<SEC-DOCUMENT>0001999371-26-001095.txt : 20260116
<SEC-HEADER>0001999371-26-001095.hdr.sgml : 20260116
<ACCEPTANCE-DATETIME>20260116144451
ACCESSION NUMBER:		0001999371-26-001095
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20260116
DATE AS OF CHANGE:		20260116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hashdex Commodities Trust
		CENTRAL INDEX KEY:			0001985840
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-276254
		FILM NUMBER:		26538955

	BUSINESS ADDRESS:	
		STREET 1:		234 WEST FLORIDA STREET
		STREET 2:		SUITE 203
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53204
		BUSINESS PHONE:		(844) 986-7676

	MAIL ADDRESS:	
		STREET 1:		234 WEST FLORIDA STREET
		STREET 2:		SUITE 203
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Tidal Commodities Trust I
		DATE OF NAME CHANGE:	20230717
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>hct-424b3_011626.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 424(b)(3)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>File No. 333-276254</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hashdex
Bitcoin ETF</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hashdex
Bitcoin ETF (f/k/a Hashdex Bitcoin Futures ETF, the &ldquo;Fund&rdquo; or &ldquo;DEFI&rdquo;) is designed to provide investors
with price exposure to the bitcoin market. The Fund issues shares (&ldquo;Shares&rdquo;) that trade on NYSE Arca, Inc. (&ldquo;NYSE
Arca&rdquo;) under the symbol &ldquo;DEFI&rdquo;. Shares can be purchased and sold by investors through their broker-dealer. Under
its current investment objective, the Fund may hold bitcoin. Purchasing Shares of the Fund is subject to the risks of bitcoin
as well as the additional risks of investing in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s investment objective is for changes in the Shares&rsquo; net asset value (&ldquo;NAV&rdquo;) to reflect the daily
changes of the price of the Nasdaq Bitcoin Reference Price &ndash; Settlement (NQBTCS) (the &ldquo;Benchmark&rdquo;), less expenses
from the Fund&rsquo;s operations. The Benchmark is designed to track the price performance of bitcoin. The Fund&rsquo;s assets
will consist of bitcoin and, potentially, limited amounts of cash. Because the Fund&rsquo;s investment objective is to track the
price of the Benchmark, changes in the price of the Shares may vary from changes in the spot price of bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in the Fund is subject to the risks of an investment in bitcoin which is subject to a high degree of price variability.
An investment in the Fund may be riskier than other exchange-traded products that do not directly hold bitcoin and may not be
suitable for all investors. In addition, bitcoin may experience pronounced and swift price changes. Accordingly, there is a potential
for movement in the price of Shares between the time an investor places an order to purchase or sell with its broker-dealer and
the time of the actual purchase or sale resulting from the price volatility of bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investing
in the Fund involves significant risks. See &ldquo;What Are the Risk Factors Involved with an Investment in the Fund?&rdquo; beginning
on page 14. </B>&nbsp;<B>The Fund is not a mutual fund registered under the Investment Company Act of 1940, and Fund Shareholders will
not be afforded the protections associated with ownership of shares in a registered investment company. See &ldquo;<I>As an owner of
Shares, you will not have the protections normally associated with ownership of Shares in an investment company registered under the
1940 Act, or the protections afforded by the Commodity Exchange Act (&ldquo;CEA&rdquo;)</I>&rdquo; on page 40.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION (&ldquo;SEC&rdquo;) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF
THE SECURITIES OFFERED IN THIS PROSPECTUS OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund is a series of the Hashdex
Commodities Trust (f/k/a Tidal Commodities Trust I, prior to January 16, 2026) (the &ldquo;Trust&rdquo;). Shareholders have no voting
rights with respect to the Trust or the Fund except as expressly provided in the Trust&rsquo;s Second Amended and Restated
Declaration of Trust and Trust Agreement (the &ldquo;Trust Agreement&rdquo;). The sponsor of the Fund is Hashdex Asset Management
Ltd. (the &ldquo;Sponsor&rdquo; or &ldquo;Hashdex&rdquo;), which receives a management fee (the &ldquo;Management Fee&rdquo;). The
principal address and telephone number of the Fund is 1100 North Market Street, Suite 1300, Wilmington, DE 19801 and (302) 651-1000.
Prior to January 16, 2026 the Fund&rsquo;s sponsor was Tidal Investments LLC (f/k/a Toroso Investments, LLC) (the &ldquo;Tidal
Sponsor&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (&ldquo;Global Fund Services&rdquo;), provides administrative
services to the Fund. Hashdex has no role in maintaining, calculating or publishing the Benchmark. BitGo Trust Company, Inc<B>&nbsp;</B>(the
&ldquo;Bitcoin Custodian&rdquo;) is the custodian for the Fund&rsquo;s bitcoin holdings; and U.S. Bank, N.A. is the custodian
for the Fund&rsquo;s cash holdings (the &ldquo;Cash Custodian&rdquo; and together with the Bitcoin Custodian, the &ldquo;Custodians&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
investors will purchase and sell Shares through their broker-dealer, the Fund continuously offers creation baskets consisting
of 10,000 Shares (&ldquo;Creation Baskets&rdquo;) at their NAV to certain parties who have entered into an agreement with the
Sponsor (&ldquo;Authorized Purchasers&rdquo;). Shares will be sold at the next determined NAV per Share. Authorized Purchasers,
in turn, may sell such Shares, which are listed on NYSE Arca, to the public at per-Share offering prices that are expected to
reflect, among other factors, the trading price of the Shares on NYSE Arca, the NAV of the Fund at the time the Authorized Purchaser
purchased the Creation Baskets and the NAV at the time of the offer of the Shares to the public, the supply of and demand for
Shares at the time of sale, and the liquidity of the markets for bitcoin in which the Fund invests. A list of the Fund&rsquo;s
Authorized Purchasers as of the date of this Prospectus can be found under &ldquo;Plan of Distribution &ndash; <I>Marketing Agent
and Authorized Purchasers</I>,&rdquo; on page 92. The prices of Shares offered by Authorized Purchasers are expected to
fall between the Fund&rsquo;s NAV and the trading price of the Shares on NYSE Arca at the time of sale. The Fund&rsquo;s Shares
may trade in the secondary market on NYSE Arca at prices that are lower or higher than their NAV per Share. The Fund conducts
creation and redemption transactions in cash or in-kind, and, with respect to creation transactions, the cash is used to purchase
bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is the successor and surviving entity from the merger (the &ldquo;Merger&rdquo;) into the Fund of Hashdex Bitcoin Futures
ETF (the &ldquo;Predecessor Fund&rdquo;) that was a series of the Teucrium Commodity Trust (the &ldquo;Predecessor Trust&rdquo;)
sponsored by Teucrium Trading, LLC (&ldquo;Teucrium&rdquo;). Prior to the Merger, the Fund had no operations. By being the surviving
entity from the Merger, the Fund acquired all assets and assumed all the liabilities of the Predecessor Fund and succeeded to
the Predecessor Fund&rsquo;s performance history. The Merger did not materially modify the rights of Fund shareholders. The Merger
closed on January 3, 2024. Unless otherwise indicated, information concerning the Fund for periods before January 3, 2024, is
information of the Predecessor Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This is a best efforts offering. The
Marketing Agent, Paralel Distributors LLC (the &ldquo;Marketing Agent&rdquo;), is not required to sell any specific number or
dollar amount of Shares but will use its best efforts to sell Shares. This is intended to be a continuous offering, unless suspended
or terminated at any earlier time for certain reasons specified in this prospectus. See &ldquo;Prospectus Summary &ndash; The
Shares&rdquo; and &ldquo;Creation and Redemption of Shares &ndash; Rejection of Purchase Orders&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended, and the Sponsor is not subject to
regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus is in two parts: a disclosure document and a statement of additional information. These parts are bound together, and
both contain important information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is January
16, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="width: 90%; text-align: left; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama001">PROSPECTUS SUMMARY</A></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama002">Principal Offices of the Fund and the Sponsor</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama003">The Fund's Current Net Assets and Year to Date Performance</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><A HREF="#tctposama004">The Fund's Investment Objective</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama005">The Fund&rsquo;s Investment Strategies</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama006">Share Price Premium and Discount</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama007">Voting Rights</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama008">Principal Investment Risks of an Investment in the Fund</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama009">Determination of NAV</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama010">Defined Terms</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama011">The Fund&rsquo;s Fees and Expenses</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama012">THE OFFERING</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama013">WHAT ARE THE RISK FACTORS INVOLVED WITH AN INVESTMENT IN THE FUND?</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama014">THE OFFERING</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama015">The Fund in General</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama016">Exchange Listing</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama017">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama018">THE SPONSOR</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama019">THE TRUSTEE</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama020">OPERATION OF THE FUND</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">67</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama021">The Benchmark</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama022">Benchmark Performance</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama023">The Bitcoin Industry</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama024">The Fund&rsquo;s Service Providers</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama025">Contractual Fees and Compensation Arrangements with the Sponsor and Third-Party Service Providers</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama026">Other Non-Contractual Payments by the Fund</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama027">Form of Shares</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama028">Transfer of Shares</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama029">Inter-Series Limitation on Liability</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">91</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama030">Plan of Distribution</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama031">Calculating NAV</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">93</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama032">Creation and Redemption of Shares</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">95</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama033">Secondary Market Transactions</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama034">Use of Proceeds</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama035">The Trust Agreement</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama036">The Sponsor Has Conflicts of Interest</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama037">Ownership or Beneficial Interest in the Fund</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama038">Interests of Named Experts and Counsel</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama039">Provisions of Federal and State Securities Laws</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama040">Books and Records</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">110</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama041">Statements, Filings, and Reports to Shareholders</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama042">Fiscal Year</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama043">Governing Law</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">111</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama044">Legal Matters</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama045">Privacy Policy</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">112</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama046">U.S. Federal Income Tax Considerations</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">113</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama047">Investment by ERISA Accounts and IRAs</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">130</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama048">INCORPORATION BY REFERENCE OF CERTAIN INFORMATION</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama049">INFORMATION YOU SHOULD KNOW</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">135</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama050">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">135</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama051">INDEX TO FINANCIAL STATEMENTS</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-1</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposama052">Glossary of Defined Terms</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-1</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama001"></A>PROSPECTUS
SUMMARY</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
is only a summary of the prospectus and, while it contains material information about the Fund and its Shares, it does not contain
or summarize all of the information about the Fund and the Shares contained in this prospectus that is material and/or which may
be important to you. You should read this entire prospectus, including &ldquo;What Are the Risk Factors Involved with an Investment
in the Fund?&rdquo; beginning on page 14, before making an investment decision about the Shares. In addition, this prospectus
includes a statement of additional information that follows and is bound together with the primary disclosure document. Both the
primary disclosure document and the statement of additional information contain important information.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama002"></A>Principal
Offices of the Fund and the Sponsor</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund is a series of the Trust. The Sponsor&rsquo;s office is located at Flagship Building, 2nd Floor, 142
Seafarers Way, P.O. Box 1096, KY1-1102, George Town, Grand Cayman, Cayman Islands. The Trustee&rsquo;s office is located at 1100 North
Market Street, Wilmington, Delaware 19890-0001. The Administrator&rsquo;s office is located at 615 East Michigan Street, Milwaukee, Wisconsin
53202.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama003"></A>The
Fund&rsquo;s Current Net Assets and Year to Date Performance</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of October 31, 2025, the Fund&rsquo;s
total net assets were $14,892,750 and the Fund had 120,000 shares outstanding. The performance of the Fund&rsquo;s net asset value
(&ldquo;NAV&rdquo;) per share from January 1, 2025 through October 31, 2025 was 17.09%, which depicts the change in NAV per share
over the time period provided. For current information about outstanding Fund Shares and other information, see the Fund&rsquo;s
website at <U>https://hashdex-etfs.com/defi</U>. For further discussion of the Fund&rsquo;s performance, see &ldquo;OFFERING &minus;
Market Price of Shares and Prior Performance of Shares&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama004"></A>The
Fund&rsquo;s Investment Objective</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund issues Shares that may be purchased
and sold on NYSE Arca. The Fund&rsquo;s investment objective is for changes in the Shares&rsquo; net asset value (&ldquo;NAV&rdquo;)
to reflect the daily changes of the price of the Nasdaq Bitcoin Reference Price &ndash; Settlement (NQBTCS) (the &ldquo;Benchmark&rdquo;),
less expenses from the Fund&rsquo;s operations. In seeking to achieve its investment objective, the Fund invests in bitcoin. The
Sponsor employs a passive investment strategy that is intended to track the changes in the Benchmark regardless of whether the
Benchmark goes up or goes down. Because the Fund&rsquo;s investment objective is to track the price of the Benchmark, the price
of the Shares may vary from changes in the spot price of bitcoin. The NYSE Arca rule under which the Shares will be listed and
traded prevents the Fund from utilizing leverage. ICE Data Indices, LLC calculates an approximate net asset value every 15 seconds
throughout each day that the Fund&rsquo;s Shares are traded on NYSE Arca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund, the Sponsor and the service providers, including the Custodians, will not loan or pledge the Fund&rsquo;s assets, nor will
the Fund&rsquo;s assets serve as collateral for any loan or similar arrangement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
is a digital asset or cryptocurrency that is a unit of account on the bitcoin network (&ldquo;Bitcoin Network&rdquo;), an open
source, decentralized peer-to-peer computer network. The ownership and operation of bitcoin is determined by purchasers in 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. Bitcoin may be held,
may be used to purchase goods and services or may be exchanged for fiat currency. No single entity owns or operates the Bitcoin
Network, and the value of bitcoin is not backed by any government, corporation or other entity. Instead the value of bitcoin is
determined in part by the supply and demand in markets created to facilitate the trading of bitcoin. Public key cryptography protects
the ownership and transaction records for bitcoin. Because the source code for the Bitcoin Network is open source, anyone can
contribute to its development. At this time, the ultimate supply of bitcoin is finite and limited to 21 million &ldquo;coins&rdquo;
with the number of bitcoin available increasing gradually as new bitcoin supplies are mined until the 21 million current protocol
cap is reached. The following factors, among others, may affect the price and market for bitcoin:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">How
                                         widely bitcoin is adopted, including the use of bitcoin as a payment.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         regulatory environment for cryptocurrencies, which continues to evolve in the U.S., and
                                         which may delay, impede, or restrict the adoption or use of bitcoin.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Speculative
                                         activity in the market for bitcoin, including by holders of large amounts of bitcoin,
                                         which may increase volatility.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cyberattacks,
                                         including the risk that malicious actors will exploit flaws in the code or structure
                                         of bitcoin, control the blockchain, steal information or cause disruptions to the internet.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rewards
                                         for mining bitcoin are designed to decline over time, which may lessen the incentive
                                         for miners to process and confirm transactions on the Bitcoin Network.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         open-source nature of the Bitcoin Network may result in forks, or changes to the underlying
                                         code of bitcoin that result in the creation of new, separate digital assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fraud,
                                         manipulation, security failure or operational problems at bitcoin exchanges that result
                                         in a decline in adoption or acceptance of bitcoin.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scalability
                                         as the use of bitcoin expands to a greater number of users.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund is organized as a series of
the Trust, a Delaware statutory trust organized on February 10, 2023. The Trust and the Fund operate pursuant to the Trust Agreement,
dated January 16, 2026. The Fund was formed and is managed and controlled by the Sponsor, a Cayman Islands investment manager
(and an Exempt Reporting Advisor under SEC rules) that specializes in, among other things, the management, research, investment
analysis and other investment support services of funds and ETFs with investment strategies involving bitcoin and other crypto
assets. The Fund intends to be treated as a publicly traded partnership that is not taxable as a corporation for U.S. federal
income tax purposes. Effective after the close of trading on January 15, 2026, Tidal Sponsor, as the prior sponsor of the Trust,
transferred the roles of the Tidal Sponsor to the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Benchmark Methodology</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Benchmark is governed by the Nasdaq Index Management Committee (&ldquo;IMC&rdquo;), which is responsible for implementation, administration, and oversight
of the Benchmark, iding its cessation. The IMC shall approve any material changes to the methodology and review the Benchmark
methodology at least on an annual basis. The final Benchmark is calculated once every trading day and it is given by a weighted
average across the settlement prices of the following &ldquo;Core Exchanges&rdquo; (as of September 30, 2025): Bitstamp, Coinbase,
Gemini, itBit, Kraken and LMAX Digital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Benchmark was launched by Nasdaq on June 9, 2021 and is designed to track the price performance of bitcoin. Specifically, the Benchmark
attempts to track the average bitcoin spot price by capturing the notional value of bitcoin USD transactions reported by selected public
data sources as measured by Nasdaq, Inc (&ldquo;Nasdaq&rdquo;). The Benchmark applies a rules-based pricing methodology to a diverse
collection of pricing sources to provide a reference price for bitcoin and the pricing methodology is designed to account for variances
in price across a wide range of sources which have been vetted according to criteria identified in the methodology document. The Benchmark
is owned and administered by Nasdaq and may be changed from time to time. Detailed rules on the Benchmark administration and governance
may be found at Nasdaq&rsquo;s website. The Benchmark does not track the overall performance of all digital assets generally, nor the
performance of any specific digital asset other than bitcoin. The Benchmark is calculated and published once a day on business days at
4:00pm, New York Time by CF Benchmarks Limited (<U>https://www.cfbenchmarks.com/data/indices/NQBTCS</U>) or other Nasdaq designated calculation
agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Benchmark methodology, any deviations from the Benchmark methodology are made in the sole judgment and discretion of Nasdaq so
that the Benchmark continues to achieve its objective. Nasdaq will provide transparency over the decisions affecting the compilation
of the reference rate and any related determination process, including contingency measures in the event of absence of or insufficient
inputs, market stress or disruption, failure of critical infrastructure, or other relevant factors. Any contingency measures that are
not directly addressed in the Benchmark methodology shall be subject to IMC governance processes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, in its sole discretion, may cause the Fund to track a benchmark other than the Benchmark at any time, with prior notice
to investors. The Sponsor may change the Fund&rsquo;s benchmark if investment conditions change or the Sponsor believes that another
benchmark or standard better aligns with the Fund&rsquo;s investment objective and strategy. The Sponsor, however, is under no
obligation whatsoever such a change in any circumstance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent IMC implements a material change to the calculation of the benchmark, the Sponsor will issue a press release describing such
change and its date of implementation which press release will be filed with the SEC on Form 8-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent the Sponsor determines that in the best interest of the Fund to replace the Benchmark with another benchmark reference
price or index, the Sponsor shall issue a press release describing the replacement of the Benchmark and new benchmark at least
60 days in advance of such replacement and will file such press release under Form 8-K with the SEC. For more information on the
Benchmark, see &ldquo;Offering &ndash; Benchmark Calculation&rdquo; and &ldquo;Offering &ndash; Benchmark Performance&rdquo; sections
below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama005"></A>The
Fund&rsquo;s Investment Strategies</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund seeks to achieve its investment objective by primarily investing in bitcoin. The Fund&rsquo;s assets consist of bitcoin and
cash. The Fund may hold cash in connection with cash purchases and redemptions of Shares (see &ldquo;Creation and Redemption of
Shares,&rdquo; below) and it also will occasionally hold cash for short periods to pay the Sponsor&rsquo;s Management Fee and
any other Fund expenses and liabilities not assumed by the Sponsor (see &ldquo;OPERATION OF THE FUND &ndash; Other Non-Contractual
Payments by the Fund&rdquo;, below). The Fund will not hold any assets other than bitcoin and cash.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consistent
with applicable provisions of the Trust Agreement and Delaware law, the Fund has broad authority to make changes to the Fund&rsquo;s
operations. The Fund may change its investment objective, benchmark, or investment strategies and Shareholders of the Fund will
not have any rights with respect to these changes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reasons for and circumstances that may trigger any such changes may vary widely and cannot be predicted.. The Fund would, among
other things, file a current report on Form 8-K and a prospectus supplement to describe any such change and the effective date
of the change. Shareholders may modify their holdings of the Fund&rsquo;s Shares in response to any change by purchasing or selling
Fund Shares through their broker-dealer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s investment objective is for changes in the Shares&rsquo; NAV to reflect the daily changes of the price of the Benchmark,
less expenses from the Fund&rsquo;s operations. In furtherance of the Fund&rsquo;s policy to maximize its holdings in bitcoin,
the Sponsor will use cash received through the creation process to purchase bitcoin. The Sponsor does not have discretion in choosing
the Fund&rsquo;s investments. See &ldquo;Use of Proceeds&rdquo;. The Fund&rsquo;s investment strategy is designed to permit investors
generally to purchase and sell the Fund&rsquo;s Shares for the purpose of investing indirectly in the bitcoin market in a cost-effective
manner. The Sponsor expects that the Fund&rsquo;s average daily tracking error against the Benchmark will be less than 10 percent
over any period of 30 trading days. However, the Fund incurs certain expenses in connection with its operations, which cause imperfect
correlation between changes in the Fund&rsquo;s NAV and changes in the Benchmark because the Benchmark does not reflect expenses
or income. As a result, investors may incur a partial or complete loss of their investment even when the performance of the Benchmark
is positive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may purchase and sell Shares through their broker-dealers. However, the Fund creates and redeems Shares only in blocks called
Creation Baskets and Redemption Baskets, respectively, and only Authorized Purchasers may purchase or redeem Creation Baskets
or Redemption Baskets. An Authorized Purchaser is under no obligation to create or redeem baskets, and an Authorized Purchaser
is under no obligation to offer to the public Shares of any baskets it does create. Baskets are generally created when there is
a demand for Shares, including, but not limited to, when the market price per Share is at (or perceived to be at) a premium to
the NAV per Share. Similarly, baskets are generally redeemed when the market price per Share is at (or perceived to be at) a discount
to the NAV per Share. Retail investors seeking to purchase or sell Shares on any day are expected to affect such transactions
in the secondary market, on NYSE Arca, at the market price per Share, rather than in connection with the creation or redemption
of baskets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor believes that by investing in bitcoin, the Fund&rsquo;s NAV closely tracks the Benchmark. The Sponsor also believes that
because of market arbitrage opportunities, the market price at which investors purchase and sell Shares through their broker-dealer
will closely track the Fund&rsquo;s NAV. The Sponsor believes that the net effect of these relationships is that the Fund&rsquo;s
market price on NYSE Arca at which investors purchase and sell Shares will closely track the bitcoin market, as measured by the
Benchmark.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a minimum number of baskets and associated Shares specified for the Fund. If the Fund experiences redemptions that cause the
number of Shares outstanding to decrease to the minimum level of Shares required to be outstanding, until the minimum number of
Shares is again exceeded through the purchase of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser.
In such cases, market makers may be less willing to purchase Shares from investors in the secondary market, which may in turn
limit the ability of Shareholders of the Fund to sell their Shares in the secondary market. These minimum levels for the Fund
are 50,000 Shares, representing five baskets. The minimum level of Shares specified for the Fund is subject to change.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor maintains a public website on behalf of the Fund, <U>https://hashdex-etfs.com/defi</U>, which contains information about
the Trust, the Fund, and the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Note
to Secondary Market Investors:</B> Except when aggregated in Redemption Baskets, Shares are not individually redeemable. Shares
can be directly purchased from the Fund only in Creation Baskets, and only by Authorized Purchasers. Each Creation Basket consists
of 10,000 Shares and therefore requires a significant financial commitment to purchase. Shares will be sold at the next determined
NAV per Share. Accordingly, investors who do not have such resources or who are not Authorized Purchasers should be aware that
some of the information contained in this prospectus, including information about purchases and redemptions of Shares directly
with the Fund, is only relevant to Authorized Purchasers. There is no guarantee that Shares will trade at prices that are at or
near the per-Share NAV. When buying or selling Shares on the secondary market through a broker, most investors incur customary
brokerage commissions and charges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s Investments in Bitcoin</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s investment strategy includes direct investments in bitcoin, commonly referred to as &ldquo;spot bitcoin&rdquo;. When
the Fund sells or redeems its Shares, bitcoin will be transferred into or out of the Fund, as applicable, in exchange for blocks
of 10,000 Shares (a &ldquo;Basket&rdquo;) that are based on the quantity of bitcoin attributable to each Share of the Fund (net
of accrued but unpaid Management Fees (defined below) and any accrued but unpaid extraordinary expenses or liabilities).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will create Shares in cash by receiving bitcoin from a third party that is not the Authorized Purchaser and the Fund is responsible
for selecting the third party to deliver the bitcoin. Further, the third party will not be acting as an agent of the Authorized
Purchaser with respect to the delivery of the bitcoin to the Fund or acting at the direction of the Authorized Purchaser with
respect to the delivery of the bitcoin to the Fund. The Fund will redeem the Shares in cash by delivering bitcoin to a third party
that is not the Authorized Purchaser and the Fund is responsible for selecting the third party to receive the bitcoin. Further,
the third party will not be acting as an agent of the Authorized Purchaser with respect to the receipt of the bitcoin from the
Fund or acting at the direction of the Authorized Purchaser with respect to the receipt of the bitcoin from the Fund. The third
party will be unaffiliated with the Fund and the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Purchasers may also purchase Shares in-kind. To purchase Shares in-kind, an Authorized Purchaser delivers, or arranges for the
delivery by the Authorized Purchaser&rsquo;s designated agent or client of, bitcoin to the Fund&rsquo;s account with a Bitcoin
Custodian in exchange for Shares.&nbsp;Authorized Purchasers may also redeem Shares in-kind. When such an Authorized Purchaser
redeems Shares in-kind, the Fund, through the Bitcoin Custodian, will deliver bitcoin to the Authorized Purchaser, or a designated
agent or client thereof, in exchange for its Shares.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama006"></A>Share
Price Premium and Discount</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The amount that the Fund&rsquo;s market
price is above the reported NAV is called the premium. The amount that the Fund&rsquo;s market price is below the reported NAV
is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the
listing exchange, as of the time that the Fund&rsquo;s NAV is calculated (usually 4:00 p.m. (ET)). Since the Fund&rsquo;s inception
on September 16, 2022 &ndash; October 31, 2025, the highest premium was $2.89 (4.28%) and the highest discount was $0.75 (-2.38%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama007"></A>Voting
Rights</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
interests in separate series of a Delaware statutory trust, the Shares do not involve the rights normally associated with the
ownership of shares of a corporation (including, for example, the right to bring shareholder oppression and derivative actions).
In addition, the Shares have limited voting and distribution rights (for example, shareholders do not have the right to elect
directors, as the Trust does not have a board of directors, and generally will not receive regular distributions of the net income
and capital gains earned by the Fund).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
have no voting rights with respect to the Trust or the Fund except as expressly provided in the Trust Agreement. The Trust Agreement
provides that Shareholders representing at least a majority (over 50%) of the outstanding Shares of the Trust, voting together
as a single class (excluding Shares acquired by the Sponsor in connection with its initial capital contribution to any Trust series),
may vote to (i) continue the Trust by electing a successor Sponsor, as applicable, and (ii) approve amendments to the Trust Agreement
that impair the right to surrender Redemption Baskets for redemption. In addition, Fund shareholders holding Shares representing
seventy-five percent (75%) of the outstanding Shares of the Trust, voting together as a single class (excluding Shares acquired
by the Sponsor in connection with its initial capital contribution to any Trust series) may vote to dissolve the Trust upon not
less than ninety (90) days&rsquo; notice to the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama008"></A>Principal
Investment Risks of an Investment in the Fund</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in the Fund involves a degree of risk and you could incur a partial or total loss of your investment in the Fund. Some
of the risks you may face are summarized below. A more extensive discussion of these risks appears in the &ldquo;What Are the
Risk Factors Involved with an Investment in the Fund?&rdquo; section, beginning on page 14.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Fund was formed as the survivor to the Merger with the Predecessor Fund, which commenced
                                         operations on September 15, 2022. The Fund has the limited performance history of the
                                         Predecessor Fund to serve as a basis for you to evaluate an investment in the Fund. In
                                         addition, the Fund may not be successful in implementing its investment objective or
                                         may fail to attract sufficient assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
                                         is a relatively new asset class and is subject to rapid changes, uncertainty and regulation
                                         that may adversely affect the value of bitcoin, and therefore the nature of an investment
                                         in the Fund and may adversely affect the ability of the Fund to buy and sell bitcoin,
                                         and therefore the ability to achieve its investment objective.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
                                         bitcoin has been subject to significant price volatility. Over the course of 2021, there
                                         were steep increases in the value of certain digital assets, including bitcoin and multiple
                                         market observers asserted that digital assets were experiencing a &ldquo;bubble.&rdquo;
                                         These increases were followed by steep drawdowns throughout 2022 in digital asset trading
                                         prices, including for bitcoin. In the 2021-2022 cycle, the price of bitcoin peaked at
                                         $67,734 and bottomed at $15,632, marking a steep 77% drawdown. These episodes of rapid
                                         price appreciation followed by steep drawdowns have occurred multiple times throughout
                                         bitcoin&rsquo;s history, including in 2011, 2013-2014, and 2017-2018, before repeating
                                         again in 2021-2022, and also in early 2025.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Fund will compete with other cryptocurrencies and other potential financial vehicles
                                         and other investment vehicles that focus on other digital assets. Market and financial
                                         conditions, and other conditions beyond the Fund&rsquo;s control, such as the timing
                                         of reaching the market and the Fund&rsquo;s fee structure, may make it more attractive
                                         to invest in other vehicles. The competition from other investment vehicles focused on
                                         bitcoin or other cryptocurrencies could have a detrimental effect on the scale and sustainability
                                         of the Fund.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike
                                         mutual funds, commodity pools and other investment pools that manage their investments
                                         so as to realize income and gains for distribution to their investors, the Fund generally
                                         does not distribute dividends to Shareholders. You should not invest in the Fund if you
                                         will need cash distributions from the Fund to pay taxes on your share of income and gains
                                         of the Fund, if any, or for other purposes.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
                                         an Authorized Purchaser may engage in creation or redemption transactions with the Fund.
                                         The Fund has a limited number of institutions that act as Authorized Purchasers. To the
                                         extent these institutions exit the business or are unable or unwilling to proceed with
                                         creation and/or redemption orders with respect to the Fund, Fund Shares may, particularly
                                         in times of market stress, trade at a discount to the NAV per Share and possibly face
                                         trading halts and/or delisting.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
                                         will have no rights to participate in the management of the Fund and will have to rely
                                         on the duties and judgment of the Sponsor to manage the Fund.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Fund seeks to have changes in its Shares&rsquo; NAV track changes in the Benchmark, rather
                                         than profit from speculative trading of bitcoin .</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
                                         and other cryptocurrencies are a new and developing asset class subject to both developmental
                                         and regulatory uncertainty. Future U.S. or foreign regulatory changes may alter the nature
                                         of an investment in the Fund, or the ability of the Fund to continue to implement its
                                         investment strategy.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failures
                                         or breaches of the electronic systems of the Fund, the Sponsor, or third parties or other
                                         events such as the recent COVID-19 pandemic have the ability to cause disruptions and
                                         negatively impact the Fund&rsquo;s business operations, potentially resulting in financial
                                         losses to the Fund and its Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">War
                                         and other geopolitical events may cause volatility in bitcoin prices. These events are
                                         unpredictable and may lead to extended periods of price volatility.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         occurrence of a severe weather event, natural disaster, terrorist attack, geopolitical
                                         event, outbreak or public health emergency as declared by the World Health Organization,
                                         the continuation or expansion of war or other hostilities, or a prolonged government
                                         shutdown may have significant adverse effects on the Fund and its investments and alter
                                         current assumptions and expectations. For example, in late February 2022, Russia invaded
                                         Ukraine, significantly amplifying already existing geopolitical tensions among Russia
                                         and other countries in the region and in the West. The responses of countries and political
                                         bodies to Russia&rsquo;s actions, the larger overarching tensions, and Ukraine&rsquo;s
                                         military response and the potential for wider conflict may increase financial market
                                         volatility generally, have severe adverse effects on regional and global economic markets,
                                         and cause volatility in the price of bitcoin and the Share price of the Fund.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         ability of Authorized Purchasers to create or redeem Shares may be suspended for several
                                         reasons, including but not limited to the Fund voluntarily imposing such restrictions.
                                         A suspension in the ability of Authorized Purchasers to create or redeem Shares would
                                         have no impact on the Fund&rsquo;s investment objective &ndash; the Fund would continue
                                         to seek to track its Benchmark. However, with respect to the impact of a suspension on
                                         the price of Fund Shares in the secondary market, investors may have to pay a higher
                                         price to buy Shares and receive a lower price when they sell their Shares. This &ldquo;spread&rdquo;
                                         may continue to widen the longer the suspension lasts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
                                         fraud and/or manipulation and other fraudulent trading practices such as the intentional
                                         dissemination of false or misleading information (e.g., false rumors) can, among other
                                         things, lead to a disruption of the orderly functioning of bitcoin markets, significant
                                         market volatility, and cause the value of bitcoin to fluctuate quickly and without warning.
                                         Depending on the timing of an investor&rsquo;s purchases and sales of the Fund&rsquo;s
                                         Shares, these pricing anomalies could cause the investor to incur losses.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
additional risks, see &ldquo;What Are the Risk Factors Involved with an Investment in the Fund?&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama009"></A>Determination
of NAV</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s NAV is determined as of the earlier of the close of trading on NYSE Arca or 4:00 p.m. (ET) on each day that NYSE
Arca is open for trading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama010"></A>Defined
Terms</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a glossary of defined terms, see Appendix A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama011"></A>The
Fund&rsquo;s Fees and Expenses</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund pays the unitary Management
Fee of 0.25% per year of the Fund&rsquo;s average daily net assets. The Management Fee is paid by the Fund to the Sponsor as compensation
for services performed under the Trust Agreement. In addition to the Management Fee, the Fund pays all of its respective brokerage commissions, including financing fees, Bitcoin network fees and similar transaction fees and expenses charged in connection with trading activities. The Trust also pays all fees and commissions related to the sale and purchase of spot bitcoin, including any bitcoin transaction fees for on-chain transfers of bitcoin.  The Sponsor pays all other routine operational, administrative
and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses
of the Administrator, Custodians, Marketing Agent, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation
expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation
and mailing expenses. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor.
Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation
costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses which
are not currently anticipated obligations of the Fund. Routine operational, administrative and other ordinary expenses are not
deemed extraordinary expenses. In the event the Trust's cash balance is insufficient to pay all fees and expenses, including the Management Fee, the Trust may need to sell crypto assets from time to time to pay for its fees and expenses, and up to $250,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $250,000 per annum. The Sponsor may determine in its sole discretion to assume any non-recurring and unusual fees and expenses of the Trust, if applicable. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama012"></A>THE
OFFERING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund&rsquo;s Shares are listed on NYSE Arca and investors may purchase and sell Shares through their broker-dealer. The Fund
    only offers Creation Baskets consisting of 10,000 Shares through the Marketing Agent to Authorized Purchasers. Authorized
    Purchasers may purchase Creation Baskets consisting of 10,000 Shares at the Fund&rsquo;s NAV.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger</FONT></TD>
    <TD STYLE="padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund is the successor and surviving entity from the merger (the &ldquo;Merger&rdquo;) into the Fund of Hashdex Bitcoin Futures
    ETF (the &ldquo;Predecessor Fund&rdquo;) that was a series of the Teucrium Commodity Trust (the &ldquo;Predecessor Trust&rdquo;)
    sponsored by Teucrium Trading, LLC (&ldquo;Teucrium&rdquo;). The Merger closed on January 3, 2024.</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Sponsor applies substantially all of the Fund&rsquo;s assets toward investing in bitcoin. The Fund conducts creation and redemptions
    in cash or in-kind with certain parties who have entered into an agreement with the Sponsor (&ldquo;Authorized Purchasers&rdquo;).
    Proceeds received by the Fund from the issuance of Creation Baskets consist of bitcoin or cash. Deposits of bitcoin are held
    by the Bitcoin Custodian (as defined below) on behalf of the Fund. Deposits of cash are held by the Cash Custodian. The Sponsor
    expects that all entities that will hold or trade the Fund&rsquo;s assets will be based in the United States and will be subject
    to United States regulations.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE Arca Symbol</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFI</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creation and Redemption</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Purchasers pay a $300 fee per order to create Creation Baskets, and a $300 fee per order for Redemption Baskets, which is
    paid to the Custodian. Authorized Purchasers are not required to sell any specific number or dollar amount of Shares. The
    per Share price of Shares offered in Creation Baskets is the total NAV of the Fund calculated as of the close of NYSE Arca
    on that day divided by the number of issued and outstanding Shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inter-Series Limitation on Liability</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
    the Fund will be a separate single series of the Trust, additional series may be created in the future. The Trust has been
    formed and will be operated with the goal that the Fund and any other series of the Trust will be liable only for obligations
    of such series, and a series will not be responsible for or affected by any liabilities or losses of or claims against any
    other series, except for non-recurring, unusual or extraordinary expenses of the Trust which will be allocated as determined
    by the Sponsor using a pro rata allocation methodology that allocates such Trust expenses to the Fund and each other series
    of the Trust in existence at the occurrence of any such expense according to the relative net asset values of the Fund and
    each other series of the Trust. For a discussion of non-recurring, unusual or extraordinary expenses, see &ldquo;&ndash; Fund
    Expenses.&rdquo; If any creditor or shareholder in any particular series (such as the Fund) were to successfully assert against
    a series a claim with respect to its indebtedness or shares, the creditor or shareholder could recover only from that particular
    series and its assets. Accordingly, the debts and other obligations incurred, contracted for or otherwise existing solely
    with respect to a particular series would be enforceable only against the assets of that series, and not against any other
    series or the Trust generally or any of their respective assets. The assets of the Fund and any other series will include
    only those funds and other assets that are paid to, held by or distributed to the series on account of and for the benefit
    of that series, including, without limitation, amounts delivered to the Trust for the purchase of shares in a series.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Clearance and Settlement</FONT></TD>
    <TD STYLE="padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
    certificates are not issued for the Shares. Instead, Shares will be represented by one or more global certificates, which
    are deposited by the transfer agent with the Depository Trust Company (&ldquo;DTC&rdquo;) and registered in the name of Cede
    &amp; Co., as nominee for DTC. The global certificates evidence all of the Shares outstanding at any time. Beneficial interests
    in Shares are held through DTC&rsquo;s book-entry system, which means that Shareholders are limited to: (1) purchasers in
    DTC such as banks, brokers, dealers and trust companies, (2) those who maintain, either directly or indirectly, a custodial
    relationship with a DTC purchaser, and (3) those who hold interests in the Shares through DTC purchasers or indirect purchasers,
    in each case who satisfy the requirements for transfers of Shares. DTC purchasers acting on behalf of investors holding Shares
    through such DTC purchasers&rsquo; accounts in DTC will follow the delivery practice applicable to securities eligible for
    DTC&rsquo;s Same-Day Funds Settlement System. Shares are credited to DTC purchasers&rsquo; securities accounts following confirmation
    of receipt of payment.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net Asset Value</FONT></TD>
    <TD STYLE="padding-left: 5.9pt; width: 85%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        NAV is calculated by taking the current market value of the Fund&rsquo;s total assets and subtracting any liabilities
        and dividing the balance by the number of Shares. Under the Fund&rsquo;s current operational procedures, Global Fund Services,
        the Fund&rsquo;s &ldquo;Administrator&rdquo; calculates the NAV of the Fund&rsquo;s Shares as of the earlier of 4:00 p.m.
        (ET) or the close of trading of NYSE Arca each day.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        Administrator will determine the value of the Fund&rsquo;s bitcoin utilizing closing level of the Benchmark, the NQBTCS.
        For further information and valuation of the Fund&rsquo;s bitcoin and its calculation, see &ldquo;Calculating NAV.&rdquo;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE
    Data Indices, LLC calculates and disseminates an approximate net asset value every 15 seconds throughout each day that the
    Fund&rsquo;s Shares are traded on NYSE Arca. For purposes of calculating this &rdquo;indicative fund value,&rdquo; the Administrator
    calculates the value of spot bitcoin held by the Fund using a real time version of the Benchmark, the NQBTC. This methodology
    is not used as a benchmark for the Fund and is deemed consistent with U.S. generally accepted accounting principles (&ldquo;GAAP&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the Sponsor and the Fund are unable to raise sufficient funds so that the expenses are reasonable in relation to the Fund&rsquo;s
    NAV, the Fund may be forced to terminate, and investors may lose all or part of their investment. The Sponsor estimates that
    costs could be deemed unreasonable in the case where the NAV of the fund stays below $20 million. Any expenses related to
    the operation of the Fund would need to be paid by the Sponsor at the time of termination.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fee</FONT></TD>
    <TD STYLE="padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays
    the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.25% per annum of the daily NAV of the Fund. The
    Management Fee is paid in consideration of the Sponsor&rsquo;s services related to the management of the Fund&rsquo;s business
    and affairs.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund Expenses</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    addition to the Fund&rsquo;s Management Fee, the Fund pays all of its respective brokerage commissions, including financing fees,
    Bitcoin network fees and similar transaction fees and expenses charged in connection with trading activities. The Fund also pays
    all fees and commissions related to the sale and purchase of spot bitcoin, including any bitcoin transaction fees for on-chain transfers
    of bitcoin. The Sponsor pays all of the routine operational, administrative and other ordinary expenses of the Fund, generally as
    determined by the Sponsor, including but not limited to, fees and expenses of the Administrator, Custodian, Marketing Agent, Transfer
    Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual
    Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses. The Fund pays all of its non-recurring and
    unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual
    in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. Extraordinary
    fees and expenses also include material expenses which are not currently anticipated obligations of the Fund. Routine operational,
    administrative and other ordinary expenses are not deemed extraordinary expenses. In the event the Trust's cash balance is insufficient
    to pay all fees and expenses, including the Management Fee, the Trust may need to sell crypto assets from time to time to pay for
    its fees and expenses, and up to $250,000 per annum in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion
    to assume legal fees and expenses of the Trust in excess of $250,000 per annum. The Sponsor may determine in its sole discretion
    to assume any non-recurring and unusual fees and expenses of the Trust, if applicable. To the extent that the Sponsor does not voluntarily
    assume such fees and expenses, they will be the responsibility of the Trust.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-recurring,
    unusual or extraordinary expenses of the Trust will be allocated as determined by the Sponsor using a pro rata allocation
    methodology that allocates such Trust expenses to the Fund and each other series of the Trust in existence at the occurrence
    of any such expense according to the relative net asset values of the Fund and each other series of the Trust. Unusual or
    extraordinary expenses paid by Sponsor are not subject to any caps or limits. The Trust may be required to indemnify the Sponsor,
    and the Trust and/or the Sponsor may be required to indemnify the Trustee or Marketing Agent, under certain unusual or extraordinary
    circumstances. The Trust is obligated to indemnify the Bitcoin Custodian pursuant to its agreements with the Bitcoin Custodian,
    the Cash Custodian pursuant to its agreement with the Cash Custodian, and Global Fund Services pursuant to the Administration
    Agreement, the Transfer Agent Servicing Agreement and the Fund Accounting Agreement. Any such indemnification paid by the
    Trust and/or Sponsor generally would cover losses incurred by an indemnified party for (1) expenses incurred by a party when
    rendering services to the Trust or the Sponsor, (2) expenses arising from a breach of obligations or non-compliance with laws,
    or (3) expenses arising out of the formation, operation or termination of the Trust. Unless such expenses are specifically
    attributable the Fund or arise out of the Fund&rsquo;s operations, any such expenses will be allocated by the Sponsor using
    a pro rata methodology that allocates certain Trust expenses to the Fund and each other series of the Trust in existence at
    the occurrence of any such expense according to the relative net asset values of the Fund and each other series of the Trust.
    For further discussion of the situations in which the Trust, the Fund, or the Sponsor may be responsible for indemnification
    expenses see &ndash; &ldquo;The Fund&rsquo;s Service Providers &ndash; Contractual Arrangements with the Sponsor and Third-Party
    Service Providers.&rdquo;</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forks</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
    time to time, the Fund may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and
    control over, any crypto asset or other asset or right, which rights are incident to the Fund&rsquo;s ownership of bitcoin
    and arise without any action of the Fund, or of the Sponsor (&ldquo;Incidental Rights&rdquo;) and/or crypto assets, or other
    assets or rights, acquired by the Fund through the exercise of any Incidental Right (&ldquo;IR Virtual Currency&rdquo;) by
    virtue of its ownership of bitcoin, generally through a fork in the Bitcoin Network, an airdrop offered to holders of bitcoin
    or other similar event. In the event of a fork, airdrop or similar event, the Sponsor will cause the Fund to permanently and
    irrevocably abandon any such Incidental Rights and IR Virtual Currency and no such Incidental Right or IR Virtual Currency
    shall be taken into account for purposes of determining the NAV of the Fund. Because the Fund will abandon any Incidental
    Rights and IR Virtual Currency, the Fund would not receive any direct or indirect consideration for the Incidental Rights
    or IR Virtual Currency, and thus the value of the Shares will not reflect the value of the Incidental Rights or IR Virtual
    Currency. See &ldquo;WHAT ARE THE RISK FACTORS INVOLVED WITH AN INVESTMENT IN THE FUND?&nbsp;&mdash;&nbsp;Risks Related to
    Bitcoin and the Bitcoin Network&nbsp;&mdash;&nbsp;&ldquo;Forks&rdquo; in the Bitcoin Network could have adverse effects. In
    addition, Shareholders will not receive the benefits of any Incidental Rights and any IR Virtual Currency.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination Events</FONT></TD>
    <TD STYLE="padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Trust and the Fund
    shall continue in existence from the date of their formation in perpetuity, unless the Trust or the Fund, as the case may be, is
    sooner terminated upon the occurrence of certain events specified in the Trust Agreement, including the following: (1) the filing
    of a certificate of dissolution or cancellation of the Sponsor or revocation of the Sponsor&rsquo;s charter or the withdrawal of
    the Sponsor, unless, (i) prior to the withdrawal of the Sponsor, the Sponsor appoints a successor Sponsor that agrees to carry on
    the business of the Trust, (ii) at the time there is at least one remaining sponsor and that remaining sponsor carries on the business
    of the Trust, or (iii) Shareholders holding a majority of the outstanding Shares of the Trust, voting together as a single class,
    elect within ninety (90) days after such event to continue the business of the Trust and appoint a successor Sponsor; (2) the occurrence
    of any event which would make the existence of the Trust or the Fund unlawful; (3) the insolvency or bankruptcy of the Trust or the
    Fund; (4) a vote by the Shareholders holding at least seventy-five percent (75%) of the outstanding Shares of the Trust, voting together
    as a single class, to dissolve the Trust subject to certain conditions; (5) the determination by the Sponsor to dissolve the Trust
    or the Fund, subject to certain conditions; (6) the Trust is required to be registered as an investment company under the Investment
    Company Act of 1940; and (7) DTC is unable or unwilling to continue to perform its functions and a comparable replacement is unavailable.
