lower.
	^(d)	Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

See Notes to Financial Statements.
10	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Notes to Financial Statements
	March 31, 2026

ORGANIZATION

The CYBER HORNET S&P 500^®(the “Fund”) (formerly known as the ONEFUND S&P 500^®) is a separate series of CYBER HORNET TRUST (formerly known as ONEFUND TRUST), an open-end management investment company that was organized as a statutory trust under the laws of the State of Delaware on November 9, 2005 (the “Trust”). The Trust currently has six series, one of which is covered by this report. The Fund currently offers one class of shares: No Load Shares. The Fund is diversified, as that term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund may become non-diversified solely as a result of a change in relative market capitalization or index weightings of one or more constituents of the S&P 500^® Index (the “Index”). Shareholder approval will not be sought if the Fund transitions from a diversified to a non-diversified status in order to approximate the composition of the Index.

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

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in The United States of America (“GAAP”). The Fund is an investment company and accordingly follows the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.”

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

Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents — Idle cash may be swept into various interest bearing overnight demand deposits and is classified as a cash equivalent on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

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

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

Federal Income Taxes — As of and during the fiscal year ended March 31, 2026 the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. Therefore, no provision is made by the Fund for federal income or excise taxes. The Fund intends to continue to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying, the Fund will not be subject to federal income taxes to the extent that it distributes substantially all of its taxable or tax-exempt income, if any, for its tax year ended March 31, 2026. In addition, by distributing in each calendar year substantially all of its net investment income, capital gains and certain other amounts, if any, the Fund will not be subject to a federal excise tax. Interest or penalties, if any, will be recorded in the Statement of Operations when incurred.

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


Financial Statements \| March 31, 2026	11

CYBER HORNET S&P 500^®	Notes to Financial Statements
	March 31, 2026

Investment Income — Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Interest income, which includes amortization of premium and accretion of discount, is recorded on the accrual basis.

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

SECURITIES VALUATION AND FAIR VALUE MEASUREMENT

The Fund’s portfolio securities are valued as of the close of trading of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern Time). Each security, excluding short-term investments, is valued at the last sale price reported by the principal security exchange on which the issue is traded. Money market funds, representing short-term investments, are valued at their daily net asset value. Securities that are traded on the Nasdaq Stock Market, Inc. are valued at the Nasdaq Official Closing Price or if no sale is reported, the mean between the bid and the ask. Securities which are traded over-the-counter are valued at the last sale price or, if no sale, at the mean between the bid and the ask. Securities for which quotations are not readily available are valued at fair value as determined by the Fund’s investment adviser, as the Valuation Designee appointed by the Board of Trustees (the “Board”), in accordance with procedures approved by the Board. The fair value of a security is the amount which the Fund might reasonably expect to receive upon a current sale. The fair value of a security may differ from the last quoted price and the Fund may not be able to sell a security at the fair value. Market quotations may not be available, for example, if trading in particular securities was halted during the day and not resumed prior to the close of trading on the NYSE.

A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available. In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value.

Various inputs are used in determining the value of the Fund’s investments as of the reporting period end. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

	Level 1 —	Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

	Level 2 —	Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

	Level 3 —	Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

An investment level within the fair value hierarchy is based on the lowest level input, individually or in the aggregate, that is significant to fair value measurement. The valuation techniques used by the Fund to measure fair value during the fiscal year ended March 31, 2026, maximized the use of observable inputs and minimized the use of unobservable inputs.


12	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Notes to Financial Statements
	March 31, 2026

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used in valuing the Fund’s investments as of March 31, 2026:

Investments in Securities at Value	Level 1		Level 2		Level 3		Total
Assets
Common Stocks*	$	147,737,251	$	—	$	—	$	147,737,251
Exchange-Traded Funds		5,203		—		—		5,203
Rights		—		—		999		999
TOTAL	$	147,742,454	$	—	$	999	$	147,743,453

See Schedule of Investments for sector classifications.

