Attestation report · Q4 2025

Quarterly Attestation Report

Issued January 15, 2026. Prepared by KPMQ LLP, signed by Beatrix Mallard, CFA.

Findings

As of January 15, 2026, Quacker held 45,382 certified mallards under custody across its operating facilities, representing aggregate audited reserves valued at $2,342,118,003.

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
January 15, 2026