BCOR

Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting Grayscale.com. Read the prospectus carefully before investing.

Investments in digital assets are highly speculative and involve significant risk, including the possible loss of principal.

Digital assets are assets designed to act as a medium of exchange, though some arguably have not achieved that purpose. Digital assets are an emerging asset class. Digital assets generally operate without a central authority (such as a bank) and are not backed by any government. Digital assets are not legal tender. Federal, state and/or foreign governments may restrict the use and exchange of digital assets, and regulation in the United States is still developing.

Shares of any ETF/ETP are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may only be acquired or redeemed from the fund in creation units. Brokerage commissions will reduce returns. NAV per Share is not calculated in accordance with GAAP. NAV per Share is not intended to be a substitute for the Fund’s Principal Market NAV per Share calculated in accordance with GAAP. Our definitions and calculations of these non-GAAP measures may not be the same as similar measures reported by other ETFs/ETPs. Please refer to the Fund’s filings with the Securities and Exchange Commission for additional information.

Index returns are presented for illustrative purposes only and exclude management fees and expenses. Indexes are unmanaged, and investors cannot invest directly in an index.

The Fund will not invest in digital assets directly or through the use of derivatives. The Fund also will not invest in initial coin offerings. The Fund may, however, have indirect exposure to digital assets by virtue of its investments in companies that use one or more digital assets as part of their business activities or that hold digital assets as proprietary investments. Because the Fund will not invest directly in any digital assets, it will not track price movements of any digital assets.

The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.

The Fund is passively managed and attempts to mirror the composition and performance of the Index. The Fund’s returns may not match due to expenses incurred by the Fund or lack of precise correlation with the Index.

Investments in foreign securities may involve risks such as exchange-rate fluctuations and different regulatory and taxation schemes.

Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets.

Bitcoin is a relatively new innovation and the market for bitcoin is subject to rapid price swings, changes and uncertainty. Bitcoin is not legal tender and generally operates without central authority (such as a bank) and is not backed by any government. The prices of digital assets, including bitcoin, have historically been highly volatile. The value of the Fund’s investments in digital asset related investments, including bitcoin, and therefore the value of an investment in the Fund, could decline significantly and without warning, including to zero. If you are not prepared to accept significant and unexpected changes in the value of the Fund and the possibility that you could lose your entire investment in the Fund you should not invest in the Fund.

The Index, and consequently the Fund, is expected to concentrate its investments (i.e., hold more than 25% of its total assets) in the securities of Bitcoin Adopters Companies. As a result, the value of the Fund’s shares may rise and fall more than the value of shares of a fund that invests in securities of companies in a broader range of industries.

Bitcoin Adopters Companies face unique risks as a result of holding bitcoin in their corporate treasury. The speculative perception of bitcoin may overshadow the fundamentals of such companies, leading to exaggerated price movements based on hype or fear.

The Indxx Bitcoin Adopters Index (the “Index”) is designed by Indxx (the “Index Provider”) to consist of U.S. and non-U.S. equity securities of companies that have been classified by the Index Provider as having adopted Bitcoin as an asset for corporate treasury management (collectively, “Bitcoin Adopters”). In constructing the Index, the Index Provider identifies Bitcoin Adopters through a proprietary process that relies on extensive research to generate a preliminary list based on information obtained from annual and quarterly reports, financial statements, and other publicly available financial documents.

There is no guarantee that a market for the shares will be available, which could adversely impact the liquidity of the Fund. The value of the Fund relates directly to the value of the underlying holdings, the value of is subject to fluctuations due to a number of factors.

The Fund relies on third party service providers to perform certain functions essential to the affairs of the Fund and the replacement of such service providers could pose a challenge to the safekeeping of the digital asset and to the operations of the Fund.

Foreside Fund Services, LLC is the marketing agent for Grayscale ETPs. Foreside Fund Services, LLC is the distributor and Grayscale Advisors, LLC (“GSA”) is the adviser of Grayscale ETFs. Foreside is not related to GSA or its affiliates.

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