    Upon termination of the Fund, the affairs of the Fund shall be wound up and all of its debts and liabilities discharged or otherwise
    provided for in the order of priority as provided by law. The fair market value of the remaining assets of the Fund shall then be
    determined by the Sponsor. Thereupon, the assets of the Fund shall be distributed pro rata to the Shareholders in accordance with
    their Shares.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Purchasers</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    list of the Fund&rsquo;s Authorized Purchasers as of the date of this prospectus can be found under &ldquo;Plan of Distribution
    &ndash; <I>Marketing Agent and Authorized Purchasers</I>,&rdquo; on page 92. Authorized Purchasers must be (1) registered
    broker-dealers or other securities market purchasers, such as banks and other financial institutions, which are not required
    to register as broker-dealers to engage in securities transactions, and (2) DTC purchasers. To become an Authorized Purchaser,
    a person must enter into an Authorized Purchaser Agreement with the Sponsor.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conflicts of Interest</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    are present and potential future conflicts of interest related to the Trust&rsquo;s structure and operation that you should
    consider before you purchase Shares. These include, among others, conflicts related to the Sponsor serving as the sponsor
    to the other funds other than the Fund in the future. A description of such conflicts of interest can be found under &ldquo;The
    Sponsor Has Conflicts of Interest&rdquo; on page 107.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin Custodian</FONT></TD>
    <TD STYLE="padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund&rsquo;s bitcoin investments are held by BitGo Trust Company, Inc. (the &ldquo;Bitcoin Custodian&rdquo;) on behalf of
    the Fund. The Bitcoin Custodian will keep custody of all of the Fund&rsquo;s bitcoin in a multi-layer, multi-party cold storage
    or similarly secure technology. The Bitcoin Custodian is responsible for safekeeping passwords, keys or phrases that allow
    transfers of digital assets (&ldquo;Security Factors&rdquo;) safe, secure and confidential. 100% of the private keys will
    be held in cold storage. The Bitcoin Custodian will establish the Bitcoin Accounts (as defined below) on the Bitcoin Network
    solely for the Fund. The Bitcoin Custodian will follow valid instructions given by the Sponsor to use the Fund&rsquo;s Security
    Factors to effect transfers to and from the Bitcoin Accounts. The Fund&rsquo;s bitcoin will be held in segregated wallets
    and will not be commingled with the assets of other customers. The Bitcoin Custodian has insurance policies that covers, at
    least partially, risks such as the loss of client assets held in cold storage, including from employee collusion or fraud,
    physical loss including theft, damage of key material, security breach or hack, and fraudulent transfer.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama013"></A>WHAT
ARE THE RISK FACTORS INVOLVED WITH AN INVESTMENT IN THE FUND?</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should consider carefully the risks described below before making an investment decision. You should also refer to the other information
included in this prospectus, and the Fund&rsquo;s and the Trust&rsquo;s financial statements and the related notes incorporated
by reference herein. See &ldquo;Incorporation by Reference of Certain Information.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
Related to Bitcoin and the Bitcoin Network</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
is a relatively new technological innovation with a limited operating history.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
has a relatively limited history of existence and operations compared to traditional commodities. There is a limited established
performance record for the price of bitcoin and, in turn, a limited basis for evaluating an investment in bitcoin. Although past
performance is not necessarily indicative of future results, if bitcoin had a more established history, such history might (or
might not) provide investors with more information on which to evaluate an investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of bitcoin on the bitcoin market has exhibited periods of extreme volatility, which could have a negative impact on the
performance of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of bitcoin as determined by the bitcoin market has experienced periods of extreme volatility and may be influenced by, among
other things, trading activity and the closing of bitcoin trading platforms due to fraud, failure, security breaches or otherwise.
Speculators and investors who seek to profit from trading and holding bitcoin generate a significant portion of bitcoin demand.
Such speculation regarding the potential future appreciation in the value of bitcoin may inflate the price of bitcoin. Conversely,
a decrease in demand or speculation for, or government regulation and the perception of onerous regulatory actions, may cause
a drop in the price of bitcoin. Developments related to the Bitcoin Network&rsquo;s operations, individual bitcoin exchanges and
the overall bitcoin market also contribute to the volatility in the price of bitcoin. These factors may continue to increase the
volatility of the price of bitcoin, which may have a negative impact on the performance of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
developments in the digital asset economy have led to extreme volatility and disruption in digital asset markets, a loss of confidence
in participants of the digital asset ecosystem, significant negative publicity surrounding digital assets broadly and market-wide
declines in liquidity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
in the fourth quarter of 2021 and continuing throughout 2022 and through 2023, digital asset prices began falling precipitously.
This has led to volatility and disruption in the digital asset markets and financial difficulties for several prominent industry
participants, including digital asset trading platforms, hedge funds and lending platforms. For example, in the first half of
2022, digital asset lenders Celsius Network LLC and Voyager Digital Ltd. and digital asset hedge fund Three Arrows Capital each
declared bankruptcy, and the stablecoin Terra USD collapsed. These events caused a loss of confidence in participants in the digital
asset ecosystem, negative publicity surrounding digital assets more broadly and market-wide declines in digital asset trading
prices and liquidity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter,
in November 2022, FTX Trading Ltd. (&ldquo;FTX&rdquo;), the third largest digital asset trading platform by volume at the time,
halted customer withdrawals amid rumors of the company&rsquo;s liquidity issues and likely insolvency. Shortly thereafter, FTX&rsquo;s
CEO resigned and FTX and numerous affiliates of FTX filed for bankruptcy. The U.S. Department of Justice subsequently brought
criminal charges, including charges of fraud, violations of federal securities laws, money laundering, and campaign finance offenses,
against FTX&rsquo;s former CEO and others. FTX is also under investigation by the SEC, the Justice Department, and the Commodity
Futures Trading Commission, as well as by various regulatory authorities in the Bahamas, Europe and other jurisdictions. In response
to these events, the digital asset markets have experienced extreme price volatility and declines in liquidity, and regulatory
and enforcement scrutiny has increased, including from the DOJ, the SEC, the CFTC, the White House and Congress. In addition,
several other entities in the digital asset industry filed for bankruptcy following FTX&rsquo;s bankruptcy filing, such as BlockFi
Inc. and Genesis Global Capital, LLC. The SEC also brought charges against Genesis Global Capital, LLC and Gemini Trust Company,
LLC on January 12, 2023 for their alleged unregistered offer and sale of securities to retail investors. In October 2023, the
New York Attorney General brought charges against Gemini, Genesis Global Capital and numerous affiliates of Genesis Global Capital,
and Digital Currency Group alleging violations of law relating to the Gemini Earn program. In May 2024, the Bankruptcy Court of
the Southern District of New York approved a settlement of the charges with the Genesis entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
collapse of TerraUSD and the bankruptcy filings of FTX, Celsius, Voyager and BlockFi have resulted in calls for heightened scrutiny
and regulation of the digital asset industry, with a specific focus on digital asset trading platforms, and custodians. Federal
and state legislatures and regulatory agencies are expected to introduce and enact new laws and regulations to regulate digital
asset intermediaries, such as digital asset trading platforms and custodians. The U.S. regulatory regime&mdash;namely the Federal
Reserve Board, U.S. Congress and certain U.S. agencies (e.g., the SEC, the CFTC, FinCEN, the Office of the Comptroller of the
Currency, the Federal Deposit Insurance Corporation and the Federal Bureau of Investigation) as well as the White House have issued
reports and releases concerning digital assets, including bitcoin and digital asset markets. However, the extent and content of
any forthcoming laws and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near future.
It is possible that new laws and increased regulation and regulatory scrutiny may require the Fund to comply with certain regulatory
regimes, which could result in new costs for the Fund. The Fund may have to devote increased time and attention to regulatory
matters, which could increase costs to the Fund. New laws, regulations and regulatory actions could significantly restrict or
eliminate the market for, or uses of, digital assets including bitcoin, which could have a negative effect on the value of bitcoin,
which in turn would have a negative effect on the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
events are continuing to develop at a rapid pace and it is not possible to predict at this time all of the risks that they may
pose to the Sponsor, the Fund, their affiliates and/or the Fund&rsquo;s third-party service providers, or to the digital asset
industry as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continued
disruption and instability in the digital asset markets as these events develop, including further declines in the trading prices
and liquidity of bitcoin, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially
all of their value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Momentum
pricing.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market value of bitcoin is not based on any kind of claim, nor backed by any physical asset. Instead, the market value depends
on the expectation of being usable in future transactions and continued interest from investors. This strong correlation between
an expectation and market value is the basis for the current (and probable future) volatility of the market value of bitcoin and
may increase the likelihood of momentum pricing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Momentum
pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, is
impacted by appreciation in value. Momentum pricing may result in speculation regarding future appreciation in the value of digital
assets, which inflates prices and leads to increased volatility. As a result, bitcoin may be more likely to fluctuate in value
due to changing investor confidence in future appreciation or depreciation in prices, which could adversely affect the price of
bitcoin, and, in turn, an investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of a bitcoin may also be subject to momentum pricing due to speculation regarding future appreciation in value, leading
to greater volatility that could adversely affect the value of the Shares. Momentum pricing of bitcoin has previously resulted,
and may continue to result, in speculation regarding future appreciation or depreciation in the value of bitcoin, further contributing
to volatility and potentially inflating prices at any given time. These dynamics may impact the value of an investment in the
Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
market observers have asserted that in time, the value of bitcoin will fall to a fraction of its current value, or even to zero.
Bitcoin has not been in existence long enough for market participants to assess these predictions with any precision, but if these
observers are even partially correct, an investment in the Shares may turn out to be substantially worthless.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further
development and acceptance of bitcoin and the Bitcoin Network is uncertain.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
further development and acceptance of the Bitcoin Network, which is part of a new and rapidly changing industry, is subject to
a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development or acceptance of the
Bitcoin Network may adversely affect the price of bitcoin and therefore cause the Fund to suffer losses. Regulatory changes or
actions may alter the nature of an investment in bitcoin or restrict the use of bitcoin or the operations of the Bitcoin Network
or venues on which bitcoin trades in a manner that adversely affects the price of bitcoin, the Fund&rsquo;s Bitcoin Contracts
and, therefore, the Fund&rsquo;s Shares. Bitcoin generally operates without central authority (such as a bank) and is not backed
by any government. Bitcoin is not legal tender and federal, state and/or foreign governments may restrict the use and exchange
of bitcoin, and regulation in the United States is still developing. For example, it may become difficult or illegal to acquire,
hold, sell or use bitcoin in one or more countries, which could adversely impact the price of bitcoin, and therefore the value
of the Fund&rsquo;s Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Forks&rdquo;
in the Bitcoin Network could have adverse effects. In addition, Shareholders will not receive the benefits of any Incidental Rights
and any IR Virtual Currency.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
is the only crypto asset the Fund will hold. From time to time, developers of the Bitcoin Network 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 &ldquo;fork.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2017, bitcoin &ldquo;forked&rdquo; into bitcoin and a new digital asset, bitcoin cash, as a result of a several-year dispute
over how to increase the rate of transactions that the Bitcoin Network can process. Since then, bitcoin has been forked numerous
times to launch new digital assets, such as bitcoin gold, bitcoin silver and bitcoin diamond. Additional hard forks of the bitcoin
blockchain could adversely affect the market for bitcoin in which the Fund invests and, therefore, an investment in the Fund.
A substantial giveaway of bitcoin (sometimes referred to as an &ldquo;air drop&rdquo;) may also result in significant and unexpected
declines in the value of bitcoin and the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will adhere to the policies outlined by the Bitcoin Custodian, which may be updated without prior notice to the Sponsor or
the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Custodian may not support forks and airdrops, and the Fund and the Sponsor may not be able to use its custodial account
to attempt to receive, request, send, store, or engage in any other type of transaction involving a new version of any &ldquo;forked&rdquo;
asset held by the Fund. In the event of a fork, Bitcoin Custodian may temporarily suspend the operations with respect to the affected
asset (with or without advance notice to the Sponsor and/or the Fund) and decide whether or not to support (or cease supporting)
either branch of the forked protocol entirely. Additionally, in case of support, it may take significant time for the Bitcoin
Custodian to implement or provide access to any asset created as a result of a fork, and the Fund will only be able to account
for the forked asset after it is given access by the Bitcoin Custodian. The Bitcoin Custodian assumes absolutely no liability
whatsoever in respect of an unsupported branch of a forked protocol or its determination whether or not to support a forked protocol.
The Bitcoin Custodian is under no obligation to support any airdrops or forks, or handle them in any manner, which could adversely
impact the value of an investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Sponsor has not provided any instructions to the Bitcoin Custodian regarding forks and airdrops, and any decisions or
actions related to airdrops or forks involving the Fund&rsquo;s assets will align with the guidelines set forth by the Bitcoin
Custodian. Any decision under the Bitcoin Custodian&rsquo;s policies regarding hard forks and airdrops may adversely affect the
Fund, which in turn would have a negative effect on the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to any fork, airdrop or similar event, the Sponsor shall, in its sole discretion, decide what action the Fund shall take.
In the event of a fork, the Sponsor will determine which network it believes is generally accepted as the Bitcoin Network and
should therefore be considered the appropriate network, and the associated asset as bitcoin, for the Fund&rsquo;s purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the occurrence of such events, a fork, airdrop or similar event, the Sponsor will cause the Fund to irrevocably abandon the Incidental
Rights and any IR Virtual Currency associated with such event and the only crypto asset to be held by the Fund will be bitcoin.
As such, Shareholders will not receive the benefits of any Incidental Rights and any IR Virtual Currency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the Fund seeks to change the Fund&rsquo;s policy with respect to Incidental Rights or IR Virtual Currency, an application
would need to be filed with the SEC by NYSE Arca seeking approval to amend its listing rules to permit the Fund to sell Incidental
Rights or IR Virtual Currency and distribute the cash proceeds (net of expenses and applicable withholding taxes) to DTC or distribute
the Incidental Rights or IR Virtual Currency in-kind to DTC. However, there can be no assurance as to whether or when the Sponsor
would make such a decision, or when NYSE will seek or obtain this approval, if at all.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if such regulatory approval is sought and obtained, Shareholders may not receive the benefits of a fork, the Fund may not choose,
or be able, to participate in an airdrop, and the timing of receiving any benefits from a fork, airdrop or similar event is uncertain.
Any inability to recognize the economic benefit of a hard fork or airdrop could adversely affect the value of the Shares. Investors
who prefer to have a greater degree of control over events such as forks, airdrops, and similar events, and any assets made available
in connection with each, should consider investing in bitcoin directly rather than purchasing Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased
transaction fees may adversely affect the usage of the Bitcoin Network.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
miners collect fees for each transaction they confirm. Miners validate unconfirmed transactions by adding the previously unconfirmed
transactions to new blocks in the blockchain. Miners are not forced to confirm any specific transaction, but they are economically
incentivized to confirm valid transactions as a means of collecting fees. Miners have historically accepted relatively low transaction
confirmation fees, because miners have a very low marginal cost of validating unconfirmed transactions. If miners collude in an
anticompetitive manner to reject low transaction fees, then bitcoin users could be forced to pay higher fees, thus reducing the
attractiveness of the Bitcoin Network. Bitcoin mining occurs globally and it may be difficult for authorities to apply antitrust
regulations across multiple jurisdictions. Any collusion among miners may adversely impact an investment in the Fund or the ability
of the Fund to operate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidies
for mining bitcoin are designed to decline over time, which may lessen the incentive for miners to process and confirm transactions
on the Bitcoin Network.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transactions
in bitcoin are processed by miners who are primarily compensated by receiving newly issued bitcoins (&ldquo;Mining Subsidy&rdquo;)
as a compensation for successfully solving a cryptographic problem. Mining Subsidies follow an issuance schedule that declines
over time. Miners might also be compensated through voluntary fees paid by Bitcoin network participants, which alongside Mining
Subsidies constitute total mining rewards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mining
Subsidies are subject to so-called halvings, events in which the issuance of new bitcoins per mined block is cut in half. These
events take place in multiples of 210,000 blocks starting from Bitcoin&rsquo;s block number (or block height) 0, referred to as
the genesis block, which was mined on January 3rd, 2009. With the time interval between two consecutive blocks being targeted
at 10 minutes on average, halving events should happen approximately every four years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
bitcoin Mining Subsidy was equal to 50 bitcoins per mined block between heights 0 and 209,999. The first halving took place on
November 28, 2012 as of height 210,000, dropping the Mining Subsidy to 25 bitcoins per block between heights 210,000 and 419,999.
The second halving occurred on July 9, 2016, setting the Mining Subsidy per block to 12.5 bitcoins between heights 420,000 and
629,999. The third halving took place on May 11, 2020, setting the Mining Subsidy per block to 6.25 bitcoins between heights 630,000
and 839,999. The fourth and latest halving took place on April 20, 2024, setting the Mining Subsidy per block to 3.125 bitcoins
between heights 840,000 and 1,049,999. This is the current halving epoch we are in, meaning the current Mining Subsidy per block
is equal to 3.125 bitcoins. It is estimated that the Mining Subsidy will halve again during <U>2028</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Halvings
will continue until the maximum possible 21 million bitcoins have been mined and released into circulation. Currently, there are
approximately 19.6 million bitcoins that have been mined and are in circulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
new bitcoin tokens are no longer awarded for adding a new block, miners will only have transaction fees to incentivize them, and
as a result, it is expected that miners will need to be better compensated with higher transaction fees to ensure that there is
adequate incentive for them to continue mining.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
transaction confirmation fees become too high, the marketplace may be reluctant to use bitcoin. This may result in decreased usage
and limit expansion of the Bitcoin Network in the retail, commercial and payments space, adversely impacting investment in the
Trust. Conversely, if the Mining Subsidy or the value of the transaction fees is insufficient to motivate miners, they may cease
expending processing power to solve blocks and confirm transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ultimately,
if the awards of new bitcoin for solving blocks declines and transaction fees for recording transactions are not sufficiently
high to incentivize miners, or if the costs of validating transactions grow disproportionately, miners may operate at a loss,
transition to other networks, or cease operations altogether. Each of these outcomes could, in turn, slow transaction validation
and usage, which could have a negative impact on the Bitcoin Network and could adversely affect the value of the bitcoin held
by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
acute cessation of mining operations would reduce the collective processing power on the Bitcoin Network, which would adversely
affect the transaction verification process by temporarily decreasing the speed at which blocks are added to the blockchain and
make the blockchain more vulnerable to a malicious actor obtaining control in excess of 50% of the processing power on the blockchain.
Reductions in processing power could result in material, though temporary, delays in transaction confirmation time. Any reduction
in confidence in the transaction verification process or mining processing power may adversely impact the value of Shares of the
Trust or the ability of the Sponsor to operate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Network may face scalability challenges as it expands to a greater number of users.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
with other digital asset networks, the Bitcoin Network faces significant scaling challenges because public blockchains generally
face a tradeoff between security and scalability. A decentralized network is less susceptible to manipulation or capture if more
participants, or &ldquo;nodes,&rdquo; are involved in the processing and maintenance of such network. However, a greater number
of nodes decreases the network&rsquo;s efficiency in processing transactions and may result in increased settlement times. Increased
settlement times could discourage certain uses for bitcoin (for example, micropayments), and could reduce demand for and price
of bitcoin, which could adversely impact the value of an investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
Markets are susceptible to extreme price fluctuations, theft, loss and destruction.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of bitcoin has been subject to extreme fluctuations. If bitcoin markets continue to be subject to sharp fluctuations,
the Fund&rsquo;s Shareholders may experience losses. Similar to fiat currencies (i.e., a currency that is backed by a central
bank or a national, supra-national or quasi-national organization), bitcoin is susceptible to theft, loss and destruction. Cybersecurity
risks of the Bitcoin Protocol and of entities that custody or facilitate the transfers or trading of bitcoin could result in a
loss of public confidence in bitcoin, a decline in the value of bitcoin and, as a result, adversely impact the Fund&rsquo;s Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
ownership is concentrated in a small number of holders referred to as &lsquo;Whales.&rsquo;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
significant portion of bitcoin is held by a small number of holders who have the ability to affect the price of bitcoin and who
are sometimes referred to as &ldquo;whales.&rdquo; Because bitcoin is lightly regulated, bitcoin whales have the ability, alone
or in coordination, to manipulate the price of bitcoin by restricting or expanding the supply of bitcoin. Activities of bitcoin
whales that reduce user confidence in bitcoin, the Bitcoin Network or the fairness of bitcoin trading venues, or that affect the
price of bitcoin, could have a negative impact on the value of an investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
exchanges are unregulated or may not be complying with existing regulation and may be more exposed to fraud and failure.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
exchanges and other trading venues on which bitcoin trades are relatively new and, in most cases, largely unregulated or may not
be complying with existing regulation. Furthermore, while many prominent digital asset exchanges provide the public with significant
information regarding their ownership structure, management teams, corporate practices and regulatory compliance, many digital
asset exchanges do not provide this information. Digital asset exchanges do not appear to be subject to, or may not comply with,
regulation in a similar manner as other regulated trading platforms, such as national securities exchanges or designated contract
markets. As a result, the marketplace may lose confidence in digital asset exchanges, including prominent exchanges that handle
a significant volume of bitcoin trading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
digital asset exchanges are unlicensed, unregulated, may not be complying with existing regulation, operate without extensive
supervision by governmental authorities, and do not provide the public with significant information regarding their ownership
structure, management team, corporate practices, cybersecurity, and regulatory compliance. In particular, those located outside
the United States may be subject to significantly less stringent regulatory and compliance requirements in their local jurisdictions.
As a result, trading activity on or reported by these digital asset exchanges is generally significantly less regulated than trading
in regulated U.S. securities and commodities markets, and may reflect behavior that would be prohibited in regulated U.S. trading
venues. For example, in 2019 there were reports claiming that 80.95% of bitcoin trading volume on digital asset exchanges was
false or noneconomic in nature, with specific focus on unregulated exchanges located outside of the United States. Such reports
may indicate that the digital asset exchange market is significantly smaller than expected and that the U.S. makes up a significantly
larger percentage of the digital asset exchange market than is commonly understood. Nonetheless, any actual or perceived false
trading in the digital asset exchange market, and any other fraudulent or manipulative acts and practices, could adversely affect
the value of bitcoin and/or negatively affect the market perception of bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, over the past several years, some digital asset exchanges have been closed due to fraud and manipulative activity, business
failure or security breaches. In many of these instances, the customers of such digital asset exchanges were not compensated or
made whole for the partial or complete losses of their account balances in such digital asset exchanges. While, generally speaking,
smaller digital asset exchanges are less likely to have the infrastructure and capitalization that make larger digital asset exchanges
more stable, larger digital asset exchanges are more likely to be appealing targets for hackers and malware and may be more likely
to be targets of regulatory enforcement action. For example, the collapse of Mt. Gox, which filed for bankruptcy protection in
Japan in late February 2014, demonstrated that even the largest digital asset exchanges could be subject to abrupt failure with
consequences for both users of digital asset exchanges and the digital asset industry as a whole. In particular, in the two weeks
that followed the February 7, 2014 halt of bitcoin withdrawals from Mt. Gox, the value of one bitcoin fell on other exchanges
from around $795 on February 6, 2014 to $578 on February 20, 2014. Additionally, in January 2015, Bitstamp announced that approximately
19,000 bitcoin had been stolen from its operational or &ldquo;hot&rdquo; wallets. Further, in August 2016, it was reported that
almost 120,000 bitcoins worth around $78 million were stolen from Bitfinex, a large digital asset exchange. The value of bitcoin
and other digital assets immediately decreased over 10% following reports of the theft at Bitfinex and the Shares suffered a corresponding
decrease in value. In July 2017, FinCEN assessed a $110 million fine against BTC-E, a now defunct digital asset exchange, for
facilitating crimes such as drug sales and ransomware attacks. In addition, in December 2017, Yapian, the operator of Seoul-based
cryptocurrency exchange Youbit, suspended digital asset trading and filed for bankruptcy following a hack that resulted in a loss
of 17% of Yapian&rsquo;s assets. Following the hack, Youbit users were allowed to withdraw approximately 75% of the digital assets
in their exchange accounts, with any potential further distributions to be made following Yapian&rsquo;s pending bankruptcy proceedings.
In addition, in January 2018, the Japanese digital asset exchange, Coincheck, was hacked, resulting in losses of approximately
$535 million, and in February 2018, the Italian digital asset exchange, Bitgrail, was hacked, resulting in approximately $170
million in losses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2019, one of the world&rsquo;s largest digital asset exchanges, Binance, was hacked, resulting in losses of approximately
$40 million. In November 2022, FTX, one of the largest digital asset exchanges by volume at the time, halted customer withdrawals
amid rumors of the company&rsquo;s liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly
thereafter, FTX&rsquo;s CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United States, while other
affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department
of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges,
against certain of FTX&rsquo;s and its affiliates&rsquo; senior executives, including its former CEO. Around the same time, there
were reports that approximately $300-600 million of digital assets were removed from FTX and the full facts remain unknown, including
whether such removal was the result of a hack, theft, insider activity, or other improper behavior.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
recent bankruptcy of the crypto exchange FTX has underscored the potential for fraud and manipulation in crypto exchanges generally.
The financial distress experienced by crypto asset market participants as a result of the FTX bankruptcy has already led to the
spread of a general contagion among some market participants, and may lead to additional regulation of the crypto markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fact that many bitcoin exchanges are not registered and fail to comply with regulations or operate in jurisdictions with less
stringent regulations than in the US may expose the investors to behaviors that can jeopardize their investments. These behaviors
include, but are not limited to, wash trading, fraud, front-running, and other security issues that could adversely impact the
value of an investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Negative
perception, a lack of stability in the digital asset markets and the closure or temporary shutdown of digital asset exchanges
due to fraud, failure or security breaches may reduce confidence in the Bitcoin network and result in greater volatility or decreases
in the prices of bitcoin. Furthermore, the closure or temporary shutdown of a digital asset exchange used in calculating the Benchmark
may result in a loss of confidence in the Fund&rsquo;s ability to determine its NAV on a daily basis. The potential consequences
of a digital asset exchange&rsquo;s failure could adversely affect the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms may be exposed to wash trading.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms on which bitcoin trades may be susceptible to wash trading. Wash trading occurs when offsetting trades
are entered into for other than bona fide reasons, such as the desire to inflate reported trading volumes. Wash trading may be
motivated by non-economic reasons, such as a desire for increased visibility on popular websites that monitor markets for digital
assets so as to improve their attractiveness to investors who look for maximum liquidity, or it may be motivated by the ability
to attract listing fees from token issuers who seek the most liquid and high-volume exchanges on which to list their coins. Results
of wash trading may include unexpected obstacles to trade and erroneous investment decisions based on false information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
in the United States, there have been allegations of wash trading even on regulated trading venues. Any actual or perceived false
trading in the digital asset trading venue market, and any other fraudulent or manipulative acts and practices, could adversely
affect the value of bitcoin and/or negatively affect the market perception of bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that wash trading either occurs or appears to occur on trading platforms on which bitcoin trades, investors may develop
negative perceptions about bitcoin and the digital assets industry more broadly, which could adversely impact the price bitcoin
and, therefore, the price of Shares. Wash trading also may place more legitimate digital asset exchanges at a relative competitive
disadvantage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms may be exposed to front-running.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset trading platforms on which bitcoin trades may be susceptible to &ldquo;front-running,&rdquo; which refers to the process
when someone uses technology or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent
activity on centralized as well as decentralized digital asset trading platforms. By using bots functioning on a millisecond-scale
timeframe, bad actors are able to take advantage of the forthcoming price movement and make economic gains at the cost of those
who had introduced these transactions. The objective of a front runner is to buy a chunk of tokens at a low price and later sell
them at a higher price while simultaneously exiting the position. Front-running happens via manipulations of gas prices or timestamps,
also known as slow matching. To the extent that front-running occurs, it may result in investor frustrations and concerns as to
the price integrity of digital asset exchanges and digital assets more generally.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Networked
systems are vulnerable to attacks.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
networked systems are vulnerable to various kinds of attacks. As with any computer network, the Bitcoin Network contains certain
flaws. For example, the Bitcoin Network is currently vulnerable to a &ldquo;51% attack&rdquo; where, if a mining pool were to
gain control of more than 50% of the &ldquo;hash&rdquo; rate, or the amount of computing and process power being contributed to
the network through mining, a malicious actor would be able to gain full control of the network and the ability to manipulate
the blockchain. To the extent that such malicious actor or botnet did not yield its control of the processing power on the network
or the network community did not reject the fraudulent blocks as malicious, reversing any changes made to the blockchain may not
be possible. The attack of a malicious actor may have an adverse effect on the Bitcoin Network and, therefore, on the value of
an investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cybersecurity
risk.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a digital asset, bitcoin is subject to cybersecurity risks, including the risk that malicious actors will exploit flaws in its
code or structure that will allow them to, among other things, steal bitcoin held by others, control the blockchain, steal personally
identifying information, or issue significant amounts of bitcoin in contravention of the Bitcoin Protocols. The occurrence of
any of these events is likely to have a significant adverse impact on the price and liquidity of bitcoin and therefore the value
of an investment in the Fund. Additionally, the Bitcoin Network&rsquo;s functionality relies on the Internet. A significant disruption
of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of the Bitcoin Network.
Any technical disruptions or regulatory limitations that affect Internet access may have an adverse effect on the Bitcoin Network,
the price of bitcoin, and the value of an investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
of flawed or ineffective source code.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the source code or cryptography underlying a bitcoin held by the Fund proves to be flawed or ineffective, malicious actors may
be able to steal the Fund&rsquo;s bitcoins. In the past, flaws in the source code for digital assets have been exposed and exploited,
including those that exposed users&rsquo; personal information and/or resulted in the theft of users&rsquo; digital assets. Several
errors and defects have been publicly found and corrected, including those that disabled some functionality for users and exposed
users&rsquo; personal information. Discovery of flaws in, or exploitations of, the source code that allow malicious actors to
take or create money in contravention of known network rules have occurred. In addition, the cryptography underlying a digital
asset could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital
computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances,
if the bitcoin held by the Fund is affected, a malicious actor may be able to steal the Fund&rsquo;s bitcoin assets, which would
adversely affect an investment in the Shares. Even if the Fund did not hold the affected bitcoin, any reduction in confidence
in the source code or cryptography underlying bitcoin generally could negatively affect the demand for bitcoin and therefore adversely
affect an investment in the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
adoption and ability to use bitcoin to purchase goods.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
there is relatively limited use of bitcoin in the retail and commercial marketplace in comparison to relatively extensive use
as a store of value, thus contributing to price volatility that could adversely affect the Fund&rsquo;s bitcoin and the Fund&rsquo;s
Shares. Bitcoin is not currently a form of legal tender in the United States and has only recently become selectively accepted
as a means of payment for goods and services by some retail and commercial outlets, and the use of bitcoin by consumers to pay
such retail and commercial outlets remains limited. Banks and other established financial institutions may refuse to process funds
for bitcoin transactions; process wire transfers to or from bitcoin trading venues, bitcoin-related companies or service providers;
or maintain accounts for persons or entities transacting in bitcoin or providing bitcoin-related services. In addition, some taxing
jurisdictions, including the United States, treat the use of bitcoin as a medium of exchange for goods and services to be a taxable
sale of bitcoin, which could discourage the use of bitcoin as a medium of exchange, especially for a holder of bitcoin that has
appreciated in value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of new bitcoin may cause the price of bitcoin to decline, which could negatively affect an investment in the Fund.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newly
created bitcoin (&ldquo;newly mined bitcoin&rdquo;) are generated through a process referred to as &ldquo;mining&rdquo;. If entities
engaged in bitcoin mining choose not to hold the newly mined bitcoin, and, instead, make them available for sale, there can be
downward pressure on the price of bitcoin. A bitcoin mining operation may be more likely to sell a higher percentage of its newly
created bitcoin, and more rapidly so, if it is operating at a low profit margin, thus reducing the price of bitcoin. Lower bitcoin
prices may result in further tightening of profit margins for miners and decreasing profitability, thereby potentially causing
even further selling pressure. Diminishing profit margins and increasing sales of newly mined bitcoin could result in a reduction
in the price of bitcoin, which could adversely impact an investment in the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
competing digital assets may pose a challenge to bitcoin&rsquo;s current market dominance, resulting in a reduction in demand
for bitcoin, which could have a negative impact on the price of bitcoin.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Network and bitcoin, as an asset, hold a &ldquo;first-to-market&rdquo; advantage over other digital assets. This first-to-market
advantage has resulted in the Bitcoin Network evolving into the most well-developed network of any digital asset. The Bitcoin
Network enjoys the largest user base and has more mining power in use to secure its blockchain than any other digital asset. Having
a large mining network provides users confidence regarding the security and long-term stability of the Bitcoin Network. This in
turn creates a domino effect that inures to the benefit of the Bitcoin Network &ndash; namely, the advantage of more users and
miners makes a digital asset more secure, which potentially makes it more attractive to new users and miners, resulting in a network
effect that potentially strengthens the first-to-market advantage. However, despite the marked first-mover advantage of the Bitcoin
Network over other digital assets, it is possible that real or perceived shortcomings in the Bitcoin Network, or technological,
regulatory or other developments, could result in a decline in popularity and acceptance of bitcoin and the Bitcoin Network, and
other digital currencies and trading systems could become more widely accepted and used than the Bitcoin Network.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
was the first digital asset to gain global adoption and critical mass, and as a result, it has a &ldquo;first to market&rdquo;
advantage over other digital assets. As of the date of this filing,&nbsp;bitcoin was the largest digital asset by market capitalization&nbsp;and
had the largest combined mining power. Despite this first to market advantage, there were over 10,000 alternative digital assets
tracked by CoinGecko.com, having a total market capitalization of approximately $2.8 trillion (including the approximately $1.6
trillion market capitalization of bitcoin), as calculated using market prices and total available supply of each digital asset.
In addition, many consortiums and financial institutions are also researching and investing resources into private or permissioned
smart contract platforms rather than open platforms like the Bitcoin network. Competition from the emergence or growth of alternative
digital assets and smart contracts platforms, such as Ethereum, Solana, Avalanche, Polkadot, or Cardano, as well as many others,
could have a negative impact on the demand for, and price of, bitcoin and thereby adversely affect the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, some digital asset networks, including the Bitcoin Network, may be the target of ill will from users of other digital
asset networks. For example, Litecoin is the result of a hard fork of bitcoin. Some users of the Bitcoin network may harbor ill
will toward the Litecoin network, and vice versa. These users may attempt to negatively impact the use or adoption of the Bitcoin
Network.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may invest in bitcoin through means other than the Shares, including through direct investments in bitcoin and other potential
financial vehicles, possibly including securities backed by or linked to bitcoin and digital asset financial vehicles similar
to the Fund. In addition, to the extent digital asset financial vehicles other than the Fund tracking the price of bitcoin are
formed and represent a significant proportion of the demand for bitcoin, large purchases or redemptions of the securities of these
digital asset financial vehicles, or private funds holding bitcoin, could negatively affect the Benchmark, the Fund&rsquo;s bitcoin
holdings, the price of the Shares, the net asset value of the Fund and the NAV.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks
to bitcoin from other parts of the digital assets market.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of bitcoin and the bitcoin market generally may be adversely impacted by developments in other parts of the digital assets
market including, but not limited to, industry wide. The acceptance of bitcoin and digital assets generally depends on a number
of factors, including adverse developments in the digital assets market that could impact investor confidence. For example, &ldquo;stablecoins&rdquo;
have been developed to enhance the value of cryptocurrency to be used like fiat currency in transactions in goods and services.
Adverse developments such as the recent &ldquo;depegging&rdquo; of the TerraUSD stablecoin and the FTX bankruptcy may undermine
confidence in the cryptocurrency markets generally and cause decreases in the price of digital assets such as bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competition
from central bank digital currencies (&ldquo;CBDCs&rdquo;) and emerging payments initiatives involving financial institutions
could adversely affect the value of bitcoins and other digital assets.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Central
banks in various countries have introduced digital forms of legal tender (CBDCs). Whether or not they incorporate blockchain or
similar technology, CBDCs, as legal tender in the issuing jurisdiction, could have an advantage in competing with, or replace,
bitcoin and other cryptocurrencies as a medium of exchange or store of value. Central banks and other governmental entities have
also announced cooperative initiatives and consortia with private sector entities, with the goal of leveraging blockchain and
other technology to reduce friction in cross-border and interbank payments and settlement, and commercial banks and other financial
institutions have also recently announced a number of initiatives of their own to incorporate new technologies, including blockchain
and similar technologies, into their payments and settlement activities, which could compete with, or reduce the demand for, bitcoin.
As a result of any of the foregoing factors, the value of bitcoin could decrease, which could adversely affect an investment in
the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hacking
risk of theft of private keys.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the nature of private keys, bitcoin transactions are irrevocable and incorrectly transferred or stolen bitcoin may be irretrievable,
and as a result, any incorrectly executed bitcoin transactions could adversely affect the price and liquidity of bitcoin, which
may indirectly affect the price and liquidity of the Fund&rsquo;s Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
of access risks.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loss or destruction of a private key required to access the Fund&rsquo;s bitcoins may be irreversible. The loss of access to the
private keys associated with the Fund&rsquo;s bitcoins could adversely affect an investment in the Shares. Bitcoin is controllable
only by the possessor of both the unique public key and private key or keys relating to the &ldquo;digital wallet&rdquo; in which
the currency is held. Private keys must be safeguarded and kept private in order to prevent a third party from accessing the bitcoins
while held in such wallet. To the extent a private key is lost, destroyed or otherwise compromised and no backup of the private
key is accessible, the Fund will be unable to access the assets held in the related digital wallet. Any loss of private keys relating
to digital wallets used to store the Fund&rsquo;s bitcoins could adversely affect an investment in the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
risks from Bitcoin mining.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
mining currently requires computing hardware that consumes large amounts of electricity. By way of electrical power generation,
many bitcoin miners rely on fossil fuels to power their operations. Public perception of the impact of bitcoin mining on climate
change may reduce demand for bitcoin and increase the likelihood of regulation that limits bitcoin mining or restricts energy
usage by bitcoin miners, which could result in a significant reduction in mining activity and adversely affect the security of
the Bitcoin network and could adversely affect the price of bitcoin and the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&ldquo;proof of work&rdquo; validation mechanism used to verify transactions on the Bitcoin Network necessitates that bitcoin
miners maintain high levels of computing power, which can require extremely high energy usage. Although measuring the electricity
consumed by this process is difficult because these operations are performed by various machines with varying levels of efficiency,
the process consumes a significant amount of energy. Further, in addition to the direct energy costs of performing these calculations,
there are indirect costs that impact the Bitcoin Network&rsquo;s total energy consumption, including the costs of cooling the
machines that perform these calculations. A significant decrease in the computational resources dedicated to the Bitcoin Network&rsquo;s
validation protocol could reduce the security of the network which may erode bitcoin&rsquo;s viability as a store of value or
means of exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
alternative mechanisms to proof-of-work have emerged in recent years, aiming to offer more energy-efficient validation processes
for blockchain networks and high costs of electricity may incentivize miners to redirect their capital and efforts to other validation
protocols, such as proof-of-stake blockchains, in which rather than using computational power to add new blocks of transactions
to the blockchain, users pledge capital denominated in the network&rsquo;s native currency as a guarantee of action in good faith
when producing blocks. Alternatively, miners can abandon their validation activities altogether.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to concerns around energy consumption and associated environmental concerns, particularly as such concerns relate to public utilities
companies, various countries, states and cities have implemented, or are considering implementing, moratoriums on bitcoin mining
in their jurisdictions. Such moratoriums would impede bitcoin mining and/or bitcoin use more broadly. For example, in November
2022, New York imposed a two-year moratorium on new proof-of-work mining permits at fossil fuel plants in the state and, on May
26, 2021, Iran placed a temporary ban on bitcoin mining in an attempt to decrease energy usage and help alleviate blackouts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on how future regulations are formulated and applied, such policies could have the potential to negatively affect the price of
bitcoin, and, in turn, the value of the Shares. Increased regulation and the corresponding compliance cost of these regulations
could additionally result in higher barriers to entry for bitcoin miners, which could increase the concentration of the hash rate,
potentially having a negative impact on the price of bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
use of cash creations and redemptions, as opposed to in-kind creations and redemptions, may adversely affect the arbitrage transactions
by Authorized Purchasers intended to keep the price of the Shares closely linked to the price of bitcoin and, as a result, the
price of the Shares may fall or otherwise diverge from NAV.<B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Purchasers must be registered broker-dealers. Registered broker-dealers are subject to various requirements of the federal securities
laws and rules, including financial responsibility rules such as the customer protection rule, the net capital rule and recordkeeping
requirements. On May 15, 2025, the staff of the SEC&rsquo;s Division of Trading and Markets stated that broker-dealers are permitted
to facilitate in-kind creations and redemptions in connection with spot crypto exchange-traded products; however, there is as
yet no definitive regulatory guidance on the specific details of how registered broker-dealers can comply with SEC rules with
regard to transacting in or holding spot bitcoin. Absent further regulatory clarity regarding whether and how registered broker-dealers
can hold and deal in bitcoin under applicable broker-dealer financial responsibility and other rules, there is a risk that registered
broker-dealers participating in the in-kind creation or redemption of Shares for bitcoin may be unable to demonstrate compliance
with such rules. While compliance with rules such as the customer protection rule, the net capital rule and recordkeeping requirements
are primarily the broker-dealer&rsquo;s responsibility, a national securities exchange is required to enforce compliance by its
member broker-dealers with applicable federal securities law and rules. Only certain Authorized Purchasers at present have the
ability (either acting themselves or through their affiliates) to support in-kind creation and redemption activity.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
with the SEC Staff&rsquo;s recent statement clarifying that in-kind creations and redemptions are permitted, the Fund&rsquo;s
limited ability to facilitate in-kind creations and redemptions could result in the exchange-traded product arbitrage mechanism
failing to function as efficiently as it otherwise would, leading to the potential for the Shares to trade at premiums or discounts
to the NAV per Share, and such premiums or discounts could be substantial. Furthermore, if cash creations or redemptions are unavailable,
either due to the Sponsor&rsquo;s decision to reject or suspend such orders or otherwise, Authorized Purchasers will be limited
in their ability to redeem or create Shares, in which case the arbitrage mechanism may not function as efficiently. This could
result in impaired liquidity for the Shares, wider bid/ask spreads in secondary trading of the Shares and greater costs to investors
and other market participants. In addition, the Fund&rsquo;s limited ability to facilitate in-kind creations and redemptions,
and resulting relative reliance on cash creations and redemptions, could cause the Sponsor to halt or suspend the creation or
redemption of Shares during times of market volatility or turmoil, among other consequences. Further, there can be no assurance
that broker-dealers would be willing to serve as Authorized Purchasers with respect to the in-kind creation and redemption of
Shares. Any of these factors could adversely affect the performance of the Fund and the value of the Shares.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
use of cash creations and redemptions, as opposed to in-kind creations and redemptions, could cause delays in trade execution
due to potential operational issues arising from implementing a cash creation and redemption model, which involves greater operational
steps (and therefore execution risk) than the originally contemplated in-kind creation and redemption model. Such delays could
cause the execution price associated with such trades to materially deviate from the price used to determine the NAV.&nbsp;Even
though the Authorized Purchaser is responsible for the dollar cost of such difference in prices, Authorized Purchasers could default
on their obligations to the Fund, or such potential risks and costs could lead to Authorized Purchasers, who would otherwise be
willing to purchase or redeem Baskets to take advantage of any arbitrage opportunity arising from discrepancies between the price
of the Shares and the price of the underlying bitcoin, to elect to not participate in the Fund&rsquo;s Share creation and redemption
processes. This may adversely affect the arbitrage mechanism intended to keep the price of the Shares closely linked to the price
of bitcoin, and as a result, the price of the Shares may fall or otherwise diverge from NAV.&nbsp;If the arbitrage mechanism is
not effective, purchases or sales of Shares on the secondary market could occur at a premium or discount to NAV, which could harm
Shareholders by causing them buy Shares at a price higher than the value of the underlying bitcoin held by the Fund or sell Shares
at a price lower than the value of the underlying bitcoin held by the Fund, causing Shareholders to suffer losses.<I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the knowledge of the Sponsor, exchange-traded products for spot-market commodities other than bitcoin, such as gold and silver,
generally employ in-kind creations and redemptions with the underlying asset. The Sponsor believes that it is generally more efficient,
and therefore less costly, for spot commodity exchange-traded products to utilize in-kind orders rather than cash orders, because
there are fewer steps in the process and therefore there is less operational risk involved when an authorized participant can
manage the buying and selling of the underlying asset itself, rather than depend on an unaffiliated party such as the issuer or
sponsor of the exchange-traded product. As such, a spot commodity exchange-traded product that only employs cash creations and
redemptions and does not permit in-kind creations and redemptions is a novel product that has not been tested, and could be impacted
by any resulting operational inefficiencies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Correlation
Risk</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in the Fund&rsquo;s NAV may not correlate well with changes in the price of the Benchmark and the spot price of bitcoin. If this
were to occur, you may not be able to effectively use the Fund as a way to hedge against bitcoin related losses or as a way to
indirectly invest in bitcoin.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor endeavors to invest the Fund&rsquo;s assets as fully as possible in bitcoin so that the changes in the NAV closely correlate
with the changes in the Benchmark. However, changes in the Fund&rsquo;s NAV may not correlate with the changes in the Benchmark
for various reasons, including those set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund incurs certain expenses in connection with its operations and holds most of its assets in income producing, short-term financial
instruments for margin and other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis. To the
extent these expenses are not covered by the Management Fee, and income from short-term financial instruments may cause imperfect
correlation between changes in the Fund&rsquo;s NAV and changes in the Benchmark. Differences between returns based on the price
of bitcoin and an investment in the Fund may also be attributable to certain fund expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
may be significant volatility in the market for bitcoin. This volatility, in turn, may make it more difficult for Authorized Purchasers
and other market purchasers to be able to identify a reliable price for bitcoin. Without reliable prices, Authorized Purchasers
and other market purchasers may reduce their role in the market arbitrage process or &ldquo;step away&rdquo; from these activities.
This, in turn, might inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying
value of the Fund&rsquo;s assets and the Fund&rsquo;s market price. This reduced effectiveness could result in Fund Shares trading
at a price which differs materially from NAV and also in greater than normal intraday bid/ask spreads for Fund Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in the Fund may provide you with little or no diversification benefits. Thus, in a declining market, the Fund may have
no gains to offset your losses from other investments, and you may suffer losses on your investment in the Fund at the same time
you incur losses with respect to other asset classes.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
cannot be predicted to what extent the performance of bitcoin will or will not correlate to the performance of other broader asset
classes such as stocks and bonds. If the Fund&rsquo;s performance were to move more directly with the financial markets, you will
obtain little or no diversification benefits from an investment in the Shares. In such a case, the Fund may have no gains to offset
your losses from other investments, and you may suffer losses on your investment in the Fund at the same time you incur losses
with respect to other investments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variables
such as cost of electricity, regulation, market disruptions, cyber-attacks and political events may have a larger impact on bitcoin
and bitcoin interest prices than on traditional securities and broader financial markets. These additional variables may create
additional investment risks that subject the Fund&rsquo;s investments to greater volatility than investments in traditional securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lower
correlation should not be confused with negative correlation, where the performance of two asset classes would be opposite of
each other. There is no historic evidence that the spot price of bitcoin and prices of other financial assets, such as stocks
and bonds, are negatively correlated. In the absence of negative correlation, the Fund cannot be expected to be automatically
profitable during unfavorable periods for the stock market, or vice versa.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
changes in the Fund&rsquo;s NAV do not correlate with changes in the Benchmark, then investing in the Fund may not be an effective
way to hedge against bitcoin related losses or indirectly invest in bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
Related To Lack of Liquidity</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of the Fund&rsquo;s investments could be illiquid, which could cause large losses to investors at any time or from time to time.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund&rsquo;s ability to obtain exposure to bitcoin in accordance with its investment objective is disrupted for any reason
including, because of limited liquidity in the bitcoin market a disruption to the bitcoin the Fund may not be able to achieve
its investment objective and may experience significant losses. Any disruption in the Fund&rsquo;s ability to obtain exposure
to bitcoin will cause the Fund&rsquo;s performance to deviate from the performance of bitcoin. For further information regarding
the impact of suspending redemptions, see &ldquo;Suspension or Rejection of Redemption Orders&rdquo; on page 102.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
market disruption, such as a government taking regulatory or other actions that disrupt the market in bitcoin, can also make it
difficult to liquidate a position. Unexpected market illiquidity may cause major losses to investors at any time or from time
to time. In addition, the Fund does not intend at this time to establish a credit facility, which would provide an additional
source of liquidity, but instead will rely only on the bitcoin and cash that it holds to meet its liquidity needs. The anticipated
value of the positions in bitcoin that the Sponsor will acquire or enter into for the Fund increases the risk of illiquidity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buying
and selling activity associated with the purchase and redemption of may adversely affect an investment in the Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s purchase of bitcoin in connection with basket creation orders may cause the price of bitcoin to increase, which
will result in higher prices for the Shares. Increases in the bitcoin prices may also occur as a result of bitcoin purchases by
other market participants who attempt to benefit from an increase in the market price of bitcoin when baskets are created. The
market price of bitcoin may therefore decline immediately after baskets are created.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
activity associated with sales of bitcoin by the Sponsor in connection with redemption orders may decrease the bitcoin prices,
which will result in lower prices for the Shares. Decreases in bitcoin prices may also occur as a result of selling activity by
other market participants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the effect that purchases and sales of bitcoin by the Sponsor and other market participants may have on the price
of bitcoin, other exchange-traded products or large private investments vehicles with similar investment vehicles (if developed)
could represent a substantial portion of demand for bitcoin at any given time and the sales and purchases by such investments
may impact the price of bitcoin. If the price of bitcoin declines, the trading price of the Shares will generally also decline.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
inability of Authorized Purchasers and market makers to hedge their bitcoin exposure may adversely affect the liquidity of Shares
and the value of an investment in the Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Purchasers and market makers will generally want to hedge their exposure in connection with basket creation and redemption orders.
