p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"span class="Bold" style="font-style:normal;font-weight:bold;"The Fund does not invest in digital assets directly or through the use of derivatives. The Fund also does not invest in initial coin offerings. The Fund does, 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 and/or that hold digital assets as proprietary investments. Because the Fund does not invest directly in any digital assets, it will not track price movements of any digital assets./span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in the constituents that comprise the Index and in other instruments that have economic characteristics and provide investment exposure similar to the component securities of the Index. Other instruments that have economic characteristics and provide investment exposure similar to the component /pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"securities of the Index include depositary receipts (such as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”)). The Fund invests in equity securities (span class="Italic" style="font-style:italic;font-weight:normal;font-style:italic;font-weight:normal;"e.g./span, common stock) and depositary receipts of companies included in the Index. The Fund using a “passive management” (or indexing) investment approach attempts to replicate, before fees and expenses, the performance of the Index. The Index follows a rulesspan class="nobreak"-based/span methodology./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"The Index is designed by Indxx (the “Index Provider”) to consist of U.S. and nonspan class="nobreak"-U/span.S. equity securities of companies that have been classified by the Index Provider as having adopted Bitcoin as an asset for corporate treasury management, as described below (collectively, “Bitcoin Adopters” or “Bitcoin Adopters Companies”). The Index Provider is not affiliated with the Fund, the Adviser or the Subspan class="nobreak"-Adviser/span. 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./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"To be eligible for inclusion in the initial investable universe, securities must be/have:/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanTheir listing either in a developed (including the U.S.) or emerging market based on the Index Provider’s rulesspan class="nobreak"-based/span country classification system, in the form of common stock or depositary receipt (American or global). As of March 2026, the list of developed markets includes the United States, Canada, Australia, Hong Kong, Japan, New Zealand, Singapore, South Korea, Taiwan, Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Poland, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom and the list of emerging markets includes Brazil, Chile, Colombia, Mexico, Peru, China, India, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Czech Republic, Greece, Hungary, Kuwait, Qatar, South Africa, Turkey and the United Arab Emirates./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanA minimum total market capitalization of $200 million USD./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanA sixspan class="nobreak"-month/span average daily turnover greater than or equal to $1.0 million./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanAll securities must have a minimum free float equivalent to 10% of shares outstanding./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanSecurities trading at a price of $10,000 or above are ineligible for inclusion in the Index. This rule is not applicable for existing constituents. Existing constituents shall remain in the initial universe irrespective of their stock price./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanTraded on 90% of the eligible trading days in the last six months. In the case of initial public offerings where a security does not have a trading history of sixspan class="nobreak"-months/span, such a security must have started trading at least threespan class="nobreak"-months/span before the start of the reconstitution and rebalancing process and should have traded on 90% of the eligible trading days for the past threespan class="nobreak"-months/span./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"The Index has defined Bitcoin Adopters as companies that have reported the ownership of at least 100 Bitcoin as a corporate treasury asset. Companies are further classified as Secondary Companies if they are companies that, in addition to reporting the ownership of at least 100 Bitcoin as a corporate treasury asset, generate at least 50% of their revenue from Bitcoin mining. These companies are also referred to as Bitcoin Network Operators. All other companies that have reported ownership of at least 100 Bitcoin as a corporate treasury asset are considered Primary Companies./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"Bitcoin mining is defined as companies involved in the mining of Bitcoin and verification of the Bitcoin network, Bitcoin mining pool services, and the adding of Bitcoin transactions onto blockchain ledgers. Companies classified as Bitcoin Network Operators include, but are not limited to, companies that provide Bitcoin mining infrastructure such as data center hosting services (colocation services, dedicated hosting), ASICs machines, GPUs, mining rigs, and related infrastructure for Bitcoin mining./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"The constituents of the Index are weighted based on a function of their Bitcoin holdings in corporate treasury and their free float market capitalization. Further weighting rules are applied as follows:/p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanWithin Primary Companies a single security cap of 20% is applied and the excess weight is redistributed proportionally amongst the uncapped securities./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;list-style-type:none;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanWithin Secondary Companies a single security cap of 2.5% is applied and the excess weight is redistributed proportionally amongst the uncapped securities./pp class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;list-style-type:none;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanA single security floor of 0.20% and 0.15% is applied to Primary Companies