Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (866)-775-0313 or visit our website at etfs.grayscale.com. Read the prospectus or summary prospectus carefully before investing.

Grayscale Bitcoin Covered Call ETF (“BTCC”) will not invest in digital assets directly. BTCC also will not invest in initial coin offerings. BTCC will, however, have indirect exposure to digital assets by virtue of its investments in exchange-traded vehicles (such as exchange-traded products) that hold digital assets as investments or its investments in derivatives to synthetically seek to track the price of such exchange-traded products. Because BTCC will not invest directly in any digital assets, it may not track price movements of any digital assets.

Grayscale Bitcoin Premium Income ETF (“BPI”) will not invest in digital assets directly. BPI also will not invest in initial coin offerings. BPI will, however, have indirect exposure to digital assets by virtue of its investments in derivatives on exchange-traded vehicles that hold digital assets as investments. Because BPI will not invest directly in any digital assets, it may not track price movements of any digital assets.

Grayscale Ethereum Covered Call ETF (the “Fund” or “ETCO”) will not invest in digital assets directly. The Fund also will not invest in initial coin offerings. The Fund will, however, have indirect exposure to digital assets by virtue of its investments in exchange-traded vehicles (such as exchange-traded products) that hold digital assets as investments or its investments in derivatives to synthetically seek to track the price of such exchange-traded products. Because the Fund will not invest directly in any digital assets, it may not track price movements of any digital assets. The Fund does not invest in, or seek direct exposure to, the current “spot” or cash price of ether. Investors seeking direct exposure to the price of ether should consider an investment other than the Fund.

BTCC, BPI and ETCO (the "Funds") do not invest in, or seek direct exposure to, the current “spot” or cash price of bitcoin. Investors seeking direct exposure to the price of bitcoin should consider an investment other than the Funds.

Investing involves risk and possible loss of principal. There is no guarantee the investment strategy will be successful. The Funds are considered to be non-diversified. The Funds are actively managed and its performance reflects the investment decisions that the Adviser makes for the Funds.

The Funds are distributed by Foreside Fund Services, LLC and Grayscale Advisors, LLC (“GSA”) is the adviser. Foreside is not related to GSA or its affiliates.

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