To the extent Authorized Purchasers and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient
bitcoin liquidity in the market, inability to locate an appropriate hedge counterparty, extreme volatility in the price of bitcoin,
wide spreads between prices quotes on different bitcoin trading platforms, etc.), such conditions may make it difficult to create
or redeem Baskets or cause them to not create or redeem Baskets. In addition, the hedging mechanisms employed by Authorized Purchasers
and market makers to hedge their exposure to bitcoin may not function as intended, which may make it more difficult for them to
enter into such transactions. Such events could negatively impact the market price of Shares and the spread at which Shares trade
on the open market. To the extent Authorized Purchasers wish to use futures to hedge their exposure, note that while growing in
recent years, the market for exchange-traded bitcoin futures has a limited trading history and operational experience and may
be less liquid, more volatile and more vulnerable to economic, market and industry changes than more established futures markets.
The liquidity of the market will depend on, among other things, the adoption of bitcoin and the commercial and speculative interest
in the market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbitrage
transactions intended to keep the price of Shares closely linked to the price of bitcoin may be problematic if the process for
the creation and redemption of Baskets encounters difficulties, which may adversely affect an investment in the Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the processes of creation and redemption of the Shares encounter any unanticipated difficulties, potential market participants
who would otherwise be willing to purchase or redeem baskets to take advantage of any arbitrage opportunity arising from discrepancies
between the price of the Shares and the price of the underlying bitcoin may not take the risk that, as a result of those difficulties,
they may not be able to realize the profit they expect. If this is the case, the liquidity of Shares may decline and the price
of the Shares may fluctuate independently of the price of bitcoin and may fall.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Examples
of such unanticipated difficulties in the creation and redemption process might include, but are not limited to, operational failures
such as technological malfunctions in the trade execution or settlement systems, delays or inaccuracies in data feeds, or disruptions
in the communication channels used to transmit creation and redemption orders. Regulatory changes or legal challenges could also
impose unforeseen hurdles, potentially leading to delays or restrictions in the processing of creation and redemption orders.
Furthermore, liquidity issues in the bitcoin market itself could impede the ability to acquire or dispose of bitcoin efficiently,
thereby affecting the creation and redemption of baskets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
of a critical banking relationship for, or the failure of a bank used by, the Fund could adversely impact the Fund&rsquo;s ability
to create or redeem baskets, or could cause losses to the Fund.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the Fund faces difficulty establishing or maintaining banking relationships, the loss of the Fund&rsquo;s banking
partners, the imposition of operational restrictions by these banking partners and the inability for the Fund to utilize other
financial institutions may result in a disruption of creation and redemption activity of the Fund, or cause other operational
disruptions or adverse effects for the Fund. In the future, it is possible that the Fund could be unable to establish accounts
at new banking partners or establish new banking relationships, or that the banks with which the Fund is able to establish relationships
may not be as large or well-capitalized or subject to the same degree of prudential supervision as the existing providers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund could also suffer losses in the event that a bank in which the Fund holds assets fails, becomes insolvent, enters receivership,
is taken over by regulators, enters financial distress, or otherwise suffers adverse effects to its financial condition or operational
status. Recently, some banks have experienced financial distress. For example, on March 8, 2023, the California Department of
Financial Protection and Innovation (&ldquo;DFPI&rdquo;) announced that Silvergate Bank had entered voluntary liquidation, and
on March 10, 2023, Silicon Valley Bank, (&ldquo;SVB&rdquo;), was closed by the DFPI, which appointed the FDIC, as receiver. Similarly,
on March 12, 2023, the New York Department of Financial Services took possession of Signature Bank and appointed the FDIC as receiver.
On May 1, 2023, First Republic Bank was closed by the California Department of Financial Protection and Innovation, which appointed
the FDIC as receiver. The future failure of a bank at which the Fund maintains assets, could result in losses to the Trust to
the extent the cash balances are not subject to deposit insurance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund and other funds with similar investment strategies may try to exit positions at the same time.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund and other funds with similar investment strategies try to sell bitcoin at the same time, such a mass exit could have
detrimental effect on price and liquidity, and you could incur losses in your investment in Shares of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory
Risk</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Digital
asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could
significantly harm the value of bitcoin or the Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a lack of consensus regarding the regulation of digital assets, including bitcoin, and their markets. As a result of the growth
in the size of the digital asset market, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN,
SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security,
the Federal Bureau of Investigation, the IRS, state financial institution regulators, and others) have been examining the operations
of digital asset networks, digital asset users and the digital asset markets. Many of these state and federal agencies have brought
enforcement actions or issued consumer advisories regarding the risks posed by digital assets to investors. Ongoing and future
regulatory actions with respect to digital assets generally or bitcoin in particular may alter, perhaps to a materially adverse
extent, the nature of an investment in the Shares or the ability of the Fund to continue to operate. Regulatory developments such
as by banning, restricting or imposing onerous conditions or prohibitions on the use of bitcoins, mining activity, digital wallets,
the provision of services related to trading and custodying bitcoin, the operation of the Bitcoin Network, or the digital asset
markets generally may adversely impact the value of bitcoin and, therefore, of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
bankruptcy filings of FTX and its subsidiaries, Three Arrows Capital, Celsius Network, Voyager Digital, Genesis, BlockFi and others,
and other developments in the digital asset markets, have resulted in calls for heightened scrutiny and regulation of the digital
asset industry, with a specific focus on intermediaries such as digital asset exchanges, platforms, and custodians. Federal and
state legislatures and regulatory agencies may introduce and enact new laws and regulations to regulate crypto asset intermediaries,
such as digital asset exchanges and custodians. The March 2023 collapses of Silicon Valley Bank, Silvergate Bank, and Signature
Bank, which in some cases provided services to the digital assets industry, may amplify and/or accelerate these trends. On January
3, 2023, the federal banking agencies issued a joint statement on crypto-asset risks to banking organizations following events
which exposed vulnerabilities in the crypto-asset sector, including the risk of fraud and scams, legal uncertainties, significant
volatility, and contagion risk. Although banking organizations are not prohibited from crypto-asset related activities, the agencies
have expressed significant safety and soundness concerns with business models that are concentrated in crypto-asset related activities
or have concentrated exposures to the crypto-asset sector.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US
federal and state regulators, as well as the White House, have issued reports and releases concerning crypto assets, including
Bitcoin and crypto asset markets. Further, in 2023 the House of Representatives formed two new subcommittees: the Digital Assets,
Financial Technology and Inclusion Subcommittee and the Commodity Markets, Digital Assets, and Rural Development Subcommittee,
each of which were formed in part to analyze issues concerning crypto assets and demonstrate a legislative intent to develop and
consider the adoption of federal legislation designed to address the perceived need for regulation of and concerns surrounding
the crypto industry. However, the extent and content of any forthcoming laws and regulations are not yet ascertainable with certainty,
and it may not be ascertainable in the near future. A divided Congress makes any prediction difficult. We cannot predict how these
and other related events will affect us or the crypto asset business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
Biden&rsquo;s March 9, 2022 Executive Order, asserting that technological advances and the rapid growth of the digital asset markets
&ldquo;necessitate an evaluation and alignment of the United States Government approach to digital assets,&rdquo; signals an ongoing
focus on digital asset policy and regulation in the United States. A number of reports issued pursuant to the Executive Order
have focused on various risks related to the digital asset ecosystem, and have recommended additional legislation and regulatory
oversight. There have also been several bills introduced in Congress that propose to establish additional regulation and oversight
of the digital asset markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities to
the SEC or other regulators, what the nature of such additional authorities might be, how additional legislation and/or regulatory
oversight might impact the ability of digital asset markets to function or how any new regulations or changes to existing regulations
might impact the value of digital assets generally and bitcoin held by the Trust specifically. The consequences of increased federal
regulation of digital assets and digital asset activities could have a material adverse effect on the Trust and the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FinCEN
requires any administrator or exchanger of convertible digital assets to register with FinCEN as a money transmitter and comply
with the anti-money laundering regulations applicable to money transmitters. Entities which fail to comply with such regulations
are subject to fines, may be required to cease operations, and could have potential criminal liability. For example, in 2015,
FinCEN assessed a $700,000 fine against a sponsor of a digital asset for violating several requirements of the Bank Secrecy Act
by acting as an MSB and selling the digital asset without registering with FinCEN, and by failing to implement and maintain an
adequate anti-money laundering program. In 2017, FinCEN assessed a $110 million fine against BTC-e, a now defunct digital asset
exchange, for similar violations. The requirement that exchangers that do business in the U.S. register with FinCEN and comply
with anti-money laundering regulations may increase the cost of buying and selling bitcoin and therefore may adversely affect
the price of bitcoin and an investment in the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Office of Foreign Assets Control (&ldquo;OFAC&rdquo;) of the U.S. Department of the Treasury has added digital currency addresses,
including addresses on the Bitcoin network, to the list of Specially Designated Nationals whose assets are blocked, and with whom
U.S. persons are generally prohibited from dealing. Such actions by OFAC, or by similar organizations in other jurisdictions,
may introduce uncertainty in the market as to whether bitcoin that has been associated with such addresses in the past can be
easily sold. This &ldquo;tainted&rdquo; bitcoin may trade at a substantial discount to untainted bitcoin. Reduced fungibility
in the bitcoin markets may reduce the liquidity of bitcoin and therefore adversely affect their price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2020, then-U.S. Treasury Secretary Steven Mnuchin stated that digital assets were a &ldquo;crucial area&rdquo; on which
the U.S. Department of the Treasury has spent significant time. Secretary Mnuchin announced that the U.S. Department of the Treasury
is preparing significant new regulations governing digital asset activities to address concerns regarding the potential use for
facilitating money laundering and other illicit activities. In December 2020, FinCEN, a bureau within the U.S. Department of the
Treasury, proposed a rule that would require financial institutions to submit reports, keep records, and verify the identity of
customers for certain transactions to or from so-called &ldquo;unhosted&rdquo; wallets, also commonly referred to as self-hosted
wallets. In January 2021, U.S. Treasury Secretary nominee Janet Yellen stated her belief that regulators should &ldquo;look closely
at how to encourage the use of digital assets for legitimate activities while curtailing their use for malign and illegal activities.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
regulations from the New York State Department of Financial Services (&ldquo;NYDFS&rdquo;), businesses involved in digital asset
business activity for third parties in or involving New York, excluding merchants and consumers, must apply for a license, commonly
known as a BitLicense, from the NYDFS and must comply with anti-money laundering, cyber security, consumer protection, and financial
and reporting requirements, among others. As an alternative to a BitLicense, a firm can apply for a charter to become a limited
purpose trust company under New York law qualified to engage in certain digital asset business activities. Other states have considered
or approved digital asset business activity statutes or rules, passing, for example, regulations or guidance indicating that certain
digital asset business activities constitute money transmission requiring licensure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
inconsistency in applying money transmitting licensure requirements to certain businesses may make it more difficult for these
businesses to provide services, which may affect consumer adoption of bitcoin and its price. In an attempt to address these issues,
the Uniform Law Commission passed a model law in July 2017, the Uniform Regulation of Virtual Currency Businesses Act, which has
many similarities to the BitLicense and features a multistate reciprocity licensure feature, wherein a business licensed in one
state could apply for accelerated licensure procedures in other states. It is still unclear, however, how many states, if any,
will adopt some or all of the model legislation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Law
enforcement agencies have often relied on the transparency of blockchains to facilitate investigations. However, certain privacy-enhancing
features have been, or are expected to be, introduced to a number of digital asset networks. If the Bitcoin network were to adopt
any of these features, these features may provide law enforcement agencies with less visibility into transaction-level data. Europol,
the European Union&rsquo;s law enforcement agency, released a report in October 2017 noting the increased use of privacy-enhancing
digital assets like Zcash and Monero in criminal activity on the internet. In May 2022, OFAC banned all U.S. persons from using
Blender.io, a digital asset mixing application that operates on the Bitcoin blockchain to obfuscate the origin, destination and
counterparties of blockchain transactions, by adding certain digital asset wallet addresses associated with Blender.io to its
Specially Designated Nationals list. Blender.io receives a variety of transactions and mixes them together before transmitting
them to their ultimate destinations. On March 23, 2022, Lazarus Group, a state-sponsored cyber hacking group associated with North
Korea, carried out a major virtual currency heist from a blockchain project linked to the online game Axie Infinity; Blender.io
was used in processing some of the illicit proceeds. The US Treasury Department&rsquo;s press release announcing the sanctions
on Blender.io observed that, while most virtual currency activity is licit, virtual currency can be used for illicit activity,
including sanctions evasion, through mixers, peer-to-peer exchangers, darknet markets, and exchanges. This includes the facilitation
of heists, ransomware schemes, and other cybercrimes. On October 19, 2023, FinCEN published proposed rulemaking to apply the authorities
in Section 311 of the USA PATRIOT Act to impose requirements on financial institutions that engage in convertible virtual currency
(&ldquo;CVC&rdquo;) transactions with CVC mixers. The proposed rule, if adopted, would require covered financial institutions
to report to FinCEN any CVC transactions they process that involves CVC mixing within or involving a jurisdiction outside the
United States. The term &ldquo;CVC mixing&rdquo; covers more than just transactions that involve CVC mixers like Tornado Cash,
and seemingly could cover a broader range of conduct involving technologies, services, or methods that have the effect of obfuscating
the source, destination, or amount of a CVC transaction, whether or not the obfuscation was intentional. If the rule were to be
adopted as proposed and if the Bitcoin blockchain were to be deemed to or were to adopt features which come within the rule&rsquo;s
ambit, it could cause covered financial institutions &ndash; such as many virtual currency exchanges, or the Trust&rsquo;s service
providers, such as the Prime Execution Agent or the Cash Custodian &ndash; to reduce support for or cease offering services for
bitcoin or to the Trust, which could impair the utility of bitcoin, the value of the Shares and the Trust&rsquo;s ability to operate
in compliance with new laws and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
status of bitcoin.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
legal status of digital assets varies substantially across jurisdictions. In many countries, the bitcoin legal status is still
undefined or changing. Some countries have deemed the usage of bitcoin illegal. Other countries have banned digital assets or
securities or derivatives in respect to them (including for certain categories of investor), banned the local banks from working
with digital assets or restricted the use of digital assets in other ways. Furthermore, the status of bitcoin remains undefined
and there is uncertainty as to whether bitcoin assets are a security, money, a commodity or property. In some countries, such
as the United States, different government agencies define digital assets differently, leading to regulatory conflict and uncertainty.
This uncertainty is compounded by the rapid evolution of regulations. Countries may, in the future, explicitly restrict, outlaw
or curtail the acquisition, use, trade or redemption of bitcoin. In such a scenario, there may be adverse effects on the value
of bitcoin and the Fund&rsquo;s Shares, including the termination of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
determination that bitcoin or any other digital asset is a &ldquo;security&rdquo; may adversely affect the value of bitcoin and
the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Fund.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
on its characteristics, a digital asset may be considered a &ldquo;security&rdquo; under the federal securities laws. The test
for determining whether a particular digital asset is a &ldquo;security&rdquo; is complex and difficult to apply, and the outcome
is difficult to predict. Public, though non-binding, statements by senior officials at the SEC indicate that the SEC does not
consider bitcoin to be a security, at least currently, and the staff has provided informal assurances to a handful of promoters
that their digital assets are not securities. On the other hand, the SEC has brought enforcement actions against the promoters
of several other digital assets on the basis that the digital assets in question are securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
a digital asset is a security under the federal securities laws depends on whether it is included in the lists of instruments
making up the definition of &ldquo;security&rdquo; in the Securities Act, the Exchange Act and the Investment Company Act. Digital
assets as such do not appear in any of these lists, although each list includes the terms &ldquo;investment contract&rdquo; and
&ldquo;note,&rdquo; and the SEC has typically analyzed whether a particular digital asset is a security by reference to whether
it meets the tests developed by the federal courts interpreting these terms, known as the Howey and Reves tests, respectively.
For many digital assets, whether or not the Howey or Reves tests are met is difficult to resolve definitively, and substantial
legal arguments can often be made both in favor of and against a particular digital asset qualifying as a security under one or
both of the Howey and Reves tests. Adding to the complexity, the SEC staff has indicated that the security status of a particular
digital asset can change over time as the relevant facts evolve.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
enforcement action by the SEC or a state securities regulator asserting that bitcoin is a security, or a court decision, to that
effect would be expected to have an immediate material adverse impact on the trading value of bitcoin, as well as the Shares.
This is because the business models behind most digital assets are incompatible with regulations applying to transactions in securities.
If a digital asset is determined or asserted to be a security, it is likely to become difficult or impossible for the digital
asset to be traded, cleared or custodied in the United States through the same channels used by non-security digital assets, which
in addition to materially and adversely affecting the trading value of the digital asset is likely to significantly impact its
liquidity and market participants&rsquo; ability to convert the digital asset into U.S. dollars.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lack
of regulation of the bitcoin market.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin,
the Bitcoin Network and the bitcoin trading venues are relatively new and, in most cases, largely unregulated or may not be complying
with existing regulation. As a result of this lack of regulation, individuals, or groups may engage in insider trading, fraud
or market manipulation with respect to bitcoin. Such manipulation could cause investors in bitcoin to lose money, possibly the
entire value of their investments. Over the past several years, a number of bitcoin trading venues have been closed due to fraud,
failure or security breaches. The nature of the assets held at bitcoin trading venues make them appealing targets for hackers
and a number of bitcoin trading venues have been victims of cybercrimes and other fraudulent activity. These activities have caused
significant, in some cases total, losses for bitcoin investors. Investors in bitcoin may have little or no recourse should such
theft, fraud or manipulation occur. There is no central registry showing which individuals or entities own bitcoin or the quantity
of bitcoin that is owned by any particular person or entity. There are no regulations in place that would prevent a large holder
of bitcoin or a group of holders from selling their bitcoins, which could depress the price of bitcoin, or otherwise attempting
to manipulate the price of bitcoin or the Bitcoin Network. Events that reduce user confidence in bitcoin, the Bitcoin Network
and the fairness of bitcoin trading venues could have a negative impact on the price of bitcoin and the value of an investment
in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
of illicit activities.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
bitcoins have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies (including
the FinCEN, SEC, CFTC, the FINRA, the CFPB, the Department of Justice, the Department of Homeland Security, the Federal Bureau
of Investigation, the IRS, and state financial institution regulators) have been examining the Bitcoin Network, bitcoin users
and the Bitcoin Exchange Market, with particular focus on the extent to which bitcoins can be used to launder the proceeds of
illegal activities or fund criminal or terrorist enterprises and the safety and soundness of exchanges or other service providers
that hold bitcoins for users. The imposition of stricter governmental regulation of the bitcoin market may adversely impact the
activities of the Fund, for example, by reducing the liquidity of the bitcoin markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Competing
industries may have more influence with policymakers than the digital asset industry, which could lead to the adoption of laws
and regulations that are harmful to the digital asset industry.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
digital asset industry is relatively new and does not have the same access to policymakers and lobbying organizations in many
jurisdictions compared to industries with which digital assets may be seen to compete, such as banking, payments and consumer
finance. Competitors from other, more established industries may have greater access to and influence with governmental officials
and regulators and may be successful in persuading these policymakers that digital assets require heightened levels of regulation
compared to the regulation of traditional financial services. As a result, new laws and regulations may be proposed and adopted
in the United States and elsewhere, or existing laws and regulations may be interpreted in new ways, that disfavor or impose compliance
burdens on the digital asset industry or crypto asset platforms, which could adversely impact the value of bitcoin and therefore
the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory
changes or actions in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more digital assets,
mining activity or the operation of their networks in a manner that adversely affects the value of the Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
foreign jurisdictions have, and may continue to adopt laws, regulations or directives that affect digital asset networks (including
the Bitcoin Network), the digital asset markets (including the bitcoin market), and their users, particularly digital asset exchanges
and service providers that fall within such jurisdictions&rsquo; regulatory scope. Foreign laws, regulations or directives may
conflict with those of the United States and may negatively impact the acceptance of one or more digital assets by users, merchants
and service providers outside the United States and may therefore impede the growth or sustainability of the digital asset economy
in the European Union, China, Japan, Russia and the United States and globally, or otherwise negatively affect the value of bitcoin.
The effect of any future regulatory change on bitcoin is impossible to predict, but such change could be substantial and adverse
to the Fund and the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s Operating Risks</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may change its investment objective, benchmark or investment strategies at any time without Shareholder approval or advance
notice.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consistent
with applicable provisions of the Trust Agreement and Delaware law, the Fund has broad authority to make changes to the Fund&rsquo;s
operations. The Fund may change its investment objective, benchmark, or investment strategies and Shareholders of the Fund will
not have any rights with respect to these changes. Changes are subject to applicable regulatory requirements, including, but not
limited to, any requirement to amend applicable listing rules of NYSE. The reasons for and circumstances that may trigger any
such changes may vary widely and cannot be predicted. Shareholders may experience losses on their investments in the Fund as a
result of such changes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right
to change the benchmark.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, in its sole discretion, may cause the Fund to track a benchmark other than the Benchmark at any time, with prior notice
to the investors, if investment conditions change or the Sponsor believes that another benchmark or standard better aligns with
the Fund&rsquo;s investment objective and strategy. The Sponsor, however, is under no obligation whatsoever to make such changes
in any circumstance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
an owner of Shares, you will not have the protections normally associated with ownership of Shares in an investment company registered
under the 1940 Act, or the protections afforded by the Commodity Exchange&nbsp;Act (&ldquo;CEA&rdquo;).</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is not an investment company subject to the Investment Company Act of 1940. Accordingly, you do not have the protections
expressly provided by that statute, including: provisions preventing Fund insiders from managing the Fund to their benefit and
to the detriment of Fund Shareholders; provisions preventing the Fund from issuing securities having inequitable or discriminatory
provisions; provisions preventing Fund management by irresponsible persons; provisions preventing the use of unsound or misleading
methods of computing Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances);
provisions limiting fund leverage; provisions imposing a fiduciary duty on fund managers with respect to receipt of compensation
for services; and provisions preventing changes in the Fund&rsquo;s character without the consent of Fund Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund does not hold or trade in commodity futures contracts, &ldquo;commodity interests&rdquo;, or any other instruments regulated
by the CEA, as administered by the CFTC and the National Futures Association (the &ldquo;NFA&rdquo;). Furthermore, the Fund is
not a commodity pool for purposes of the Commodity Exchange&nbsp;Act and the Shares are not &ldquo;commodity interests&rdquo;.
Consequently, the Sponsor is not subject to registration as a commodity pool operator or commodity trading advisor with respect
to the Fund or the Shares. The owners of Shares do not receive the Commodity Exchange&nbsp;Act disclosure document and certified
annual report required to be delivered by a registered commodity pool operator or a commodity trading advisor with respect to
the Fund, and the owners of Shares do not have the regulatory protections provided to investors in commodity pools operated by
registered commodity pool operators or advised by commodity trading advisors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are technical risks inherent in the trading system the Sponsor intends to employ.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s order management system is a broadly used and well-known computer-based system that utilizes external data feeds
of market information. The Sponsor can experience business interruptions if its order management system or data feeds are disrupted
or corrupted. For further discussion of technical and business continuity risks to the Fund&rsquo;s and the Sponsor&rsquo;s systems,
see the discussion under the caption &ldquo;Event Risk&rdquo; below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
factors may affect the Fund&rsquo;s ability to achieve its investment objective on a consistent basis.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that the Fund will achieve its investment objective. Prospective investors should read this entire prospectus
and consult with their own advisers before subscribing for Shares. Factors that may affect the Fund&rsquo;s ability to meet its
investment objective include: (1) Fund&rsquo;s ability to purchase and sell bitcoin in an efficient manner to effectuate creation
and redemption orders; (2) transaction fees associated with the Bitcoin Network; (3) the bitcoin market becoming illiquid or disrupted;
(4) the need to conform the Fund&rsquo;s portfolio holdings to comply with investment restrictions or policies or regulatory or
tax law requirements; (5) early or unanticipated closings of the markets on which bitcoin trades, resulting in the inability of
Fund to execute intended portfolio transactions; and (6) accounting standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
cannot be assured of the Sponsor&rsquo;s continued services, and discontinuance may be detrimental to the Fund.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
cannot be assured that the Sponsor will be willing or able to continue to service the Fund for any length of time. If the Sponsor
discontinues its activities on behalf of the Fund or other investment fund complex, the Fund may be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund could terminate at any time and cause the liquidation and potential loss of your investment and could upset the overall maturity
and timing of your investment portfolio.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may terminate at any time, regardless of whether the Fund has incurred losses, subject to the terms of the Trust Agreement.
For example, the dissolution or resignation of the Sponsor would cause the Trust to terminate unless Shareholders holding a majority
of the outstanding Shares of the Trust, voting together as a single class, elect within 90 days of the event to continue the Trust
and appoint a successor Sponsor. In addition, the Sponsor may terminate the Fund if it determines that the Fund&rsquo;s aggregate
net assets in relation to its operating expenses make the continued operation of the Fund unreasonable or imprudent. As of the
date of this prospectus, the Sponsor pays the fees, costs, and expenses of the Fund. If the Sponsor and the Fund are unable to
raise sufficient funds so that the expenses are reasonable in relation to the Fund&rsquo;s NAV, the Fund may be forced to terminate,
and investors may lose all or part of their investment. The Sponsor estimates that costs could be deemed unreasonable in the case
where the NAV of the fund stays below $20 million. Any expenses related to the operation of the Fund would need to be paid by
the Sponsor at the time of termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
no level of losses will require the Sponsor to terminate the Fund. The Fund&rsquo;s termination would result in the liquidation
of its investments and the distribution of its remaining assets to the Shareholders on a pro rata basis in accordance with their
Shares, and the Fund could incur losses in liquidating its investments in connection with a termination. Termination could also
negatively affect the overall maturity and timing of your investment portfolio.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may manage a large number of assets, and this could affect the Fund&rsquo;s ability to trade profitably.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increases
in assets under management may affect trading decisions. While the Fund&rsquo;s assets are currently at manageable levels, the
Sponsor does not intend to limit the amount of Fund assets. The more assets the Sponsor manages, the more difficult it may be
for it to trade profitably because of the difficulty of trading larger positions without adversely affecting prices and performance
and of managing risk associated with larger positions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
liability of the Sponsor and the Trustee are limited, and the value of the Shares will be adversely affected if the Fund is required
to indemnify the Trustee or the Sponsor.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, the Trustee and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense
incurred absent gross negligence or willful misconduct on the part of the Trustee or Sponsor, as the case may be. That means the
Sponsor may require the assets of the Fund to be sold in order to cover losses or liability suffered by the Sponsor or by the
Trustee. Any sale of that kind would reduce the NAV of the Fund and the value of its Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may incur higher fees and expenses upon renewing existing or entering into new contractual relationships.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
arrangements between clearing brokers and counterparties on the one hand and the Fund on the other generally are terminable by
the clearing brokers or counterparty upon notice to the Fund. In addition, the agreements between the Fund and its third-party
service providers, such as the Marketing Agent and the Custodians, are generally terminable at specified intervals. Upon termination,
the Sponsor may be required to renegotiate or make other arrangements for obtaining similar services if the Fund intends to continue
to operate. Comparable services from another party may not be available, or even if available, these services may not be available
on the terms as favorable as those of the expired or terminated arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
or redemptions of creation units in cash may cause the Fund to incur certain costs or recognize gains or losses.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
and redemptions of creation units will be transacted in cash rather than &lsquo;in-kind&rsquo; where creation units are purchased
and redeemed in exchange for underlying constituent securities. Purchases of creation baskets with cash may cause the Fund to
incur certain costs including brokerage commissions and redemptions of creation baskets with cash may result in the recognition
of gains or losses that the Fund might not have incurred if it had made redemptions in-kind.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
unanticipated number of redemption requests during a short period of time could have an adverse effect on the NAV of the Fund.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a substantial number of requests for redemption of Redemption Baskets are received by the Fund during a relatively short period
of time, the Fund may not be able to satisfy the requests from the Fund&rsquo;s assets not committed to trading. As a consequence,
it could be necessary to liquidate the Fund&rsquo;s trading positions before the time that its trading strategies would otherwise
call for liquidation, which may result in losses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund
assets may be depleted if investment performance does not exceed fees.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
time, the Fund&rsquo;s assets could be depleted if investment performance does not exceed fees paid by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.25% per annum of the daily NAV of the Fund. The Management
Fee is paid in consideration of the Sponsor&rsquo;s services related to the management of the Fund&rsquo;s business and affairs. In addition
to the Fund&rsquo;s Management Fee, the Fund pays all of its respective brokerage commissions, including financing fees, Bitcoin network
fees and similar transaction fees and expenses charged in connection with trading activities. The Fund also pays all fees and commissions
related to the sale and purchase of spot bitcoin, including any bitcoin transaction fees for on-chain transfers of bitcoin. Creation
with cash may cause the Fund to incur certain costs including brokerage commissions and redemptions of creation units with cash may result
in the recognition of gains or losses that the Fund might not have incurred if it had made redemptions in-kind. The Sponsor pays all
of the other routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including
but not limited to, fees and expenses of the Administrator, Custodians, Marketing Agent, Transfer Agent, licensors, accounting and audit
fees and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing
fees, and report preparation and mailing expenses. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined
by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities
and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses
which are not currently anticipated obligations of the Fund. Routine operational, administrative and other ordinary expenses are not
deemed extraordinary expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
expenses of the Trust will be allocated among the Fund and any future series of the Trust as determined by the Sponsor in its
discretion. The Trust may be required to indemnify the Sponsor, and the Trust and/or the Sponsor may be required to indemnify
the Trustee or Marketing Agent under certain circumstances. The Trust is obligated to indemnify the Cash Custodian pursuant to
its agreement with the Cash Custodian, and Global Fund Services pursuant to the Administration Agreement, the Transfer Agent Servicing
Agreement and the Fund Accounting Agreement. Unless such expenses are specifically attributable the Fund or arise out of the Fund&rsquo;s
operations, any such expenses will be allocated by the Sponsor using a pro rata methodology that allocates certain Trust expenses
to the Fund and each other series of the Trust in existence at the occurrence of any such expense according to the relative net
asset values of the Fund and each other series of the Trust. Expenses paid by Sponsor are not subject to any caps or limits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
liquidity of the Shares may be affected by the withdrawal from participation of Authorized Purchasers, market makers, or other
significant secondary-market purchasers which could adversely affect the market price of the Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Only
an Authorized Purchaser may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number
of institutions that act as Authorized Purchasers. To the extent that these institutions exit the business or are unable to proceed
with creation and/or redemption orders with respect to the Fund and no other Authorized Purchaser is able to step forward to create
or redeem creation units, Fund Shares may trade at a discount to NAV and possibly face trading halts and/or delisting. In addition,
a decision by a market maker, lead market maker, or other large investor to cease activities for the Fund or a decision by a secondary
market purchaser to sell a significant number of the Fund&rsquo;s Shares could adversely affect liquidity, the spread between
the bid and ask quotes, and potentially the price of the Shares. The Sponsor can make no guarantees that participation by Authorized
Purchasers or market makers will continue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
may be situations where an Authorized Purchaser is unable to proceed with a redemption order. To the extent the value of bitcoin
decreases, these delays may result in a decrease in the value of the Shares and the corresponding cash distribution the Authorized
Purchaser will receive when the redemption occurs, as well as a reduction in liquidity for all shareholders in the secondary market.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
Shares surrendered by Authorized Purchasers in basket-size aggregations are redeemable in exchange for cash, redemptions may be
suspended during periods of NYSE Arca trading suspension or restriction, or during emergencies that make it reasonably impracticable
to deliver, dispose of, or evaluate bitcoin. If any of these events occurs at a time when an Authorized Purchaser intends to redeem
Shares, and the price of bitcoin decreases before such Authorized Purchaser can request for redemption and the redemption distribution
is determined, such Authorized Purchaser will sustain a loss. This loss pertains to the amount of cash received from the Fund
upon the redemption of its Shares, had the redemption taken place when such Authorized Purchaser originally intended it to occur.
As a consequence, Authorized Purchasers may reduce their trading in Shares during suspension or restriction periods, decreasing
the number of potential buyers of Shares in the secondary market and, therefore, decreasing the price a Shareholder may receive
upon sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a minimum number of Shares is outstanding, market makers may be less willing to purchase Shares in the secondary market which
may limit your ability to sell Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a minimum number of baskets and associated Shares specified for the Fund. Although the Fund has never halted redemptions due
to the number of Shares outstanding, if the Fund experienced redemptions that caused the number of Shares outstanding to decrease
to the minimum level of Shares required to be outstanding, until the minimum number of Shares is again exceeded through the purchase
of a new Creation Basket, there can be no more redemptions by an Authorized Purchaser. In such case, market makers may be less
willing to purchase Shares from investors in the secondary market, which may in turn limit the ability of Shareholders of the
Fund to sell their Shares in the secondary market. These minimum levels for the Fund are 50,000 Shares representing five baskets.
The minimum level of Shares specified for the Fund is subject to change. (The current number of Shares outstanding will be posted
daily on our website, <U>https://hashdex-etfs.com/defi</U>.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
postponement, suspension or rejection of purchase or redemption orders could adversely affect a Shareholder redeeming their Shares
in the Fund.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
postponement, suspension or rejection of creation or redemption orders may adversely affect an investment in the Shares of the
Fund. To the extent orders are suspended or rejected, the arbitrage mechanism resulting from the process through which Authorized
Purchasers create and redeem Shares directly with the Fund may fail to closely link the price of the Shares to the value of bitcoin,
as measured using the Benchmark. If this is the case, the liquidity of the Shares may decline, and the price of the Shares may
fluctuate independently of the Benchmark and may fall.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no limitations on the Sponsor&rsquo;s discretion to postpone, suspend or reject purchase or redemption orders under the Securities
Act or SEC listing orders permitting the listing and trading of the Fund&rsquo;s Shares on NYSE Arca. In addition, Shareholders
of the Fund will not have the protections provided in this regard that are applicable to funds regulated under the Investment
Company Act of 1940.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
may not be able to buy or sell Shares of the Fund through their current brokerages.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of volatility and other risks associated with bitcoin-related investments, brokerage firms may limit or not permit trading in
such investments. Because of current or future brokerage policies regarding bitcoin-linked securities, investors could have difficulty
selling Shares through their brokerage and potentially face restrictions when or how they could trade their Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>If
a custodial agreement or an Authorized Purchaser agreement is terminated or a Custodian or an Authorized Purchaser becomes insolvent
or fails to provide services as required, the Sponsor may need to find and appoint a replacement custodian or Authorized Purchaser,
which could pose a challenge to the safekeeping of the Fund&rsquo;s assets, the Fund&rsquo;s ability to create and redeem shares
and the Fund&rsquo;s ability to continue to operate may be adversely affected.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is dependent on the Bitcoin Custodian to operate. The Bitcoin Custodian performs essential functions in terms of safekeeping
the Fund&rsquo;s bitcoin assets in the custodial wallets. If a Bitcoin Custodian fails to perform the functions it performs for
the Fund, the Fund may be unable to operate or create or redeem Baskets, which could force the Fund to liquidate or adversely
affect the price of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferring
maintenance responsibilities of the Fund&rsquo;s account at the Bitcoin Custodian to one or more other custodians will likely
be complex and could subject the Fund&rsquo;s assets to the risk of loss during the transfer, which could have a negative impact
on the performance of the Shares or result in loss of the Fund&rsquo;s assets. Also, the Fund may not be able to find a party
willing to serve as the custodian of the Fund&rsquo;s assets or as the Fund&rsquo;s agent on the same terms as the agreement with
the Bitcoin Custodian or at all. To the extent that the Fund is not able to find a suitable party willing to serve as the custodian
or agent, the Fund may be required to terminate the Fund and liquidate the Fund&rsquo;s bitcoin assets. If the Fund is unable
to find a replacement agent, its operations could be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may not be able to find a party willing to serve as the custodian of the Fund&rsquo;s bitcoin under the same terms as
the current Bitcoin Custody Agreement or at all. To the extent that the Sponsor is not able to find a suitable party willing to
serve as the custodian, the Sponsor may be required to terminate the Fund and liquidate the Fund&rsquo;s assets. In addition,
to the extent that the Sponsor finds a suitable party but must enter into a modified Bitcoin Custody Agreement that is less favorable
for the Sponsor or the Fund, the value of the Shares could be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part
of the Fund&rsquo;s assets are held in cash with the Cash Custodian and other financial institutions, if applicable. The insolvency
of the Cash Custodian and any financial institution in which the Fund holds cash could result in a substantial loss of the Fund&rsquo;s
cash.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similarly,
if an Authorized Purchaser suffers insolvency, business failure or interruption, default, failure to perform, security breach
or if an Authorized Purchaser chooses not to participate in the creation and redemption process of the Fund, and the Fund is unable
to engage replacement Authorized Purchasers on commercially acceptable terms or at all, then the creation and redemption process
of the Fund, the arbitrage mechanism used to keep the Shares in line with the NAV and the Fund&rsquo;s operations generally could
be negatively affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buying
or selling bitcoin.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may transact with bitcoin exchanges and over-the-counter bitcoin market makers. The Fund will take on credit risk every time
it purchases or sells bitcoin, and its contractual rights with respect to such transactions may be limited. It is possible that,
through computer or human error, or through theft or criminal action, the Fund&rsquo;s bitcoins or cash could be transferred in
incorrect amounts or to unauthorized third parties. To the extent that the Fund is unable to seek a corrective transaction with
such third party or is incapable of identifying the third party which has received the Fund&rsquo;s bitcoins or cash (through
error or theft), the Fund will be unable to recover incorrectly transferred bitcoins or cash, and such losses will negatively
impact the Fund. In the event the Fund is unable to recover any incorrectly transferred bitcoins or cash, the Fund will not be
liable to the Shareholders for any such losses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lack
of fiduciary duty by service providers.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Service
providers to the Fund, including Custodians and security vendors, owe no fiduciary duties to the Fund or the shareholders, are
not required to act in their best interest and could resign or be removed by Sponsor. The service providers, including custodians
and security vendors, that the Fund employs or may employ in the future are not trustees for, and owe no fiduciary duties to,
the Fund or the Shareholders. In addition, service providers employed by the Fund have no duty to continue to act as the custodians
of the bitcoin held by the Fund. Current or future service providers, including Custodians and security vendors, can terminate
their role as Custodian or security vendor for any reason whatsoever upon the notice period provided under the relevant custody
agreement. A service provider may also be terminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
parties may infringe upon or otherwise violate intellectual property rights or assert that the Sponsor has infringed or otherwise
violated their intellectual property rights, which may result in significant costs, litigation, and diverted attention of Sponsor&rsquo;s
management.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third
parties may assert that the Sponsor has infringed or otherwise violated their intellectual property rights. Third parties may
independently develop business methods, trademarks or proprietary software and other technology similar to that of the Sponsor
and claim that the Sponsor has violated their intellectual property rights, including their copyrights, trademark rights, trade
names, trade secrets and patent rights. As a result, the Sponsor may have to litigate in the future to determine the validity
and scope of other parties&rsquo; proprietary rights or defend itself against claims that it has infringed or otherwise violated
other parties&rsquo; rights. Any litigation of this type, even if the Sponsor is successful and regardless of the merits, may
result in significant costs, divert resources from the Fund, or require the Sponsor to change its proprietary software and other
technology or enter into royalty or licensing agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may experience substantial losses on transactions if the computer or communications system fails.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s trading activities depend on the integrity and performance of the computer and communications systems supporting
them. Extraordinary transaction volume, hardware or software failure, power or telecommunications failure, a natural disaster,
cyber-attack or other catastrophe could cause the computer systems to operate at an unacceptably slow speed or even fail. Any
significant degradation or failure of the systems that the Sponsor uses to gather and analyze information, enter orders, process
data, monitor risk levels and otherwise engage in trading activities may result in substantial losses on transactions, liability
to other parties, lost profit opportunities, damages to the Sponsor&rsquo;s and Fund&rsquo;s reputations, increased operational
expenses and diversion of technical resources.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the computer and communications systems are not upgraded when necessary, the Fund&rsquo;s financial condition could be harmed.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development of complex computer and communications systems and new technologies may render the existing computer and communications
systems supporting the Fund&rsquo;s trading activities obsolete. In addition, these computer and communications systems must be
compatible with those of third parties, such as the systems of exchanges, clearing brokers and the executing brokers. As a result,
if these third parties upgrade their systems, the Sponsor will need to make corresponding upgrades to effectively continue its
trading activities. The Sponsor may have limited financial resources for these upgrades or other technological changes. The Fund&rsquo;s
future success may depend on the Sponsor&rsquo;s ability to respond to changing technologies on a timely and cost-effective basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The Fund depends on the reliable performance of the computer
and communications systems of third parties, such as brokers, and may experience substantial losses on transactions if they fail.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund depends on the proper and timely
function of complex computer and communications systems maintained and operated by bitcoin market makers, exchanges and Custodians,
brokers and other data providers that the Sponsor uses to conduct trading activities. Failure or inadequate performance of any
of these systems could adversely affect the Sponsor&rsquo;s ability to complete transactions, including its ability to close out
positions, and result in lost profit opportunities and significant losses. This could have a material adverse effect on revenues
and materially reduce the Fund&rsquo;s available capital. For example, unavailability of price quotations from third parties may
make it difficult or impossible for the Sponsor to conduct trading activities so that the Fund will closely track the Benchmark.
Unavailability of records from brokerage firms may make it difficult or impossible for the Sponsor to accurately determine which
transactions have been executed or the details, including price and time, of any transaction executed. This unavailability of
information also may make it difficult or impossible for the Sponsor to reconcile its records of transactions with those of another
party or to accomplish settlement of executed transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in the Fund faces numerous risks from its Shares being traded in the secondary market, any of which may lead to the
Fund&rsquo;s Shares trading at a premium or discount to NAV.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Fund&rsquo;s Shares are listed for trading on NYSE Arca, there can be no assurance that an active trading market for such
Shares will develop or be maintained. Trading in the Fund&rsquo;s Shares may be halted due to market conditions or for reasons
that, in the view of NYSE Arca, make trading in Shares inadvisable. There can be no assurance that the requirements of NYSE Arca
necessary to maintain the listing of the Fund will continue to be met or will remain unchanged or that the Shares will trade with
any volume, or at all. The NAV of the Fund&rsquo;s Shares will generally fluctuate with changes in the market value of the Fund&rsquo;s
portfolio holdings. The market prices of Shares will generally fluctuate in accordance with changes in the Fund&rsquo;s NAV and
supply and demand of Shares on the NYSE Arca. It cannot be predicted whether the Fund&rsquo;s Shares will trade below at or above
their NAV. Investors who buy the Fund&rsquo;s Shares at a market price that is a premium to NAV face a risk of loss if the market
price of their Shares subsequently converges with NAV per Share. Investors buying or selling Fund Shares in the secondary market
will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often
a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYSE
Arca may halt trading in the Shares which would adversely impact your ability to sell Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
in Shares of the Fund may be halted by NYSE Arca due to market conditions or, in light of NYSE Arca rules and procedures, for
reasons that, in view of NYSE Arca, make trading in Shares inadvisable. Such market conditions or other reasons may include when
there is significant news directly related to the Fund that, in NYSE Arca&rsquo;s view or per existing NYSE Arca rules, requires
a trading halt, such as when the Sponsor announces news relating to changes/disruptions in the Fund&rsquo;s create/redeem process
during market trading hours. In addition, market conditions that would result in trading halts may also include extraordinary
market volatility that trigger rules requiring trading to be halted for a specified period based on a specified market decline.
NYSE Arca might also halt trading if there is insufficient trading in BTC or MBT Contracts. There can be no assurance that the
requirements necessary to maintain the listing of the Shares will continue to be met or will remain unchanged. The Fund will be
terminated if its Shares are delisted<B><I>.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 51; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
lack of active trading markets for the Shares of the Fund may result in losses on your investment in the Fund at the time of disposition
of your Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Shares of the Fund will be listed and traded on NYSE Arca, there can be no guarantee that an active trading market for the
Shares of the Fund will be maintained. If you need to sell your Shares at a time when no active market for them exists, the price
you receive for your Shares, assuming that you are able to sell them, likely will be lower than what you would receive if an active
market did exist.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is newly formed by virtue of the Merger with Predecessor Fund and may not be successful in implementing its investment objective
or attracting sufficient assets.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is the survivor of the Merger with the Predecessor Fund and has a limited operating history and a small asset base. There
can be no assurance that the Fund will grow to or maintain a viable size, which the Sponsor estimates to be a NAV of $20 million.
Due to the Fund&rsquo;s small asset base, the Fund&rsquo;s portfolio transaction costs and any costs that are not paid by the
Sponsor pursuant to the Management Fee, may be relatively higher than those of a fund with a larger asset base. To the extent
that the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax consequences
of such liquidation may not be favorable to some Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
the Sponsor and its management have limited history of operating investment vehicles like the Fund, their experience may be inadequate
or unsuitable to manage the Fund.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and its management team have a limited track record in operating investment vehicles in the United&nbsp;States. This limited
experience poses several potential risks to the effective management and operation of the Trust. Bitcoin are known for their high
volatility, unique technical, legal and regulatory challenges, and rapidly evolving market dynamics. The Sponsor&rsquo;s limited
experience may not fully equip them to navigate these complexities effectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
past performances of the Sponsor&rsquo;s management in other countries are no indication of their ability to manage an investment
vehicle such as the Fund. The unique nature of bitcoin makes past performance an unreliable indicator of future success in this
area. The crypto asset market is technology-driven&nbsp;and requires a deep understanding of the underlying blockchain technology
and security considerations. The Sponsor&rsquo;s limited experience may not fully encompass the technical expertise required to
mitigate risks such as cyber threats, technological failures, or operational errors related to crypto asset transactions and custody.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the Sponsor and its management team&rsquo;s experience prove inadequate or unsuitable for managing a crypto asset-based&nbsp;investment
vehicle in the U.S.&nbsp;like the Trust, it could result in suboptimal decision-making, increased operational risks, and potential
legal or regulatory non-compliance. These factors could adversely affect the Trust&rsquo;s operations, leading to potential losses
for investors or a decrease in the Trust&rsquo;s overall value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there are risks related to the Sponsor&rsquo;s lack of experience in operating an exchange traded product that invests
in crypto assets, particularly with respect to marketing the Trust. To the extent that the Trust does not grow to or maintain
a viable size, it may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to
some Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the Sponsor is currently engaged in the management of other investment vehicles which could divert their attention and resources.