and Secondary Companies, respectively. The excess weight (if applicable) is derived proportionally from uncapped securities./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanWithin Primary Companies, the aggregate weight of securities with weights greater than or equal to 5% must not exceed 45%. In case the aggregate weight exceeds 45%, a secondary cap of 4.5% is applied. The excess weight is redistributed proportionately amongst the uncapped Primary Companies./p p class="BL_m" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;list-style-position:outside;list-style-type:disc;margin-bottom:0;margin-left:36pt;margin-right:0;margin-top:6pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:-18pt;widows:3;margin-top:6pt;"span class="bullet" style="font-family:Symbol, sans-serif;font-size:10pt;font-style:normal;font-weight:normal;"•span style="width: 18px;display: inline-block;" /span/spanThe total weight of Secondary Companies is capped at 20%./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"The Index is reconstituted and rebalanced quarterly after the close of business on the last trading day (“Effective Date”) of each March, June, September, and December, based on data as of the last week of each month prior to the applicable reconstitution and rebalance period of the Index./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"The Fund generally employs a “passive management” investment strategy in seeking to achieve its investment objective and fully replicate the Index. However, under various circumstances, the Fund may use a representative sampling strategy, whereby the Fund would invest in what it believes to be a representative sample of the component securities of the Index. The Fund may use a representative sampling strategy when a replication strategy might be detrimental to shareholders, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of securities to follow the Index; or, in certain instances, when a component security of the Index becomes temporarily illiquid, unavailable or less liquid. The Fund may also use a representative sampling strategy to exclude less liquid component securities contained in the Index from the Fund’s portfolio in order to create a more tradable portfolio and improve arbitrage opportunities. To the extent the Fund uses a representative sampling strategy, it may not track the Index with the same degree of accuracy as would an investment vehicle replicating the entire Index./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"The Fund may invest in small-, mid- and largespan class="nobreak"-capitalization/span companies./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"The Fund may lend securities representing up to onespan class="nobreak"-third/span of the value of the Fund’s total assets (including the value of the collateral received)./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"The Fund is “nonspan class="nobreak"-diversified/span” under the Investment Company Act of 1940, as amended (“1940 Act”), and therefore is not required to meet certain diversification requirements under the 1940 Act./p p class="H3-black" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:bold;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:99;page-break-after:avoid;page-break-before:auto;text-align:left;text-indent:0;widows:1;margin-top:6pt;"span class="Bold" style="font-style:normal;font-weight:bold;"Additional Information on Bitcoin/span/p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"The Bitcoin network allows people to exchange native tokens of value, called Bitcoin, which are recorded on a public transaction ledger known as a blockchain. Bitcoin can be used to pay for goods and services, or it can be converted to fiat currencies, such as the U.S. dollar, at rates determined on digital asset markets that trade Bitcoin or in individual endspan class="nobreak"-user-to-end-user/span transactions under a barter system. The ownership and operation of Bitcoin is determined by participants in an online, peerspan class="nobreak"-to-peer/span network referred to as the Bitcoin network. The Bitcoin network connects computers that run publicly accessible, or “open source,” software that follows the rules and procedures governing the Bitcoin network. This is commonly referred to as the Bitcoin Protocol. The value of Bitcoin is not backed by any government, corporation, or other identified body. Instead, its value is determined in part by the supply and demand in markets created to facilitate trading of Bitcoin. Ownership and transaction records for Bitcoin are protected through publicspan class="nobreak"-key/span cryptography. The supply of Bitcoin is determined by the Bitcoin Protocol. No single entity owns or operates the Bitcoin network. The Bitcoin network is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as “miners”), (2) developers who propose improvements to the Bitcoin Protocol and the software that enforces the protocol and (3) users who choose which version of the Bitcoin software to run. From time to time, the developers suggest changes to the Bitcoin software. If a sufficient number of users and miners elect not to adopt the changes, a new digital asset, operating on the earlier version of the Bitcoin software, may be created. This is often referred to as a “fork.” The price of Bitcoin and the share price of Bitcoinspan class="nobreak"-related/span ETPs may reflect the impact of these forks./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:Grayscale Sans, sans-serif;font-size:10pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:6pt;orphans:3;page-break-after:auto;page-break-before:auto;text-align:left;text-indent:0;widows:3;margin-top:6pt;"span class="Bold" style="font-style:normal;font-weight:bold;"Concentration Policy/span.span class="Bold" style="font-style:normal;font-weight:bold;" /spanThe Fund may concentrate its investments (span class="Italic" style="font-style:italic;font-weight:normal;font-style:italic;font-weight:normal;"i.e./span, invest 25% or more of the value of its total assets) in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries. As of December 31, 2025, the Fund had significant exposure to the Information Technology and Consumer Discretionary sectors. The Fund’s portfolio holdings, and the extent to which it concentrates its investments, are likely to change over time./p