Attestation report · Q2 2025

Quarterly Attestation Report

Issued July 15, 2025. Prepared by KPMQ LLP, signed by Beatrix Mallard, CFA.

Findings

As of July 15, 2025, Quacker held 43,892 certified mallards under custody across its operating facilities, representing aggregate audited reserves valued at $2,267,409,184.

All custody facilities operated within tolerance of the protocol's published custody covenants. No material custody events occurred during the reporting period.

Auditor's signature

Beatrix Mallard, CFA
KPMQ LLP
July 15, 2025