If the Sponsor were to experience difficulties in the management of such other investment vehicles that damaged the Sponsor or
its reputation, it could have an adverse impact on the Sponsor&rsquo;s ability to continue to serve as Sponsor for the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in the Fund may be adversely affected by competition from other investment vehicles focused on bitcoin or other cryptocurrencies.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund will compete with direct investments in bitcoin, other cryptocurrencies and other potential financial vehicles, possibly
including securities backed by or linked to cryptocurrency and other investment vehicles that focus on other digital assets. Market
and financial conditions, and other conditions beyond the Fund&rsquo;s control, such as the timing of reaching the market and
the Fund&rsquo;s fee structure relative to other bitcoin exchange-trade products, may make it more attractive to invest in other
vehicles. The competition from other investment vehicles focused on bitcoin or other cryptocurrencies could have a detrimental
effect on the scale and sustainability of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing
or future bitcoin ETFs may have significantly lower management fees, which may impede the growth of the Fund.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing
and future bitcoin ETFs may have fees that are significantly lower than the Fund&rsquo;s. To the extent that the Fund has relatively
higher fees than other such funds, this could impede growth of the Fund, possibly result in a lower NAV per Share, and otherwise
pose a material risk to investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anonymity
and illicit financing risk.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
transaction details of peer-to-peer transactions are recorded on the bitcoin blockchain, a buyer or seller of digital assets on
a peer-to-peer basis directly on the bitcoin network may never know to whom the public key belongs or the true identity of the
party with whom it is transacting. Public key addresses are randomized sequences of alphanumeric characters that, standing alone,
do not provide sufficient information to identify users. In addition, certain technologies may obscure the origin or chain of
custody of digital assets. The opaque nature of the market poses asset verification challenges for market participants, regulators
and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket
shops and pump and dump schemes. Digital assets have in the past been used to facilitate illicit activities. If a digital asset
was used to facilitate illicit activities, businesses that facilitate transactions in such digital assets could be at increased
risk of potential criminal or civil liability or lawsuits, or of having banking or other services cut off, and such digital asset
could be removed from digital asset exchanges. Any of the aforementioned occurrences could adversely affect the price of the relevant
digital asset, the attractiveness of the respective blockchain network and an investment in the Shares. If the Trust, the Sponsor
or the Trustee were to transact with a sanctioned entity, the Trust, the Sponsor or the Trustee would be at risk of potential
criminal or civil lawsuits or liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust takes measures with the objective of reducing illicit financing risks in connection with the Trust&rsquo;s activities. However,
illicit financing risks are present in the digital asset markets, including markets for bitcoin. There can be no assurance that
the measures employed by the Trust will prove successful in reducing illicit financing risks, and the Trust is subject to the
complex illicit financing risks and vulnerabilities present in the digital asset markets. If such risks eventuate, the Trust,
the Sponsor or the Trustee or their affiliates could face civil or criminal liability, fines, penalties, or other punishments,
be subject to investigation, have their assets frozen, lose access to banking services or services provided by other service providers,
or suffer disruptions to their operations, any of which could negatively affect the Trust&rsquo;s ability to operate or cause
losses in value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust, the Sponsor and its affiliates have adopted and implemented policies and procedures that are designed to comply with applicable
anti-money laundering laws and sanctions laws and regulations, including applicable know your customer (&ldquo;KYC&rdquo;) laws
and regulations. The Sponsor and the Trust will only interact with known third-party service providers with respect to whom the
Sponsor or its affiliates have engaged in a due diligence process to ensure a thorough KYC process, such as the Authorized Purchasers,
market makers, and Bitcoin Custodian. Each Authorized Purchaser and market maker must undergo onboarding by the Sponsor prior
to placing creation or redemption orders with respect to the Fund. As a result, the Sponsor and the Trust have instituted procedures
designed to ensure that a situation would not arise where the Trust would engage in transactions with a counterparty whose identity
the Sponsor and the Trust did not know.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
Authorized Purchasers, as broker-dealers, and Bitcoin Custodian, as an entity licensed to conduct virtual currency business activity
by the New York Department of Financial Services and a limited purpose trust company subject to New York Banking Law, respectively,
are &ldquo;financial institutions&rdquo; subject to the U.S. Bank Secrecy Act, as amended (&ldquo;BSA&rdquo;), and U.S. economic
sanctions laws. The Trust will only accept creation and redemption requests from Authorized Purchasers, and market makers who
have represented to the Trust that they have implemented compliance programs that are designed to ensure compliance with applicable
sanctions and anti-money laundering laws. The Cash Custodian and Bitcoin Custodian have adopted and implemented anti-money laundering
and sanctions compliance programs, which provides additional protections to ensure that the Sponsor and the Trust do not transact
with a sanctioned party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
there is no guarantee that such procedures will always prove to be effective or that the Fund&rsquo;s service providers will always
perform their obligations. If the Authorized Purchasers, or market makers have inadequate policies, procedures and controls for
complying with applicable anti-money laundering and applicable sanctions laws or the Trust&rsquo;s procedures or diligence prove
to be ineffective, violations of such laws could result, which could result in regulatory liability for the Trust, the Sponsor,
the Trustee or their affiliates under such laws, including governmental fines, penalties, and other punishments, as well as potential
liability to or cessation of services by the Fund&rsquo;s service providers. Any of the foregoing could result in losses to the
shareholders or negatively affect the Trust&rsquo;s ability to operate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s Authorized Purchasers act in similar or identical capacities for several competing exchange-traded bitcoin products
which may impact the ability or willingness of one or more Authorized Purchasers to participate in the creation and redemption
process, adversely affect the Fund&rsquo;s operations and ultimately the value of the Shares</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the number of potential Authorized Purchasers willing and capable of serving as Authorized Purchasers to the Fund or other competing
products is limited. If these Authorized Purchasers also serve in the same capacity for several competing products, there is a
risk that they may prioritize their resources and trading focus towards other products, particularly during periods of market
stress or heightened volatility, potentially reducing the liquidity and market efficiency of the Fund&rsquo;s Shares. Such prioritization
could lead to the Shares trading at a greater premium or discount to NAV, especially if the Fund fails to attract enough Authorized
Purchasers willing to maintain a market in the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
in the event of a failure or significant disruption in a competing product for which one or more of Fund&rsquo;s Authorized Purchasers
also carry out similar activities, there is a risk that these entities may reallocate their focus or resources away from the Fund,
or in more severe cases, cease their operations with the Fund. Such an occurrence could be due to a variety of reasons, including
reputational concerns, financial distress, or strategic business decisions following a failure in a competing product. This withdrawal
could adversely impact the liquidity of the Shares, potentially leading to increased volatility, wider bid-ask spreads, and a
deviation of the Share price from its NAV.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if creations or redemptions are unavailable due to the inability or unwillingness of one or more of the Fund&rsquo;s Authorized
Purchasers to submit creation or redemption orders with the Fund (or do so in a limited capacity), the arbitrage mechanism may
fail to function as efficiently as it otherwise would or be unavailable. This could result in impaired liquidity for the Shares,
wider bid/ask spreads in the secondary trading of the Shares and greater costs to investors and other market participants, all
of which could cause the Sponsor to halt or suspend the creation or redemption of Shares during such times, among other consequences.
To the extent Authorized Purchasers exit the business or otherwise become unable to process creation and/or redemption orders
and no other Authorized Purchasers step forward to perform these services, Shares may trade at a material discount to NAV and
possibly face delisting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Market for Bitcoin ETFs May Reach Saturation</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market for bitcoin ETFs like the Fund may reach a point where there is little or no additional investor demand. If this happens,
there can be no assurance that the Fund will grow to or maintain a viable size. Due to the Fund&rsquo;s small asset base, certain
of the Fund&rsquo;s expenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base.
To the extent that the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax
consequences of such liquidation may not be favorable to some Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
development and commercialization of the Fund is subject to competitive pressures.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund and the Sponsor face competition with respect to the creation of competing products, such as exchange-traded products offering
exposure to the spot bitcoin market or other digital assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s competitors may have greater financial, technical and human resources than the Sponsor. These competitors may
also compete with the Sponsor. Smaller or early stage companies may also prove to be effective competitors, particularly through
collaborative arrangements with large and established companies. In addition, the timing of the Fund in reaching the market and
the fee structure of the Fund relative to similar products may have a detrimental effect on the scale and sustainability of the
Fund. Accordingly, the Sponsor&rsquo;s competitors may commercialize a product involving bitcoin more rapidly or effectively than
the Sponsor is able to, which could adversely affect the Sponsor&rsquo;s competitive position, the likelihood that the Fund will
achieve initial market acceptance and the Sponsor&rsquo;s ability to generate meaningful revenues from the Fund, which in turn
could cause the Sponsor to dissolve and terminate the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
can be no assurance that the Fund will grow to or maintain an economically viable size. There is no guarantee that the Sponsor
will maintain a commercial advantage relative to competitors offering similar products. Whether or not the Fund and the Sponsor
are successful in achieving the intended scale for the Fund may be impacted by a range of factors, such as the Fund&rsquo;s timing
in entering the market and its fee structure relative to those of competitive products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the SEC were to approve many or all of the currently pending applications for such exchange-traded bitcoin products, many or all
of such products, including the Fund, could fail to acquire substantial assets, initially or at all. The Fund&rsquo;s competitors
may also charge a substantially lower fee than the Fund&rsquo;s fee in order to achieve initial market acceptance and scale. If
the Fund fails to achieve sufficient scale due to competition, the Sponsor may have difficulty raising sufficient revenue to cover
the costs associated with launching and maintaining the Fund and such shortfalls could impact the Sponsor&rsquo;s ability to properly
invest in robust ongoing operations and controls of the Fund to minimize the risk of operating events, errors, or other forms
of losses to the Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Fund may also fail to attract adequate liquidity in the secondary market due to such competition, resulting in a
sub-standard number of Authorized Purchasers willing to make a market in the Shares, which in turn could result in a significant
premium or discount in the Shares for extended periods and the Fund&rsquo;s failure to reflect the performance of the price of
bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential
Conflicts of Interest</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund and the Sponsor may have conflicts of interest, which may cause them to favor their own interests to your detriment.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund and the Sponsor may have inherent conflicts to the extent the Sponsor attempts to maintain the Fund&rsquo;s asset size in
order to preserve its fee income and this may not always be consistent with the Fund&rsquo;s objective of having the value of
its Shares&rsquo; NAV track changes in the Benchmark. The Sponsor&rsquo;s officers and employees do not devote their time exclusively
to the Fund. These persons may be directors, trustees, officers or employees of other entities. They could have a conflict between
their responsibilities to the Fund and to those other entities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and its affiliates and their principals, officers or employees may trade bitcoin, securities and futures and related contracts
for their own accounts.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Sponsor and its affiliates (including the Administrator) and their principals, officers or employees may trade bitcoin,
securities and futures and related contracts for their own accounts. A conflict of interest may exist if their trades are in the
same markets and occur at the same time as the Fund trades using the clearing broker to be used by the Fund. A potential conflict
also may occur if the Sponsor and its affiliates and their principals, officers or employees trade their accounts more aggressively
or take positions in their accounts that are opposite, or ahead of, the positions taken by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has sole current authority to manage the investments and operations of the Fund, and this may allow it to act in a way
that furthers its own interests and in conflict with your best interests, including the authority of the Sponsor to allocate expenses
to and between the funds of the Trust. Shareholders have very limited voting rights, which will limit the ability to influence
matters such as amendment of the Trust Agreement, changes in the Fund&rsquo;s basic investment policies, dissolution of the Fund,
or the sale or distribution of the Fund&rsquo;s assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
Voting Rights and Liability</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
have only very limited voting rights and generally will not have the power to replace the Sponsor. Shareholders will not participate
in the management of the Fund and do not control the Sponsor so they will not have influence over basic matters that affect the
Fund.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
will have very limited voting rights with respect to the Fund&rsquo;s affairs. Shareholders may elect a replacement sponsor only
if the current Sponsor resigns voluntarily (and does not appoint a successor) or loses its corporate charter. Shareholders will
not be permitted to participate in the management or control of the Fund or the conduct of its business. Shareholders must therefore
rely upon the duties and judgment of the Sponsor to manage the Fund&rsquo;s affairs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Shares of the Fund are limited liability investments, certain circumstances such as bankruptcy could increase a Shareholder&rsquo;s
liability.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares of the Fund are limited liability investments. Shareholders may not lose more than the amount that they invest plus any
profits recognized on their investment. However, Shareholders could be required, as a matter of bankruptcy law, to return to the
estate of the Fund any distribution they received at a time when the Fund was in fact insolvent or that was made in violation
of its Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a Shareholder, you will not have the rights enjoyed by investors in certain other types of entities.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
interests in separate series of a Delaware statutory trust, the Shares do not involve the rights normally associated with the
ownership of shares of a corporation (including, for example, the right to bring Shareholder oppression and derivative actions).
In addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect
directors, as the Trust does not have a board of directors, and generally will not receive regular distributions of the net income
and capital gains earned by the Fund). The Fund is also not subject to certain investor protection provisions of the Sarbanes
Oxley Act of 2002 and NYSE Arca governance rules (for example, audit committee requirements).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
court could potentially conclude that the assets and liabilities of the Fund are not segregated from those of another series of
the Trust, thereby potentially exposing assets in the Fund to the liabilities of another series.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is a series of a Delaware statutory trust and not itself a legal entity separate from the other series. The Delaware Statutory
Trust Act provides that if certain provisions are included in the formation and governing documents of a statutory trust organized
in series and if separate and distinct records are maintained for any series and the assets associated with that series are held
in separate and distinct records and are accounted for in such separate and distinct records separately from the other assets
of the statutory trust, or any series thereof, then the debts, liabilities, obligations and expenses incurred by a particular
series are enforceable against the assets of such series only, and not against the assets of the statutory trust generally or
any other series thereof. Conversely, none of the debts, liabilities, obligations and expenses incurred with respect to any other
series thereof is enforceable against the assets of such series. The Sponsor is not aware of any court case that has interpreted
this inter-series limitation on liability or provided any guidance as to what is required for compliance. The Sponsor intends
to maintain separate and distinct records for the Fund and account for the Fund separately from any other Trust series, but it
is possible a court could conclude that the methods used do not satisfy the Delaware Statutory Trust Act, which would potentially
expose assets in the Fund to the liabilities of one or more of the Funds and/or any other Trust series created in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund does not expect to make cash distributions.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor intends to re-invest any income and realized gains of the Fund in additional bitcoin or cash rather than distributing
cash to Shareholders. Therefore, unlike mutual funds, commodity pools or other investment pools that generally distribute income
and gains to their investors, the Fund generally will not distribute cash to Shareholders. You should not invest in the Fund if
you will need cash distributions from the Fund to pay taxes on your Share of income and gains of the Fund, if any, or for any
other reason. Although the Fund does not intend to make cash distributions, it reserves the right to do so in the Sponsor&rsquo;s
sole discretion, in certain situations, including for example, if the income earned from its investments held directly or posted
as margin may reach levels that merit distribution, e.g., at levels where such income is not necessary to support its investments
in bitcoin and investors adversely react to being taxed on such income without receiving distributions that could be used to pay
such tax. Cash distributions may be made in these and similar instances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Event
Risk</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
occurrence of a severe weather event, natural disaster, terrorist attack, outbreak or public health emergency as declared by the
World Health Organization, the continuation or expansion of war or other hostilities, or a prolonged government shutdown may have
significant adverse effects on the Fund and its investments and alter current assumptions and expectations.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operations of the Fund, the exchanges, brokers and counterparties with which the Fund does business, and the markets in which
the Fund does business could be severely disrupted in the event of a severe weather event, natural disaster, major terrorist attack,
cyber-attack, data breach, outbreak or public health emergency as declared by the World Health Organization (such as the recent
pandemic spread of the novel coronavirus known as COVID-19), or the continuation or expansion of war or other hostilities. Global
terrorist attacks, anti-terrorism initiatives, war and other geopolitical events and political unrest, as well as the adverse
impact the COVID-19 pandemic will have on the global and U.S. markets and economy, continue to fuel this concern. For example,
events in Eastern Europe, the Middle East, and Asia, including but not limited to the war in Ukraine, the armed conflict between
Israel and Hamas, or actions by China and North Korea, may cause volatility in bitcoin markets or the COVID-19 pandemic may adversely
impact the level of services currently provided by the U.S. government, could weaken the U.S. economy, interfere with the commodities
markets that rely upon data published by U.S. federal government agencies, and prevent the Fund from receiving necessary regulatory
review or approvals. The types of events discussed above, including the COVID-19 pandemic, are highly disruptive to economies
and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">More
generally, a climate of uncertainty and panic, including the contagion of the COVID-19 virus and other infectious viruses or diseases,
may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities,
and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of
financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objective which may adversely
impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations
of individual companies (including, but not limited to, the Fund&rsquo;s Sponsor and third party service providers), sectors,
industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment,
and other factors affecting the value of the Fund&rsquo;s investments. These factors could cause substantial market volatility,
exchange trading suspensions and closures that could impact the ability of the Fund to complete redemptions and otherwise affect
Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that
cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot
be predicted. Impacts from these events could have significant impact on the Fund&rsquo;s performance, resulting in losses to
your investment. The past, current and future global economic impact may cause the underlying assumptions and expectations of
the Fund to become outdated quickly or inaccurate, resulting in significant losses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failures
or breaches of electronic systems could disrupt the Fund&rsquo;s trading activity and materially affect the Fund&rsquo;s profitability.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failures
or breaches of the electronic systems of the Fund, the Sponsor, the Custodian or other financial institutions in which the Fund
invests, or the Fund&rsquo;s other service providers, market makers, Authorized Purchasers, NYSE Arca, exchanges on which bitcoin
or other bitcoin interests are traded or cleared, or counterparties have the ability to cause disruptions and negatively impact
the Fund&rsquo;s business operations, potentially resulting in financial losses to the Fund and its Shareholders. Such failures
or breaches may include intentional cyber-attacks that may result in an unauthorized party gaining access to electronic systems
in order to misappropriate the Fund&rsquo;s assets or sensitive information. While the Fund has established business continuity
plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans
and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Custodian or other financial institutions
in which the Fund invests, or the Fund&rsquo;s other service providers, market makers, Authorized Purchasers, NYSE Arca, exchanges
on which bitcoin or other bitcoin interests are traded or cleared, or counterparties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk
of Volatility</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of bitcoin can be volatile which could cause large fluctuations in the price of Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in more detail above, price movements for bitcoin are influenced by, among other things, the environment, natural or
man-made disasters, governmental oversight and regulation, demographics, economic conditions, infrastructure limitations, existing
and future technological developments, and a variety of other factors now known and unknown, any and all of which can have an
impact on the supply, demand, and price fluctuations in the bitcoin markets. More generally, cryptocurrency prices may be influenced
by economic and monetary events such as changes in interest rates, changes in balances of payments and trade, U.S. and international
inflation rates, currency valuations and devaluations, U.S. and international economic events, and changes in the philosophies
and emotions of market purchasers. Because the Fund invests in bitcoin and it is not a diversified investment vehicle, and therefore
may be subject to greater volatility than a diversified portfolio of stocks or bonds or a more diversified commodity or cryptocurrency
pool.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility
is a statistical measure of the dispersion of returns for a given security or market index. Volatility represents how large an
asset&rsquo;s prices swing around the mean price&mdash;it is a statistical measure of its dispersion of returns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
average annualized one-year trailing volatility of bitcoin over the past ten years to date remains elevated at 65%. Over the course
of 2021, there were steep increases in the value of certain digital assets, including bitcoin and multiple market observers asserted
that digital assets were experiencing a &ldquo;bubble.&rdquo; These increases were followed by steep drawdowns throughout 2022
in digital asset trading prices, including for bitcoin. In the 2021-2022 cycle, the price of bitcoin peaked at $67,734 and bottomed
at $15,632, marking a steep 77% drawdown. These episodes of rapid price appreciation followed by steep drawdowns have occurred
multiple times throughout bitcoin&rsquo;s history, including in 2011, 2013-2014, and 2017-2018, before repeating again in 2021-2022,
and also in early 2025.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extreme
volatility may persist, and the value of the Shares may significantly decline in the future without recovery. The digital asset
markets may still be experiencing a bubble or may experience a bubble again in the future. For example, in the first half of 2022,
each of Celsius Network, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy, resulting in a loss of confidence
in participants of the digital asset ecosystem and negative publicity surrounding digital assets more broadly. In November 2022,
FTX Trading Ltd. (&ldquo;FTX&rdquo;), one of the largest digital asset platforms by volume at the time, halted customer withdrawals
amid rumors of the company&rsquo;s liquidity issues and likely insolvency, which were subsequently corroborated by its CEO. Shortly
thereafter, FTX&rsquo;s CEO resigned and FTX and many of its affiliates filed for bankruptcy in the United States, while other
affiliates have entered insolvency, liquidation, or similar proceedings around the globe, following which the U.S. Department
of Justice brought criminal fraud and other charges, and the SEC and CFTC brought civil securities and commodities fraud charges,
against certain of FTX&rsquo;s and its affiliates&rsquo; senior executives, including its former CEO. In addition, several other
entities in the digital asset industry filed for bankruptcy following FTX&rsquo;s bankruptcy filing, such as BlockFi Inc. and
Genesis Global Capital, LLC (&ldquo;Genesis&rdquo;). In response to these events (collectively, the &ldquo;2022 Events&rdquo;),
the digital asset markets have experienced extreme price volatility and other entities in the digital asset industry have been,
and may continue to be, negatively affected, further undermining confidence in the digital asset markets. These events have also
negatively impacted the liquidity of the digital asset markets as certain entities affiliated with FTX engaged in significant
trading activity. If the liquidity of the digital asset markets continues to be negatively impacted by these events, digital asset
prices, including bitcoin, may continue to experience significant volatility or price declines and confidence in the digital asset
markets may be further undermined. In addition, regulatory and enforcement scrutiny has increased, including from, among others,
the Department of Justice, the SEC, the CFTC, the White House and Congress, as well as state regulators and authorities. These
events are continuing to develop and the full facts are continuing to emerge. It is not possible to predict at this time all of
the risks that they may pose to the Fund, its service providers or to the digital asset industry as a whole.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of some digital assets, including bitcoin, has risen following the election of Donald Trump as president of the United States,
although prices have suffered recent declines. Many expect the new administration to facilitate a supportive regulatory approach
toward the digital asset industry. Through his executive orders, President Trump has indicated that the administration will work
toward providing greater regulatory clarity for blockchain technology and digital assets, thereby fostering their development
in the U.S. Similarly, the digital asset industry expects favorable legislation from the new U.S. Congress as certain members
have expressed interest in advancing digital asset specific legislation. There can be no assurance that market expectations around
future activity by the administration or Congress will be fulfilled, or that digital asset prices will rise or maintain their
current levels. Some commentators have referred to the digital asset market post-President Trump&rsquo;s election as a bubble.
There can be no assurance that such a bubble does not exist. The failure of the administration and Congress to provide the expected
level of regulatory clarity and support for blockchain technology and digital assets, could lead to a decline in digital asset
prices, including bitcoin. Such a decline could cause a decline in the value of the Shares and cause Shareholders to suffer losses.
Moreover, there can be no assurance that political dynamics and sentiments toward the digital asset industry, or market perceptions
of those sentiments, will not shift over time.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 6, 2025, President Trump issued an executive order for the &ldquo;Establishment of the Strategic Bitcoin Reserve and United
States Digital Asset Stockpile&rdquo; (the &ldquo;Order&rdquo;). The Order requires the Secretary of the U.S. Department of Treasury
to establish two offices to administer and maintain a &ldquo;Strategic Bitcoin Reserve&rdquo; (the &ldquo;Bitcoin Reserve&rdquo;)
and a U.S. Digital Asset Stockpile (the &ldquo;Digital Asset Stockpile&rdquo;), respectively. The Bitcoin Reserve will be capitalized
with bitcoin forfeited as part of U.S. criminal or civil proceedings or in satisfaction of penalties imposed by executive agencies.
The Digital Asset Stockpile will be capitalized initially with other digital assets forfeited as part of criminal or civil asset
forfeiture proceedings. This development has caused bitcoin markets to develop expectations that the United States may begin acquiring
and holding bitcoin, which is seen by many as a positive development for the price of bitcoin. The Order directs the Secretaries
of the U.S. Treasury Department and the U.S. Department of Commerce to develop budget-neutral strategies for acquiring additional
bitcoin for the Bitcoin Reserve. Legislation has been introduced in the U.S. Senate and the U.S. House of Representatives, which
would direct the acquisition of 1 million bitcoin by the federal government over a five-year period, which would be held in trust
in secure storage by the U.S. Treasury. The bill proposes to fund the bitcoin acquisition using remittances from the Federal Reserve,
revaluations of Federal Reserve gold certificates, and other funding mechanisms the bill&rsquo;s sponsors characterize as budget-neutral
(such as transfers from federal agencies using bitcoin acquired through asset forfeitures). Such legislation could fail to pass.
Bills have also been introduced in several state legislatures to authorize the acquisition of bitcoin by state governments or
their instrumentalities, some of which have failed to pass. If now or in the future, the U.S. federal government or any state
government or any instrumentality thereof does not announce bitcoin acquisition plans or does announce such plans, but these plans
fall short of market expectations, the price of bitcoin may decline, which may impact Share value. Even if government acquisitions
occur or if legislation requiring acquisitions is enacted, the price of bitcoin may decline if there are implementation challenges,
unexpected difficulties, policy or legal reversals, any of which may negatively impact Share value. Further, executive orders
such as the Order are subject to change and can be reversed or overturned. The enduring existence and size of the Bitcoin Reserve
and Digital Asset Stockpile, and the passage and implementation of legislation at the federal or state level, are subject to complex
challenges and uncertainty that makes it difficult to evaluate their effect on the value of bitcoin and the Shares, now or in
the future.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extreme
volatility in the future, including further declines in the trading prices of bitcoin, could have a material adverse effect on
the value of the Shares and the Shares could lose all or substantially all of their value. The Fund is not actively managed and
will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
Risk</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
refer to &ldquo;U.S. Federal Income Tax Considerations&rdquo; for information regarding the U.S. federal income tax consequences
of the purchase, ownership and disposition of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund could be treated as a corporation for U.S. federal income tax purposes, which may substantially reduce the value of your
Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has received an opinion of counsel that, under current U.S. federal income tax laws, the Fund more likely than not will be treated
as a partnership that is not taxable as a corporation for U.S. federal income tax purposes, provided that, among other things, (i) at
least 90% of the Fund&rsquo;s annual gross income consists of &ldquo;qualifying income&rdquo; as defined in the Internal Revenue Code
of 1986, as amended (the &ldquo;Code&rdquo;), (ii) the Fund is organized and operated in accordance with its governing agreements and
applicable law, and (iii) the Fund does not elect to be taxed as a corporation for U.S. federal income tax purposes. Opinions of counsel
are not binding on the Internal Revenue Service (the &ldquo;IRS&rdquo;) and no assurance can be given that the IRS or a court will agree
with counsel&rsquo;s opinion. Although the Sponsor anticipates that the Fund will more likely than not satisfy the &ldquo;qualifying
income&rdquo; requirement for all of its taxable years, that result cannot be assured. There is very limited authority on the U.S. federal
income tax treatment of bitcoin and no direct authority on bitcoin derivatives. The Fund has not requested and will not request any ruling
from the IRS with respect to its classification as a partnership not taxable as a corporation for U.S. federal income tax purposes. If
the IRS were to successfully assert that the Fund is taxable as a corporation for U.S. federal income tax purposes in any taxable year,
rather than passing through its income, gains, losses, and deductions proportionately to Shareholders, the Fund would be subject to tax
on its net income for the year at corporate tax rates. In addition, although the Sponsor does not currently intend to make distributions
with respect to Shares, any such distributions would be taxable to Shareholders as dividend income to the extent of the Fund&rsquo;s
current and accumulated earnings and profits, then treated as a tax-free return of capital to the extent of the Shareholder&rsquo;s adjusted
tax basis in the Shares, and, to the extent the amount of a distribution exceeds both the Fund&rsquo;s current and accumulated earnings
and profits and a Shareholder&rsquo;s adjusted basis in such Shares, as capital gain for Shareholders who hold their Shares as capital
assets. Taxation of the Fund as a corporation could materially reduce the after-tax return on an investment in Shares and could substantially
reduce the value of your Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
tax liability from holding Shares may exceed the amount of distributions, if any, on your Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
or property will be distributed by the Fund at the sole discretion of the Sponsor, and the Sponsor currently does not intend to
make cash or other distributions with respect to Shares. Assuming the Fund qualifies to be taxed as a partnership for U.S. federal
income tax purposes, you will be required to pay U.S. federal income tax and, in some cases, state, local, or foreign income tax,
on your allocable share of the Fund&rsquo;s taxable income, without regard to whether you receive distributions or the amount
of any distributions. Therefore, the tax liability resulting from your ownership of Shares may exceed the amount of cash or value
of property (if any) distributed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
allocable share of income or loss for U.S. federal income tax purposes may differ from your economic income or loss on your Shares.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the application of the assumptions and conventions applied by the Fund in making allocations for U.S. federal income tax purposes
and other factors, your allocable share of the Fund&rsquo;s income, gain, deduction or loss may be different than your economic
profit or loss from your Shares for a taxable year. This difference could be temporary or permanent and, if permanent, could result
in your being taxed on amounts in excess of your economic income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Items
of income, gain, deduction, loss and credit with respect to Shares could be reallocated and the Fund itself could be liable for
U.S. federal income tax along with any interest or penalties if the IRS does not accept the assumptions and conventions applied
by the Fund in allocating those items, with potential adverse consequences for you.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund intends to be treated as a partnership for U.S. federal income tax purposes. The U.S. tax rules pertaining to entities taxed
as partnerships are complex and their application to publicly traded partnerships not taxable as a corporation such as the Fund,
is in many respects uncertain. The Fund will apply certain assumptions and conventions in an attempt to comply with the intent
of the applicable rules and to report taxable income, gains, deductions, losses and credits in a manner that properly reflects
Shareholders&rsquo; economic gains and losses. These assumptions and conventions may not fully comply with all aspects of the
Code, and applicable Treasury Regulations, however, and it is possible that the IRS will successfully challenge our allocation
methods and require us to reallocate items of income, gain, deduction, loss or credit in a manner that adversely affects you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may be liable for U.S. federal income tax on any &ldquo;imputed underpayment&rdquo; of tax resulting from an adjustment as
a result of an IRS audit. The amount of the imputed underpayment generally includes increases in allocations of items of income
or gains to any investor and decreases in allocations of items of deduction, loss, or credit to any investor without any offset
for any corresponding reductions in allocations of items of income or gain to any investor or increases in allocations of items
of deduction, loss, or credit to any investor. If the Fund is required to pay any U.S. federal income tax on any imputed underpayment,
the resulting tax liability would reduce the net assets of the Fund and would likely have an adverse impact on the value of the
Shares. In such a case, the tax liability would in effect be borne by Shareholders that own Shares at the time of such assessment,
which may be different persons, or persons with different ownership percentages, than persons owning Shares for the tax year under
audit. Under certain circumstances, the Fund may be eligible to make an election to cause Shareholders to take into account the
amount of any imputed underpayment, including any interest and penalties. The ability of a publicly traded partnership not taxable
as a corporation such as the Fund to make this election is uncertain. If the election is made, the Fund would be required to provide
Shareholders who owned beneficial interests in the Shares in the year to which the adjusted allocations relate with a statement
setting forth their proportionate shares of the adjustment (&ldquo;Adjusted K-1s&rdquo;). The investors would be required to take
the adjustment into account in the taxable year in which the Adjusted K-1s are issued. For an additional discussion please see
&ldquo;U.S. Federal Income Tax Considerations &ndash; Other Tax Matters.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund is required to withhold tax with respect to any Non-U.S. Shareholders, all Shareholders may bear the cost of such withholding.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
certain circumstances, the Fund may be required to pay withholding tax with respect to allocations to Non-U.S. Shareholders. Although
the Trust Agreement provides that any such withholding will be treated as being distributed to the Non-U.S. Shareholder, the Fund
may not be able to cause the economic cost of such withholding to be borne by the Non-U.S. Shareholder on whose behalf such amounts
were withheld since the Fund does not intend to make any distributions. Under such circumstances, all Shareholders may bear the
economic cost of the withholding, not just the Shareholders on whose behalf such amounts were withheld. This could have a material
impact on the value of your Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Shareholders
of the Fund may not receive information returns prior to the filing deadline for their U.S. federal income tax return.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may be unable to provide final Schedules K-1 to Shareholders for any given taxable year until after April 15 of the following
year, although the Sponsor will endeavor to provide Shareholders with estimates of their taxable income or loss on or before such
date. Shareholders should therefore anticipate being required to obtain extensions of the filing date for their income tax returns
at the U.S. federal, state and local levels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
of the Fund may recognize significant amounts of ordinary income and short-term capital gain.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the investment strategy of the Fund, the Fund may realize and pass through to Shareholders significant amounts of ordinary
income and short-term capital gains as opposed to long-term capital gains. Ordinary income and short-term capital gains are generally
taxed at higher U.S. federal income tax rates than the preferential U.S. federal income rates applicable to long-term capital
gains.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-U.S.
Shareholders of the Fund may be allocated effectively connected income.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may be considered to be engaged in a U.S. trade or business as a result of its activities and, therefore, may allocate effectively
connected income (&ldquo;<B><I>ECI</I></B>&rdquo;) to Non-U.S. Shareholders. A Non-U.S. Shareholder&rsquo;s share of any ECI generally
will be subject to U.S. federal withholding at the highest applicable rate under the Code, and generally will result in the Non-U.S.
Shareholder being required to file a U.S. federal income tax return.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
legislation that has been or could be enacted may affect you with respect to your investment in the Fund.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legislative,
regulatory or administrative changes could be enacted or promulgated at any time, either prospectively or with retroactive effect,
and may adversely affect the Fund and its Shareholders. Please consult a tax advisor regarding the implications of an investment
in Shares of the Fund, including without limitation the federal, state, local and non-U.S. tax consequences.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROSPECTIVE
INVESTORS ARE STRONGLY URGED TO CONSULT THEIR OWN TAX ADVISORS WITH RESPECT TO THE POSSIBLE TAX CONSEQUENCES TO THEM OF AN INVESTMENT
IN SHARES; SUCH TAX CONSEQUENCES MAY DIFFER IN RESPECT OF DIFFERENT INVESTORS.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama014"></A>THE
OFFERING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama015"></A>The
Fund in General</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund seeks to provide investors
with price exposure to the bitcoin market. In furtherance of this goal, the Fund&rsquo;s investment objective is for changes in
the Shares&rsquo; NAV to reflect the daily changes of the price of the Benchmark, less expenses from the Fund&rsquo;s operations.
NYSE Arca developed the Benchmark as a representation of the bitcoin spot market. As of October 31, 2025, the Fund&rsquo;s total
net assets were $14,892,750 and the Fund had 120,000 shares outstanding. For current information about outstanding Fund Shares
and other information, see the Fund&rsquo;s website at <U>https://hashdex-etfs.com/defi</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s assets will consist of bitcoin and cash. The Sponsor believes that by investing in bitcoin, the Fund&rsquo;s NAV
will closely track the Benchmark. The Sponsor also believes that because of market arbitrage opportunities, the market price at
which investors will purchase and sell Shares through their broker-dealer will closely track the Fund&rsquo;s NAV. The Sponsor
believes that the net effect of these relationships is that the Fund&rsquo;s market price on NYSE Arca at which investors purchase
and sell Shares will closely track the bitcoin market, as measured by the Benchmark.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund, the Sponsor and the service providers, including the Custodians, will not loan or pledge the Fund&rsquo;s assets, nor will
the Fund&rsquo;s assets serve as collateral for any loan or similar arrangement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consistent
with applicable provisions of the Trust Agreement and Delaware law, the Fund has broad authority to make changes to the Fund&rsquo;s
operations. The Fund may change its investment objective, Benchmark, or investment strategies and Shareholders of the Fund will
not have any rights with respect to these changes. The Fund has no current intention to make any such change, and any change is
subject to applicable regulatory requirements, including, but not limited to, any requirement to amend applicable listing rules
of NYSE Arca.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reasons for and circumstances that may trigger any such changes may vary widely and cannot be predicted. The Fund would file a
current report on Form 8-K and a prospectus supplement to describe any such change and the effective date of the change. Shareholders
may modify their holdings of the Fund&rsquo;s Shares in response to any change by purchasing or selling Fund Shares through their
broker-dealer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund is organized as a series of
the Hashdex Commodities Trust, a statutory trust organized under the laws of the State of Delaware on February 10, 2023. Currently,
the Fund is the sole series of the Trust. Additional series of the Trust may be created in the future at the Sponsor&rsquo;s discretion.
The Fund maintains its main business office at 1100 North Market Street, Suite 1300, Wilmington, DE 19801 . The Fund operates
pursuant to the terms of the Trust Agreement, which is dated as of January 16, 2026 and grants full management control to the
Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is the successor and surviving entity from the merger (the &ldquo;Merger&rdquo;) into the Fund of Hashdex Bitcoin Futures
ETF (the &ldquo;Predecessor Fund&rdquo;) that was a series of the Teucrium Commodity Trust (the &ldquo;Predecessor Trust&rdquo;)
sponsored by Teucrium Trading, LLC (&ldquo;Teucrium&rdquo;). The Merger closed on January 3, 2024. Predecessor Fund shareholders
now own one share of Fund interest for each share of the Predecessor Fund they owned prior to the Merger. The Fund&rsquo;s unaudited
pro forma equivalent data is the same as the corresponding unaudited pro forma combined data and therefore has not been presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prior to January 16, 2026 the Fund was
sponsored by Tidal Investments LLC (f/k/a Toroso Investments, LLC) (the &ldquo;Tidal Sponsor&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama016"></A>Exchange
Listing</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s Shares have been trading on NYSE Arca since September 15, 2022, under the symbol &ldquo;DEFI&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of October 31, 2025, the Fund had
approximately 44 Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama017"></A>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investors should consider Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations with respect to the Trust, which section is incorporated
by reference to the Trust&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2024 and Trust&rsquo;s most recent
Quarterly Reports on Form 10-Q for the quarters ended June 30, 2025 and September 30, 2025. There has not been a material change
to the financial statements or the notes to those financial statements in the Trust&rsquo;s Annual Report on Form 10-K for the
year ended December 31, 2024 or its most recent Quarterly Reports on Form 10-Q for the quarters ended June 30, 2025 and September
30, 2025, filed on March 25, 2025, August 14, 2025 and November 14, 2025, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama018"></A>THE
SPONSOR</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sponsor of the Trust is Hashdex
Asset Management Ltd., a Cayman Islands investment manager (and an Exempt Reporting Advisor under SEC rules) that specializes
in, among other things, the management, research, investment analysis and other investment support services of funds and ETFs
with investment strategies involving bitcoin and other crypto assets. The principal office of the Sponsor is Flagship Building, 2nd Floor, 142 Seafarers Way, P.O. Box 1096, KY1-1102, George Town, Grand Cayman, Cayman Islands and the Trust is located at 1100 North Market Street, Suite 1300, Wilmington, DE
19801 . The Sponsor has sponsored the Trust since January 16, 2026. The Sponsor&rsquo;s responsibilities are discussed in the
following paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, the Sponsor is solely responsible for management and conducts or directs the conduct of the business of the
Trust, the Fund, and any series of the Trust that may from time to time be established and designated by the Sponsor. The Sponsor
is required to oversee the purchase and sale of Shares by Authorized Purchasers and to manage the Fund&rsquo;s investments. The
Sponsor has the power to enter into agreements as may be necessary or appropriate for the offer and sale of the Fund&rsquo;s Shares
and the conduct of the Trust&rsquo;s activities. Accordingly, the Sponsor is responsible for selecting the Trustee, Administrator,
Marketing Agent, the independent registered public accounting firm of the Trust, and any legal counsel employed by the Trust.
The Sponsor is also responsible for preparing and filing periodic reports on behalf of the Trust with the SEC and will provide
any required certification for such reports. The Sponsor may determine to engage marketing agents who will assist the Sponsor
in marketing the Shares. See &ldquo;Plan of Distribution&rdquo; for more information. The Sponsor has discretion to appoint one
or more of its affiliates as additional Sponsors. The Sponsor maintains a public website on behalf of the Fund, <U>https://hashdex-etfs.com/defi</U>, which contains information about the Trust, the Fund, and the Shares, and oversees certain services for the benefit of
Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.25% per annum of the daily NAV of the Fund. The Management
Fee is paid in consideration of the Sponsor&rsquo;s services related to the management of the Fund&rsquo;s business and affairs, including
the provision of commodity futures trading advisory services. In addition to the Fund&rsquo;s Management Fee, the Fund pays all of its
respective brokerage commissions, including financing fees, Bitcoin network fees and similar transaction fees and expenses charged in
connection with trading activities. The Fund also pays all fees and commissions related to the sale and purchase of spot bitcoin, including
any bitcoin transaction fees for on-chain transfers of bitcoin. The Sponsor pays all of the other routine operational, administrative
and other ordinary expenses of the Fund, generally as determined by the Sponsor, including but not limited to, fees and expenses of the
Administrator, Custodian, Marketing Agent, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses,
legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing fees, and report preparation and mailing expenses.
The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual
fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or
other unanticipated expenses. Extraordinary fees and expenses also include material expenses which are not currently anticipated obligations
of the Fund. Routine operational, administrative and other ordinary expenses are not deemed extraordinary expenses. In the event the
Trust&rsquo;s cash balance is insufficient to pay all fees and expenses, including the Management Fee, the Trust may need to sell crypto
assets from time to time to pay for its fees and expenses, and up to $250,000 per annum in ordinary legal fees and expenses. The Sponsor
may determine in its sole discretion to assume legal fees and expenses of the Trust in excess of $250,000 per annum. The Sponsor may
determine in its sole discretion to assume any non-recurring and unusual fees and expenses of the Trust, if applicable. To the extent
that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
have no right to elect the Sponsor on an annual or any other continuing basis or to remove the Sponsor. If the Sponsor voluntarily
withdraws, the Sponsor may appoint a successor sponsor or the holders of a majority of the Trust&rsquo;s outstanding Shares (excluding
for purposes of such determination Shares owned by the withdrawing Sponsor and its affiliates) may elect its successor. Prior
to withdrawing, the Sponsor must give thirty days&rsquo; written notice to the Shareholders and the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has an information security program and policy in place. The program takes reasonable care to look beyond the security
and controls developed and implemented for the Trust and the Fund directly to the platforms and controls in place for the key
service providers. Such review of cybersecurity and information technology plans of key service providers are part of the Sponsor&rsquo;s
disaster recovery and business continuity planning. The Sponsor provides regular training to all employees of the Sponsor regarding
cybersecurity topics, in addition to real-time dissemination of information regarding cybersecurity matters as needed. The information
security plan is reviewed and updated as needed, but at a minimum on an annual basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
of the Sponsor</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sponsor serves as the sponsor, investment
manager, or investment adviser to investment vehicles other than the Fund. As of October 31, 2025, the Sponsor serves as sponsor,
investment manager, or investment adviser to over 20 pooled investment vehicles across multiple jurisdictions, including investment
strategies relating to crypto asset markets. As of October 31, 2025, the Sponsor is responsible for approximately $870.5 million
in assets under management. As a result, conflicts of interest may arise between the Sponsor&rsquo;s responsibilities to the Fund
on the one hand and, on the other, the responsibilities the Sponsor owes to those other pooled investment vehicles for which it
serves as sponsor, investment manager, or investment adviser. Such conflicts may include, but are not limited to, the allocation
of investment opportunities. If the Sponsor acquires knowledge of a potential transaction or arrangement that may be an opportunity
for the Fund, it shall have no duty to offer such opportunity to the Fund, and the Sponsor will not be liable to the Fund or the
Shareholders for breach of any fiduciary or other duty if the Sponsor pursues such opportunity or directs it to another person
or does not communicate such opportunity to the Fund and is not required to share income or profits derived from such business
ventures with the Fund. The Trust does not have any directors, officers or employees. The following persons, in their respective
capacities as directors or executive officers of the Sponsor, a Cayman limited company, perform certain functions with respect
to the Trust that, if the Trust had directors or executive officers, would typically be performed by them. The Chief Executive
Officer of the Sponsor is responsible for the overall strategic direction of the Sponsor and has general control of its business.
The Chief Investment Officer and President of the Sponsor is primarily responsible for new investment product development with
respect to the Fund. The Chief Operating Officer has primary responsibility for trade operations, trade execution, and portfolio
activities with respect to the Fund. The Chief Financial Officer acts as the Sponsor&rsquo;s principal financial and accounting
officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Marcelo
Sampaio,</I></B>&nbsp;born in 1980, is the Co-Founder&nbsp;and Chief Executive Officer of Hashdex. In this role, he oversees the
overall strategic direction, management, and operational aspects of the firm&rsquo;s crypto asset management platforms. Prior
to founding Hashdex, Mr.&nbsp;Sampaio co-founded&nbsp;Endless, Inc., serving as Chief Growth Officer. He has also held senior
roles at Microsoft and Oracle, where he became the youngest sales director globally. Mr.&nbsp;Sampaio has been investing in digital
assets since 2012 and holds a degree in Production Engineering from PUC-Rio. He has completed leadership programs at Harvard Business
School and management programs at INSEAD, France.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Bruno
Caratori,</I></B>&nbsp;born in 1981, is the Co-Founder, and Chief Operating Officer of Hashdex. He oversees the firm&rsquo;s operational
activities and product development. Before joining Hashdex, Mr.&nbsp;Caratori led product development at Edmodo and previously
worked at G&aacute;vea Investimentos and RiskControl. He holds an MBA from Stanford University, a master&rsquo;s degree in Business
Economics from EPGE/FGV, and a bachelor&rsquo;s degree in Electrical Engineering from PUC-Rio.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Bruno
Sousa,</I></B>&nbsp;born in 1982, is one of the Directors of the Sponsor and serves as Head of US &amp; Europe. He joined the
Sponsor as Head of Legal after a distinguished career at Veirano Advogados, where he led the Fintech practice. Mr.&nbsp;Sousa
has nearly two decades of legal experience, with a focus on Corporate and M&amp;A law. He has been recognized by Chambers &amp;
Partners and other legal directories for his work in these areas. Mr.&nbsp;Sousa holds an LLB from the Universidade de S&atilde;o
Paulo and completed the Fintech Programme at Oxford University&rsquo;s Sa&iuml;d Business School.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Samir
Kerbage,</I></B>&nbsp;born in 1988, serves as Chief Investment Officer of Hashdex. He is responsible for overseeing product development,
research, and investment management in the company&rsquo;s crypto asset offerings. Mr.&nbsp;Kerbage holds a degree in Computer
Engineering from the Military Institute of Engineering (IME) and has extensive experience in financial market infrastructure and
quantitative trading. Prior to the Sponsor, he worked at Americas Trading Group and has been involved in the digital assets space
since 2016. He began his career as a Military Engineering Officer in the Brazilian Army.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Silvia
Motta,</I></B>&nbsp;born in 1983, has served as the Chief Financial Officer of Hashdex, where she is responsible for the firm&rsquo;s
financial operations, strategy, and human resources. Ms. Motta holds dual degrees in Electrical Engineering from PUC-Rio&nbsp;and
&Eacute;cole Centrale de Lyon, and an MBA from Harvard Business School. Her prior experience includes strategic consulting at
McKinsey &amp; Company, leading strategy at Coca-Cola&nbsp;Brazil, and managing venture capital investments at Movile.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama019"></A>THE
TRUSTEE</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sole Trustee of the Trust is Wilmington Trust, a national banking association. The Trustee&rsquo;s principal offices are located
at 1100 North Market Street, Wilmington, Delaware 19890. The Trustee is unaffiliated with the Sponsor. The Trustee&rsquo;s duties
and liabilities with respect to the offering of Shares and the management of the Trust and the Fund are limited to its express
obligations under the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee will accept service of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware
Statutory Trust Act. The Trustee does not owe any other duties to the Trust, the Sponsor or the Shareholders. The Trustee is permitted
to resign upon at least sixty (60) days&rsquo; notice to the Sponsor. If no successor trustee has been appointed by the Sponsor
within such sixty-day period, the Trustee may, at the expense of the Trust, petition a court to appoint a successor. The Trust
Agreement provides that the Trustee is entitled to reasonable compensation for its services from the Sponsor or an affiliate of
the Sponsor (including the Trust), and is indemnified by the Sponsor against any expenses it incurs relating to or arising out
of the formation, operation or termination of the Trust, or any action or inaction of the Trustee under the Trust Agreement, except
to the extent that such expenses result from the fraud, or the gross negligence or willful misconduct of the Trustee. The Sponsor
has the discretion to replace the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee has not signed the registration statement of which this prospectus is a part and is not subject to issuer liability under
the federal securities laws for the information contained in this prospectus and under federal securities laws with respect to
the issuance and sale of the Shares. Under such laws, neither the Trustee, either in its capacity as Trustee or in its individual
capacity, nor any director, officer or controlling person of the Trustee is, or has any liability as, the issuer or a director,
officer or controlling person of the issuer of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, the Trustee has delegated to the Sponsor the exclusive management and control of all aspects of the business
of the Trust and the Fund. The Trustee has no duty or liability to supervise or monitor the performance of the Sponsor, nor does
the Trustee have any liability for the acts or omissions of the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama020"></A>OPERATION
OF THE FUND</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment objective of the Fund is for changes in the Shares&rsquo; NAV to reflect the daily changes of the price of the Benchmark,
less expenses from the Fund&rsquo;s operations. The Fund expects that the Fund&rsquo;s assets will consist of bitcoin and, potentially,
cash.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s total portfolio composition is disclosed each business day that NYSE Arca is open for trading on the Fund&rsquo;s
website at <B><U>https://hashdex-etfs.com/defi</U></B>. The website disclosure of portfolio holdings is made daily and includes,
as applicable, the investment name, ticker symbol, CUSIP, description, quantity and percentage weighting of bitcoin and any cash
held in the Fund. The Fund&rsquo;s website also includes (1) the NAV, market price and premium or discount, each as of the end
of the prior business day, (2) a table showing the number of days the Shares traded at a premium or discount during the most recently
completed calendar year and the most recently completed calendar quarters since that year, (3) a line graph showing the Trust
share&rsquo;s premiums or discounts for the most recently completed calendar year and the most recently completed calendar quarters
since that year, (4) the median bid-ask spread of the Shares, (5) the Fund&rsquo;s methodology for the calculation of its NAV,
and (6) the Fund&rsquo;s trading volume for the previous day. The prospectus, as well as Forms 10-Q, Forms 10-K, and other SEC
filings for the Fund, are also posted on the website. The Fund&rsquo;s website is publicly accessible at no charge.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s investment objective is to provide investors with a way to gain price exposure to the bitcoin market. The Fund will
invest in bitcoin. The Sponsor believes that by investing in bitcoin, the Fund&rsquo;s NAV will closely track the Benchmark. The
Sponsor also believes that because of market arbitrage opportunities, the market price at which investors will purchase and sell
Shares through their broker-dealer will closely track the Fund&rsquo;s NAV. The Sponsor believes that the net effect of these
relationships is that the Fund&rsquo;s market price on NYSE Arca at which investors purchase and sell Shares will closely track
the bitcoin market, as measured by the Benchmark.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in the Shares can potentially provide a means for diversifying an investor&rsquo;s portfolio or hedging exposure to
changes in bitcoin prices. An investment in the Shares allows both retail and institutional investors to easily gain this exposure
to the bitcoin market in a transparent, cost-effective manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor employs a &ldquo;neutral&rdquo; investment strategy intended to track changes in the Benchmark regardless of whether the
Benchmark goes up or goes down. The Fund&rsquo;s &ldquo;neutral&rdquo; investment strategy is designed to permit investors generally
to purchase and sell the Fund&rsquo;s Shares for the purpose of investing indirectly in the bitcoin market. Such investors may
include those seeking to hedge the risk of losses in their bitcoin related transactions as well as investors seeking exposure
to the bitcoin market. Accordingly, depending on the investment objective of an individual investor, the risks generally associated
with investing in the bitcoin market and/or the risks involved in hedging may exist.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares issued by the Fund may be purchased only by Authorized Purchasers and only in blocks of 10,000 Shares called Creation Baskets.
