Investors should carefully consider the investment objectives and risks as well as fees and expenses of the trusts before investing. Investors should read each trust’s private placement memorandum carefully, including calculation methodologies, before making an investment. Investments in the trusts are speculative investments that involve high degrees of risk, including a partial or total loss of invested funds. Investments in the trusts are not suitable for any investor that cannot afford loss of the entire investment. The shares of the trusts are intended to reflect the price of the cryptocurrency held by that trust, minus the trust’s fees and expenses. Because the trusts do not currently operate a redemption program, there can be no assurance that the value of a trust’s shares will reflect the value of the underlying cryptocurrency held by that trust, minus the trust’s fees and expenses, and the shares of the trust, if traded on any secondary market, may trade at a substantial premium over, or a substantial discount to, the value of the cryptocurrency held by the trust, minus the trust’s fees and expenses. The trusts may also be unable to meet their investment objectives. The shares of the trusts are not registered under the Securities Act of 1933 (the “Securities Act”), the Securities Exchange Act of 1934 or any state or other securities laws and the trusts are not registered under the Investment Company Act of 1940. The shares of the trusts are offered in private placements pursuant to the exemption from registration provided by Rule 506(c) under Regulation D of the Securities Act and are only available to “accredited investors,” as such term is defined under Regulation D of the Securities Act. As a result, the shares of the trusts are restricted and subject to significant limitations on transfers and resales. There is currently no secondary market for shares of the trusts and there can be no assurances that one will develop. Investors should consider an investment in the trusts’ shares to be an illiquid investment and should invest only if prepared to hold the shares indefinitely. This information, which should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular, is strictly for illustrative, educational, or informational purposes and is subject to change. Nothing contained herein should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. © 2021 All Rights Reserved.