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

Balance
as of

March 31,
2025

Realized gain
(loss)

Amortization/
Accretion

Change in
unrealized
appreciation
(depreciation)

Purchases

Sales/
(Paydown)

Acquisitions

Balance
as of

March 31,

2026

Rights

—

999

Total

—

999

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

Quantitative Information about Significant Level 3 Fair Value Measurements

Asset Category

Fair Value

At March 31,
2026

Valuation
Methodology

Significant
Unobservable
Inputs

Range

Rights

999

Recent transaction price

0.53

ADVISORY FEES, ADMINISTRATION FEES AND OTHER AGREEMENTS

Investment Advisory Agreement — CYBER HORNET ETFS, LLC (the “Adviser”) currently provides investment advisory services for individuals, trusts, estates and institutions. The Adviser commenced operations in 2004 and is registered as an investment adviser with the Securities and Exchange Commission. The Adviser is entitled to an investment advisory fee, computed daily and payable monthly, of 0.25% of the average daily net assets of the Fund. An officer and trustee of the Trust is also an officer of the Adviser.

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

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

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

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


Financial Statements \| March 31, 2026	13

CYBER HORNET S&P 500^®	Notes to Financial Statements
	March 31, 2026

Compliance Services — Gryphon Compliance Services, LLC (“Gryphon”), provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between Gryphon and the Trust. Under the terms of such agreement Gryphon is entitled to receive fees from the Fund.

Distributor — The Fund has entered into a Distribution Agreement with Ultimus Fund Distributors, LLC (the “Distributor”) to provide distribution services to the Fund. The Distributor serves as underwriter/distributor of shares of the Fund. Distribution services fees are paid by the Adviser pursuant to the terms set forth in the Distribution Agreement. See Note 10 — Subsequent Events for information regarding the termination of the Distribution Agreement with the Distributor and the appointment of a new distributor, effective July 1, 2026.

PURCHASES AND SALES OF INVESTMENT SECURITIES

The aggregate cost of purchases and proceeds from sales of investment securities, excluding short-term securities, are shown below for the fiscal year ended March 31, 2026.

		Cost of Investments Purchased				Proceeds from Investments Sold
CYBER HORNET S&P 500^®		$	48,184,207			$	43,119,281

TAX BASIS INFORMATION

Distributions are determined in accordance with federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end.

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

	2026		2025
Distributions paid from:
Ordinary Income	$	1,441,581	$	1,866,270
Long-Term Capital Gains		227,802		665,313
Total distributions paid	$	1,669,383	$	2,531,583

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

	CYBER HORNET S&P 500^®
Gross Appreciation (excess of value over tax cost)	$	63,574,475
Gross Depreciation (excess of tax cost over value)		(2,548,637	)
Net Unrealized Appreciation		61,025,838
Cost of Investments for Income Tax Purposes	$	86,717,615

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

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

	CYBER HORNET S&P 500^®
Accumulated ordinary income	$	489,246
Accumulated long term capital gains		94,745
Net unrealized appreciation on investments		61,025,838
Total	$	61,609,829

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


14	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Notes to Financial Statements
	March 31, 2026

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

BENEFICIAL OWNERSHIP

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

CYBER HORNET S&P 500^®		Percentage
Charles Schwab & Co.		69%

SECTOR RISK

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

COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust entered into contracts with its service providers, on behalf of the Fund, and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects the risk of loss to be remote.

10.

SUBSEQUENT EVENTS

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure except as noted below.

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

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

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


Financial Statements \| March 31, 2026	15

CYBER HORNET S&P 500^®

Report of Independent Registered
Public Accounting Firm

To the Shareholders of CYBER HORNET S&P 500^® and

Board of Trustees of CYBER HORNET TRUST

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of CYBER HORNET S&P 500^® (the “Fund”) (formerly ONEFUND S&P 500^®), a series of CYBER HORNET TRUST (formerly ONEFUND TRUST), as of March 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies within the Trust since 2006.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

May 29, 2026


16	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Additional Tax Information
	March 31, 2026 (Unaudited)

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

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

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

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

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


Financial Statements \| March 31, 2026	17

CYBER HORNET S&P 500^®	Additional Information
	March 31, 2026 (Unaudited)

Changes in and Disagreements with Accountants

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

Proxy Disclosures

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

Remuneration Paid to Directors, Officers and Others

Refer to the financial statements included herein.

Statement Regarding Basis for Approval of Investment Advisory Agreement

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

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

In considering the approval of the continuance of the Investment Advisory Agreement, the Board, including the Independent Trustees, considered a variety of factors, including those described below. The determinations made with respect to the renewal of the Investment Advisory Agreement were based on each Trustee’s business judgment after consideration of all information presented to the Board. In its deliberations, the Board did not identify any single item that was paramount or controlling, and individual Trustees may have attributed different weights to various factors. The Board considered all information available to them. The summary set forth below highlights a number of the key factors considered by the Board.