The amount of the purchase payment for a Creation Basket is equal to the total NAV of Shares in the Creation Basket. Similarly,
only Authorized Purchasers may redeem Shares and only in blocks of 10,000 Shares called Redemption Baskets. The Shares will be
sold at the next determined NAV per Share. The amount of the redemption proceeds for a Redemption Basket is equal to the total
NAV of Shares in the Redemption Basket. The purchase price for Creation Baskets and the redemption price for Redemption Baskets
are the actual NAV calculated at the end of the business day when a request for a purchase or redemption is received by the Fund.
The NYSE Arca publishes an approximate NAV intra-day based on the prior day&rsquo;s NAV and the current price of bitcoin, but
the price of Creation Baskets and Redemption Baskets is determined based on the actual NAV calculated at the end of each trading
day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Fund issues Shares only in Creation Baskets, Shares may also be purchased and sold in much smaller increments on NYSE Arca.
These transactions, however, are effected at the bid and ask prices established by the specialist firm(s). Like any listed security,
Shares can be purchased and sold at any time a secondary market is open.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s Investment Strategy</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund seeks to achieve its investment objective by investing substantially all of its assets in bitcoin. For creations in cash,
the Authorized Purchaser&rsquo;s creation order shall be in the amount of cash needed to purchase the amount of bitcoin represented
by the Creation Basket being created, as calculated by Administrator based on the Benchmark or the other valuation policies described
herein. The Authorized Purchaser will deliver the cash to the Fund's account at the Cash Custodian, which the Sponsor will then
use to purchase bitcoin from a third party selected by the Sponsor who (1) is not the Authorized Purchaser and (2) will not be
acting as an agent, nor at the direction, of the Authorized Purchaser with respect to the delivery of bitcoin to the Fund (such
third party, a &ldquo;Liquidity Provider&rdquo;). For a redemption in cash, the Sponsor shall arrange for the bitcoin represented
by the Creation Basket to be sold to a Liquidity Provider selected by the Sponsor and the cash proceeds distributed from the Fund's
account at the Cash Custodian to the Authorized Purchaser in exchange for their Shares. For an &ldquo;in-kind&rdquo; creation,
Authorized Purchaser will deliver, or arrange for the delivery by the Authorized Purchaser's designee of, bitcoin to the Fund&rsquo;s
account with the Bitcoin Custodian in exchange for Shares when they purchase Shares. For an &ldquo;in-kind&rdquo; redemption transaction,
when Authorized Purchasers redeem Shares with the Fund, through the Bitcoin Custodian, will deliver bitcoin to such Authorized
Purchasers, or a designee thereof, in exchange for their Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor employs a passive investment strategy intended to track the changes in the Benchmark regardless of whether the Benchmark
goes up or goes down, meaning that the Sponsor will not try to &ldquo;beat&rdquo; the Benchmark. The Fund&rsquo;s passive investment
strategy is designed to permit investors generally to purchase and sell the Fund&rsquo;s Shares for the purpose of investing indirectly
in the bitcoin market in a cost-effective manner. The Sponsor endeavors to manage the Fund&rsquo;s investments so that the Fund&rsquo;s
average daily tracking error against the Benchmark will be less than 10 percent over any period of 30 trading days. However, the
Fund incurs certain expenses in connection with its operations, which cause imperfect correlation between changes in the Fund&rsquo;s
NAV and changes in the Benchmark because the Benchmark does not reflect expenses or income. As a result, investors may incur a
partial or complete loss of their investment even when the performance of the Benchmark is positive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Custody
of Bitcoin</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoins
exist and are stored on the blockchain, which serves as the decentralized transaction ledger for the Bitcoin Network. All transactions,
including the creation of new bitcoins through mining, are recorded on the blockchain, ensuring the verification of each bitcoin&rsquo;s
location in specific digital wallets (&ldquo;Bitcoin Account&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
responsibility for safekeeping all the bitcoin owned by the Fund in a multi-layer, multi-party cold storage or similarly secure
technology, and maintaining the Bitcoin Account, lies with the Bitcoin Custodian. The digital wallets can be accessed using their
respective private keys, which are held by the Bitcoin Custodian in cold storage at various vaulting locations. The locations
of these vaulting premises are kept confidential to enhance security. The Bitcoin Custodian is authorized to accept bitcoin on
behalf of the Fund from pre-approved trading counterparties accounts, transferring them to the Bitcoin Account, and then depositing
them into digital wallets with existing keys in cold storage. When the Fund needs to withdraw bitcoins for sale, the Bitcoin Custodian
will ensure that the private keys associated with those bitcoins sign the withdrawal transaction, following a reverse procedure
similar to the deposit process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Cold
storage&rdquo; refers to a safeguarding method where private keys associated with bitcoins are kept offline, away from internet-connected
devices. This could involve storing the private keys on a non-networked computer or electronic device. To send bitcoins from a
digital wallet with private keys in cold storage, the private keys must be retrieved and entered into a bitcoin software program
for transaction signing, or the unsigned transaction is sent to a &ldquo;cold&rdquo; server where the private keys are held for
signature. Private keys are generated in offline computers so that they are more resistant to being hacked, thus the keys used
to carry out transactions are generated and stored by the Bitcoin Custodian in security devices not connected to the internet.
The Bitcoin Custodian may receive deposits of bitcoin but may not send bitcoin without use of the corresponding private keys.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to send bitcoin when the private keys are kept in cold storage, either the private keys must be retrieved from cold storage
and entered into a software program to sign the transaction, or the unsigned transaction must be sent to the &ldquo;cold&rdquo;
server in which the private keys are held for signature by the private keys. Such private keys are stored in cold storage facilities
within the United States and Europe, exact locations of which are not disclosed for security reasons. This procedure mitigates
the risks of cyber-attacks by hackers, as it adds several layers of manual checks and confirmations and makes it unlikely for
private keys to be stolen through internet attacks. For any transaction involving the transfer of bitcoin, multiple distinct private
keys must sign the transaction, residing in geographically dispersed vault locations known as &ldquo;signing vaults.&rdquo; This
multi-layered approach ensures that even if one signing vault is compromised, the bitcoins can be accessed with minimal disruption.
By contrast, in hot storage, the private keys are held online, making them more accessible but potentially more vulnerable to
hacking.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
decisions or actions related to forks, airdrops or derivative protocols involving the Trust&rsquo;s assets will align with the
guidelines set forth by the Bitcoin Custodian. This means that any decisions or actions related to airdrops or forks involving
the Trust&rsquo;s assets will align with the guidelines set forth by the Bitcoin Custodian, by which the Bitcoin Custodian may
not support forks and airdrops and assumes no liability in respect of an unsupported branch of a forked protocol or its determination
whether or not to support a forked protocol. The Fund is committed to maintaining transparency and ensuring that its approach
aligns with industry best practices in managing these events. However, unforeseen circumstances may arise, and there is no guarantee
that it will be possible to support the protocol under all possible scenarios. In the occurrence of a fork, airdrop or similar
event, the Sponsor will cause the Fund to irrevocably abandon the Incidental Rights and any IR Virtual Currency associated with
such event and the only crypto asset to be held by the Fund will be bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will periodically check the existence of the bitcoin held by the Fund by analyzing the blockchain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Custodian</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&ldquo;Bitcoin Custodian&rdquo; for the Fund&rsquo;s bitcoin holdings is BitGo Trust Company, Inc. (&ldquo;BitGo&rdquo;). The
Sponsor may, in its sole discretion, add or terminate agreements with the Bitcoin Custodian at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
designating a custodian as a Bitcoin Custodian for the Fund, the Sponsor considers whether the custodian provides protection against
theft and loss and ensures that the transactions and trades are secure. The Sponsor may consider whether a custodian:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provides
                                         custody accounts whose holders are the legal beneficiaries of the assets held in the
                                         account. In case of bankruptcy or insolvency of a Bitcoin Custodian, creditors or the
                                         estate should have no rights to the clients&rsquo; assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offers
                                         segregated accounts and stores the Fund&rsquo;s bitcoin in separated individual accounts
                                         and not in omnibus accounts. That means that the Fund&rsquo;s bitcoin shall be held in
                                         segregated wallets and therefore are not commingled with the Bitcoin Custodian&rsquo;s
                                         or other customer assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generates
                                         account-segregated private keys for digital assets using high entropy random number generation
                                         methods and employing advanced security practices.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilizes
                                         technology for storing private keys in offline digital vaults and applies secure processes,
                                         such as private key segmentation, multi-signature authorization, and geographic distribution
                                         of stored assets, to limit access to private keys. The Bitcoin Custodian should use security
                                         technology for storing private keys aiming to avoid theft or misappropriation of assets
                                         due to online attacks, collusion of agents managing the storage services, or any other
                                         threat.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Has
                                         a comprehensive risk management policy and formalized framework of managing operational
                                         and custody risks, including a disaster recovery program that ensures continuity of operations
                                         in the event of a system failure. The Bitcoin Custodian shall have a business continuity
                                         plan to help ensure continued access to the Fund&rsquo;s assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Has
                                         an insurance policy that covers, at least partially, risks such as the loss of client
                                         assets held in cold storage, including from employee collusion or fraud, physical loss
                                         including theft, damage of key material, security breach or hack, and fraudulent transfer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complies
                                         with higher standards of government oversight, external audits, and security, and as
                                         such, Bitcoin Custodian is able to offer better legal guarantees that safekeep asset
                                         ownership. The Bitcoin Custodian may be licensed or registered as a custodian by a reputable
                                         and independent governing body (e.g., the New York State Department of Financial Services,
                                         or other state, national or international regulators), as can be ascertained by certain
                                         public data sources.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provides
                                         third-party audit reports at least annually on operational and security processes. This
                                         audit may be completed by having a Systems and Organizational Control certification (&ldquo;SOC&rdquo;)
                                         issued. Auditors provide reasonable assurance that the Bitcoin Custodian operational
                                         processes and private key management controls are in accordance with the expected standards.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
custodian may lose its eligibility as a Bitcoin Custodian if it fails to comply with the above requirements, but the Sponsor has
no obligation whatsoever to change the Bitcoin Custodian for the Fund&rsquo;s bitcoin holdings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Custodian may also employ advanced blockchain monitoring tools and services to ensure the security and compliance of incoming
transactions, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transaction
                                         Validation</I>: When a transaction is initiated, these monitoring tools immediately validate
                                         it against predefined criteria, including sender addresses, transaction amounts, and
                                         transaction details, to ensure they comply with the custodian&rsquo;s policies and regulatory
                                         requirements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Real-time
                                         Alerts</I>: These monitoring tools offer real-time alerting capabilities, using advanced
                                         algorithms to identify suspicious or potentially fraudulent transactions. They detect
                                         patterns that may indicate money laundering, fraud, or other illicit activities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>AML/KYC
                                         Compliance</I>: To comply with Anti-Money Laundering (AML) and Know Your Customer (KYC)
                                         regulations, custodians integrate these solutions to verify sender and receiver identities,
                                         ensuring transactions are conducted by legitimate parties and meeting regulatory requirements.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
Custody Agreement with BitGo</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BitGo
Trust Company, Inc. (&ldquo;BitGo&rdquo;) is a trust company incorporated on 14 September 2018 under the laws of the State of
South Dakota with LEI 254900QXDWGM1T0HGF47 and with its registered office located at 6216 S Pinnacle Pl #101, Sioux Falls, SD
57108, United States. BitGo, a trust company duly organized and chartered under &sect; 51A-6A-1(12A) of the South Dakota Banking
Law, is the Bitcoin Custodian for the Fund (as of the date of this prospectus). BitGo is a wholly owned subsidiary of BitGo Holdings,
Inc., a Delaware corporation headquartered in Palo Alto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has entered a custodial services agreement with BitGo (&ldquo;BitGo Custody Agreement&rdquo;), and BitGo is also authorized
to safeguard the Fund&rsquo;s bitcoin holdings. BitGo maintains one or more custody accounts on its books, pursuant to the terms
of the BitGo Custody Agreement, for the receipt, safekeeping, and maintenance of bitcoin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BitGo
and its affiliates, including their officers, directors, agents, and employees, are not liable for any lost profits, special,
incidental, indirect, intangible, or consequential damages resulting from authorized or unauthorized use of the Fund or Sponsor&rsquo;s
site or services. This includes damages arising from any contract, tort, negligence, strict liability, or other legal grounds,
even if BitGo was previously advised of, knew, or should have known about the possibility of such damages. However, this exclusion
of liability does not extend to cases of BitGo&rsquo;s fraud, willful misconduct, or gross negligence. In situations of gross
negligence, BitGo&rsquo;s liability is specifically limited to the value of the digital assets or fiat currency that were affected
by the negligence. Additionally, the total liability of BitGo for direct damages is capped at the fees paid or payable to them
under the relevant agreement during the three-month period immediately preceding the first incident that caused the liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a regulated custodian, BitGo is subject to a detailed statutory and regulatory framework, including holding customer assets in
segregated client accounts on behalf of customers. 100% of Fund assets and private keys safekeeped by BitGo will be held in cold
storage (Custodial Wallets) in segregated accounts and are never commingled with BitGo or other client assets. BitGo applies industry
standards, such as CryptoCurrency Security Standard (CCSS) and SOC1 and SOC2, while also working with the most trusted brands
in the industry and offering clients comprehensive insurance solutions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
BitGo ecosystem and architecture for Private Key management includes the BitGo Platform, HSMs and modular services. The BitGo
cold custody solution is built on BitGo&rsquo;s security to manage keys on behalf of customers. BitGo only signs transactions
that have been authorized by the Sponsor and follow the policies set by the account administrators.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary keys and backup keys are created offline using an OVC (Offline Vault Console) on air gapped laptops during a secure ceremony
to create hardened cryptographic seeds that power the BitGo solution. This is to ensure only machines which have no access to
the internet and are pristine are able to see private key material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Undisclosed
personnel at BitGo hold the sharded keys. When they are reconstituted, they are able to sign a transaction which moves funds in
the public blockchain. To mitigate collusion, the individuals who have the shared keys are different from those who have access
to the vaults where the signings happen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
private key is reconstituted in the Offline Vault Console (OVC), however in internal memory only. At no point is it displayed
or shown to any user. After signing is done, the key is no longer available in memory. The OVC is run in a read-only disk, so
once the laptop is powered off there is no non-volatile storage of any kind to write back to disk. The OVC operates using a RAM
disk, where it simulates a real hard disk, but it&rsquo;s completely ephemeral and wiped as soon as the machine is power cycled
or rebooted thus wiping the reconstituted private key preventing it from being copied or compromised.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BitGo
is a South Dakota trust company and the private keys are strategically distributed across various geographic locations within
the United States. In order to enhance security measures, BitGo refrains from disclosing the exact locations of these keys.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
time of wallet creation, BitGo creates a unique key pair within its HSM in order to give each client a unique wallet on-chain.
These online keys are wrapped by the BitGo HSM and stored within BitGo&rsquo;s data vault for the BitGo Platform keys used to
sign transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
all custody wallets are segregated, the existence of bitcoin held by the Fund can be verified on-chain by the Sponsor or any other
authorized party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BitGo
cold wallets are supported by a $250 million insurance policy issued by Lloyd&rsquo;s of London. The specific of the policy include:
Cyber Insurance, E&amp;O, General specie. Any copying and theft of private keys, insider theft or dishonest acts by BitGo employees
or executives, and loss of keys directly related to BitGo custody of key would be covered by this amount at minimum. This insurance
policy is shared among all of BitGo&rsquo;s clients and is not specific to the Fund or to customers holding bitcoin and may not
be available or sufficient to protect the Fund from all possible losses or sources of losses. The Sponsor may purchase additional
insurance coverage through BitGo&rsquo;s underwriter, though the Sponsor has not purchased such additional insurance cover as
of the date of this prospectus. BitGo is not FDIC-insured. BitGo has established a business continuity plan that will support
its ability to conduct business in the event of a significant business disruption. This plan is reviewed and updated annually,
and can be updated more frequently, if deemed necessary by BitGo in its sole discretion. Should BitGo be impacted by a significant
business disruption, BitGo aims to minimize business interruption as quickly and efficiently as possible.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BitGo&rsquo;s
fork policy determines that in the event of an upcoming modification to the Bitcoin Network that could result in a digital asset
network fork or airdrop, the Bitcoin Custodian will use best commercial efforts to provide the value of the forked digital asset.
For further information, the Bitcoin Custodian&rsquo;s fork policy is available at: https://www.bitgo.com/resources/fork-policy/.
In addition to the Bitcoin Custodian&rsquo;s fork policy, BitGo adheres to the fork policy outlined by the CME. BitGo may not
support airdrops, side chains, or other derivative, enhanced, or forked protocols, tokens, or coins which supplement or interact
with an asset supported by Bitcoin Custodian and assumes absolutely no responsibility in respect to new protocols.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Custody Agreement commenced on the effective date, as detailed in the agreement, and will continue for one (1) year, unless
earlier terminated in accordance with the terms of the Bitcoin Custody Agreement. After the initial term, the Bitcoin Custody
Agreement will automatically renew for successive renewal terms, as established on the agreement, unless either party notifies
the other of its intention not to renew with a prior-notice. BitGo may terminate the Bitcoin Custody Agreement for any reason
upon providing at least thirty (30) days&rsquo; written notice to the Fund and to the Sponsor, or immediately if BitGo perceives
a risk of legal or regulatory non-compliance associated with the Fund&rsquo;s custodial account activity, among others. The Sponsor
may terminate the Bitcoin Custody Agreement at any time upon providing at least 30 days&rsquo; written notice to BitGo, paying
outstanding amounts and an early termination fee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama021"></A>The
Benchmark</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark
Calculation</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Benchmark is governed by the IMC, which is responsible for implementation, administration, and oversight of the Benchmark, including
its cessation. The IMC shall approve any material changes to the methodology and review the Benchmark methodology at least on an annual
basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Benchmark methodology, any deviations from the Benchmark methodology are made in the sole judgment and discretion of NYSE Arca
so that the Benchmark continues to achieve its objective. NYSE Arca will provide transparency over the decisions affecting the compilation
of the reference rate and any related determination process, including contingency measures in the event of absence of or insufficient
inputs, market stress or disruption, failure of critical infrastructure, or other relevant factors. Any contingency measures that are
not directly addressed in the Benchmark methodology shall be subject to IMC governance processes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, in its sole discretion, may cause the Fund to track a benchmark other than the Benchmark at any time, with prior notice
to investors. The Sponsor may change the Fund&rsquo;s benchmark if investment conditions change or the Sponsor believes that another
benchmark or standard better aligns with the Fund&rsquo;s investment objective and strategy. The Sponsor, however, is under no
obligation whatsoever such a change in any circumstance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
will be duly notified of any material changes to the Benchmark, including changes in the methodology or its complete replacement. Replacement
or material modification of the Benchmark would prompt the issuance of a press release describing the change and date of its implementation.
The Sponsor will provide at least 60 days&rsquo; notice to the Fund&rsquo;s Shareholders before making any changes to the Fund&rsquo;s
Benchmark and will file a press release on Form 8-K describing the changes and the date of implementation. Shareholder approval is not
mandatory and Shareholders will not receive notification in the event of changes resulting from the IMC&rsquo;s annual review of the
Benchmark or in the case of any non-material alterations to the Benchmark.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Benchmark is calculated and published once a day on business days at 4:00 pm, New York Time by CF Benchmarks Limited (<U>https://www.cfbenchmarks.com/data/indices/NQBTCS</U>)
or other NYSE Arca designated calculation agent. The closing level of the Benchmark is calculated and published as the Nasdaq Bitcoin
Reference Price &ndash; Settlement (NQBTCS).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
final NQBTCS calculation is a weighted average across all Core Exchanges. The settlement price for each Core Exchange is the Time Weighted
Average Price (&ldquo;TWAP&rdquo;) calculated across Volume Weighted Average Prices (&ldquo;VWAP&rdquo;) for each minute in the settlement
price window (between 3:50 pm and 4:00 pm ET). The weight of each Core Exchange is given by its median traded volume over the previous
30 trading days, adjusted by three different penalty factors designed to minimize the weight of Core Exchanges that exhibit signs that
can indicate manipulation, illiquidity, large block trading, or operational issues which compromise price representation, as described
below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;<I>Step
1: Calculate Core Exchanges volume</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First,
calculate Core Exchanges regular volume, RVk, by examining the previous 30 (T-(1-30)) trading days volume to determine median
traded volume (a volume measure that reflects regular exchange trading activity is akin to information utility of historical volatility
calculations). The 30-day variable represents a month per a 360 day-count year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-&nbsp;<I>Step
2: Calculate abnormal price penalty factor for exchange weighting</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the absence of a global marketplace &ldquo;best bid / best offer&rdquo;, a penalty factor (abnormal price adjustment) is calculated
to delineate anomalous trading activity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
adjustment is based purely on price. When examining Core Exchanges, those with prices within one standard deviation variance from
the median digital asset price are not penalized (penalty factor equals one). For Core Exchanges with prices outside one standard
deviation from the median (across all the Core Exchanges), a penalty factor is calculated proportional to its absolute distance
to the median point.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, if one exchange&rsquo;s price is 2.5 standard deviations from the median (across all the Core Exchanges), the penalty
factor will be a 1/2.5 multiplier. The abnormal price adjustment factor is defined as:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"><IMG SRC="tctposam001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
<I>C<SUB>k,price</SUB></I> is the adjustment for abnormal price of the k-th exchange, <I>Price<SUB>k</SUB></I> is its price, and
<I>Med<SUB>price</SUB></I> and &sigma;<I><SUB>price</SUB></I> are the median and standard deviation of the prices across all the
exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>-&nbsp;Step
3: Calculate abnormal volatility penalty factor for exchange weighting</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
penalty factor for volatile price series resulting from market effects of wide bid-ask spreads, or the opposite effect, nil market
volatility is calculated to delineate anomalous trading activity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
adjustment is based purely on price volatility. When examining the Core Exchanges, those with volatility within one standard deviation
away from the median volatility (across all the Core Exchanges) are not penalized (penalty factor equals one). For exchanges with
price volatility outside one standard deviation from the median (across all the Core Exchanges), a penalty factor is calculated
proportional to its absolute distance to the median point.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, if one exchange is 2.5 standard deviations from the volatility median (across all the Core Exchanges), the penalty factor
will be a 1/2.5 multiplier. The abnormal price adjustment factor is defined as:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"><IMG SRC="tctposam002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
<I>C<SUB>k,volatility</SUB></I> is the adjustment for abnormal volatility of the k-th exchange, <I>Volatility<SUB>k</SUB></I>
is its realized volatility (calculated as the square roots of the sum of squared log-returns calculated for each minute in the
pricing window), and <I>Med<SUB>volatility </SUB></I>and <I>&sigma;<SUB>pricevolatility</SUB></I> are the median and standard
deviation of the realized volatility across all the Core Exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>-&nbsp;Step
4: Calculate abnormal volume penalty factor for exchange weighting</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
penalty factor for abnormal volume series resulting from market effects of large traded positions, or the opposite effect, low
volumes as a result of exchange technical problems, is calculated to delineate anomalous trading activity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
adjustment is based on normalized volume, defined as the trade volume during the pricing window divided by the regular volume
(from Step 1). When examining Core Exchanges, those with normalized volume within one standard deviation from the median normalized
volume (across all the Core Exchanges) are not penalized (penalty factor equals one). For exchanges with normalized volumes outside
one standard deviation, a penalty factor is calculated proportionate to its absolute distance to the median point.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, if one exchange is 2.5 standard deviations from the median normalized volume (across all the Core Exchanges), the penalty
factor will be a 1/2.5 multiplier. The abnormal volume adjustment factor is defined as:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"><IMG SRC="tctposam003.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
<I>VolumeNorm<SUB>k </SUB></I>is the traded volume on the k-th exchange during the pricing window divided by its regular volume
<I>RV<SUB>k</SUB></I>, and <I>Med<SUB>VolumeNorm </SUB>and &sigma;<SUB>VolumeNorm</SUB></I> are the median and standard deviation
of this metric across all the Core Exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>-&nbsp;Step
5: Calculate final exchange weightings</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the regular volumes and the penalty factor adjustments of all the Core Exchanges, the final exchange weightings are calculated
as follow:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"><IMG SRC="tctposam004.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
that the denominator is the sum of the numerator across the Core Exchanges. This guarantees exchange weights will sum up to exactly
one (1.00). Further, each individual adjustment factor is mathematically proven to achieve a minimum of , where <I>K</I> is the
variable number of Core Exchanges. For example, if there are four Core Exchanges and one exchange substantively diverges from
the field in the three penalty factor metrics, its final weight will arrive at of its respective base weight. This example shows
perspective on the penalty factor adjustments, in that if a large player moves prices, the player would also increase traded volume
and volatility, thus reducing the exchange to a fraction of its base weight.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>-&nbsp;Step
6: Calculate NQBTCS</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
final step in calculation of NQBTCS is to convert the weighted settlement prices (Wj . Pj) into the final Bitcoin Reference Price
Ps by summing for the K Core Exchanges:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: Red"><IMG SRC="tctposam005.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>NQBTC-RT</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Nasdaq Bitcoin Reference Price &ndash; Real Time (&ldquo;NQBTC-RT&rdquo;) is the real-time version of the Benchmark and is calculated
every second throughout a 24-hour trading day, seven days per week, using published, real-time bid and ask quotes for bitcoin
on the NQBTCS Core Exchanges. It therefore seeks to be representative of current bids and offers of market participants to buy
or sell bitcoin at Core Exchanges. NQBTC-RT is published by CF Benchmarks Limited at <U>https://www.cfbenchmarks.com/data/indices/NQBTC</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core
Exchanges</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Core Exchanges are selected annually by the IMC. The Benchmark currently utilizes the following Core Exchanges (as of March 31, 2025):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Core</B><BR>
    <B>Exchange</B></FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Location</B></FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Licenses</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitstamp
    USA, Inc.</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitstamp
    is a European crypto exchange founded in 2011, with presence in the USA since 2019 licensed under NY DFS Bitlicense.</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    York, NY</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYDFS
    Bitlicense,<BR>
    FinCen MSB</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase,
    Inc.</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coinbase
    is a publicly traded company, listed on Nasdaq, founded in 2012, and licensed under NYDFS bitlicense since 2017</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
    Francisco, CA</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NYDFS
    Bitlicense,<BR>
    FinCen MSB</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gemini</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    York trust company regulated by the New York State Department of Financial Services (NYSDFS) since 2015</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    York, NY</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NFDS
    Bitlicense,<BR>
    FinCen MSB</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">itBit
    (f/k/a Paxos)</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ItBit
    is the exchange product name of the Paxos Trust Company, a New York-based financial institution and technology company specializing
    in blockchain, regulated by the New York State Department of Financial Services (NYSDFS) since 2015</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    York, NY</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NFDS
    Bitlicense,<BR>
    FinCen MSB</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LMAX
    Digital</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LMAX
    Digital is the institutional crypto currency exchange, operated by LMAX Group. LMAX Digital is regulated by the Gibraltar
    Financial Services Commission (GFSC) as a DLT provider for execution and custody services</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    York, NY</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gibraltar
    Financial Services Commission</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kraken</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kraken
    is the product name of the Payward Inc, a United States&ndash;based cryptocurrency exchange, founded in 2011</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
    Francisco, CA</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FinCen
    MSB</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
be considered eligible for designation as a &ldquo;Core Exchange&rdquo; and be considered an eligible pricing data source, according
to the criteria set forth in the Benchmark methodology, an exchange should, at minimum:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Include
                                         strong forking controls.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Have
                                         effective AML controls.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Have
                                         a reliable and transparent API that provides real-time and historical trading data.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charge
                                         fees for trading and structure trading incentives that do not interfere with the forces
                                         of supply and demand.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Be
                                         licensed by a public independent governing body.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Include
                                         surveillance for manipulative trading practices and erroneous transactions.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide
                                         evidence of a robust IT infrastructure.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demonstrate
                                         active capacity management.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evidence
                                         cooperation with regulators / law enforcement.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Have
                                         a minimum market representation for trading volume. The market size of an exchange is
                                         computed by summing the USD volume of all eligible &ldquo;digital asset&rdquo;-&rdquo;USD&rdquo;
                                         pairs for the month of August each year. Exchanges with less than 0.05% of the total
                                         volume in eligible exchanges are eliminated.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an exchange meets these standards, the IMC will conduct further diligence to assess an exchange&rsquo;s eligibility for designation as
a Core Exchange. In the process of conducting diligence of the exchanges, the IMC will consider additional criteria, including, but not
limited to, the exchange&rsquo;s rules for admitting digital assets, its organizational and ownership structure, security history, and
reputation. NYSE Arca will review new Core Exchange candidates throughout the year and announce any new additions when approved. The
list of existing Core Exchanges will be recertified by the IMC at minimum on an annual basis. Changes to the list of Core Exchanges may
be made by approval of the IMC and announced accordingly in the case of exceptional events or in order to maintain the integrity of the
Index. The IMC shall apply contingency measures in the event of the absence of or insufficient inputs for designation of Core Exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below lists the Core Exchanges that contribute transaction data to the Benchmark. It includes the aggregate volumes traded
on their respective Bitcoin &ndash; US Dollar markets over the preceding four calendar quarters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="background-color: black">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="color: white"><B>Period</B></FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="color: white"><B>Aggregate Trading Volume of BTC-USD Markets of
    CME CF Constituent Platforms*</B></FONT></TD></TR>
<TR STYLE="background-color: black">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; width: 13%">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center"><FONT STYLE="color: white"><B>Bitstamp</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: white"><B>Coinbase</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: white"><B>Gemini</B></FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="color: white"><B>itBit</B></FONT></TD>
    <TD STYLE="text-align: center; width: 14%"><FONT STYLE="color: white"><B>Kraken</B></FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center; width: 14%"><FONT STYLE="color: white"><B>LMAX
    Digital</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><B>Q4
    2024</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center">19,041,512,220</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">106,998,253,547</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">7,762,251,106</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">1,196,003,201</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">19,039,509,976</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">15,679,729,421</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><B>Q1
    2025</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center">14,477,591,026</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">94,635,582,496</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">7,306,366,610</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">1,101,275,922</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">17,525,260,799</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">9,804,590,131</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><B>Q2 2025</B></TD>
    <TD STYLE="border-right: black 1pt solid; text-align: center">10,585,362,523</TD>
    <TD STYLE="text-align: center">62,097,548,243</TD>
    <TD STYLE="text-align: center">4,607,793,882</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center">908,793,981</TD>
    <TD STYLE="text-align: center">12,383,175,403</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center">7,867,820,828</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><B>Q3
    2025</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; text-align: center">15,577,871,806</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">82,586,972,012</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">4,709,972,379</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">890,513,833</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">12,265,610,700</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">9,758,238,679</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Source: CF Benchmarks</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market share for BTC-USD trading of the Core Exchanges over the past four calendar quarters is shown in the table below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="background-color: black">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="color: white"><B>Period</B></FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center"><FONT STYLE="color: white"><B>Spot Trading Platforms Market Share of BTC-USD
    Trading*</B></FONT></TD></TR>
<TR STYLE="background-color: black">
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: white"><B>Bitstamp</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: white"><B>Coinbase</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: white"><B>Gemini</B></FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="color: white"><B>itBit</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: white"><B>Kraken</B></FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="color: white"><B>LMAX
    Digital</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><B>Q4
    2024</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">5.33%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">29.95%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">2.17%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0.33%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">5.33%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">4.39%</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><B>Q1
    2025</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">4.67%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">30.55%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">2.36%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0.36%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">5.66%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">3.17%</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center"><B>Q2 2025</B></TD>
    <TD STYLE="text-align: center">6.06%</TD>
    <TD STYLE="text-align: center">35.54%</TD>
    <TD STYLE="text-align: center">2.64%</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center">0.52%</TD>
    <TD STYLE="text-align: center">7.09%</TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; text-align: center">4.50%</TD></TR>
<TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><B>Q3
    2025</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">8.11%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">42.99%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">2.45%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">0.46%</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center">6.38%</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">5.08%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Source: CF Benchmarks</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benchmark
Contingency Measures</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
it is not possible to calculate the settlement price for any individual constituent asset in accordance with the methodology for
any reason, including in the event of the absence of or insufficient inputs from Core Exchanges, the settlement price for the
impacted constituent asset for that day shall be the last published settlement price for that asset.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama022"></A>Benchmark
Performance</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chart below shows the percent change in the NAV per share for the Fund, the market price of the Fund shares, represented by the
closing price of the Fund on NYSE Arca, and the Benchmark for five specific periods. The Benchmark does not reflect any impact
of expenses, which would generally reduce the Fund&rsquo;s NAV, or interest income, which would generally increase the NAV. The
actual results for the NAV include the impacts of both expenses and interest income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, in its sole discretion, may cause the Fund to track a benchmark other than the Benchmark at any time, with prior notice
to investors. The Sponsor may change the Fund&rsquo;s benchmark if investment conditions change or the Sponsor believes that another
benchmark or standard better aligns with the Fund&rsquo;s investment objective and strategy. The Sponsor, however, is under no
obligation whatsoever such a change in any circumstance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hashdex Bitcoin ETF Performance as of October 31, 2025<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt"><B>Three</B><BR>
    <B>Month</B></TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt"><B>1 Year</B><BR>
    <B>Annualized</B></TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt"><B>3 Year</B><BR>
    <B>Annualized</B></TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt"><B>5 Year</B><BR>
    <B>Annualized</B></TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.65pt; padding-left: 5.65pt"><B>Inception</B><BR>
    <B>Annualized</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 24%">NAV</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 10%">-5.89%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 10%">56.43%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 10%">69.25%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 10%">&mdash;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.65pt; padding-left: 5.65pt; width: 10%">67.13%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">Market
    Price</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">-5.89%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">55.69%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">69.01%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&mdash;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.65pt; padding-left: 5.65pt">67.01%</TD></TR>
<TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">Benchmark
    (NQBTC)</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">-5.96%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">55.77%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">68.92%</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&mdash;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.9pt; padding-left: 5.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.65pt; padding-left: 5.65pt">66.88%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 3%"><I><SUP>1</SUP></I></TD>
  <TD STYLE="width: 97%"><P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0">Performance data from September 15,
                         2022, to January 3, 2024, reflects the performance of the Predecessor Fund. Performance from January 4, 2024,
                         to March 26, 2024, reflects the Fund's performance under its previous investment strategy, which involved investing
                         in futures contracts. Performance data from March 27, 2024, to January 15, 2026 reflects the Fund's previous
                         investment strategy, which involved bitcoin futures contracts.</P></TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama023"></A>The
Bitcoin Industry</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
is a digital asset that serves as the unit of account on an open-source, decentralized, peer-to-peer computer network. It may
be used to pay for goods and services, stored for future use, or converted to government-backed currency. As of the date of this
prospectus, the adoption of bitcoin for these purposes has been limited. The value of bitcoin is not backed by any government,
corporation, or other identified body.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of bitcoin depends on its supply (which is limited), and demand for bitcoin in the markets for exchange that have been organized
to facilitate the trading of bitcoin. By design, the supply of bitcoin is intentionally limited to 21 million bitcoins. As of
the date of this prospectus, there are approximately 19 million bitcoins in circulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
is maintained on the decentralized, open source, peer-to-peer computer network, the Bitcoin Network. No single entity owns or
operates the Bitcoin Network. The Bitcoin Network is accessed through software and governs bitcoin&rsquo;s creation and movement.
The source code for the Bitcoin Network, often referred to as the Bitcoin Protocol, is open-source, and anyone can contribute
to its development.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Network</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
infrastructure of the Bitcoin Network is collectively maintained by various participants in the Bitcoin Network, which include
miners, developers, and users. Miners validate transactions and provide security to the network, and are currently compensated
for that service in bitcoin. Developers maintain and contribute updates to the Bitcoin Network&rsquo;s source code, often referred
to as the Bitcoin Protocol. Users access the Bitcoin Network using open-source software. Anyone can be a user, developer, or miner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
is &ldquo;stored&rdquo; on a digital transaction ledger commonly known as a &ldquo;blockchain.&rdquo; A blockchain is a distributed
database that is continuously updated and reconciled among certain users and is protected by cryptography. The bitcoin blockchain
contains a complete record and history for each bitcoin transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
bitcoins are created through a process called &ldquo;mining.&rdquo; Miners use specialized computer software and hardware to solve
a highly complex mathematical problem presented by the Bitcoin Protocol. The first miner to successfully solve the problem is
permitted to add a block of transactions to the bitcoin blockchain. The new block is then confirmed through acceptance by a majority
of users who maintain versions of the blockchain on their individual computers. Miners that successfully add a block to the bitcoin
blockchain are automatically rewarded with a fixed amount of bitcoin for their effort plus any transaction fees paid by transferors
whose transactions are recorded in the block. This reward system is the means by which new bitcoin enter circulation and is the
mechanism by which versions of the blockchain held by users on a decentralized network are kept in consensus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Protocol</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bitcoin Protocol is an open source project with no official company or group in control, and anyone can review the underlying
code. There are, however, a number of individual developers that regularly contribute to a specific distribution of bitcoin software
known as the &ldquo;bitcoin core&rdquo; (&ldquo;Bitcoin Core&rdquo;). Developers of the Bitcoin Core loosely oversee the development
of the source code. There are many other compatible versions of the bitcoin software, but Bitcoin Core is the most widely adopted
and currently provides the de facto standard for the Bitcoin Protocol. The core developers are able to access, and can alter,
the Bitcoin Network source code and, as a result, they are responsible for quasi-official releases of updates and other changes
to the Bitcoin Network&rsquo;s source code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
because bitcoin has no central authority, the release of updates to the Bitcoin Network&rsquo;s source code by the core developers
does not guarantee that the updates will be automatically adopted by the other purchasers. Users and miners must accept any changes
made to the source code by downloading the proposed modification and that modification is effective only with respect to those
bitcoin users and miners who choose to download it. As a practical matter, a modification to the source code becomes part of the
Bitcoin Network only if it is accepted by purchasers that collectively have a majority of the processing power on the Bitcoin
Network. If a modification is accepted by only a percentage of users and miners, a division will occur such that one network will
run the pre-modification source code and the other network will run the modified source code. Such a division is known as a &ldquo;fork.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama024"></A>The
Fund&rsquo;s Service Providers</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractual
Arrangements with the Sponsor and Third-Party Service Providers</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is responsible for investing the assets of the Fund in accordance with the objectives and policies of the Fund. In addition,
the Sponsor arranges for one or more third parties to provide administrative, custodial, accounting, transfer agency and other
necessary services to the Fund. For these third-party services, the Fund pays the fees set forth in the table below entitled &ldquo;Contractual
Fees and Compensation Arrangements with the Sponsor and Third-Party Service Providers.&rdquo; For the Sponsor&rsquo;s services,
the Fund is contractually obligated to pay a monthly management fee to the Sponsor, based on average daily net assets, at a rate
equal to 0.25% per annum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor acts as the Fund&rsquo;s sponsor pursuant to the terms of the Second Amended and Restated Declaration of Trust and Trust
Agreement (&ldquo;Trust Agreement&rdquo;). Under the Trust Agreement, the Sponsor acts as an agent of the Trust and is solely
responsible for the conduct of the Trust&rsquo;s business. The term of the Trust Agreement is indefinite, but it is subject to
termination upon the occurrence of certain events including but not limited to: the Trust or any fund become bankrupt, occurrence
of any event which would make unlawful the continued existence of the Trust or any Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, the Sponsor shall be indemnified by the Trust against any losses, judgments, liabilities, expenses and amounts paid
in settlement of any claims sustained by it in connection with its activities for the Trust (including in its capacity as Partnership
Representative, as defined in the Trust Agreement), provided that (i) the Sponsor was acting on behalf of or performing services for
the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or
loss was not the result of gross negligence, willful misconduct, or a breach of this Trust Agreement on the part of the Sponsor, and
(ii) any such indemnification will only be recoverable from the applicable Trust Estate or Trust Estates, as defined in the Trust Agreement.
All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation
to exist of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or
involuntary petition in bankruptcy under Title 11 of the Bankruptcy Code by or against the Sponsor. The governing law for the agreement
is the State of Delaware. For further discussion of the Trust Agreement, see &ldquo;OPERATION OF THE FUND &minus; Trust Agreement&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
Custodian, Registrar, Transfer Agent, Fund Administrator</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
its capacity as the Cash Custodian, currently U.S. Bank, N.A., holds the Fund&rsquo;s securities, cash and/or cash equivalents
pursuant to a custodial agreement. U.S. Bank Global Fund Services (&ldquo;Global Fund Services&rdquo;), an entity affiliated with
U.S. Bank, N.A., is the registrar and transfer agent for the Fund&rsquo;s Shares. In addition, Global Fund Services also serves
as administrator for the Fund, performing certain administrative, and accounting services, and support in preparing certain SEC
reports on behalf of the Fund. The Cash Custodian is located at 1555 North Rivercenter Drive, Suite 302, Milwaukee, Wisconsin
53212. U.S. Bank, N.A. is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency, Department
of the Treasury, and is subject to regulation by the Board of Governors of the Federal Reserve System. The principal address for
Global Fund Services is 615 East Michigan Street, Milwaukee, WI, 53202.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cash
Custody Agreement. </I>Under the Cash Custody Agreement between the Cash Custodian, Sponsor, and the Trust, upon the Sponsor&rsquo;s
instructions, the Cash Custodian will establish and maintain a segregated account or accounts for and on behalf of a Fund, into
which account or accounts may be transferred cash and/or securities. Upon instructions from the Trust or Sponsor, the Cash Custodian
will facilitate the transfer and management of assets, including cash, within the Trust&rsquo;s account(s). The Cash Custodian&rsquo;s
fees are payable by the Trust, however, the Sponsor assumes such fees via the Sponsorship Agreement with the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cash Custody Agreement specifies an initial term of three years, with automatic renewal for successive one-year terms unless terminated
earlier in accordance with the terms of the Agreement. Either party can terminate the Agreement under certain conditions, such
as material breach or failure to pay fees within a specified period. Additionally, the Agreement may be terminated by the Trust
for causes such as prolonged force majeure events, legal requirements, or significant corporate events affecting the Cash Custodian.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
performing its duties, the Cash Custodian is required to exercise due care in accordance with reasonable commercial standards.
