GCPU

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. 

Investing involves risk, including possible loss of principal.

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 included in the Index, including digital infrastructure transition companies (described below), that use or have used one or more digital assets as part of their legacy, transitional or current business activities, historically operated in cryptocurrency mining, blockchain infrastructure or other digital infrastructure markets, or that hold digital assets as proprietary investments. A company is included in the Index based on its high-performance computing, AI cloud or accelerated computing activities, and not solely because of any cryptocurrency mining, blockchain or other digital asset activity. 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.

High-performance computing companies provide AI compute services, GPU cloud services, data center hosting, and related infrastructure, and may experience greater volatility than companies in a broader range of industries. Companies in AI infrastructure face intense competition, rapid product obsolescence, and depend on customer spending on AI, cloud computing, and data centers, with adoption potentially failing to develop as expected. Supply chain disruptions, power shortages, export controls, and overbuilding of AI compute capacity could limit growth, with evolving regulations on data privacy, energy usage, and data center development adding compliance risk. Digital infrastructure transition companies, including former cryptocurrency miners pivoting to AI operations, may have limited operating histories and may not successfully complete their transitions.

The Indxx High Performance Computing Index is designed by Indxx (the “Index Provider”) to track the performance of global companies that do business in high-performance computing, AI cloud and accelerated computing infrastructure activities and services. The index also includes companies that provide supporting infrastructure for AI and high-performance computing such as GPU cloud services data center hosting, computing infrastructure and related hardware and software solutions. Index returns assume that dividends are reinvested and do not include the effect of management fees or expenses. It is not possible to invest directly in an 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.

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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