Nature, Extent, and Quality of Services. The Board examined the nature, extent, and quality of the services provided by the Adviser to the Fund. The Board reviewed the information presented in the Adviser’s memorandum, including a copy of the Adviser’s current Form ADV and information regarding the Adviser’s organizational structure and the personnel who provide services to the Fund. The Board considered the responsibilities of the Adviser under the Investment Advisory Agreement. The Board also considered that the Trust’s President and Treasurer are employees of the Adviser and serve the Trust without additional compensation. The Board also evaluated the Adviser’s investment management experience.

The Board discussed the nature of the Adviser’s operations, the quality of the Adviser’s compliance infrastructure, and the experience and background of all key personnel on its management team, including the portfolio management team. The Board considered the Adviser’s capabilities and concluded that the Adviser has sufficient quality and depth of personnel, resources, investment methods, and compliance policies and procedures essential to performing its duties under the Investment Advisory Agreement and that the nature, overall quality, and extent of the management services provided by the Adviser to the Trust are satisfactory and adequate.

Performance. The Board considered the historical performance of the Adviser in managing the Fund. The Board compared the performance of the Fund with the performance of its benchmark index. The Board noted that the Fund had outperformed its benchmark index for the three-month period ended December 31, 2025, but had underperformed its benchmark index for all other periods. Following discussion of the investment performance of the Fund, the Adviser’s experience in managing the Fund, and the impact of other factors, the Board concluded that the investment performance of the Fund has been satisfactory.

Fees and Expenses. The Board considered the advisory fee and the total expenses paid by the Fund. The Board reviewed a report provided by the Adviser showing the advisory fees and net expense ratios of a group of funds that the Adviser deemed comparable to the Fund. The Board evaluated the Fund’s advisory fee and net expense ratio in light of the comparative information with respect to fees paid by similar funds, noting that the Fund’s advisory fee and net expense ratio were below the average advisory fee and average net expense ratio paid by similar funds. The Board noted that the Adviser intends to implement a unitary fee for the Fund effective April 1, 2026. Based on these considerations and other factors, the Board concluded that the advisory fee charged by the Adviser was fair and reasonable for the services to be provided under the Investment Advisory Agreement.

Profitability. The Board considered the Adviser’s estimated profitability for the years ending December 31, 2026, 2027, and 2028 attributable to its management of the Fund, and considered information pertaining to the Adviser’s financial condition and commitment to the operation of the Fund. The Board noted that the Adviser had not earned a profit since the Fund had commenced operations in 2015, and the Adviser had not been profitable


18	https://cyberhornet.io/

CYBER HORNET S&P 500^®	Additional Information
	March 31, 2026 (Unaudited)

in 2025. The Board considered the Adviser’s ability to meet its obligations under the unitary fee and its liquidity, capital resources, and proposed financings. The Board concluded that, based on the services provided and the projected asset growth of the Fund, the profits from the Adviser’s relationship with the Fund was not expected to be excessive and not unreasonable to the Fund.

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

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

Conclusion. Based on their consideration of all materials and information presented to them, the Board, including the Independent Trustees, concluded (without any single factor being identified as determinative) that: the quality of services to be provided by the Adviser is acceptable; the profit, if any, to be realized by the Adviser in connection with its management of the Fund was not unreasonable to the Fund; any economies of scale or other incidental benefits accruing to the Adviser were not material; the fees and expenses associated with the Fund are reasonable; and the approval of the Investment Advisory Agreement was in the best interests of the Fund and its shareholders.


Financial Statements \| March 31, 2026	19

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

None

Item 16. Controls and Procedures

(a)

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

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable

Item 18. Recovery of Erroneously Awarded Compensation.

(a)	Not applicable

(b)	Not applicable

Item 19. Exhibits.

(a)(1)	Code of Ethics attached hereto.

(a)(2)	Not applicable

(a)(3)	Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith.

(a)(4)	Not applicable

(b)	Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	CYBER HORNET TRUST

By (Signature and Title)	/s/ Michael G. Willis
	Michael G. Willis, President and Principal Executive Officer

Date	6/2/2026


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Michael G. Willis
	Michael G. Willis, President and Principal Executive Officer

Date	6/2/2026

By (Signature and Title)	/s/ Michael G. Willis
	Michael G. Willis, President and Principal Executive Officer

Date	6/2/2026