The Cash Custodian is generally not liable for any error of judgment or mistake of law or for any loss suffered by the Trust in
connection with its duties under the Agreement, except a loss arising out of or relating to the Custodian&rsquo;s refusal or failure
to comply with the terms of the Agreement or from the Custodian&rsquo;s bad faith, negligence or willful misconduct in the performance
of its duties under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability
of the Cash Custodian under the Agreement is generally limited to direct damages caused by its failure to perform its obligations
in accordance with the agreed standard of care. The Trust is obligated to indemnify the Cash Custodian against losses, expenses,
damages, and liabilities incurred in the performance of its duties under the Agreement, except where such issues arise from the
Cash Custodian&rsquo;s failure to meet the agreed standard of care.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust retains the discretion to appoint additional custodians as necessary to manage its assets, subject to the terms of separate
agreements. The Sponsor has the authority to add or terminate Custodians as deemed appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
governing law for the Cash Custody Agreement is the laws of the State of Minnesota.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is subject to various risks associated with the potential insolvency of the Cash Custodian. In the event of the Cash Custodian&rsquo;s
insolvency, the Fund&rsquo;s assets held under custody might be subject to legal and financial complexities, which would subject
the Fund to the following risks:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access
                                         to Assets: In the case of the Cash Custodian&rsquo;s insolvency, there may be delays
                                         or difficulties in accessing the Fund&rsquo;s assets held by the Cash Custodian. This
                                         situation could impact the Fund&rsquo;s ability to meet its financial obligations or
                                         to execute its investment strategies promptly.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
                                         Recovery and Transfer: The process of recovering and transferring assets to a new custodian
                                         in the event of insolvency may prove time-consuming and complex. This process might involve
                                         legal proceedings and negotiations, potentially leading to a prolonged period during
                                         which the assets are not actively managed or are inaccessible.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
                                         Losses: Ther Fund may incur financial losses if the assets held by the Cash Custodian
                                         are entangled in insolvency proceedings. The Fund might not recover the full value of
                                         its assets, particularly if any part of the assets becomes part of the Cash Custodian&rsquo;s
                                         bankruptcy estate.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operational
                                         Disruptions: Transitioning to a new custodian may cause operational disruptions. This
                                         includes administrative burdens, potential errors during the transfer of records and
                                         assets, and the need to establish new operational protocols.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the foregoing risks, the Fund would be subject to additional risks if the Custody Agreement is terminated, which include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
                                         Implications: Terminating the agreement and engaging a new custodian might incur additional
                                         costs, including early termination fees, transfer fees, and higher fees charged by a
                                         new custodian.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuity
                                         of Service: There is a risk of service interruptions during the transition period, which
                                         might affect the Fund&rsquo;s ability to execute transactions and manage its assets effectively.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Administration
Agreement.</I> The Fund Administrator is U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (Global
Fund Services). In the Fund Administration Servicing Agreement with the Trust and the Sponsor, Global Fund Services has been appointed
to provide a range of administrative services to the Trust. These services encompass general fund management, financial reporting,
tax reporting, and optional additional tax services, as detailed in the Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreement specifies an initial term of three years, with automatic renewal for successive one-year periods unless a party provides
90 days&rsquo; prior written notice indicating non-renewal. Termination can occur under several conditions, including material
breach, compliance with applicable laws, or operational changes that affect Global Fund Services or the Trust. Additionally, the
Agreement may be amended only through a written agreement executed by both parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreement limits the Global Fund Services&rsquo; liability to direct damages arising from Global Fund Services&rsquo; refusal
or failure to comply with the terms of the agreement or from its bad faith, negligence or willful misconduct in the performance
of its duties under the agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is required to indemnify Global Fund Services against losses or liabilities incurred in performing its duties, except in
cases of failure to meet the standard of care or due to the Fund Administrator&rsquo;s own misconduct. Conversely, Global Fund
Services is obligated to indemnify the Trust against any liabilities arising from Global Fund Services&rsquo; refusal or failure
to comply with the terms of the Agreement or from its bad faith, negligence or willful misconduct in the performance of its duties
under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreement is governed by the laws of the State of Wisconsin. Both parties agree to maintain confidentiality regarding proprietary
information, with allowances for disclosure as required by law or upon mutual agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transfer
Agent Servicing Agreement.</I> The Transfer Agent Servicing Agreement is between Global Fund Services, a registered transfer agent
under the Exchange Act, the Trust and the Sponsor. Under this agreement Global Fund Services is appointed as the transfer agent
for the Trust, providing services related to the creation and redemption of shares, dividend disbursing, and maintaining shareholder
records.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
Fund Services is responsible for facilitating purchases and redemptions of Creation Units, handling transactions with Authorized
Purchasers, managing dividend payments for the Trust&rsquo;s shares. Global Fund Services also records issuance of shares and
maintains a record of outstanding shares for each fund in the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
Fund Services is obligated to exercise reasonable care. Its liability is limited to direct damages arising from Global Fund Services&rsquo;
refusal or failure to comply with the terms of the agreement or from its bad faith, negligence or willful misconduct in the performance
of its duties under this agreement. The Trust is obligated to indemnify Global Fund Services against claims not arising from the
agent&rsquo;s non-compliance or misconduct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
Fund Services is required to implement its designed to promote the detection and reporting of potential money laundering activity
and identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer&rsquo;s
identity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Transfer Agent Agreement has an initial three-year term, automatically renewing for one-year periods unless terminated by a party
upon 90 days&rsquo; written notice. Early termination requires the Trust to pay remaining fees and costs related to the transition
to a new service provider.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
agreement includes clauses on confidentiality, proprietary information, and record-keeping responsibilities, ensuring both parties
maintain confidentiality of sensitive information and is governed by the laws of the State of Wisconsin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Fund
Accounting Agreement.</I> The Fund Accounting Servicing Agreement is between Global Fund Services, the Trust, and the Sponsor.
Under this Agreement, Global Fund Services is appointed as the fund accountant for the Trust, responsible for various accounting
services such as portfolio accounting, expense accrual and payment, trust valuation and financial reporting, tax accounting, and
compliance control services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Agreement is set for an initial term of three years, with automatic renewal for successive one-year terms unless terminated earlier.
Termination can occur under specific conditions, including material breach or changes in laws affecting the Agreement. The Trust
and Sponsor can also terminate the agreement upon 90 days&rsquo; notice, and Global Fund Services may do the same under certain
circumstances, such as the existence of certain legal compliance issues or reputational harm.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
Fund Services is obligated to exercise reasonable care in its duties. Global Fund Services&rsquo; liability under the agreement
limited to losses arising from Global Fund Services&rsquo; refusal or failure to comply with the terms of the agreement or from
its bad faith, negligence or willful misconduct in the performance of its duties under this agreement. The Trust is obligated
to indemnify Global Fund Services against losses not arising from such failures or misconduct. Conversely, Global Fund Services
is obligated to indemnify the Trust for losses resulting from its non-compliance or misconduct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
agreement includes clauses on confidentiality, proprietary information, and record-keeping responsibilities, ensuring both parties
maintain confidentiality of sensitive information. The agreement has an initial three-year term, automatically renewing for one-year
periods unless terminated by a party upon 90 days&rsquo; written notice and is governed by the laws of the State of Wisconsin.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing
Agent</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund employs Paralel Distributors
LLC as the Marketing Agent for the Fund. The Marketing Agent Agreement among the Marketing Agent, the Sponsor, and the Trust calls
for the Marketing Agent to work with the Cash Custodian in connection with the receipt and processing of orders for Creation Baskets
and Redemption Baskets and the review and approval of all Fund sales literature and advertising material. The Marketing Agent&rsquo;s
principal business address is 1700 Broadway, Suite 1850, Denver CO 80290. The Marketing Agent is a broker-dealer&nbsp;registered
with the U.S.&nbsp;Securities and Exchange Commission (&ldquo;SEC&rdquo;) and a member of FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Marketing Agent Agreement, the Trust engaged the Marketing Agent to perform marketing services. The Marketing Agent is registered
as a broker-dealer under the Securities Exchange Act of 1934 and a member of FINRA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Marketing Agent&rsquo;s services include assisting with Authorized Purchasers Agreements, maintaining creation and redemption
order confirmations, providing Prospectuses to Authorized Purchasers, ensuring compliance with SEC and FINRA advertising rules,
and approving marketing materials. The Trust, in turn, is responsible for creating, issuing, and redeeming Creation Units, providing
the Marketing Agent with necessary documentation, and ensuring the availability of Prospectuses and Statements of Additional Information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust is obligated to indemnify
the Marketing Agent against losses primarily arising from the Marketing Agent&rsquo;s services, the Trust&rsquo;s breach of obligations,
non-compliance&nbsp;with laws, or inaccuracies in Trust materials, except for losses caused by the Marketing Agent&rsquo;s willful
misconduct, gross negligence, or bad faith. Conversely, the Marketing Agent will indemnify the Trust against losses caused by
the Marketing Agent&rsquo;s gross negligence, reckless disregard, or willful misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The agreement sets out that the Marketing
Agent is not entitled to compensation or reimbursement of expenses from the Trust, with any such remuneration to be paid by the
Sponsor, out of the management fee it receives for its services to the Trust. The term of the agreement is three&nbsp;years, with
provisions for automatic renewal and termination options available to both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential
information is protected under the agreement, with specific obligations for non-disclosure and non-use, along with provisions
for regulatory disclosure and information security. The agreement is governed by Delaware law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Compliance
Services</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paralel
Distributors LLC also assists the Trust and the Sponsor with certain functions and duties relating to compliance related services, which
include development of compliance procedures and periodic reviews of the adequacy of the Trust's and service providers' compliance policies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Tidal Sponsor and Teucrium entered into a Support Agreement where in furtherance of their long-term business goals, the Fund would
be the successor and surviving entity from the Merger into the Fund of the Predecessor Fund that is a series of the Trust sponsored
by Teucrium. The Predecessor Fund&rsquo;s Declaration of Trust permitted Teucrium, without a shareholder vote, to transfer the
assets of the Predecessor Fund to the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Teucrium
and the Tidal Sponsor entered into an agreement and plan of partnership merger and liquidation (the &ldquo;Plan of Reorganization&rdquo;)
dated October 30, 2023. Pursuant to the Plan of Reorganization, the Fund delivered its Shares to the Predecessor Fund and assumed
the liabilities of the Predecessor Fund on January 3, 2024 (the &ldquo;Closing Date&rdquo;). On the Closing Date, the Predecessor
Fund delivered its assets to the Custodian and the Fund&rsquo;s futures commission merchants, in exchange for the Shares. The
Fund distributed to the Predecessor Fund&rsquo;s record holders, determined as of the Closing Date, its Shares in an amount equal
to one for one exchange of the Predecessor Fund&rsquo;s shares. Pursuant to the terms of the Plan of Reorganization, the Predecessor
Fund liquidated in accordance with the laws of Delaware and applicable federal securities laws and regulations. The Predecessor
Fund and the Fund were required to make representations and warranties that are customary in matters such as the Plan of Reorganization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Merger did not materially modify the rights of Fund shareholders. Prior to the Merger, the Fund had no operations, received $100
in cash from the Sponsor for four Shares to complete the pre-operational formation of the Fund and had no liabilities. By being
the surviving entity from the Merger, the Fund acquired all assets and assumed all the liabilities of the Predecessor Fund and
succeeded to the Predecessor Fund&rsquo;s performance history. Unless otherwise indicated, information concerning the Fund for
periods before January 3, 2024 is information of the Predecessor Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Merger constituted a &ldquo;reorganization&rdquo; within the meaning of Section 368(a) of the &ldquo;Code&rdquo;. The Sponsor, as a condition to the closing of the Merger, received an opinion to such effect
from tax counsel to the Trust. The Predecessor Fund and the shareholders generally did not recognize any gain or loss for federal
income tax purposes on the transfer of assets, the assumption of liabilities, and the receipt of Fund shares in the Merger.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Predecessor Fund did not pay for the costs of the Merger. The Tidal Sponsor paid the costs associated with the Merger, including
the expenses associated with preparing and filing this prospectus and the cost of copying, printing and mailing this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor
Transition</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Effective after the close of trading on
January 15, 2026, Tidal Investments LLC (f/k/a Toroso Investments, LLC) (the &ldquo;Tidal Sponsor&rdquo;), as the prior sponsor (the
&ldquo;Tidal Sponsor&rdquo;) of the Trust, entered into an agreement (the &ldquo;Transfer Agreement&rdquo;) to resign as Sponsor to
the Trust and transfer its role as the Trust's sponsor to the Sponsor. Under the terms of the Transfer Agreement, the Tidal Sponsor
no longer has any involvement in the operations, management or marketing of the Fund. In connection with the change of the
Trust&rsquo;s sponsor, as of January 16, 2026 the name of the Trust was changed from &ldquo;Tidal Commodities Trust I&rdquo; to
&ldquo;Hashdex Commodities Trust.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also in connection with the change of the
Trust&rsquo;s sponsor, certain changes were made to the Fund&rsquo;s principal investment strategies and techniques. Prior to
the sponsor change, the Fund used bitcoin futures contracts for the primary purpose of acquiring physical bitcoin through CME&rsquo;s
Exchange for Physical Transactions (&ldquo;EFP&rdquo;) and to offset cash and receivables for better tracking the Benchmark. Under
normal market conditions, the Fund had a policy to maximize its investments in physical bitcoin such that it was expected that
at least 95% of the Fund&rsquo;s assets would be invested in bitcoin, and up to 5% may be invested in bitcoin futures contracts
and in cash and cash equivalents, such as short-term Treasury bills, money market funds, and demand deposit accounts. Upon the
commencement of Hashdex&rsquo;s service as the Trust&rsquo;s sponsor, the Fund achieves its investment objective by primarily
investing in bitcoin, and does not purchase or sell bitcoin future contracts. Other than as previously described, the Sponsor,
Tidal Sponsor and the Trust do not believe that the change of Trust sponsor will have any impact on a shareholder&rsquo;s investment
in the Fund.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AML/KYC</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust takes measures with the objective of reducing illicit financing risks in connection with the Trust&rsquo;s activities. However,
illicit financing risks are present in the digital asset markets, including markets for bitcoin. There can be no assurance that
the measures employed by the Trust will prove successful in reducing illicit financing risks, and the Trust is subject to the
complex illicit financing risks and vulnerabilities present in the digital asset markets. If such risks eventuate, the Trust,
the Sponsor or the Trustee or their affiliates could face civil or criminal liability, fines, penalties, or other punishments,
be subject to investigation, have their assets frozen, lose access to banking services or services provided by other service providers,
or suffer disruptions to their operations, any of which could negatively affect the Trust&rsquo;s ability to operate or cause
losses in value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust, the Sponsor and its affiliates have adopted and implemented policies and procedures that are designed to comply with applicable
anti-money laundering laws and sanctions laws and regulations, including applicable know your customer (&ldquo;KYC&rdquo;) laws
and regulations. The Sponsor and the Trust will only interact with known third-party service providers with respect to whom the
Sponsor or its affiliates have engaged in a due diligence process to ensure a thorough KYC process, such as the Authorized Purchasers,
market makers and Bitcoin Custodian. Each Authorized Purchaser and market maker must undergo onboarding by the Sponsor prior to
placing creation or redemption orders with respect to the Fund. As a result, the Sponsor and the Trust have instituted procedures
designed to ensure that a situation would not arise where the Trust would engage in transactions with a counterparty whose identity
the Sponsor and the Trust did not know.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
Authorized Purchasers, as broker-dealers, and Bitcoin Custodian, as an entity licensed to conduct virtual currency business activity
by the New York Department of Financial Services and a limited purpose trust company subject to New York Banking Law, respectively,
are &ldquo;financial institutions&rdquo; subject to the U.S. Bank Secrecy Act, as amended (&ldquo;BSA&rdquo;), and U.S. economic
sanctions laws. The Trust will only accept creation and redemption requests from Authorized Purchasers and market makers who have
represented to the Trust that they have implemented compliance programs that are designed to ensure compliance with applicable
sanctions and anti-money laundering laws. The Cash Custodian and Bitcoin Custodian have adopted and implemented anti-money laundering
and sanctions compliance programs, which provides additional protections to ensure that the Sponsor and the Trust do not transact
with a sanctioned party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
Counsel</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eversheds
Sutherland (US) LLP serves as legal counsel to the Fund and the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama025"></A>Contractual
Fees and Compensation Arrangements with the Sponsor and Third-Party Service Providers</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Service
    Provider</B></FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation
    Paid by the Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hashdex
    Asset Management Ltd., Sponsor</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.25%
    of average net assets annually</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; border-right: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wilmington
    Trust, Trustee</B></FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3,300
    annually for the Trust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>*
</B>The above table does not include compensation arrangements between the Sponsor and third-party service providers including
the Administrator, Custodians, Marketing Agent, Transfer Agent, or auditors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama026"></A>Other
Non-Contractual Payments by the Fund</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.25% per annum of the daily NAV of the Fund. The Management
Fee is paid in consideration of the Sponsor&rsquo;s services related to the management of the Fund&rsquo;s business and affairs. In addition
to the Management Fee, the Fund pays all of its respective brokerage commissions, including financing fees, Bitcoin network fees and
similar transaction fees and expenses charged in connection with trading activities. The Trust also pays all fees and commissions related
to the sale and purchase of spot bitcoin, including any bitcoin transaction fees for on-chain transfers of bitcoin.&nbsp; The Sponsor
pays all other routine operational, administrative and other ordinary expenses of the Fund, generally as determined by the Sponsor, including
but not limited to, fees and expenses of the Administrator, Custodians, Marketing Agent, Transfer Agent, licensors, accounting and audit
fees and expenses, tax preparation expenses, legal fees, ongoing SEC registration fees, individual Schedule K-1 preparation and mailing
fees, and report preparation and mailing expenses. The Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined
by the Sponsor. Non-recurring and unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities
and litigation costs or indemnification or other unanticipated expenses. Extraordinary fees and expenses also include material expenses
which are not currently anticipated obligations of the Fund. Routine operational, administrative and other ordinary expenses are not
deemed extraordinary expenses. In the event the Trust&rsquo;s cash balance is insufficient to pay all fees and expenses, including the
Management Fee, the Trust may need to sell crypto assets from time to time to pay for its fees and expenses, and up to $250,000 per annum
in ordinary legal fees and expenses. The Sponsor may determine in its sole discretion to assume legal fees and expenses of the Trust
in excess of $250,000 per annum. The Sponsor may determine in its sole discretion to assume any non-recurring and unusual fees and expenses
of the Trust, if applicable. To the extent that the Sponsor does not voluntarily assume such fees and expenses, they will be the responsibility
of the Trust. Authorized Purchasers pay a $300 fee per order to create Creation Baskets, and a $300 fee per order for Redemption Baskets,
which is paid to the Cash Custodian. This $300 fee may not be used by the Fund to cover expenses related to creations and redemptions.
Expenses paid by Sponsor are not subject to any caps or limits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama027"></A>Form
of Shares</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
Form</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
are issued in registered form in accordance with the Trust Agreement. Global Fund Services has been appointed registrar and transfer
agent for the purpose of transferring Shares in certificated form. Global Fund Services keeps a record of all Shareholders and
holders of the Shares in certificated form in the registry (&ldquo;Register&rdquo;). The Sponsor recognizes transfers of Shares
in certificated form only if done in accordance with the Trust Agreement. The beneficial interests in such Shares are held in
book-entry form through purchasers and/or account holders in DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Book
Entry</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individual
certificates are not issued for the Shares. Instead, Shares are represented by one or more global certificates, which are deposited
by the Administrator with DTC and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates evidence
all of the Shares outstanding at any time. Shareholders are limited to (1) purchasers in DTC such as banks, brokers, dealers and
trust companies, (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC purchaser, and (3)
those who hold interests in the Shares through DTC purchasers or Indirect purchasers, in each case who satisfy the requirements
for transfers of Shares. DTC purchasers acting on behalf of investors holding Shares through such purchasers&rsquo; accounts in
DTC will follow the delivery practice applicable to securities eligible for DTC&rsquo;s Same Day Funds Settlement System. Shares
are credited to DTC purchasers&rsquo; securities accounts following confirmation of receipt of payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
is a limited purpose trust company organized under the laws of the State of New York and is a member of the Federal Reserve System,
a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code and a &ldquo;clearing agency&rdquo;
registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities for DTC purchasers and facilitates
the clearance and settlement of transactions between DTC purchasers through electronic book-entry changes in accounts of DTC purchasers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama028"></A>Transfer
of Shares</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC purchasers may transfer their
Shares through DTC by instructing the DTC purchaser holding their Shares (or by instructing the Indirect purchaser or other entity
through which their Shares are held) to transfer the Shares. Transfers are made in accordance with standard securities industry
practice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfers
of interests in Shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of
the transfer. DTC has established procedures to facilitate transfers among the Purchasers and/or account holders of DTC. Because
DTC can only act on behalf of DTC Purchasers, who in turn act on behalf of Indirect Purchasers, the ability of a person or entity
having an interest in a global certificate to pledge such interest to persons or entities that do not participate in DTC, or otherwise
take actions in respect of such interest, may be affected by the lack of a certificate or other definitive document representing
such interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DTC
has advised us that it will take any action permitted to be taken by a Shareholder (including, without limitation, the presentation
of a global certificate for exchange) only at the direction of one or more DTC purchasers in whose account with DTC interests
in global certificates are credited and only in respect of such portion of the aggregate principal amount of the global certificate
as to which such DTC purchaser or purchasers has or have given such direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama029"></A>Inter-Series
Limitation on Liability</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Trust was established as a Delaware statutory trust, the Fund and each other series that may be established under the Trust
in the future will be operated so that it will be liable only for obligations attributable to such series and will not be liable
for obligations of any other series or affected by losses of any other series. If any creditor or Shareholder of any particular
series (such as the Fund) asserts against the series a valid claim with respect to its indebtedness or Shares, the creditor or
Shareholder will only be able to obtain recovery from the assets of that series and not from the assets of any other series or
the Trust generally. The assets of the Fund and any other series will include only those funds and other assets that are paid
to, held by or distributed to the series on account of and for the benefit of that series, including, without limitation, amounts
delivered to the Trust for the purchase of Shares in a series. This limitation on liability is referred to as the Inter-Series
Limitation on Liability. The Inter-Series Limitation on Liability is expressly provided for under the Delaware Statutory Trust
Act, which provides that if certain conditions (as set forth in Section 3804(a)) are met, then the debts of any particular series
will be enforceable only against the assets of such series and not against the assets of any other series or the Trust generally.
In furtherance of the Inter-Series Limitation on Liability, every party providing services to the Trust, the Fund or the Sponsor
on behalf of the Trust or the Fund, will acknowledge and consent in writing to the Inter-Series Limitation on Liability with respect
to such party&rsquo;s claims.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
existence of a Trustee should not be taken as an indication of any additional level of management or supervision over the Fund.
Consistent with Delaware law, the Trustee acts in an entirely passive role, delegating all authority for the management and operation
of the Fund and the Trust to the Sponsor. The Trustee does not provide custodial services with respect to the assets of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama030"></A>Plan
of Distribution</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Buying
and Selling Shares</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
investors buy and sell Shares of the Fund in secondary market transactions through brokers. Shares trade on NYSE Arca under the
ticker symbol &ldquo;DEFI.&rdquo; Shares are bought and sold throughout the trading day like other publicly traded securities.
When buying or selling Shares through a broker, most investors incur customary brokerage commissions and charges. Investors are
encouraged to review the terms of their brokerage account for details on applicable charges and, as discussed below under &ldquo;U.S.
Federal Income Tax Considerations,&rdquo; any provisions authorizing the broker to borrow Shares held on your behalf.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing
Agent and Authorized Purchasers</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of the Fund&rsquo;s Shares is a best efforts offering. The Fund continuously offers Creation Baskets consisting of 10,000
Shares at their NAV through the Marketing Agent, to Authorized Purchasers. Shares will be sold at the next determined NAV per
Share. All Authorized Purchasers pay a $300 fee for each Creation Basket order.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following entities have entered into Authorized Purchaser Agreements with respect to the Fund: Jane Street Capital, LLC, Mirae Asset
Securities (USA) Inc., Virtu Americas LLC, Macquarie Capital (USA) Inc, Goldman Sachs &amp; Co. LLC and Citadel Securities LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
new Shares can be created and issued on an ongoing basis, at any point during the life of the Fund, a &ldquo;distribution,&rdquo;
as such term is used in the 1933 Act, will be occurring. Authorized Purchasers, other broker-dealers and other persons are cautioned
that some of their activities may result in their being deemed purchasers in a distribution in a manner that would render them
statutory underwriters and subject them to the prospectus delivery and liability provisions of the 1933 Act. For example, an Authorized
Purchaser, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a basket from the Fund,
breaks the basket down into the constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation
of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. In contrast,
Authorized Purchasers may engage in secondary market or other transactions in Shares that would not be deemed &ldquo;underwriting.&rdquo;
For example, an Authorized Purchaser may act in the capacity of a broker or dealer with respect to Shares that were previously
distributed by other Authorized Purchasers. A determination of whether a particular market purchaser is an underwriter must take
into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular
case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to
designation as an underwriter and subject them to the prospectus delivery and liability provisions of the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dealers
who are neither Authorized Purchasers nor &ldquo;underwriters&rdquo; but are nonetheless participating in a distribution (as contrasted
to ordinary secondary trading transactions), and thus dealing with Shares that are part of an &ldquo;unsold allotment&rdquo; within
the meaning of Section 4(a)(3)(C) of the 1933 Act, would be unable to take advantage of the prospectus delivery exemption provided
by Section 4(a)(3) of the 1933 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors
are cautioned that they might not be able to buy or sell Shares of the Fund through their current brokerages. Moreover, even if
an investor were able to purchase Shares through their current brokerage, that brokerage might decide to stop trading in bitcoin-linked
securities and the investor would potentially face restrictions on when and or how they could trade their existing bitcoin position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor expects that any broker-dealers selling Shares will be members of FINRA. Investors intending to create or redeem baskets
through Authorized Purchasers in transactions not involving a broker-dealer registered in such investor&rsquo;s state of domicile
or residence should consult their legal advisor regarding applicable broker-dealer regulatory requirements under the state securities
laws prior to such creation or redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Authorized Purchasers may be indemnified by the Sponsor, they will not be entitled to receive a discount or commission from
the Trust or the Sponsor for their purchases of Creation Baskets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama031"></A>Calculating
NAV</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund&rsquo;s NAV per Share is calculated by:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">taking
                                         the current market value of its total assets, including spot bitcoin and cash, pursuant
                                         to policies established from time to time by the Sponsor or otherwise described herein,</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subtracting
                                         any liabilities and dividing the balance by the number of Shares, and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dividing
                                         the above total by the number of Shares outstanding.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
Fund Services, in its capacity as the Administrator calculates the NAV of the Fund once each trading day. It calculates the NAV
as of the earlier of the close of trading on NYSE Arca or 4:00 p.m. (ET). The NAV for a particular trading day is released after
4:15 p.m. (ET).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Valuation
of Bitcoin</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining the value of Fund&rsquo;s holdings, the Administrator will value the bitcoin held by the Fund based on the closing
level of the Benchmark, the NQBTCS, unless the prices are not available or the Administrator, in its sole discretion, determines
that the NQBTCS is unreliable (&ldquo;Fair Value Event&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the instance of a Fair Value Event, the Fund&rsquo;s holdings may be fair valued on a temporary basis in accordance with the fair
value policies approved by the Administrator. In the instance of a Fair Value Event and pursuant to the Administrator&rsquo;s
fair valuation policies and procedures, VWAP or Volume Weighted Median Prices (VWMP) from another index administrator (&ldquo;Secondary
Index&rdquo;) will be utilized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a Secondary Index is also not available or the Administrator in its sole discretion determines the Secondary Index is unreliable,
the price set by the Fund&rsquo;s principal market as of 4:00&nbsp;p.m. ET, on the valuation date will be utilized. In the event
the principal market price is not available or the Administrator in its sole discretion determines the principal market valuation
is unreliable, the Administrator will use its best judgment to determine a good faith estimate of fair value. The Administrator
identifies and determines the Fund&rsquo;s principal market (or in the absence of a principal market, the most advantageous market)
for crypto assets consistent with the application of fair value measurement framework in FASB (Financial Accounting Standards
Board) Accounting standards codification (ASC)&nbsp;820-10. The principal market is the market where the reporting entity would
normally enter into a transaction to sell the asset or transfer the liability. The principal market must be available to and be
accessible by the reporting entity. The reporting entity is the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
NQBTCS is not used to determine the Fund&rsquo;s bitcoin holdings, Shareholders will be notified through a prospectus supplement,
a current report on Form 8-K, the Fund&rsquo;s periodic Exchange Act reports and/or on the Fund&rsquo;s website and, if this index
change is on a permanent basis, a filing with the Commission under Rule&nbsp;19b-4&nbsp;of the Act will be required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Fair Value Event value determination will be based upon all available factors that the Sponsor or the Administrator deems relevant at
the time of the determination and may be based on analytical values determined by the Sponsor or Administrator using third party valuation
models. Fair value policies approved by the Administrator will seek to determine the fair value price that the Fund might reasonably
expect to receive from the current sale of that asset or liability in an arm&rsquo;s-length&nbsp;transaction on the date on which the
asset or liability is being valued consistent with &ldquo;Relevant Transactions&rdquo;. A &ldquo;Relevant Transaction&rdquo; is any crypto
asset versus U.S.&nbsp;dollar spot trade that occurs during the observation window between 3:00&nbsp;p.m. and 4:00&nbsp;p.m. ET on a
Core Exchange in the BTC/USD pair that is reported and disseminated by a Core Exchange through its publicly available application programming
interface and observed by the IMC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicative
Fund Value</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in order to provide updated information relating to the Fund for use by investors and market professionals, ICE Data
Indices, LLC calculates and disseminates throughout the trading day an updated &ldquo;indicative fund value.&rdquo; The indicative
fund value is calculated by using the prior day&rsquo;s closing NAV per Share of the Fund as a base and updating that value throughout
the trading day to reflect changes in the value of the Fund&rsquo;s bitcoin during the trading day. The Fund&rsquo;s spot bitcoin
holdings will be priced using a real time version of the Benchmark, the NQBTC. For this and other reasons, the indicative fund
value disseminated during NYSE Arca trading hours should not be viewed as an actual real time update of the NAV. NAV is calculated
only once at the end of each trading day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
indicative fund value is disseminated on a per Share basis every 15 seconds during regular NYSE Arca trading hours of 9:30 a.m.
(ET) to 4:00 p.m. (ET).</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICE
Data Indices, LLC disseminates the indicative fund value through the facilities of CTA/CQ High Speed Lines. In addition, the indicative
fund value is available through on-line information services such as Bloomberg and Reuters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dissemination
of the indicative fund value provides additional information that is not otherwise available to the public and is useful to investors
and market professionals in connection with the trading of Fund Shares on NYSE Arca. Investors and market professionals are able
throughout the trading day to compare the market price of the Fund and the indicative fund value. If the market price of Fund
Shares diverges significantly from the indicative fund value, market professionals may have an incentive to execute arbitrage
trades. For example, if the Fund appears to be trading at a discount compared to the indicative fund value, a market professional
could buy Fund Shares on NYSE Arca, aggregate them into Redemption Baskets, and receive the NAV of such Shares by redeeming them
to the Trust provided that there is not a minimum number of Shares outstanding for the Fund. Such arbitrage trades can tighten
the tracking between the market price of the Fund and the indicative fund value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama032"></A>Creation
and Redemption of Shares</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund creates and redeems Shares from time to time, but only in one or more Creation Baskets or Redemption Baskets (collectively,
the &ldquo;Baskets&rdquo;). The Creation Baskets are only made in exchange for delivery to the Fund of the amount of bitcoin represented
by the Creation Baskets being created or an amount of cash sufficient purchase such amount of bitcoin, the amount of which is
equal to the combined NAV of the number of Shares included in the creation Baskets being created determined as of 4:00 p.m. ET
on the day the order to create the Creation Baskets is properly received. The Redemption Baskets are only redeemed in exchange
for delivery to the Fund of the amount of Shares represented by the Redemption Basket.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Purchasers are the only persons that may place orders to create and redeem baskets. Authorized Purchasers must be (1) either registered
broker-dealers or other securities market purchasers, such as banks and other financial institutions, which are not required to
register as broker-dealers to engage in securities transactions as described below, and (2) DTC purchasers. Registered broker-dealers
are subject to various requirements of the federal securities laws and rules, including financial responsibility rules such as
the customer protection rule, the net capital rule and recordkeeping requirements. On May 15, 2025, the SEC&rsquo;s Division of
Trading and Markets and FINRA&rsquo;s Office of General Counsel withdrew their 2019 joint statement regarding broker-dealer custody
of crypto asset securities, which was widely perceived as prohibiting broker-dealers from offering custodial services for crypto
assets that are not securities. Additionally, on the same day, the SEC released a set of Frequently Asked Questions (FAQs) clarifying
its views on broker-dealers' crypto asset activities. The FAQs stated that (i) SEC Rule 15c3-3 applies only to crypto asset securities,
and (ii) broker-dealers are permitted to facilitate in-kind creations and redemptions in connection with spot crypto exchange-traded
products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
become an Authorized Purchaser, a person must enter into an Authorized Purchaser Agreement with the Sponsor. The Authorized Purchaser
Agreement provides the procedures for the creation and redemption of baskets and for the delivery, or the facilitation of the
delivery, of the bitcoin or cash required for such creations and redemptions. The Authorized Purchaser Agreement and the related
procedures attached thereto may be amended by the Sponsor, without the consent of any Shareholder, and the related procedures
may generally be amended by the Sponsor without the consent of the Authorized Purchaser. Authorized Purchasers pay a transaction
fee of $300 to the Custodian for each creation order they place and a fee of $300 per order for redemptions, which is a nominal
fee. Authorized Purchasers who make deposits with the Fund in exchange for baskets receive no fees, commissions or other form
of compensation or inducement of any kind from either the Trust or the Sponsor, and no such person will have any obligation or
responsibility to the Trust or the Sponsor to effect any sale or resale of Shares.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
Authorized Purchasers are expected to be capable of participating directly in the physical bitcoin and the bitcoin interest markets.
Some Authorized Purchasers or their affiliates may from time to time buy or sell bitcoin or bitcoin interests and may profit in
these instances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Authorized Purchaser will be required to be registered as a broker-dealer under the Exchange Act and a member in good standing
with FINRA or be exempt from being or otherwise not required to be registered as a broker-dealer or a member of FINRA, and will
be qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. Certain
Authorized Purchasers may also be regulated under federal and state banking laws and regulations. Each Authorized Purchaser has
its own set of rules and procedures, internal controls and information barriers it deems appropriate in light of its own regulatory
regime.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Authorized Purchasers will deliver cash or bitcoin to create Shares and will receive cash or bitcoin when redeeming Shares. For
an &ldquo;in-kind&rdquo; creation transaction, Authorized Purchasers will deliver, or arrange for the delivery by the Authorized
Purchaser&rsquo;s designee of, bitcoin to the Fund&rsquo;s account with a Bitcoin Custodian in exchange for Shares when they purchase
Shares. For an &ldquo;in kind&rdquo; redemption transaction, when Authorized Purchasers redeem Shares with the Fund, the Fund,
through a Bitcoin Custodian, will deliver bitcoin to such Authorized Purchasers, or a designee thereof, in exchange for their
Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For cash creation and redemption transactions,
the Fund will engage in bitcoin transactions for converting cash into bitcoin (in association with purchase orders) and bitcoin
into cash (in association with redemption orders). The Fund will conduct its transactions by trading directly with third parties,
who are not registered broker-dealers, pursuant to written agreements between such &ldquo;Bitcoin Trading Counterparties&rdquo;
and the Trust. The Sponsor and the Trust expect to conduct these transactions by trading directly with Bitcoin Trading Counterparties.
As of the date of this Prospectus, Nonco LLC has been approved as a Bitcoin Trading Counterparty. Bitcoin Trading Counterparties
may be added at any time, subject to the discretion of the Sponsor. In the event the Sponsor engages any additional Bitcoin Trading
Counterparties, shareholders will be notified of the addition of such Bitcoin Trading Counterparty through a prospectus supplement
and/or a current report on Form 8-K or through the Trust&rsquo;s annual or quarterly reports, or through the Trust&rsquo;s website.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust will create Shares by receiving crypto assets from the Authorized Participant. The Trust will redeem Shares by delivering
crypto assets to the Authorized Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Authorized Purchaser Agreement, the Sponsor has agreed to indemnify the Authorized Purchasers against certain liabilities,
including liabilities under the 1933 Act, and to contribute to the payments the Authorized Purchasers may be required to make
in respect of those liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description of the procedures for the creation and redemption of baskets is only a summary and an investor should refer
to the relevant provisions of the Trust Agreement and the form of Authorized Purchaser Agreement for more detail, each of which
has been incorporated by reference as an exhibit to the registration statement of which this prospectus is a part. See &ldquo;Where
You Can Find More Information&rdquo; for information about where you can obtain the registration statement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Creation
Procedures</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
any business day, an Authorized Purchaser may place an order with Global Fund Services in its capacity as the transfer agent to
create one or more baskets. Currently, creation orders are accepted in cash or in-kind. For purposes of processing purchase and
redemption orders, a &ldquo;business day&rdquo; means any day other than a day when NYSE Arca is closed for regular trading. Purchase
orders must be placed by 3:00 p.m. ET, or the close of regular trading on NYSE Arca, whichever is earlier (the &ldquo;Order Cutoff
Time&rdquo;). The Order Cutoff Time may be modified by the Sponsor in its sole discretion. The day on which the Global Fund Services
receives a valid purchase order is referred to as the purchase order date. The Fund may require any Creation Baskets that are
greater than 5% of the Fund&rsquo;s NAV to be pre-funded with cash or other acceptable consideration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
manner by which creations are made is dictated by the terms of the Authorized Purchaser Agreement. By placing a creation order,
an Authorized Purchaser agrees to facilitate the deposit of cash with the Cash Custodian or bitcoin, with the Bitcoin Custodian.
If an Authorized Participant fails to consummate the foregoing, the order will be cancelled. Prior to the delivery of baskets
for a purchase order, the Authorized Purchaser must also have wired to the Cash Custodian the non-refundable transaction fee due
for the purchase order. Authorized Purchasers may not withdraw a purchase order without the prior consent of the Sponsor in its
discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a cash creation, the total deposit of cash required to create each Creation Basket is an amount of cash that is in the same proportion
to the total assets of the Fund, net of accrued expenses and other liabilities, on the date the order to purchase is properly
received, as the number of Shares to be created under the purchase order is in proportion to the total number of Shares outstanding
on the date the order is received. On the trade date for a purchase order (the &ldquo;Creation Trade Date&rdquo;), following receipt
of the purchase order from the Authorized Purchaser, the Sponsor will choose, in its sole discretion, which Bitcoin Trading Counterparty
to buy the bitcoin in exchange for the cash proceeds from such purchase order. For settlement of a creation, the Fund delivers
Shares to the Authorized Purchaser in exchange for cash received from the Authorized Purchaser. Meanwhile, the Bitcoin Trading
Counterparty delivers the required bitcoin in exchange for cash. In the event the Fund has not been able to successfully execute
and complete settlement of a bitcoin transaction by the settlement date of the purchase order, the Authorized Purchaser will be
given the option to (1)&nbsp;cancel the purchase order, or (2)&nbsp;accept that the Fund will continue to attempt to complete
the execution, which will delay the settlement date of the purchase order. With respect to a purchase order, as between the Fund
and the Authorized Purchaser, the Authorized Purchaser is responsible for the dollar cost of the difference between the bitcoin
price utilized in calculating NAV on trade date and the price at which the Fund acquires the bitcoin to the extent the price realized
in buying the bitcoin is higher than the price utilized in the NAV.&nbsp;To the extent the price realized in buying crypto assets
is lower than the price utilized in the NAV, the Authorized Purchaser shall keep the dollar impact of any such difference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
an in-kind creation, following an Authorized Purchaser&rsquo;s purchase order, the Fund&rsquo;s Bitcoin Custodian account must
be credited with the required bitcoin by the end of the business day following the purchase order date, or in the case of cash
deposits, the Fund&rsquo;s Cash Custodian account must be credited with the required cash by the end of the business day following
the purchase order date, as applicable. If the Authorized Purchaser or its designee fails to consummate the foregoing, the order
shall be cancelled. Upon receipt of the bitcoin deposit amount in the Fund&rsquo;s Bitcoin Custodian account, or the cash deposit
amount in the Fund&rsquo;s Cash Custodian account, the Bitcoin Custodian or Cash Custodian, respectively, will notify the Transfer
Agent, the Authorized Purchaser, and the Sponsor that the bitcoin or cash has been deposited. The Transfer Agent will then direct
DTC to credit the number of Shares created to the applicable DTC account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Shares will be issued unless and until the applicable Bitcoin Custodian (in the case of in-kind deposits) or Cash Custodian (in
the case of cash deposits) has informed the Transfer Agent that the bitcoin or cash (as applicable) has been received. Disruption
of services at the Bitcoin Custodian would have the potential to delay settlement of the Bitcoin related to Share creations. To
the extent a Bitcoin Trading Counterparty, is not able to deliver bitcoin associated with a cash purchase order as of a specified
time on the settlement date, the Authorized Purchasers have the option to cancel the order, or the Sponsor may select an alternative
execution method for the bitcoin purchase. To the extent that bitcoin transfers in connection with a creation order are delayed
due to congestion or other issues with the Bitcoin Network, such bitcoin will not be held in cold storage in until such transfers
can occur.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
held in the Fund&rsquo;s Bitcoin Custodian accounts is the property of the Fund and is not leased, or loaned under any circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Determination
of Required Deposits</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a creation, the total&nbsp;amount of bitcoin (for in-kind creations), or cash (for cash creations), required to create each Basket
(&ldquo;Basket Deposit&rdquo;) is the amount of bitcoin or its cash equivalent that is in the same proportion to the total assets
of the Trust, net of accrued expenses and other liabilities, as the number of Shares being created bears to the total number of
Shares outstanding on the date the order is&nbsp;properly&nbsp;received.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Basket Deposit changes from&nbsp;day to&nbsp;day. On each&nbsp;day that the Exchange is open for regular trading, the Administrator
adjusts the quantity of bitcoin represented by the Basket Deposit as appropriate to reflect accrued expenses and any loss of bitcoin
that may occur. The computation is made by the Administrator as promptly as practicable after 4:00&nbsp;p.m. ET.&nbsp;Each night,
the Sponsor will publish the amount of bitcoin that is represented by each Basket Deposit.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
Authorized Participant who places a purchase order must follow the procedures outlined in the &ldquo;Creation Procedures&rdquo;
section of this Prospectus.&nbsp;When a creation occurs, after the Bitcoin Custodian receives the required bitcoin (for in-kind
creations) or a Cash Custodian receives the required cash (for cash creations), the Sponsor will notify the Transfer Agent that
the bitcoin&nbsp;or cash, as applicable,&nbsp;has been received and the Sponsor and Transfer Agent&nbsp;will then determine whether
any outstanding cash&nbsp;or bitcoin&nbsp;due from the Authorized Participant has been settled with the Trust,&nbsp;and&nbsp;the
Transfer Agent will direct DTC to credit the number of Shares ordered to the Authorized Participant&rsquo;s DTC account on the
business&nbsp;day following the purchase order date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Delivery
of Required Deposits</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
an in-kind creation, following an Authorized Purchaser&rsquo;s purchase order, the Fund&rsquo;s Bitcoin Custodian accounts must
be credited with the required bitcoin by the end of the business day following the purchase order date, or in the case of cash
deposits, the Trust&rsquo;s Cash Custodian account must be credited with the required cash by the end of the Business Day following
the purchase order date, as applicable. Under most circumstances, the bitcoin associated with a Creation Basket Deposit will be
deposited with the Bitcoin Custodian. Upon receipt of the bitcoin deposit amount in the Fund&rsquo;s Bitcoin Custodian accounts,
or the cash deposit amount in the Fund&rsquo;s Cash Custodian account, the Bitcoin Custodian or the Cash Custodian, as applicable,
will notify the Transfer Agent, the Authorized Purchaser and the Sponsor that the bitcoin&nbsp;or cash&nbsp;has been deposited.
Upon confirmation by the Sponsor and Transfer Agent that any outstanding&nbsp;bitcoin or&nbsp;cash due from the Authorized Purchaser
has been settled with the Trust, the Transfer Agent will then direct DTC to credit the number of Shares created to the applicable
DTC account of the Authorized Participant.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Authorized Purchaser understands and agrees that in the event the Creation Basket Deposit is not deposited to the Trust by the
time specified above and in compliance with the applicable procedures, and any outstanding cash&nbsp;or bitcoin&nbsp;due from
the Authorized Purchaser has not been settled with the Fund, the applicable Purchase Order will be canceled by the Sponsor.&nbsp;In
the event the Authorized Purchaser, or its designated agent or client, has not deposited the bitcoin to the Fund by the applicable
time on the settlement date of the in-kind creation order, the Authorized Purchaser will be given the option to (1) cancel the
in-kind creation order, (2) delay settlement of the order to enable delivery of bitcoin at a later date, or (3) accept that the
Fund will execute a bitcoin transaction required for the creation and the Authorized Purchaser will deliver the U.S. dollars required
for this purchase. The Authorized Purchaser is responsible for the dollar cost of the difference between the bitcoin price utilized
in calculating NAV per Share on trade date and the price at which the Fund acquires the bitcoin to the extent the price realized
in buying the bitcoin is higher than the bitcoin price utilized in the NAV. To the extent the price realized in buying the bitcoin
is lower than the price utilized in the NAV, the Authorized Purchaser shall get to keep the dollar impact of any such difference.
&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the Sponsor, the Trust, the Marketing Agent, or Global Fund Services shall be liable to the Authorized Purchaser if a Bitcoin
Trading Counterparty fails to deliver bitcoin&nbsp;or cash, respectively, representing the Creation Basket Deposit for such Authorized
Purchaser&rsquo;s Purchase Order to the Fund&rsquo;s account with the Bitcoin Custodian or Cash Custodian, as applicable, unless
such failure is due to an act or omission of the Sponsor or Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Suspension
and Rejection of Purchase Orders</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor holds the discretion to suspend purchase orders or delay their settlement in specific situations. These may include (1)
exchange closures or trading restrictions, (2) emergencies (including but not limited to: an interruption in services or availability
of the Bitcoin Custodian, Cash Custodian, Administrator, or other service providers to the Trust, act of God, catastrophe, civil
disturbance, government prohibition, war, terrorism, strike or other labor dispute, fire, force majeure, interruption in telecommunications,
Internet services, or network provider services, unavailability of Fedwire, SWIFT or banks&rsquo; payment processes, significant
technical failure, bug, error, disruption or fork of the bitcoin network, hacking, cybersecurity breach, or power, Internet, or
Bitcoin network outage, or similar event), (3) Shareholder protection needs, or (4) when it&rsquo;s not in the best interest of
the Fund or its investors. Purchase orders must conform to the criteria outlined in the Authorized Purchaser Agreement and be
for whole baskets. The Sponsor may suspend orders that don&rsquo;t meet these criteria. The Sponsor will provide notice to the
Fund&rsquo;s shareholders by posting a notification to the Fund&rsquo;s website. In addition, the Sponsor intends to file a current
report on Form 8-K in order to inform shareholders of the suspension of creations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor acting by itself or through the Distributor or transfer agent may reject a purchase order or a Creation Basket Deposit
if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         determines that the purchase order or the Creation Basket Deposit is not in proper form;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                         believes that acceptance of the purchase order or the Creation Basket Deposit would have
                                         adverse tax consequences to the Fund or its Shareholders;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel
                                         to the Sponsor, be unlawful;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">circumstances
                                         outside the control of the Sponsor, Marketing Agent or transfer agent make it, for all
                                         practical purposes, not feasible to process creations of baskets; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
                                         in the sole discretion of the Sponsor, the execution of such an order would not be in
                                         the best interest of the Fund or its Shareholders.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the Sponsor, Marketing Agent or transfer agent will be liable for the rejection of any purchase order or Creation Basket Deposit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Redemption
Procedures</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
procedures by which an Authorized Purchaser can redeem one or more baskets mirror the procedures for the creation of baskets.
On any business day, an Authorized Purchaser may place an order with the transfer agent to redeem one or more baskets. Redemption
orders must be placed by 3:00 p.m. ET or the close of regular trading on NYSE Arca, whichever is earlier. A redemption order so
received will be effective on the date it is received in satisfactory form by the Marketing Agent. The redemption procedures allow
Authorized Purchasers to redeem baskets and do not entitle an individual Shareholder to redeem any Shares in an amount less than
a Redemption Basket, or to redeem baskets other than through an Authorized Purchaser. By placing a redemption order, an Authorized
Purchaser agrees to deliver the baskets to be redeemed through DTC&rsquo;s book-entry system to the Fund by the end of the next
business day following the effective date of the redemption order or by the end of such later business day (&ldquo;Redemption
Settlement Date&rdquo;). Prior to the delivery of the redemption distribution for a redemption order, the Authorized Purchaser
must also have wired to the Sponsor&rsquo;s account at the Cash Custodian the non-refundable transaction fee due for the redemption
order. An Authorized Purchaser may not withdraw a redemption order without the prior consent of the Sponsor in its discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Determination
of Redemption Distribution</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
redemption distribution for cash redemptions from the Fund consists of a transfer to the redeeming Authorized Purchaser of an
amount of cash that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses
and other liabilities) on the date the order to redeem is properly received as the number of Shares to be redeemed under the redemption
order is in proportion to the total number of Shares outstanding on the date the order is received. The redemption distribution
for in-kind redemptions from the Fund consists of a transfer to the Authorized Purchaser or its designated agent or client of
an amount of bitcoin equal to the NAV of the Fund multiplied by the number of Shares to be redeemed under the redemption order.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Delivery
of Redemption Distribution</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of a cash redemption, the
Fund, through the Cash Custodian, will deliver cash to the Authorized Purchasers when they redeem Shares with the Fund. This distribution
of cash will be delivered to the Authorized Purchaser on the business day following the Redemption Order Date if, by 3:00 p.m.
