TABLE OF CONTENTS Grayscale Bitcoin Adopters ETF Summary ......................................................................... 1 Investment Objective ............................................................................................ 1 FeesandExpensesoftheFund.................................................................................... 1 ExpenseExample................................................................................................ 1 PortfolioTurnover............................................................................................... 1 Principal Investment Strategy ..................................................................................... 1 PrincipalInvestmentRisks........................................................................................ 3 Performance .................................................................................................... 9 Portfolio Management ........................................................................................... 9 Purchase and Sale of Shares ...................................................................................... 9 TaxInformation................................................................................................. 9 FinancialIntermediaryCompensation.............................................................................. 10 ADDITIONALINFORMATIONABOUTTHEFUND.............................................................. 10 PORTFOLIO HOLDINGS INFORMATION ....................................................................... 19 MANAGEMENT ............................................................................................... 19 Investment Adviser .............................................................................................. 19 Sub-Adviser .................................................................................................... 19 Portfolio Managers .............................................................................................. 20 Manager of Managers Structure ................................................................................... 20 HOW TO BUY AND SELL SHARES ............................................................................. 20 Book Entry ..................................................................................................... 21 Frequent Purchases and Redemptions of Shares ..................................................................... 21 DeterminationofNAV........................................................................................... 21 Fair Value Pricing ............................................................................................... 21 InvestmentsbyRegisteredInvestmentCompanies................................................................... 21 Delivery of Shareholder Documents - Householding ................................................................. 22 DIVIDENDS,DISTRIBUTIONS,ANDTAXES.................................................................... 22 Dividends and Distributions ...................................................................................... 22 DISTRIBUTION................................................................................................ 24 PREMIUM/DISCOUNT INFORMATION ......................................................................... 24 ADDITIONALNOTICES........................................................................................ 24 DISCLAIMERS................................................................................................. 24 FINANCIALHIGHLIGHTS...................................................................................... 24
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