ET, on such business day (or another time as determined by Sponsor), the Fund&rsquo;s DTC account has been credited with the baskets
to be redeemed. If the Fund&rsquo;s DTC account has not been credited with all of the baskets to be redeemed by such time, the
redemption distribution will also be delayed. In the case of an in-kind redemption, the Fund will deliver bitcoin to the Authorized
Purchasers (or their designated agents or clients) when they redeem Shares with the Fund. This distribution of bitcoin will be
delivered to the Authorized Purchaser (or its designated agent or client) on the Business Day following the Redemption Order Date
if, by 3:00 p.m. ET on such Business Day (or another time as determined by Sponsor), the Fund&rsquo;s DTC account has been credited
with the baskets to be redeemed by such time. If the Fund&rsquo;s DTC account has not been credited with all of the Baskets to
be redeemed by such time, the redemption distribution will also be delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Suspension
or Rejection of Redemption Orders</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Sponsor may, in its discretion,
suspend the right of redemption, or postpone the Redemption Settlement Date, (1) for any period during which NYSE Arca is closed
other than customary weekend or holiday closings, or trading on NYSE Arca is suspended or restricted, (2) for any period during
which an emergency exists as a result of which delivery, disposal or evaluation of cash equivalents is not reasonably practicable,
(3) for such other period as the Sponsor determines to be necessary for the protection of the Shareholders, or (4) if, in the sole
discretion of the Sponsor, the execution of such an order would not be in the best interest of the Fund or its Shareholders. For
example, the Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the
Fund&rsquo;s assets at an appropriate value to fund a redemption. If the Sponsor has difficulty the Fund&rsquo;s positions, e.g.,
because of a market disruption event in the bitcoin markets, it may be appropriate to suspend redemptions until such time as such
circumstances are rectified. None of the Sponsor, the Marketing Agent, or the transfer agent will be liable to any person or in any
way for any loss or damages that may result from any such suspension or postponement. The Sponsor intends to file a current report
on Form 8-K in order to inform investors of the suspension of redemptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption
orders must be made in whole baskets. The Sponsor will reject a redemption order if the order is not in proper form as described
in the Authorized Purchaser Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. The
Sponsor may also reject a redemption order if the number of Shares being redeemed would reduce the remaining outstanding Shares
below 50,000 Shares (i.e., five baskets of 10,000 Shares each) or less, unless the Sponsor has reason to believe that the placer
of the redemption order does in fact possess all the outstanding Shares of the Fund and can deliver them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Creation
and Redemption Transaction Fees</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
compensate for expenses in connection with the creation and redemption of baskets, an Authorized Purchaser is required to pay
a transaction fee of $300 per order to the Cash Custodian. The transaction fees may be reduced, increased or otherwise changed
by the Sponsor. This $300 fee may not be used by the Fund to cover expenses related to creations and redemptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
Responsibility</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
Purchasers are responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or
governmental charge applicable to the creation or redemption of baskets, regardless of whether or not such tax or charge is imposed
directly on the Authorized Purchaser, and agree to indemnify the Sponsor and the Fund if they are required by law to pay any such
tax, together with any applicable penalties, additions to tax and interest thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama033"></A>Secondary
Market Transactions</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
noted, the Fund will create and redeem Shares from time to time, but only in one or more Creation Baskets or Redemption Baskets.
The creation and redemption of baskets are only made in exchange for delivery to the Fund or the distribution by the Fund of the
amount of cash and cash equivalents, or bitcoin, equal to the total NAV of the number of Shares included in the baskets being
created or redeemed determined on the day the order to create or redeem baskets is properly received.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed above, Authorized Purchasers are the only persons that may place orders to create and redeem baskets. Authorized Purchasers
must be registered broker-dealers or other securities market purchasers, such as banks and other financial institutions that are
not required to register as broker-dealers to engage in securities transactions. An Authorized Purchaser is under no obligation
to create or redeem baskets, and an Authorized Purchaser is under no obligation to offer to the public Shares of any baskets it
does create. Authorized Purchasers that do offer to the public Shares from the baskets they create will do so at per Share offering
prices that are expected to reflect, among other factors, the trading price of the Shares on NYSE Arca, the NAV of the Shares
at the time the Authorized Purchaser purchased the Creation Baskets, the NAV of the Shares at the time of the offer of the Shares
to the public, the supply of and demand for Shares at the time of sale, and the liquidity of the bitcoin interest markets. The
prices of Shares offered by Authorized Purchasers are expected to fall between the Fund&rsquo;s NAV and the trading price of the
Shares on NYSE Arca at the time of sale. Shares initially comprising the same basket but offered by Authorized Purchasers to the
public at different times may have different offering prices. An order for one or more baskets may be placed by an Authorized
Purchaser on behalf of multiple clients. Shares are expected to trade in the secondary market on NYSE Arca. Shares may trade in
the secondary market at prices that are lower or higher relative to their NAV per Share. The amount of the discount or premium
in the trading price relative to the NAV per Share may be influenced by various factors, including the number of investors who
seek to purchase or sell Shares in the secondary market and the liquidity of the bitcoin interest markets. While the Shares trade
on NYSE Arca until 4:00 p.m. (ET), liquidity in the markets for bitcoin interests may be reduced after the close of the CME. As
a result, during this time, trading spreads, and the resulting premium or discount, on the Shares may widen.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama034"></A>Use
of Proceeds</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor applies substantially all of the Fund&rsquo;s assets toward investing in bitcoin. The Fund conducts creation and redemptions
in cash or in-kind with Authorized Purchasers. Proceeds received by the Fund from the issuance of Creation Baskets consist of
bitcoin or cash. Deposits of bitcoin are held by the Bitcoin Custodian on behalf of the Fund. Deposits of cash are held by the
Cash Custodian. The Sponsor expects that all entities that will hold or trade the Fund&rsquo;s assets will be based in the United
States and will be subject to United States regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama035"></A>The
Trust Agreement</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following paragraphs are a summary of certain provisions of the Trust Agreement. The following discussion is qualified in its
entirety by reference to the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authority
of the Sponsor</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor is generally authorized to perform all acts deemed necessary to carry out the purposes of the Trust and to conduct the
business of the Trust. The Trust and the Fund will continue to exist until terminated in accordance with the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s Obligations</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the duties imposed by the Delaware Trust Statute, under the Trust Agreement the Sponsor has obligations as a Sponsor
of the Trust, which include, among others, responsibility for certain organizational and operational requirements of the Trust,
as well as fiduciary responsibility for the safekeeping and use of the Trust&rsquo;s assets, whether or not in the Sponsor&rsquo;s
immediate possession or control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that, at law (common or statutory) or in equity, the Sponsor has duties (including fiduciary duties) and liabilities
relating thereto to the Trust, the Fund, the Shareholders or to any other person, the Sponsor will not be liable to the Trust,
the Fund, the Shareholders or to any other person for its good faith reliance on the provisions of the Trust Agreement or this
prospectus unless such reliance constitutes gross negligence or willful misconduct on the part of the Sponsor. The provisions
of the Trust Agreement, to the extent they restrict or eliminate the duties and liabilities of the Sponsor otherwise existing
at law or in equity, replace such other duties and liabilities of the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability
and Indemnification</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Trust Agreement, the Sponsor, the Trustee and their respective Affiliates (collectively, &ldquo;Covered Persons&rdquo;) shall
have no liability to the Trust, the Fund, or to any Shareholder for any loss suffered by the Trust or the Fund which arises out
of any action or inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct
was in the best interest of the Trust or the Fund and such course of conduct did not constitute gross negligence or willful misconduct
of such Covered Person. Subject to the foregoing, neither the Sponsor nor any other Covered Person shall be personally liable
for the return or repayment of all or any portion of the capital or profits of any Shareholder or assignee thereof, it being expressly
agreed that any such return of capital or profits made pursuant to the Trust Agreement shall be made solely from the assets of
the Fund without any rights of contribution from the Sponsor or any other Covered Person. A Covered Person shall not be liable
for the conduct or willful misconduct of any administrator or other delegate selected by the Sponsor with reasonable care, provided,
however, that the Trustee and its Affiliates shall not, under any circumstances be liable for the conduct or willful misconduct
of any administrator or other delegate or any other person selected by the Sponsor to provide services to the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement also provides that the Sponsor shall be indemnified by the Trust (or by a series separately to the extent the
matter in question relates to a single series or disproportionately affects a specific series in relation to other series) against
any losses, judgments, liabilities, expenses (excluding any taxes on the compensation received for services as Sponsor or on indemnity
payments received), and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust,
provided that (i) the Sponsor was acting on behalf of or performing services for the Trust and has determined, in good faith,
that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of gross negligence,
willful misconduct, or a breach of the Trust Agreement on the part of the Sponsor and (ii) any such indemnification will only
be recoverable from the assets of the applicable series. The Sponsor&rsquo;s rights to indemnification permitted under the Trust
Agreement shall not be affected by the dissolution or other cessation to exist of the Sponsor, or the withdrawal, adjudication
of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11
of the Bankruptcy Code by or against the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above, the Sponsor shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation
of U.S. federal or state securities laws unless (i) there has been a successful adjudication on the merits of each count involving
alleged securities law violations as to the particular indemnitee and the court approves the indemnification of such expenses
(including, without limitation, litigation costs), (ii) such claims have been dismissed with prejudice on the merits by a court
of competent jurisdiction as to the particular indemnitee and the court approves the indemnification of such expenses (including,
without limitation, litigation costs), or (iii) a court of competent jurisdiction approves a settlement of the claims against
a particular indemnitee and finds that indemnification of the settlement and related costs should be made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
payment of any indemnification shall be allocated, as appropriate, among the Trust&rsquo;s series. The Trust and its series shall
not incur the cost of that portion of any insurance which insures any party against any liability, the indemnification of which
is prohibited under the Trust Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses
incurred in defending a threatened or pending action, suit or proceeding against the Sponsor shall be paid by the Trust in advance
of the final disposition of such action, suit or proceeding, if (i) the legal action relates to the performance of duties or services
by the Sponsor on behalf of the Trust; (ii) the legal action is initiated by a party other than the Trust; and (iii) the Sponsor
undertakes to repay the advanced funds with interest to the Trust in cases in which it is not entitled to indemnification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement provides that the Sponsor and the Trust shall indemnify the Trustee and its successors, assigns, legal representatives,
officers, directors, Shareholders, employees, agents and servants (the &ldquo;Trustee Indemnified Parties&rdquo;) against any
liabilities, obligations, losses, damages, penalties, taxes (excluding any taxes on the compensation received for services as
Trustee or on indemnity payments received), claims, actions, suits, costs, expenses or disbursements which may be imposed on a
Trustee Indemnified Party relating to or arising out of the formation, operation or termination of the Trust, the execution, delivery
and performance of any other agreements to which the Trust is a party, or the action or inaction of the Trustee under the Trust
Agreement or any other agreement, except for expenses resulting from the gross negligence or willful misconduct of a Trustee Indemnified
Party. Further, certain officers of the Sponsor are insured against liability for certain errors or omissions which an officer
may incur or that may arise out of his or her capacity as such.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any liability or expense as
a result of or in connection with any Shareholder&rsquo;s (or assignee&rsquo;s) obligations or liabilities unrelated to the Trust
business, such Shareholder (or assignees cumulatively) is required under the Trust Agreement to indemnify the Trust for all such
liability and expense incurred, including attorneys&rsquo; and accountants&rsquo; fees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Withdrawal
of the Sponsor</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may withdraw voluntarily as the Sponsor of the Trust only upon thirty (30) days&rsquo; prior written notice to the holders
of the Trust&rsquo;s outstanding Shares and the Trustee. The Sponsor may appoint a successor sponsor to carry on the business
of the Trust. In addition, if the withdrawing Sponsor is the last remaining Sponsor, Shareholders holding a majority (over 50%)
of the outstanding Shares of the Fund, voting together as a single class (not including Shares acquired by the Sponsor through
its initial capital contribution) may vote to elect a successor Sponsor. The successor Sponsor will continue the business of the
Trust. Shareholders have no right to remove the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of withdrawal, the Sponsor is entitled to a redemption of the Shares it acquired through its initial capital contribution
to any of the series of the Trust at their NAV per Share. If the Sponsor withdraws and a successor Sponsor is named, the withdrawing
Sponsor shall pay all expenses as a result of its withdrawal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meetings</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Meetings
of the Trust&rsquo;s Shareholders may be called by the Sponsor and will be called by it upon the written request of Shareholders
holding at least 25% of the outstanding Shares of the Trust or the Fund, as applicable (not including Shares acquired by the Sponsor
through its initial capital contribution). The Sponsor shall deposit in the United States mail or electronically transmit written
notice to all Shareholders of the Fund of the meeting and the purpose of the meeting, which shall be held on a date not less than
30 nor more than 60 days after the date of mailing of such notice, at a reasonable time and place. Where the meeting is called
upon the written request of the Shareholders of the Fund, or any other Fund, as applicable, such written notice shall be mailed
or transmitted not more than 45 days after such written request for a meeting was received by the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voting
Rights</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
have no voting rights with respect to the Trust or the Fund except as expressly provided in the Trust Agreement. The Trust Agreement
provides that Shareholders representing at least a majority (over 50%) of the outstanding Shares of the Fund together as a single
class (excluding Shares acquired by the Sponsor in connection with its initial capital contribution to any Trust series) may vote
to (i) continue the Trust by electing a successor Sponsor as described above, and (ii) approve amendments to the Trust Agreement
that impair the right to surrender Redemption Baskets for redemption. (Trustee consent to any amendment to the Trust Agreement
is required if the Trustee reasonably believes that such amendment adversely affects any of its rights, duties or liabilities.)
In addition, Shareholders holding Shares representing seventy-five percent (75%) of the outstanding Shares of the Fund, voting
together as a single class (excluding Shares acquired by the Sponsor in connection with its initial capital contribution to any
Trust series) may vote to dissolve the Trust upon not less than ninety (90) days&rsquo; notice to the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability of Shareholders</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized
under the general corporation law of Delaware, and no Shareholder shall be liable for claims against, or debts of the Trust or
the Fund in excess of his Share of the Fund&rsquo;s assets. The Trust or the Fund shall not make a claim against a Shareholder
with respect to amounts distributed to such Shareholder or amounts received by such Shareholder upon redemption unless, under
Delaware law, such Shareholder is liable to repay such amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust or the Fund shall indemnify to the full extent permitted by law and the Trust Agreement each Shareholder (excluding the
Sponsor to the extent of its ownership of any Shares acquired through its initial capital contribution) against any claims of
liability asserted against such Shareholder solely because of its ownership of Shares (other than for taxes on income from Shares
for which such Shareholder is liable).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust Agreement provides that every written note, bond, contract, instrument, certificate or undertaking made or issued by or
on behalf of the Fund shall give notice to the effect that the obligations of such instrument are not binding upon the Shareholders
individually but are binding only upon the assets and property of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama036"></A>The
Sponsor Has Conflicts of Interest</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are present and potential future conflicts of interest in the Trust&rsquo;s structure and operation you should consider before
you purchase Shares. Prospective investors should be aware that the Sponsor and the Trustee intends to assert that Shareholders
have, by purchasing Shares, consented to the following conflicts of interest in the event of any proceeding alleging that such
conflicts violated any duty owed by the Sponsor to the Shareholders. The Sponsor may use this notice of conflicts as a defense
against any claim or other proceeding made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s principals, managers, officers and employees, do not devote their time exclusively to the Fund. Notwithstanding
obligations and expectations related to the management of the Sponsor, the Sponsor&rsquo;s principals, officers and employees
may be directors, officers or employees of other entities, and may manage assets of other entities, including the other funds
of the Trust, through the Sponsor or otherwise. As a result, the principals could have a conflict between responsibilities to
the Fund on the one hand and to those other entities on the other.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and its principals, officers and employees may trade securities, futures and related contracts for their own accounts,
creating the potential for preferential treatment of their own accounts. Shareholders will not be permitted to inspect the trading
records of such persons, or any written policies of the Sponsor related to such trading. A conflict of interest may exist if their
trades are in the same markets and at approximately the same times as the trades for the Fund. A potential conflict also may occur
when the Sponsor&rsquo;s principals trade their accounts more aggressively or take positions in their accounts that are opposite,
or ahead of, the positions taken by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has sole current authority to manage the investments and operations of the Fund, and this may allow it to act in a way
that furthers its own interests which may create a conflict with your best interests, including the authority of the Sponsor to
allocate expenses to and between the funds of the Trust. Shareholders have very limited voting rights with respect to the Fund,
which will limit the ability to influence matters such as amendment of the Trust Agreement, change in the Fund&rsquo;s basic investment
policies, or dissolution of the Fund or the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor serves as the Sponsor to the Fund and serves as the sponsor, investment manager or investment adviser to investment vehicles
other than the Fund. The Sponsor may have a conflict to the extent that its trading decisions for the Fund may be influenced by
the effect they would have on the other investment companies or pools it manages. In addition, the Sponsor may be required to
indemnify the officers and directors of the other investment vehicles, if the need for indemnification arises. This potential
indemnification will cause the Sponsor&rsquo;s assets to decrease. If the Sponsor&rsquo;s other sources of income are not sufficient
to compensate for the indemnification, it could cease operations, which could in turn result in Fund losses and/or termination
of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Sponsor acquires knowledge of a potential transaction or arrangement that may be an opportunity for the Fund, it shall have
no duty to offer such opportunity to the Fund. The Sponsor will not be liable to the Fund or the Shareholders for breach of any
fiduciary or other duty if the Sponsor pursues such opportunity or directs it to another person or does not communicate such opportunity
to the Fund and is not required to share income or profits derived from such business ventures with the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and its employees and affiliates may participate in transactions related to bitcoin, either for their own account (subject
to certain internal employee trading operating practices) or for the account of others, such as clients, and such transactions
may occur prior to, during, or after the commencement of this offering. Such transactions may not serve to benefit the Shareholders
of the Fund and may have a positive or negative effect on the value of the bitcoin held by the Fund and, consequently, on the
market value of bitcoin. Because these parties may trade bitcoin for their own accounts at the same time as the Fund, prospective
Shareholders should be aware that such persons may take positions in bitcoin which are opposite, or ahead of, the positions taken
for the Fund. There can be no assurance that any of the foregoing will not have an adverse effect on the performance of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has adopted and implemented policies and procedures that are reasonably designed to ensure compliance with applicable
law, including a Code of Ethics providing guidance on conflicts of interest (collectively, the &ldquo;Policies&rdquo;). As of
the date of this Prospectus, the Sponsor&rsquo;s Policies are in place and require that the Sponsor eliminate, mitigate, or otherwise
disclose conflicts of interest. Additionally, the Sponsor has adopted policies and procedures requiring that certain applicable
personnel pre-clear&nbsp;personal trading activity in which bitcoin is the referenced asset. The Sponsor has also implemented
an Information Barrier Policy restricting certain applicable personnel from obtaining sensitive information. The Sponsor believes
that these structured controls are reasonably designed to mitigate the risk of conflicts of interest and other impermissible activity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor might have a potential future conflict of interest if the Sponsor, a new sponsor, or sub-adviser were to register as a
broker-dealer or become affiliated with a broker-dealer. In such case, the Sponsor, new sponsor, or sub-adviser, as the case may
be, would develop and implement appropriate procedures designed to prevent the use and dissemination of material non-public information
regarding the Fund&rsquo;s holdings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Resolution
of Conflicts Procedures</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
a conflict of interest exists between the Sponsor or any of its Affiliates, on the one hand, and the Trust, any shareholder of
a Trust series, or any other person, on the other hand, the Sponsor shall resolve such conflict of interest, take such action
or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict,
agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry
practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor,
the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of the Trust Agreement
or any other agreement contemplated therein or of any duty or obligation of the Sponsor at law or in equity or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama037"></A>Ownership
or Beneficial Interest in the Fund</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Security
Ownership of Certain Beneficial Owners.</I> The following table sets forth information with respect to each person known to own
beneficially more than 5% of the outstanding Shares of the Fund as of August 31, 2025, based on information known to the Sponsor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 49%; border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    and Address of Beneficial Owner</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    and nature of Beneficial Ownership</B></FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percent
    of Class</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">National
Financial Services LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">245
Summer Street</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Boston,
MA 02210</FONT></P></TD>
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,302
    shares</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles
Schwab &amp; Co., Inc.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">211
Main Street</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">San
Francisco, CA 94105-1905</FONT></P></TD>
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,752
    shares</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.6%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #DEEAF6">
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pershing
LLC</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
Pershing Plaza</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jersey
City, NJ 07399</FONT></P></TD>
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,762
    shares</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">APEX
Clearing Corporation</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">350
N. St. Paul Street, Suite 1300</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dallas,
TX 75201</FONT></P></TD>
    <TD STYLE="border-right: #9CC2E5 1pt solid; border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,100
    shares</FONT></TD>
    <TD STYLE="border-bottom: #9CC2E5 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white"><I>Security
Ownership of Management.</I> As of the date of this prospectus, the Sponsor does not own shares of the Fund and none of the principals
of the Sponsor owned any Shares of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Change
of Control. </I>Neither the Sponsor nor the Trustee knows of any arrangements which may subsequently result in a change in the
control of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has no securities authorized for issuance under equity compensation plans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama038"></A>Interests
of Named Experts and Counsel</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
expert hired by the Fund to give advice on the preparation of this offering document has been hired on a contingent fee basis,
nor do any of them have any present or future expectation of interest in the Sponsor, Marketing Agent, Authorized Purchasers,
Custodians, Administrator or other service providers to the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama039"></A>Provisions
of Federal and State Securities Laws</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
offering is made pursuant to federal and state securities laws. The SEC and state securities agencies take the position that indemnification
of the Sponsor that arises out of an alleged violation of such laws is prohibited unless certain conditions are met. Those conditions
require that no indemnification of the Sponsor or any underwriter for the Fund may be made in respect of any losses, liabilities
or expenses arising from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful
adjudication on the merits of each count involving alleged securities law violations as to the party seeking indemnification and
the court approves the indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent
jurisdiction as to the party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the
claims against the party seeking indemnification and finds that indemnification of the settlement and related costs should be
made, provided that, before seeking such approval, the Sponsor or other indemnitee must apprise the court of the position held
by regulatory agencies against such indemnification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama040"></A>Books
and Records</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust keeps its books of record and account at the office of the Sponsor or at the offices of the Administrator, or such office,
including of an administrative agent, as it may subsequently designate upon notice. The books and records are open to inspection
by any person who establishes to the Trust&rsquo;s satisfaction that such person is a Shareholder upon reasonable advance notice
at all reasonable times during usual business&nbsp;hours of the Trust. The Trust keeps a copy of the Trust Agreement on file in
the Sponsor&rsquo;s office which will be available for inspection by any Shareholder at all times during its usual business&nbsp;hours
upon reasonable advance notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama041"></A></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama042"></A>Fiscal
Year</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fiscal year of the Fund is the calendar year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama043"></A>Governing
Law</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights of the Sponsor, the Trust, the Fund, DTC (as registered owner of the Fund&rsquo;s global certificate for Shares) and the
Shareholders are governed by the laws of the State of Delaware, except with respect to causes of action for violations of U.S.
federal or state securities laws. The Trust Agreement and the effect of every provision thereof shall control over any contrary
or limiting statutory or common law of the State of Delaware, other than the Delaware Trust Statute. The Trust Agreement does
not contain an exclusive forum provision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama044"></A>Legal
Matters</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Litigation
and Claims</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as described above, within the past 10 years of the date of this prospectus, there have been no material administrative, civil
or criminal actions against the Sponsor, the Trust or the Fund, or any principal or affiliate of any of them. This includes any
actions pending, on appeal, concluded, threatened, or otherwise known to them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal
Opinion</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eversheds
Sutherland (US) LLP (&ldquo;Eversheds&rdquo;) advised the Trust and the Sponsor with respect to the Shares being offered hereby
and has passed upon the validity of the Shares being issued hereunder. Eversheds also provided the Sponsor with its opinion with
respect to U.S. federal income tax matters addressed below in &ldquo;U.S. Federal Income Tax Considerations.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
December 31, 2024 financial statements of the Fund incorporated by reference in this prospectus and elsewhere in the registration
statement have been incorporated by reference in reliance upon the report of Tait, Weller &amp; Baker LLP, independent registered
public accounting firm, given on their authority as experts in accounting and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2023 financial statements of the Predecessor Fund incorporated by reference in this prospectus and elsewhere in the registration
statement have been incorporated by reference in reliance upon the report of Grant Thornton LLP, independent registered public
accountants, upon the authority of said firm as experts in accounting and auditing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama045"></A>Privacy
Policy</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion is qualified in its entirety by reference to the privacy policy. A copy of the privacy policy is available
at <br><U>https://hashdex.com/en-US/privacy-policy.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, the Trust, and the Fund have adopted a privacy policy relating to the collection, maintenance, and use of nonpublic personal
information about the Fund&rsquo;s current and former investors, as required under federal law. <B>Federal law gives investors
the right to limit some but not all sharing of their nonpublic personal information. Federal law also requires the Sponsor to
tell investors how it collects, Shares, and protects such nonpublic personal information.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collection
of Nonpublic Personal Information</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor may collect or have access to nonpublic personal information about current and former Fund investors for certain purposes
relating to the operation of the Fund. This information may include information received from investors, such as their name, social
security number, telephone number, and address, and information about investors&rsquo; holdings and transactions in Shares of
the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
and Disclosure of Nonpublic Personal Information</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor does not sell nonpublic personal information to any third parties. The Sponsor primarily uses investors&rsquo; nonpublic
personal information to complete financial transactions that may be requested. The Sponsor may disclose investors&rsquo; nonpublic
personal information to third parties under specific circumstances described in the privacy policy. These circumstances include,
among others, information needed to complete financial transactions, information released at the direction of an investor, and
certain information requested by courts, regulators, law enforcement, or tax authorities. Investors may not opt out of these disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investors&rsquo;
nonpublic personal information, particularly information about investors&rsquo; holdings and transactions in Shares of the Fund,
may be shared between and amongst the Sponsor and the Fund. <B>An investor cannot opt-out of the sharing of nonpublic personal
information between and amongst the Sponsor and the Fund.</B> However, the Sponsor and the Fund will not use this information
for any cross-marketing purposes. <B>In other words, all investors will be treated as having &ldquo;opted out&rdquo; of receiving
marketing solicitations from the Fund.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Protection
of Nonpublic Personal Information</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in the privacy policy, the Sponsor takes safeguards to protect investors&rsquo; nonpublic personal information, which
include, among others, restricting access to such information, requiring third parties to follow appropriate standards of security
and confidentiality, and maintaining physical, technical, administrative, and procedural safeguards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor&rsquo;s Website is hosted in the United States and any data provided to the Sponsor is stored in the United States. If
you choose to provide Personal Data from regions outside of the United States, then by your submission of such data, you acknowledge
and agree that: (a) you are transferring your personal information outside of those regions to the United States voluntarily and
with consent; (b) the laws and regulations of the United States shall govern your use of the provision of your information, which
laws and regulations may differ from those of your country of residence; and (c) you permit your personal information to be used
for the purposes herein and in the Privacy Policy above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Emerging Growth Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund is an &ldquo;emerging growth company&rdquo; as
defined under the JOBS Act. The Fund will remain an &ldquo;emerging growth company&rdquo; for up to five years, or until the earliest
of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>the last
                                         day of the first fiscal year in which its total annual gross revenues exceed $1 billion;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>the date
                                         that it becomes a &ldquo;large accelerated filer&rdquo; as defined in Rule 12b-2 under
                                         Exchange Act, which would occur if the market value of its shares that are held by non-affiliates
                                         exceeds $700 million as of the last business day of its most recently completed second
                                         fiscal quarter, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD>the date
                                         on which it has issued more than $1 billion in non-convertible debt during the preceding
                                         three year period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As an &ldquo;emerging growth company,&rdquo; the Fund may
take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are
not &ldquo;emerging growth companies,&rdquo; including, but not limited to, not being required to comply with the auditor attestation
requirements of Section 404(b) of the Sarbanes-Oxley Act as long as it is a &ldquo;non-accelerated filer,&rdquo; which includes
issuers that had a public float of less than $75 million as of the last business day of their most recently completed second fiscal
quarter, issuers that have not been subject to the requirements of Section 13(a) or 15(d) of the Exchange Act for a period of
at least 12 calendar months and issuers that have not filed at least one annual report pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, Section 107 of the JOBS Act provides that an
&ldquo;emerging growth company&rdquo; can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the
Securities Act for complying with new or revised accounting standards. Under this provision, an &ldquo;emerging growth company&rdquo;
can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama046"></A>U.S.
Federal Income Tax Considerations</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion summarizes the material U.S. federal income tax consequences of the purchase, ownership, and disposition of Shares
of the Fund. Except where noted otherwise, it deals only with the U.S. federal income tax consequences relating to Shares held as capital
assets by U.S. Shareholders (as defined below) who are not subject to special tax treatment. For example, in general this discussion
does not address the tax consequences to dealers in securities or currencies or commodities; traders in securities or dealers or traders
in commodities that elect to use a mark to market method of accounting; financial institutions; regulated investment companies (except
as discussed below); tax-exempt entities (except as discussed below); insurance companies; persons holding Shares as a part of a position
in a "straddle" or as part of a "hedging," "conversion," or other integrated transaction for U.S. federal income tax purposes; persons
with "applicable financial statements" within the meaning of section 451(b) of the Code; persons subject to the alternative minimum tax;
certain former citizens or long-term residents of the United States; or holders of Shares whose "functional currency" is not the U.S.
dollar. Furthermore, the discussion below is based on the provisions of the Code and United States Treasury regulations ("Treasury Regulations"),
rulings, and judicial decisions thereunder as of the date of this prospectus, and such authorities may be repealed, revoked, or modified
(possibly with retroactive effect) so as to result in U.S. federal income tax consequences different from those discussed below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor received the opinion of Eversheds regarding the accuracy of this discussion relating to material U.S. federal income tax consequences
to the Fund and to U.S. Shareholders and Non-U.S. Shareholders (as defined below) in the following paragraphs. In rendering its opinion,
Eversheds relied on the facts and assumptions described in this prospectus as well as certain factual representations made by the Trust,
the Fund, and the Sponsor. This opinion is not binding on the IRS and is not a guarantee of the results. No ruling has been requested
from the IRS with respect to any matter affecting the Fund or prospective investors, and the IRS may disagree with the tax positions
taken by the Trust. If the IRS were to challenge the Trust&rsquo;s tax positions in litigation, they might not be sustained by the courts.
No statutory, administrative, or judicial authority directly addresses the treatment of the Shares or instruments similar to the Shares
for U.S. federal income tax purposes. As a result, the Trust cannot assure investors that the IRS or the courts will agree with the tax
consequences described herein. A different treatment from that described below could adversely affect the amount, timing, and character
of income, gain, or loss in respect of an investment in the Shares and could adversely affect the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used herein, the term &ldquo;Shareholder&rdquo; means a beneficial owner of a Share. The term &ldquo;U.S. Shareholder&rdquo; means a
Shareholder that is, for U.S. federal income tax purposes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         citizen or individual resident of the United States:</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         corporation or other entity treated as a corporation created or organized in or under
                                         the laws of the United States, any state thereof, or the District of Columbia;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         estate, the income of which is subject to U.S. federal income taxation, regardless of
                                         its source; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         trust (i) the administration of which is subject to the primary supervision of a U.S.
                                         court and that has one or more &ldquo;United States persons&rdquo; (within the meaning
                                         of the Code) who have the authority to control all substantial decisions of the trust,
                                         or (ii) that has made a valid election under applicable U.S. Treasury regulations to
                                         be treated as a &ldquo;United States person&rdquo; (within the meaning of the Code).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&ldquo;Non-U.S. Shareholder&rdquo; is a Shareholder that is neither a U.S. Shareholder nor a partnership for U.S. federal income tax
purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an entity or arrangement classified as a partnership for U.S. federal income tax purposes holds Shares, the U.S. federal income
tax treatment of a partner generally will depend on the status of the partner and the activities of the partnership. A partnership,
or partner of a partnership, holding or considering an investment in Shares is urged to consult its own tax advisors regarding
the U.S. federal income tax consequences of investing in Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EACH
PROSPECTIVE INVESTOR IS ADVISED TO CONSULT ITS OWN TAX ADVISOR REGARDING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF AN INVESTMENT
IN SHARES, AS WELL AS ANY APPLICABLE STATE, LOCAL, OR NON-U.S. TAX CONSEQUENCES, IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Tax
Classification of the Trust and the Fund</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is organized and will be operated as a statutory trust in accordance with the provisions of the Trust Agreement and applicable
Delaware law. Notwithstanding the Trust&rsquo;s status as a statutory trust and the Fund&rsquo;s status as a series of the Trust, due
to the nature of its activities the Fund will not be classified as a trust for U.S. federal income tax purposes, but rather it is more
likely than not that it will be classified as a partnership for such purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading of Shares on NYSE Arca will cause the Fund to be classified as a &ldquo;publicly traded partnership&rdquo; for U.S. federal
income tax purposes. Under section 7704 of the Code, a publicly traded partnership is generally taxable as a corporation. In the
case of an entity not registered under the Investment Company Act of 1940 as amended, (such as the Fund) and not meeting certain
other conditions, however, an exception to this general rule applies if at least 90% of the entity&rsquo;s gross income is &ldquo;qualifying
income&rdquo; for each taxable year of its existence (the &ldquo;qualifying income exception&rdquo;). For this purpose, qualifying
income is defined as including, in pertinent part, interest (other than from a financial business), dividends, and gains from
the sale or disposition of capital assets held for the production of interest or dividends. In the case of a partnership of which
a principal activity is the buying and selling of commodities other than as inventory or of futures, forwards and options with
respect to commodities, &ldquo;qualifying income&rdquo; also includes income and gains from commodities and from such futures,
forwards, options, and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional
principal contracts with respect to commodities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is very limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority on bitcoin derivatives, such as
bitcoin futures contracts. Eversheds is of the opinion that (i) bitcoin more likely than not will be considered commodities and (ii)
bitcoin futures contracts more likely than not will be considered futures with respect to commodities for purposes of the qualifying
income exception under section 7704 of the Code. Based on the opinion of Eversheds and a CFTC determination that treats bitcoin as a
commodity under the CEA, the Fund intends to take the position that bitcoin qualify as commodities and bitcoin futures contracts consist
of futures on commodities for purposes of the qualifying income exception under section 7704 of the Code. Shareholders should be aware
that the Fund&rsquo;s position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund&rsquo;s
position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences
to Shareholders and the Fund discussed below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Among
other items, the Trust and the Sponsor represented the following to Eversheds:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                            least 90% of the Fund's gross income for each taxable year since its formation, including
                                            the Fund's current taxable year, has been or will be derived from (i) interest, (ii) the
                                            sale or exchange of bitcoin, or (iii) the sale or exchange of bitcoin futures;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund is organized and will be operated in accordance with its governing documents and applicable
                                            law;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
                                            and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: right"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Fund has not elected, and will not elect, to be classified as a corporation for U.S. federal
                                            income tax purposes.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Based in part on these representations, Eversheds is of the opinion that the Fund more likely than not will be treated as a partnership
that it is not taxable as a corporation for U.S. federal income tax purposes. Fund&rsquo;s taxation as a partnership rather than a corporation
will require the Sponsor to conduct the Fund&rsquo;s business activities in such a manner that it satisfies the requirements of the qualifying
income exception on a continuing basis. No assurances can be given that the Fund&rsquo;s operations for any given year will produce income
that satisfies these requirements. Eversheds will not review the Fund's ongoing compliance with these requirements and will have no obligation
to advise the Trust, the Fund, or the Fund's Shareholders in the event of any subsequent change in the facts, representations, or applicable
law relied upon in reaching its opinion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund failed to satisfy the qualifying income exception in any year, other than a failure that is determined by the IRS to
be inadvertent and that is cured within a reasonable time after discovery (in which case, as a condition of relief, the Fund could
be required to pay the government amounts determined by the IRS), the Fund would be taxable as a corporation for U.S. federal
income tax purposes and would pay U.S. federal income tax on its income imposed at the corporate tax rate. In that event, Shareholders
would not report their share of the Fund&rsquo;s income or loss on their tax returns. Distributions by the Fund (if any) would
be taxable to Shareholders as dividend income to the extent of the Fund&rsquo;s current and accumulated earnings and profits.
To the extent that the amount of the distribution exceeded the Fund&rsquo;s current and accumulated earnings and profits, the
excess would be treated as a tax-free return of capital to the extent of the Shareholder&rsquo;s adjusted basis in the Shares
and, to the extent the amount of the distribution exceeded both the Fund&rsquo;s current and accumulated earnings and profits
and the Shareholder&rsquo;s adjusted tax basis in such Shares, such excess would be treated as capital gain for such Shareholders
who hold their Shares as capital assets. Accordingly, if the Fund were to be taxable as a corporation, it would likely have a
material adverse effect on the economic return from an investment in the Fund and on the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
remainder of this summary assumes that the Fund is classified for U.S. federal income tax purposes as a partnership
that it is not taxable as a corporation.<SUP></SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>U.S.
Shareholders</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Tax
Consequences of Ownership of Shares</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Taxation
of the Fund&rsquo;s Income</I>. No U.S. federal income tax is paid by the Fund on its income. Instead, the Fund files annual information
returns, and each U.S. Shareholder is required to report on its U.S. federal income tax return its allocable share of the income, gain,
loss, deductions, and credits of the Fund. These items must be reported by the applicable U.S. Shareholder without regard to the amount
(if any) of cash or property the U.S. Shareholder receives from the Fund during the taxable year. Consequently, a U.S. Shareholder may
be allocated income or gain recognized by the Fund but receive no cash distribution with which to pay the resulting tax liability or
may receive a distribution that is insufficient to pay such liability. Because the Sponsor currently does not intend to make distributions,
it is likely that, with respect to any year in which the Fund realizes net income and/or gain, a U.S. Shareholder that is allocated income
or gain from the Fund will be required to pay taxes on its allocable share of such income or gain from sources other than Fund distributions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, individuals with modified adjusted gross income in excess of $200,000 ($250,000 in the case of married individuals filing
jointly) and certain estates and trusts are subject to an additional 3.8% surtax on their &ldquo;net investment income,&rdquo;
which generally includes net income from interest, dividends, annuities, royalties, rents, and net capital gains (other than
certain amounts earned from trades or businesses). Also included as income subject to the additional 3.8% tax is income from businesses
involved in the trading of financial instruments or commodities. Shareholders subject to this provision may be required to pay
this 3.8% surtax on interest income and capital gains allocated to them by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Monthly
Conventions for Allocations of the Fund&rsquo;s Profit and Loss and Capital Account Restatements</I>. Under Code section 704, the determination
of a partner&rsquo;s distributive share of any item of income, gain, loss, deduction or credit is governed by the applicable organizational
document unless the allocation provided by such document lacks &ldquo;substantial economic effect.&rdquo; An allocation that lacks substantial
economic effect nonetheless will be respected if it is in accordance with the partners&rsquo; interests in the partnership, determined
by considering all facts and circumstances relating to the economic arrangements among the partners. Subject to the possible exception
for certain conventions to be used by the Fund as discussed below, allocations pursuant to the Trust Agreement should be considered as
having "substantial economic effect" or being in accordance with Shareholders' interests in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
situations where a partner&rsquo;s interest in a partnership is redeemed or sold during a taxable year, the Code generally requires that
partnership tax items for the year be allocated to the partner using either an interim closing of the books or a daily proration method.
The Fund intends to allocate tax items using an interim closing of the books method under which income, gains, losses, and deductions
will be determined on a monthly basis, taking into account the Fund&rsquo;s accrued income and deductions and gains and losses (both
realized and unrealized) for the month. The tax items for each month during a taxable year will then be allocated among the Shareholders
in proportion to the number of Shares owned by them as of the close of trading on the last trading day of the preceding month (the &ldquo;monthly
allocation convention&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the monthly allocation convention, an investor who disposes of a Share during the current month will be treated as disposing of
the Share as of the end of the last day of the calendar month. For example, an investor who buys a Share on April 10 of a year
and sells it on May 20 of the same year will be allocated all of the tax items attributable to May (because it is deemed to hold
the Share through the last day of May) but none of those attributable to April. The tax items attributable to that Share for April
will be allocated to the person who held the Share as of the close of trading on the last trading day of March. Under the monthly
allocation convention, an investor who purchases and sells a Share during the same month, and therefore does not hold (and is
not deemed to hold) the Share at the close of the last trading day of either that month or the previous month, will receive no
allocations with respect to that Share for any period. Accordingly, investors may receive no allocations with respect to Shares
that they actually held or may receive allocations with respect to Shares attributable to periods that they did not actually hold
the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
investing in Shares, a U.S. Shareholder agrees that, in the absence of new legislation, regulatory or administrative guidance,
or judicial rulings to the contrary, it will file its U.S. income tax returns in a manner that is consistent with the monthly
allocation convention as described above and with the IRS Schedule K-1 or any successor form provided to Shareholders by the Fund
or the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
any month in which a Creation Basket is issued or a Redemption Basket is redeemed, the Fund will credit or debit the &ldquo;book&rdquo;
capital accounts of existing Shareholders with the amount of any unrealized gain or loss, respectively, on Fund assets. For this
purpose, the Fund will use a convention whereby unrealized gain or loss will be computed based on the lowest NAV of the Fund&rsquo;s
assets during the month in which Shares are issued or redeemed, which may be different than the value of the assets on the date
of an issuance or redemption. The capital accounts as adjusted in this manner will be used in making tax allocations intended
to account for differences between the tax basis and fair market value of property owned by the Fund at the time new Shares are
issued or outstanding Shares are redeemed. The intended effect of these adjustments is to equitably allocate among Shareholders
any unrealized appreciation or depreciation in the Fund&rsquo;s assets existing at the time of a contribution or redemption for
book and tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conventions used by the Fund, as noted above, in making tax allocations may cause a Shareholder to be allocated more or less income
or loss for U.S. federal income tax purposes than its proportionate share of the economic income or loss realized by the Fund
during the period it held its Shares. This mismatch between taxable and economic income or loss in some cases may be temporary,
reversing itself in a later year when the Shares are sold, but could be permanent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Section
754 election.</I> The Fund intends to make the election permitted by section 754 of the Code, which election is irrevocable without
the consent of the IRS. The effect of this election is that when a secondary market sale of Shares occurs, the Fund adjusts the
purchaser&rsquo;s proportionate share of the tax basis of the Fund&rsquo;s assets to fair market value, as reflected in the price
paid for the Shares, as if the purchaser had directly acquired an interest in the Fund&rsquo;s assets. The section 754 election
is intended to eliminate disparities between a partner&rsquo;s basis in its partnership interest and its share of the tax basis
of the partnership&rsquo;s assets, so that the partner&rsquo;s allocable share of taxable gain or loss on a disposition of an
asset will correspond to its share of the appreciation or depreciation in the value of the asset since it acquired its interest.
Depending on the price paid for Shares and the tax basis of the Fund&rsquo;s assets at the time of the purchase, the effect of
the section 754 election on a purchaser of Shares may be favorable or unfavorable. In order to make the appropriate basis adjustments
in a cost-effective manner, the Fund will use certain simplifying conventions and assumptions. In particular, the Fund will obtain
information regarding secondary market transactions in its Shares and use this information to adjust the Shareholders&rsquo; indirect
basis in the Fund&rsquo;s assets. It is possible the IRS could successfully assert that the conventions and assumptions applied
are improper and require different basis adjustments to be made, which could adversely affect some Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Section
1256 Contracts</I>. Under the Code, special rules apply to instruments constituting &ldquo;section 1256 contracts.&rdquo; A section
1256 contract is defined as including, in relevant part: (1) a futures contract that is traded on or subject to the rules of a
national securities exchange which is registered with the SEC, a domestic board of trade designated as a contract market by the
CFTC, or any other board of trade or exchange designated by the Secretary of the Treasury (a &ldquo;qualified board or exchange&rdquo;),
and with respect to which the amount required to be deposited and the amount that may be withdrawn depends on a system of &ldquo;marking
to market&rdquo;; and (2) a non-equity option traded on or subject to the rules of a qualified board or exchange. Section 1256
contracts held at the end of each taxable year are treated as if they were sold for their fair market value on the last business
day of the taxable year (<I>i.e.</I>, are &ldquo;marked to market&rdquo;). In addition, any gain or loss realized from a disposition,
termination, or marking to market of a section 1256 contract is treated as long-term capital gain or loss to the extent of 60%
thereof, and as short-term capital gain or loss to the extent of 40% thereof, without regard to the actual holding period (&ldquo;60-40
treatment&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund may hold section 1256 contracts. Any gain or loss recognized as a result of the disposition, termination, or marking to market
of the Fund&rsquo;s section 1256 contracts will be subject to 60-40 treatment and allocated to Shareholders in accordance with
the monthly allocation convention.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
exchange gains and losses realized by the Fund in connection with certain transactions involving foreign currency-denominated
debt securities, certain futures contracts, forward contracts, options and similar investments denominated in a foreign currency,
and payables or receivables denominated in a foreign currency are subject to section 988 of the Code, which generally causes such
gain and loss to be treated as ordinary income or loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent the Fund holds non-U.S. investments, it may be subject to withholding and other taxes imposed by foreign countries.
Tax treaties between certain countries and the United States may reduce or eliminate such taxes. Because the amount of the Fund&rsquo;s
investments in various countries will change from time to time, it is not possible to determine the effective rate of such taxes
in advance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Limitations
on Deductibility of Losses and Certain Expenses</I>. A number of different provisions of the Code may defer or disallow the deduction
of losses or expenses allocated to Shareholders by the Fund, including but not limited to those described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Shareholder&rsquo;s deduction of its allocable share of any loss of the Fund is limited to the adjusted tax basis in its Shares or, in
the case of a Shareholder that is an individual or a closely held corporation, the amount which the Shareholder is considered to have
&ldquo;at risk&rdquo; with respect to the Fund&rsquo;s activities. In general, the amount at risk initially will be a Shareholder&rsquo;s
invested capital. Losses in excess of the lesser of the adjusted tax basis in a Shareholder&rsquo;s Share or, if lower than such Shareholder's
adjusted tax basis in its Shares, if applicable, the amount at risk, must be deferred until years in which the Fund generates additional
taxable income against which to offset such carryover losses or until additional capital is placed at risk.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Individuals
and other non-corporate taxpayers are permitted to deduct capital losses only to the extent of their capital gains for the taxable
year plus $3,000 of other income. Unused capital losses can be carried forward and used in future years, subject to these same
limitations. In addition, a non-corporate taxpayer may elect to carry back net losses on section 1256 contracts to each of the
three preceding years and use them to offset section 1256 contract gains in those years, subject to certain limitations. Corporate
taxpayers generally may deduct capital losses only to the extent of capital gains, subject to special carryback and carryforward
rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
deduction is permitted for expenses incurred by non-corporate taxpayers constituting &ldquo;miscellaneous itemized deductions,&rdquo;
generally including investment-related expenses (other than interest and certain other specified expenses). Although the matter is not
free from doubt, the Fund believes management fees the Fund pays to the Sponsor and other expenses of the Fund will constitute investment-related
expenses subject to this miscellaneous itemized deduction limitation, rather than expenses incurred in connection with a trade or business,
and will report these expenses consistent with that interpretation. The Code imposes additional limitations on the amount of certain
itemized deductions allowable to individuals with adjusted gross income in excess of certain amounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
taxable years beginning on or after January 1, 2026, in the case of an individual, the amount of the itemized deductions otherwise
allowable for the taxable year shall be reduced by&nbsp;<SUP>2</SUP>&frasl;<SUB>37</SUB>&nbsp;of the lesser of (1)&nbsp;such amount
of itemized deductions, or (2)&nbsp;so much of the taxable income of the taxpayer for the taxable year (increased by such amount
of itemized deductions) exceeds the dollar amount at which the 37 percent rate bracket under Section 1 of the Code begins with
respect to the taxpayer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-corporate
Shareholders generally may deduct &ldquo;investment interest expense&rdquo; only to the extent of their &ldquo;net investment
income.&rdquo; Investment interest expense of a Shareholder will generally include any interest expense accrued by the Fund and
any interest paid or accrued on direct borrowings by a Shareholder to purchase or carry its Shares, such as interest with respect
to a margin account. Net investment income generally includes gross income from property held for investment (including &ldquo;portfolio
income&rdquo; under the passive loss rules but not, absent an election, long-term capital gains or certain qualifying dividend
income) less deductible expenses other than interest directly connected with the production of investment income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund incurs indebtedness that is treated as allocable to a trade or business, the Fund&rsquo;s ability to deduct interest
on such indebtedness generally is limited to an amount equal to the sum of (1) the Fund&rsquo;s business interest income
during the year and (2) 30% of the Fund&rsquo;s adjusted taxable income for such taxable year. If the Fund is not entitled to
fully deduct its business interest in any taxable year, such excess business interest expense will be allocated to each Shareholder and can be carried forward by the Shareholder to successive taxable years and used to offset any excess
taxable income allocated by the Fund to such Shareholder. Any excess business interest expense allocated to a Shareholder will
reduce such Shareholder&rsquo;s adjusted tax basis in its Shares in the year of the allocation even if the expense does not give
rise to a deduction to the Shareholder in that year. Immediately prior to a Shareholder&rsquo;s disposition of its Shares, the
Shareholder&rsquo;s adjusted tax basis will be increased by the amount by which such basis reduction exceeds the excess interest
expense that has been deducted by such Shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the Fund allocates losses or expenses to a Shareholder that must be deferred or are disallowed as a result of
these or other limitations in the Code, the Treasury Regulations thereunder, or other U.S. federal income tax authorities, the
Shareholder may be taxed on income in excess of its economic income or distributions (if any) on its Shares. As one example, the
Shareholder could be allocated and required to pay tax on its share of interest income accrued by the Fund for a particular taxable
year, and in the same year be allocated a share of a capital loss that it cannot deduct currently because of the limitations discussed
above. As another example, the Shareholder could be allocated and required to pay tax on its share of interest income and capital
gain for a year but be unable to deduct some or all of its share of management fees and/or margin account interest incurred by
the Shareholder with respect to its Shares. Shareholders are urged to consult their own tax advisors regarding the effect of limitations
under the Code, Treasury Regulations, and other U.S. federal income tax authorities on their ability to deduct their allocable
share of the Fund&rsquo;s losses and expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Tax
Basis of Shares</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Shareholder&rsquo;s tax basis in its Shares is important in determining (1) the amount of taxable gain or loss it will realize
on the sale or other disposition of its Shares, (2) the amount of non-taxable distributions that it may receive from the Fund,
and (3) its ability to utilize its distributive share of any losses of the Fund on its U.S. federal income tax return. A Shareholder&rsquo;s
initial tax basis of its Shares will equal its cost for the Shares plus its share of the Fund&rsquo;s liabilities (if any) at
the time of purchase. In general, a Shareholder&rsquo;s &ldquo;share&rdquo; of those liabilities will equal the sum of (i) the
entire amount of any otherwise nonrecourse liability of the Fund as to which the Shareholder or certain affiliates of the Shareholder
is the creditor, guarantor, or otherwise bears the economic risk of loss (a &ldquo;partner nonrecourse liability&rdquo;) and (ii)
a pro rata share of any nonrecourse liabilities of the Fund that are not partner nonrecourse liabilities as to any Shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Shareholder&rsquo;s tax basis in its Shares generally will be (1) increased by (a) its allocable share of the Fund&rsquo;s taxable
income and gain and (b) any additional contributions by the Shareholder to the Fund and (2) decreased (but not below zero) by
(a) its allocable share of the Fund&rsquo;s tax deductions and losses and (b) any distributions by the Fund to the Shareholder.
For this purpose, an increase in a Shareholder&rsquo;s share of the Fund&rsquo;s liabilities will be treated as a contribution
of cash by the Shareholder to the Fund and a decrease in that share will be treated as a distribution of cash by the Fund to the
Shareholder. Pursuant to certain IRS rulings, a Shareholder will be required to maintain a single, &ldquo;unified&rdquo; basis
in all Shares that it owns. As a result, when a Shareholder that acquired its Shares at different prices sells less than all of
its Shares, such Shareholder will not be entitled to specify particular Shares (<I>e.g.</I>, those with a higher basis) as having
been sold. Rather, it must determine its gain or loss on the sale by using an &ldquo;equitable apportionment&rdquo; method to
allocate a portion of its unified basis in its Shares to the Shares sold.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Treatment
of Fund Distributions.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund makes non-liquidating distributions to Shareholders, such distributions generally will not be taxable to the Shareholders
for U.S. federal income tax purposes except to the extent that the sum of (i) the amount of cash and (ii) the fair market value
(subject to certain exceptions and adjustments) of marketable securities distributed exceeds the Shareholder&rsquo;s adjusted
tax basis of its interest in the Fund immediately before the distribution. Any money distributed that is in excess of a Shareholder&rsquo;s
adjusted tax basis generally will be treated as gain from the sale or exchange of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Tax
Consequences of a Disposition of Shares</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a Shareholder sells its Shares, it will recognize gain or loss equal to the difference between the amount realized and its adjusted tax
basis for the Shares sold. A Shareholder&rsquo;s amount realized will be the sum of the cash and the fair market value of other property
received plus its share of the Fund&rsquo;s liabilities allocable to the Shares sold.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
or loss recognized by a Shareholder on the sale or exchange of Shares held for more than one year will generally be taxable as
long-term capital gain or loss; otherwise, such gain or loss will generally be taxable as short-term capital gain or loss. A special
election is available under the Treasury Regulations that allows Shareholders to identify and use the actual holding periods for
the Shares sold for purposes of determining whether the gain or loss recognized on a sale of Shares will give rise to long-term
or short-term capital gain or loss. It is expected that most Shareholders will be eligible to elect, and generally will elect,
to identify and use the actual holding period for Shares sold. If a Shareholder who has differing holding periods for its Shares
fails to make the election or is not able to identify the holding periods of the Shares sold, the Shareholder will have a split
holding period in the Shares sold. Under such circumstances, a Shareholder will be required to determine its holding period in
the Shares sold by first determining the portion of its entire interest in the Fund that would give rise to long-term capital
gain or loss if its entire interest were sold and the portion that would give rise to short-term capital gain or loss if the entire
interest were sold. The Shareholder would then treat each Share sold as giving rise to long-term capital gain or loss and short-term
capital gain or loss in the same proportions as if it had sold its entire interest in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 751 of the Code, a portion of a Shareholder&rsquo;s gain or loss from the sale of Shares (regardless of the holding period
for such Shares), will be separately computed and taxed as ordinary income or loss to the extent attributable to &ldquo;unrealized
receivables&rdquo; or &ldquo;inventory&rdquo; owned by the Fund. The term &ldquo;unrealized receivables&rdquo; includes, among
other things, market discount bonds and short-term debt instruments to the extent such items would give rise to ordinary income
if sold by the Fund. However, the short-term capital gain on section 1256 contracts resulting from 60-40 treatment, described
above, should not be subject to this rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
some or all of a Shareholder&rsquo;s Shares are lent by its broker or other agent to a third party &mdash; for example, for use
by the third party in covering a short sale &mdash; the Shareholder may be considered as having made a taxable disposition of
the loaned Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
desiring to avoid these and other possible consequences of a deemed disposition of their Shares should seek advice from their
own tax advisors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
U.S. Federal Income Tax Matters</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Information
Reporting.</I> The Fund provides tax information to the Shareholders and to the IRS, as required. Shareholders of the Fund are
treated as partners for U.S. federal income tax purposes. Accordingly, the Fund will furnish Shareholders each year with tax
information on IRS Schedule K-1 and, if applicable, IRS Schedule K-3 (Form 1065), which will be used by the Shareholders in completing
their U.S. federal income tax returns. The IRS has ruled that assignees of partnership interests who have not been admitted to
a partnership as partners but who have the capacity to exercise substantial dominion and control over the assigned partnership
interests will be considered partners for U.S. federal income tax purposes. On the basis of this ruling, except as otherwise provided
herein, the Fund will treat as a Shareholder any person whose Shares are held on their behalf by a broker or other nominee if
that person has the right to direct the nominee in the exercise of all substantive rights attendant to the ownership of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
who hold an interest in the Fund as a nominee for another person are required to furnish to the Fund the following information:
(1) the name, address and taxpayer identification number of the beneficial owner and the nominee; (2) whether the beneficial owner
is (a) a person that is not a U.S. person, (b) a foreign government, international organization, or any wholly-owned agency
or instrumentality of either of the foregoing, or (c) a tax-exempt entity; (3) the number and a description of Shares acquired
or transferred for the beneficial owner; and (4) certain information including the dates of acquisitions and transfers, means
of acquisitions and transfers, and acquisition cost for purchases, as well as the amount of net proceeds from sales. Brokers and
financial institutions are required to furnish additional information, including whether they are U.S. persons and certain information
on Shares they acquire, hold, or transfer for their own account. The nominee is required to supply the beneficial owner of the
Shares with the U.S. federal income tax information furnished by the Fund. Penalties may apply with respect to the failure to
report required information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Partnership
Audit Procedures.</I> The IRS may audit the U.S. federal income tax returns filed by the Fund. Partnerships are generally treated
as separate entities for purposes of U.S. federal income tax audits, judicial review of administrative adjustments by the IRS,
and tax settlement proceedings. The tax treatment of partnership items of income, gain, loss, and deduction are determined at the
partnership level in a unified partnership proceeding rather than in separate proceedings with the partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
deficiencies (including interest and penalties) that arise from an adjustment to partnership items generally are assessed and
collected from the partnership (rather than from the partners), and generally are calculated using maximum applicable tax rates
(although such partnership level tax may be reduced or eliminated under limited circumstances). A narrow category of partnerships
are permitted to elect out of the partnership-level audit rules. As an alternative to partnership-level tax liability, a partnership
may elect to furnish adjusted Schedule K-1s to the IRS and to each person who was a partner in the audit year, stating such partner&rsquo;s
share of any partnership adjustments, and each such partner would then take the adjustments into account on its tax returns in
the year in which it receives its adjusted Schedule K-1 (rather than by amending their tax returns for the audited year). If the
Fund were subject to a partnership level tax, the economic return of all Shareholders (including Shareholders that did not own
Shares in the Fund during the taxable year to which the audit relates) may be affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trust Agreement provides that to
the extent that the Fund incurs any liability for tax under section 6225 of the Code, each Shareholder (or former Shareholder)
agrees to indemnify the applicable Fund for any taxes (and related interest, penalties, or other charges or expenses) payable
by the&nbsp;Fund and attributable to such Shareholder&rsquo;s (or former Shareholder&rsquo;s) interest in the Fund, as reasonably
determined by the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Reportable
Transaction Rules.</I> In certain circumstances the Code, Treasury Regulations, and certain IRS administrative guidance require
that the IRS be notified of certain transactions through a disclosure statement attached to a taxpayer&rsquo;s U.S. federal
income tax return. These disclosure rules may apply to transactions irrespective of whether they are structured to achieve particular
tax benefits. These disclosure rules could require disclosure by the Trust or Shareholders if a Shareholder incurs a loss in excess
of a specified threshold from a sale or redemption of its Shares and possibly in other circumstances. While these rules generally
do not require disclosure of a loss recognized on the disposition of an asset in which the taxpayer has a &ldquo;qualifying basis&rdquo;
(generally a basis equal to the amount of cash paid by the taxpayer for such asset), they apply to a loss recognized with respect
to interests in a pass-through entity, such as the Shares, even if the taxpayer&rsquo;s basis in such interests is equal to the
amount of cash it paid. In addition, significant monetary penalties may be imposed in connection with a failure to comply with
these reporting requirements. Investors should consult their own tax advisor concerning the application of these reporting requirements
to their specific situation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Tax-Exempt
Organizations.</I> Subject to numerous exceptions, qualified retirement plans, individual retirement accounts, charitable
organizations, and certain other organizations that otherwise are exempt from U.S. federal income tax (collectively, &ldquo;exempt
organizations&rdquo;) nonetheless are subject to the tax on unrelated business taxable income (&ldquo;UBTI&rdquo;). Generally, UBTI
means the gross income derived by an exempt organization from a trade or business that it regularly carries on, the conduct of which
is not substantially related to the exercise or performance of its exempt purpose or function, less allowable deductions directly
connected with that trade or business. If the Fund were to regularly carry on (directly or indirectly) a trade or business that is
unrelated with respect to an exempt organization Shareholder, then in computing its UBTI, the Shareholder must include its share of
(1) the Fund&rsquo;s gross income from the unrelated trade or business, whether or not distributed, and (2) the Fund&rsquo;s
allowable deductions directly connected with that gross income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
tax-exempt private universities should be aware that they are subject to an excise tax on their &ldquo;net investment income&rdquo;
that is not otherwise taxed as UBTI, including income from interest, dividends, and capital gains.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UBTI
generally does not include dividends, interest, or payments with respect to securities loans and gains from the sale of property
(other than property held for sale to customers in the ordinary course of a trade or business). Nonetheless, income on, and gain
from the disposition of, &ldquo;debt-financed property&rdquo; is UBTI. Debt-financed property generally is income-producing property
(including securities), the use of which is not substantially related to the exempt organization&rsquo;s tax-exempt purposes,
and with respect to which there is &ldquo;acquisition indebtedness&rdquo; at any time during the taxable year (or, if the property
was disposed of during the taxable year, the 12-month period ending with the disposition). Acquisition indebtedness includes debt
incurred to acquire property, debt incurred before the acquisition of property if the debt would not have been incurred but for
the acquisition, and debt incurred subsequent to the acquisition of property if the debt would not have been incurred but for
the acquisition and at the time of acquisition the incurrence of debt was foreseeable. The portion of the income from debt-financed
property attributable to acquisition indebtedness is equal to the ratio of the average outstanding principal amount of acquisition
indebtedness over the average adjusted tax basis of the property for the year. The Fund currently does not anticipate that it
will borrow money to acquire investments; however, the Fund cannot be certain that it will not borrow for such purpose in the
future, which could result in an exempt organization Shareholder having UBTI. In addition, an exempt organization Shareholder
that incurs acquisition indebtedness to purchase its Shares in the Fund may have UBTI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. federal income tax rate applicable to an exempt organization Shareholder on its UBTI generally will be either the corporate
or trust tax rate, depending upon the Shareholder&rsquo;s form of organization. The Fund may report to each such Shareholder information
as to the portion, if any, of the Shareholder&rsquo;s income and gains from the Fund for any year that will be treated as UBTI;
the calculation of that amount is complex, and there can be no assurance that the Fund&rsquo;s calculation of UBTI will be accepted
by the IRS. Each exempt organization Shareholder is required to calculate UBTI income and losses separately with respect to each
unrelated trade or business from which it derives UBTI, and as a result, exempt organization Shareholders may not be able to offset
losses from one activity against income from another. Under Treasury Regulations, however, income derived from certain pass-through
entities and all debt-financed income that is not otherwise attributable to a trade or business are treated as arising from a
single trade or business for purposes of the foregoing rule, subject to certain requirements. An exempt organization Shareholder
will be required to make payments of estimated U.S. federal income tax with respect to its UBTI.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Regulated
Investment Companies.</I> Interests in and income from &ldquo;qualified publicly traded partnerships&rdquo; satisfying certain
gross income tests are treated as qualifying assets and income, respectively, for purposes of determining eligibility for regulated
investment company (&ldquo;RIC&rdquo;) status. A RIC may invest up to 25% of its assets in interests in qualified publicly traded
partnerships. The determination of whether a publicly traded partnership, such as the Fund, is a qualified publicly traded partnership
is made on an annual basis. While the tax treatment of bitcoin derivatives is not entirely clear, it is possible that the Fund
may be a qualified publicly traded partnership. However, such qualification is not assured, and prospective RIC investors should
consult a tax advisor regarding the treatment of an investment in the Fund under current tax rules and in light of their particular
circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-U.S.
Shareholders</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion below concerning FATCA (as defined below), generally, non-U.S. persons who derive U.S. source income or gain from investing
or engaging in a U.S. business are taxable on two categories of income. The first category consists of amounts that are fixed or determinable,
annual or periodic income, such as interest, dividends and rent that are not connected with the operation of a U.S. trade or business
(&ldquo;FDAP&rdquo;). The second category is income that is effectively connected with the conduct of a U.S. trade or business (&ldquo;ECI&rdquo;).
FDAP income (other than interest that is considered &ldquo;portfolio interest,&rdquo; as discussed below) is generally subject to a 30%
withholding tax, which may be reduced for certain categories of income by a treaty between the U.S. and the recipient&rsquo;s country
of residence. In contrast, ECI is generally subject to U.S. tax on a net basis at applicable rates and requires the filing of a U.S.
tax return.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Withholding
on Allocations and Distributions.</I> The Code provides that if a partnership is engaged in a U.S. trade or business during a
taxable year, a Non-U.S. Shareholder who is a partner in the partnership will also be considered to be engaged in a U.S. trade
or business during that year. Classifying an activity by a partnership as an investment or an operating business is a factual
determination. Under certain safe harbors in the Code, an investment fund whose activities consist of trading in stocks, securities,
or commodities for its own account generally will not be considered to be engaged in a U.S. trade or business unless it is a dealer
in such stocks, securities, or commodities. This safe harbor applies to investments in commodities only if the commodities are
of a kind customarily dealt in on an organized commodity exchange and if the transaction is of a kind customarily consummated
at such place. As noted above, there is limited authority on the U.S. federal income tax treatment of bitcoin and no direct authority
on bitcoin derivatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the Fund&rsquo;s activities were considered to constitute a U.S. trade or business, the Fund would be required
to withhold at the highest rate specified in Code section 1 (currently 37%) on allocations of the Fund&rsquo;s income to non-corporate
Non-U.S. Shareholders and the highest rate specified in Code section 11(b) (currently 21%) on allocations of the Fund&rsquo;s
income to corporate Non-U.S. Shareholders when such income is allocated or distributed. Non-U.S. Shareholders may also be subject
to a 10% withholding tax on the consideration payable upon a sale or exchange of such Non-U.S. Shareholder&rsquo;s Shares. In the
case of a transfer made through a broker, the obligation to withhold will generally be imposed on the transferor&rsquo;s broker.
A Non-U.S. Shareholder that derives ECI generally will be required to file a U.S. federal income tax return, and the return will
provide the Non-U.S. Shareholder with the mechanism to seek a refund of any withholding in excess of such Shareholder&rsquo;s
actual U.S. federal income tax liability. Any amount withheld by the Fund will be treated as a distribution to the Non-U.S. Shareholder
to the extent possible. In some cases, the Fund may not be able to match the economic cost of satisfying its withholding obligations
to a particular Non-U.S. Shareholder, which may result in said cost being borne by the Fund and accordingly by all Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund is not treated as engaged in a U.S. trade or business, a Non-U.S. Shareholder may nevertheless be treated as having FDAP income,
corresponding to its allocable share of the Fund&rsquo;s income that consists of FDAP. Such allocations would be subject to withholding
tax imposed at a 30% rate (possibly subject to reduction by an income tax treaty). Amounts withheld on behalf of a Non-U.S. Shareholder
will be treated as being distributed to such Shareholder. If the Fund is not able to match the economic cost of satisfying its withholding
obligation to a particular Non-U.S. Shareholder, said cost may have to be borne by the Fund and accordingly by all Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent any interest income allocated to a Non-U.S. Shareholder that otherwise constitutes FDAP is considered &ldquo;portfolio interest,&rdquo;
neither the allocation of such interest income to the Non-U.S. Shareholder nor a subsequent distribution of such interest income to the
Non-U.S. Shareholder will be subject to withholding, provided that the Non-U.S. Shareholder is not otherwise engaged in a trade or business
in the U.S. and provides the Fund with a timely and properly completed and executed IRS Form W-8BEN, IRS Form W-8BEN-E, or other applicable
form. In general, the portfolio interest exemption is not available for interest paid to a recipient that actually or constructively
owns 10% or more of the voting power of the issuer in the case of a corporate issuer, or 10% of the capital or profits interests of an
issuer that is a partnership, and is subject to certain other limitations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order for the Fund to avoid withholding on any interest income allocable to Non-U.S. Shareholders that would qualify as &ldquo;portfolio
interest,&rdquo; it will be necessary for all Non-U.S. Shareholders to provide the Fund with a timely and properly completed and
executed Form W-8BEN or W-8BEN-E (or other applicable form).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Treasury Regulations require withholding on certain distributions made by a publicly traded partnership. An exception under these
rules applies if a publicly traded partnership certifies that it is not engaged in a trade or business within the United States
at any time during its taxable year through the publicly traded partnership&rsquo;s designated date. In order to make this certification,
the publicly traded partnership must issue a &ldquo;qualified notice&rdquo; indicating that it qualifies for this exception. A
broker may not rely on such a certification if it has actual knowledge that the certification is incorrect or unreliable. Certain
aspects of these rules remain unclear. Until the IRS issues guidance further clarifying these rules, Non-U.S. Shareholders are
urged to consult their tax advisors regarding the impact of these rules on an investment in the Fund, and brokers are urged consult
their tax advisors in making withholding decisions pursuant to these rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Gain
from Sale of Shares.</I> Subject to the discussion below concerning FATCA (as defined below) and backup withholding, gain from
the sale or exchange of Shares may be taxable to a Non-U.S. Shareholder if the Non-U.S. Shareholder is a nonresident alien individual
who is present in the U.S. for 183 days or more during the taxable year. In such case, the nonresident alien individual may be
subject to a 30% withholding tax on the amount of such individual&rsquo;s gain. In addition, if the Fund is treated as being engaged
in a U.S. trade or business, a portion of the gain on the sale or exchange will be treated as effectively connected income subject
to U.S. federal income tax to the extent that a sale of the Fund&rsquo;s assets would give rise to effectively connected income.
Section 1446(f) of the Code provides that certain transfers of a partnership interest, including an interest in a publicly traded
partnership, may be subject to withholding tax imposed at a rate of 10%. To the extent a transferee is required to withhold on
the amount paid to the transferor, the transferor would be required to file a U.S. tax return in order to obtain a refund, if
available, of any amount withheld in excess of such transferor&rsquo;s substantive tax liability. In the event that the transferee
fails to withhold all or a portion of the required amount, the Fund will be required to withhold such amounts from distributions
otherwise to be made to the transferee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
U.S. Treasury Regulations, brokers generally are required to withhold on certain transfers of interests in partnerships, including
interests in publicly traded partnerships. An exception under these rules applies if a publicly traded partnership certifies that
it is not engaged in a trade or business within the United States at any time during its taxable year through the publicly traded
partnership&rsquo;s designated date. In order to make this certification, the publicly traded partnership must issue a &ldquo;qualified
notice&rdquo; indicating that it qualifies for this exception. A broker may not rely on such a certification if it has actual
knowledge that the certification is incorrect or unreliable. In addition, certain aspects of these rules remain unclear. Until
the IRS issues guidance further clarifying these rules, non-U.S. shareholders are urged to consult their tax advisors regarding
the impact of these rules on an investment in the Fund, and brokers are urged to consult their tax advisors in making withholding
decisions pursuant to these rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Branch
Profits Tax on Corporate Non-U.S. Shareholders.</I> In addition to the taxes noted above, any Non-U.S. Shareholders that are classified
as corporations for U.S. federal income tax purposes may also be subject to an additional tax, the branch profits tax, at a rate
of 30% (or a reduced rate pursuant to an applicable income tax treaty). The branch profits tax is imposed on a non-U.S. corporation&rsquo;s
dividend equivalent amount, which generally consists of the corporation&rsquo;s after-tax earnings and profits that are effectively
connected with the corporation&rsquo;s U.S. trade or business but are not reinvested in a U.S. business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Foreign
Account Tax Compliance Act.</I> Legislation commonly referred to as the &ldquo;Foreign Account Tax Compliance Act,&rdquo; or &ldquo;FATCA,&rdquo;
generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions (&ldquo;FFIs&rdquo;),
unless such FFIs either: (1) enter into an agreement with the U.S. Treasury Department to report certain required information
with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S.
persons as substantial owners) or (2) reside in a jurisdiction that has entered into an intergovernmental agreement (&ldquo;IGA&rdquo;)
with the United States to collect and share such information and comply with the terms of such IGA and any enabling legislation
or regulations. The types of income subject to the tax include U.S.-source interest and dividends. While the Code would also require
withholding on the payments of the gross proceeds from the sale of any property that could produce U.S.-source interest or dividends,
the U.S. Treasury Department has indicated its intent to eliminate this requirement in proposed regulations, which state that
taxpayers may rely on the proposed regulations until final regulations are issued. The information required to be reported includes
the identity and taxpayer identification number of each account holder that is a specified U.S. person and financial information
associated with the holder&rsquo;s account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding
tax on certain payments to certain foreign entities that are not FFIs unless the foreign entity certifies that it does not have
a greater than 10% owner that is a specified U.S. person or provides the withholding agent with identifying information on each
greater than 10% owner that is a specified U.S. person. Depending on the status of a beneficial owner and the status of the intermediaries
through which the owner holds its shares, a beneficial owner could be subject to this 30% withholding tax with respect to distributions
on its shares. Under certain circumstances, a beneficial owner might be eligible for refunds or credits of such taxes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective
Non-U.S. Shareholders should consult their own tax advisor regarding these and other tax issues unique to Non-U.S. Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Backup
Withholding</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>U.S.
Shareholders.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Shareholder may be subject to information reporting and backup withholding when such U.S. Shareholder receives taxable distributions
on the shares and proceeds from the sale or other disposition of the shares (including a redemption of the shares). Certain U.S.
Shareholders, including, but not limited to, banks and corporations, generally are exempt from information reporting and backup
withholding. A U.S. Shareholder will be subject to backup withholding if such U.S. Shareholder is not otherwise exempt and:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
                                         U.S. Shareholder fails to furnish the U.S. Shareholder&rsquo;s U.S. taxpayer identification
                                         number or &ldquo;TIN,&rdquo; which, for an individual, generally is his or her U.S. social
                                         security number;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         IRS notifies the payor that such U.S. Shareholder furnished an incorrect U.S. TIN;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         Fund is notified by the IRS that the U.S. Shareholder has failed properly to report payments
                                         of interest or dividends; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
                                         U.S. Shareholder fails to certify, under penalties of perjury, on an IRS Form W-9 (Request
                                         for Taxpayer Identification Number and Certification) or a suitable substitute form (or
                                         other applicable certificate), that the U.S. Shareholder has furnished a correct U.S.
                                         TIN and that the IRS has not notified the U.S. Shareholder that the U.S. Shareholder
                                         is subject to backup withholding.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Shareholders should consult their tax advisors regarding their qualification for an exemption from backup withholding and the
procedures for obtaining such an exemption, if applicable. Backup withholding is not an additional U.S. federal income tax, and
taxpayers may use amounts withheld as a credit against their U.S. federal income tax liability or may claim a refund if they timely
provide certain information to the IRS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Non-U.S.
Shareholders.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of taxable distributions that the Fund pays to any documented Non-U.S. Shareholder on the Shares will be reported to the
Non-U.S. Shareholder and to the IRS annually on an IRS Form 1042-S, regardless of the amount of U.S. federal income tax withheld.
Copies of these information returns may also be made available under the provisions of a specific income tax treaty or agreement
with the tax authorities of the country in which the Non-U.S. Shareholder resides. However, a Non-U.S. Shareholder generally will
not be subject to backup withholding and certain other information reporting with respect to payments that the Fund makes to the
Non-U.S. Shareholder, provided that the Fund does not have actual knowledge or reason to know that such Non-U.S. Shareholder is
a &ldquo;United States person&rdquo; within the meaning of the Code and the Non-U.S. Shareholder complies with applicable certification
and disclosure requirements and furnishes to the Fund the requisite information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a Non-U.S. Shareholder sells or exchanges a Share through a United States broker or the United States office of a foreign broker, or
such sale is deemed to occur through a United States office of a foreign broker, the proceeds from such sale or exchange will be
subject to information reporting and backup withholding, unless the Non-U.S. Shareholder provides a withholding certificate
establishing that such holder is not a U.S. Shareholder to the broker and such broker does not have actual knowledge or reason to
know that such holder is a U.S. Shareholder, or the Non-U.S. Shareholder is an exempt recipient eligible for an exemption from
information reporting and backup withholding. If a Non-U.S. Shareholder sells or exchanges a Share through the foreign office of a
broker who is a &ldquo;United States person&rdquo; (within the meaning of the Code) or has certain enumerated connections with the
United States, the proceeds from such sale or exchange will be subject to information reporting, unless the Non-U.S. Shareholder
provides to such broker a withholding certificate establishing that such Shareholder is not a U.S. Shareholder and such broker does
not have actual knowledge or reason to know that such evidence is false, or the Non-U.S. Shareholder is an exempt recipient eligible
for an exemption from information reporting. In circumstances where information reporting by the foreign office of such a broker is
required, backup withholding will be required only if the broker has actual knowledge that the holder is a U.S.
Shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-U.S. Shareholder generally will be entitled to credit any amounts withheld under the backup withholding rules against the
Non-U.S. Shareholder&rsquo;s U.S. federal income tax liability or may claim a refund, provided that the required information is
furnished to the IRS in a timely manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-U.S.
Shareholders are urged to consult their tax advisors regarding the application of information reporting and backup withholding
to their particular situations, the availability of an exemption therefrom, and the procedures for obtaining such an exemption,
if available.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Other
Tax Considerations</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to U.S. federal income taxes, a Shareholder may be subject to other taxes, such as state and local income taxes, unincorporated
business taxes, business franchise taxes, and estate, gift, inheritance, or intangible taxes that may be imposed by the various
jurisdictions in which the Fund does business or owns property or where the Shareholder resides. Although an analysis of those
various taxes is not presented here, each prospective Shareholder should consider their potential impact on its investment in
the Fund. It is each Shareholder&rsquo;s responsibility to file the appropriate U.S. federal, state, local, and non-U.S. tax returns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama047"></A>Investment
by ERISA Accounts and IRAs</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
employee benefit plans and individual retirement accounts (&ldquo;IRAs&rdquo;) are subject to the Employee Retirement Income Security
Act of 1974, as amended (&ldquo;ERISA&rdquo;), or the Code, or both. This section discusses certain considerations that arise
under ERISA and the Code that a fiduciary of (i) an employee benefit plan as defined in ERISA; (ii) a plan as defined in Section
4975 of the Code; or (iii) entity whose underlying assets include &ldquo;plan assets&rdquo; by reason of an employee benefits
plan or other plan&rsquo;s investment in the entity (&ldquo;plan asset entity&rdquo;) who has investment discretion should take
into account before deciding to invest the plan&rsquo;s assets in the Fund. Employee benefit plans under ERISA, plans under the
Code and plan asset entities are collectively referred to below as &ldquo;plans,&rdquo; and fiduciaries with investment discretion
are referred to below as &ldquo;plan fiduciaries.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is based on the provisions of ERISA and the Code as of the date of this prospectus. This summary is general in nature
and is not intended to be complete, but only to address certain matters under ERISA and the Code. The summary does not include
state, local, or non-U.S. law. Accordingly, investors are urged to consult with their own professional advisors to understand
the issues affecting the Fund and the investor. The Sponsor is not undertaking to provide investment advice, or to give advice
in a fiduciary capacity, in connection with a plan&rsquo;s investment in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
Considerations</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
plan fiduciary must consider the facts and circumstances that are relevant to an investment in the Fund, including the role that
an investment in the Fund would play in the plan&rsquo;s overall investment portfolio. Each plan fiduciary, before deciding to
invest in the Fund, must be satisfied that (i) the investment is prudent for the plan, (ii) the investments of the plan are diversified
so as to minimize the risk of large losses, (iii) an investment in the Fund complies with the terms of the plan, and (iv) the
acquisition and holding of Shares does not result in a non-exempt &ldquo;prohibited transaction&rdquo; under Section 406 of ERISA
or Section 4975 of the Code (see &ldquo;Prohibited Transactions&rdquo; below).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund and Plan Assets</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underlying assets of an entity, such as statutory trust, are considered to be assets of a plan for purposes of ERISA or Section
4975 of the Code, the operations of that entity would be subject to and, in some cases, limited by the provisions of ERISA and
Section 4975 of the Code. A regulation issued under ERISA contains rules for determining when an investment by a plan in an equity
interest of an entity will result in the underlying assets of the entity being deemed plan assets for purposes of ERISA and Section
4975 of the Code. The regulation includes an exception that provides that assets of an entity will not be plan assets of a plan
that purchases an equity interest in the entity, if the equity interest purchased is a &ldquo;publicly offered security.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
publicly offered security exception applies if the equity interest is a security that is:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">freely
                                         transferable (see discussion below);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">part
                                         of a class of securities that is widely held (meaning that the class of securities is
                                         owned by 100 or more investors independent of the issuer and of each other); and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">either
                                         (a) part of a class of securities registered under Section 12(b) or 12(g) of the Exchange
                                         Act or (b) sold to the plan as part of a public offering pursuant to an effective registration
                                         statement under the 1933 Act and the class of which such security is a part is registered
                                         under the Exchange Act within 120 days (or such later time as may be allowed by the SEC)
                                         after the end of the fiscal year of the issuer in which the offering of such security
                                         occurred.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of whether a security is freely transferable is to be made based on all the relevant facts and circumstances. In
the case of a security that is part of an offering in which the minimum investment is $10,000 or less, the following requirements,
alone or in combination, ordinarily will not affect a finding that the security is freely transferable: (i) a requirement that
no transfer or assignment of the security or rights relating to the security be made that would violate any federal or state law;
and (ii) a requirement that no transfer or assignment be made without advance written notice given to the entity that issued the
security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor believes that the conditions described above should be satisfied with respect to the Shares. The Sponsor believes that
the Shares therefore should constitute publicly offered securities, and the underlying assets of the Fund should not be considered
to constitute plan assets of any plan that purchases Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prohibited
Transactions</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ERISA
and the Code generally prohibit certain transactions involving a plan and persons who have certain specified relationships to
the plan. In general, Shares may not be purchased with the assets of a plan if the Sponsor, the clearing brokers, the trading
advisors (if any), or any of their affiliates, agents or employees either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise
                                         any discretionary authority or discretionary control with respect to management of the
                                         plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exercise
                                         any authority or control with respect to management or disposition of the assets of the
                                         plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">render
                                         investment advice for a fee or other compensation, direct or indirect, with respect to
                                         any moneys or other property of the plan;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
                                         any authority or responsibility to render investment advice with respect to any monies
                                         or other property of the plan; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">have
                                         any discretionary authority or discretionary responsibility in the administration of
                                         the plan.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
a prohibited transaction may occur under ERISA or the Code when circumstances indicate that (i) the investment in Shares is made
or retained for the purpose of avoiding application of the fiduciary standards of ERISA, (ii) the investment in Shares constitutes
an arrangement under which the Fund is expected to engage in transactions that would otherwise be prohibited if entered into directly
by the plan purchasing the Shares, (iii) the investing plan, by itself, has the authority or influence to cause the Fund to engage
in such transactions, or (iv) a person who is prohibited from transacting with the investing plan may, but only with the aid of
certain of its affiliates and the investing plan, cause the Fund to engage in such transactions with such person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
IRA Rules</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IRAs
are not subject to ERISA&rsquo;s fiduciary standards, but are subject to their own rules, including the prohibited transaction
rules of Section 4975 of the Code, which generally mirror ERISA&rsquo;s prohibited transaction rules. For example, IRAs are subject
to special custody rules and must maintain a qualifying IRA custodial arrangement separate and distinct from the Fund and its
custodial arrangement. If a separate qualifying custodial arrangement is not maintained, an investment in the Shares will be treated
as a distribution from the IRA. Second, IRAs are prohibited from investing in certain commingled investments, and the Sponsor
makes no representation regarding whether an investment in Shares is an inappropriate commingled investment for an IRA. Third,
in applying the prohibited transaction provisions of Section 4975 of the Code, in addition to the rules summarized above, the
individual for whose benefit the IRA is maintained is also treated as the creator of the IRA. For example, if the owner or beneficiary
of an IRA enters into any transaction, arrangement, or agreement involving the assets of his or her IRA to benefit the IRA owner
or beneficiary (or his or her relatives or business affiliates) personally, or with the understanding that such benefit will occur,
directly or indirectly, such transaction could give rise to a prohibited transaction that is not exempted by any available exemption.
Moreover, in the case of an IRA, the consequences of a non-exempt prohibited transaction are that the IRA&rsquo;s assets will
be treated as if they were distributed, causing immediate U.S. federal income taxation of the assets (including any early distribution
penalty tax applicable under Section 72 of the Code), in addition to any other fines or penalties that may apply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exempt
Plans</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Employee
benefit plans may be governmental plans (as defined in Section 3(32) of ERISA) or church plans (as defined in Section 3(33) of
ERISA). Certain governmental plans and church plans are not subject to ERISA or the prohibited transaction provisions described
above. These plans are, however, subject to prohibitions against certain related-party transactions under Section 503 of the Code,
which are similar to the prohibited transaction rules described above. In addition, the fiduciary of any governmental or church
plan must consider any applicable state or local laws and any restrictions and duties of common law imposed upon the plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
view is expressed as to whether an investment in the Fund (and any continued investment in the Fund), or the operation and administration
of the fund, is appropriate or permissible for any governmental plan or church plan under Code Section 503, or under any state,
county, local or other law relating to that type of plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allowing
an investment in the Fund is not to be construed as a representation by the Trust, the Fund, the Sponsor, any trading advisor,
any clearing broker, the Marketing Agent or legal counsel or other advisors to such parties or any other party that this investment
meets some or all of the relevant legal requirements with respect to investments by any particular plan or that this investment
is appropriate for any particular plan. The person with investment discretion should consult legal counsel and financial advisors
as to the propriety of an investment in the Fund in light of the circumstances of the particular plan, and compliance with ERISA,
Section 4975 of the Code and similar law, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="tctposama048"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION
BY REFERENCE OF CERTAIN INFORMATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust is a smaller reporting company, as defined in Rule 405 (17 CFR 230, 405), and files annual, quarterly and current reports
and other information with the SEC. The rules of the SEC allow the Trust to &ldquo;incorporate by reference&rdquo; information
that the Trust files with them, which means that the Trust can disclose important information to you by referring you to those
documents. The information incorporated by reference is an important part of this prospectus. The documents listed below and all
documents subsequently filed by us with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act before the
termination or completion of this offering of our shares, as well as all documents subsequently filed by us with the SEC pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of the initial registration statement and prior to effectiveness
of the registration statement, shall be deemed to be incorporated by reference in this prospectus and to be a part of it from
the filing dates of such documents. This includes but is not limited to the documents set forth below that have been previously
filed with the SEC:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2024, filed
                                         on <A HREF="http://www.sec.gov/Archives/edgar/data/1985840/000199937125003109/defi-10k_123124.htm">March 25, 2025</A>;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust&rsquo;s&nbsp;Quarterly Report on Form 10-Q for the fiscal quarter ended March 31,
                                         2025, filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1985840/000199937125006264/defi_10q-033125.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
                                         15, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">;
                                         </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Trust&rsquo;s&nbsp;Quarterly Report on Form 10-Q for the fiscal quarter ended June 30,
                                         2025, filed with the SEC on </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/1985840/000199937125011381/defi-10q_063025.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
                                         14, 2025</FONT></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 18pt">&#9679;</TD>
    <TD>The Trust&rsquo;s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2025, filed with the SEC
    on <A HREF="https://www.sec.gov/Archives/edgar/data/1985840/000199937125017892/defi_10q-093025.htm">November 14, 2025</A>.</TD></TR>
</TABLE>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
statement contained in a document incorporated by reference in this prospectus shall be deemed to be modified or superseded for
purposes of this prospectus to the extent that a statement contained in this prospectus or in any other subsequently filed document
that also is or is deemed to be incorporated by reference in this prospectus modifies or supersedes such statement. Any statement
so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. Likewise,
statements in or portions of a future document incorporated by reference in this prospectus may update and replace statements
in and portions of this prospectus or the above listed documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will provide to each person to whom a prospectus is delivered, including any beneficial owner, a copy of any document incorporated
by reference in the prospectus (excluding any exhibits to those documents unless the exhibit is specifically incorporated by reference
as an exhibit in that document) at no cost, upon written or oral request at the following address or telephone number:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hashdex
Bitcoin ETF&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hashdex
Asset Management Ltd.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Flagship
Building, 2nd Floor, 142 Seafarers Way, P.O. Box 1096,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KY1-1102,
George Town, Grand Cayman, Cayman Islands</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(917) 525-5635</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust&rsquo;s Internet website is <U>https://hashdex-etfs.com/defi</U>. The Trust makes its electronic filings with the SEC,
including its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to these
reports available on the Trust&rsquo;s website free of charge as soon as practicable after we file or furnish them with the SEC.
The information contained on the Trust&rsquo;s website is not incorporated by reference in this prospectus and should not be considered
a part of this prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama049"></A>INFORMATION
YOU SHOULD KNOW</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus contains information you should consider when making an investment decision about the Shares. You should rely only
on the information contained in this prospectus or any applicable prospectus supplement. None of the Trust, the Fund or the Sponsor
has authorized any person to provide you with different information and, if anyone provides you with different or inconsistent
information, you should not rely on it. This prospectus is not an offer to sell the Shares in any jurisdiction where the offer
or sale of the Shares is not permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information contained in this prospectus was obtained from us and other sources believed by us to be reliable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should disregard anything we said in an earlier document that is inconsistent with what is included in this prospectus or any
applicable prospectus supplement. Where the context requires, when we refer to this &ldquo;prospectus,&rdquo; we are referring
to this prospectus and (if applicable) the relevant prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should not assume that the information in this prospectus or any applicable prospectus supplement is current as of any date other
than the date on the front page of this prospectus or the date on the front page of any applicable prospectus supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
include cross references in this prospectus to captions in these materials where you can find further related discussions. The
table of contents tells you where to find these captions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama050"></A>WHERE
YOU CAN FIND MORE INFORMATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust has filed on behalf of the Fund a registration statement with the SEC under the 1933 Act. This prospectus does not contain
all of the information set forth in the registration statement (including the exhibits to the registration statement), parts of
which have been omitted in accordance with the rules and regulations of the SEC. For further information about the Trust, the
Fund or the Shares, please refer to the registration statement, which you may inspect online at <U>www.sec.gov</U>. Information
about the Trust, the Fund and the Shares can also be obtained from the Fund&rsquo;s website, which is <U>https://hashdex-etfs.com/defi</U>. The Fund&rsquo;s website address is only provided here as a convenience to you and the information contained on or connected
to the website is not part of this prospectus or the registration statement of which this prospectus is part. The Trust is subject
to the informational requirements of the Exchange Act and will file certain reports and other information with the SEC under the
Exchange Act. The Sponsor will file an updated prospectus annually for the Fund pursuant to the 1933 Act. The reports and other
information can be inspected online at <U>www.sec.gov</U>, which is the Internet site maintained by the SEC that contains reports,
proxy and information statements and other information regarding issuers that file electronically with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="tctposama051"></A>APPENDIX
A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposama052"></A>Glossary
of Defined Terms</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this prospectus, each of the following terms have the meanings set forth after such term:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Administrator:
</B>Tidal ETF Services LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorized
Purchaser:</B> One that purchases or redeems Creation Baskets or Redemption Baskets, respectively, from or to the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Benchmark</B>:
The Nasdaq Bitcoin Reference Price &ndash; Settlement (NQBTCS), which is designed to track the performance of the bitcoin spot
market and provide an accurate reference of the average bitcoin spot price at the given period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bitcoin
Custodian: </B>BitGo Trust Company, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business
Day:</B> Any day other than a day when any of NYSE Arca is closed for regular trading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cash
Custodian: </B>U.S. Bank, N.A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Code:
</B>Internal Revenue Code of 1986, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Creation
Basket:</B> A block of 10,000 Shares used by the Fund to issue Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DTC:
</B>The Depository Trust Company. DTC will act as the securities depository for the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DTC
Purchaser:</B> An entity that has an account with DTC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exchange
Act:</B> The Securities Exchange Act of 1934.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FINRA:
</B>Financial Industry Regulatory Authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indirect
Purchasers:</B> Banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC
purchaser, either directly or indirectly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limited
Liability Company (LLC):</B> A type of business ownership combining several features of corporation and partnership structures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Marketing Agent:</B> Paralel Distributors LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NAV:
</B>Net Asset Value of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NSCC:
</B>National Securities Clearing Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1933
Act:</B> The Securities Act of 1933.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
Basket:</B> A block of 10,000 Shares used by the Fund to redeem Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SEC:
</B>Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Secondary
Market:</B> The stock exchanges and the over the counter market. Securities are first issued as a primary offering to the public.
When the securities are traded from that first holder to another, the issued securities trade in these secondary markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders:
</B>Holders of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares:
</B>Common units representing fractional undivided beneficial interests in the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sponsor:
</B>Hashdex Asset Management Ltd., a Cayman Islands investment manager (and an Exempt Reporting Advisor under SEC rules) that
specializes in, among other things, the management, research, investment analysis and other investment support services of funds
and ETFs with investment strategies involving bitcoin and other crypto assets, who controls the investments and other decisions
of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Spot
Contract:</B> A cash market transaction in which the buyer and seller agree to the immediate purchase and sale of a cryptocurrency,
usually with a two-day settlement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tracking
Error:</B> Possibility that the daily NAV of the Fund will not track the Benchmark.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Trust Agreement:</B> The Second Amended and Restated
Declaration of Trust and Trust Agreement of the Trust effective as of January 16, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Valuation
Day:</B> Any day as of which the Fund calculates its NAV.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>You:
</B>The owner of Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATEMENT
OF ADDITIONAL INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Hashdex
Bitcoin ETF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
statement of additional information is the second part of a two-part document. The first part is the Fund&rsquo;s disclosure document.
The disclosure document and this statement of additional information are bound together, and both parts contain important information.
This statement of additional information should be read in conjunction with the disclosure document. To obtain a copy of the disclosure
document without charge, call the Fund at (844)-986-7700. Before you decide whether to invest, you should read the entire prospectus
carefully and consider the risk factors beginning on page&nbsp;14.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This statement of additional information
and accompanying disclosure document are both dated January 16, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Hashdex
Bitcoin ETF</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STATEMENT
OF ADDITIONAL INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-bottom: 0pt; padding-left: 0in; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposamb002">Regulation</A></FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0pt; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-5</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 12pt; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#tctposamb003">Fund
    Performance</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-7</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposamb002"></A>Regulation</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>Regulation
of Bitcoin </U></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bitcoin
and other digital assets have increasingly attracted attention from U.S. and foreign regulators. Such regulatory attention has
included enforcement actions for violations of securities and commodities laws, as well as the release of regulatory guidance
explaining how existing regulatory regimes apply to digital assets, and orders approving certain digital asset-related products.
In more limited cases, new legislation or regulations have been proposed or adopted to govern the use of digital assets and their
networks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
federal and state agencies have been examining the operations of digital asset networks, digital asset users and digital asset
trading platforms, with particular focus on the extent to which digital assets can be used to launder the proceeds of illegal
activities or fund criminal or terrorist enterprises and the safety and soundness of trading platforms or other service-providers
that hold digital assets for users. Many of these state and federal agencies have issued consumer advisories regarding the risks
posed by digital assets to investors. In addition, federal and state agencies, and other countries have issued rules or guidance
about the treatment of digital asset transactions or requirements for businesses engaged in digital asset activity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the SEC, U.S. state securities regulators and several foreign governments have issued warnings that digital assets sold
in initial coin offerings (&ldquo;ICOs&rdquo;) may be classified as securities and that both those digital assets and ICOs may
be subject to securities regulations. Generally speaking, ICOs are offered and conducted on the Ethereum network or similar &ldquo;smart
contract&rdquo; platforms, rather than the Bitcoin Network; however, bitcoin has been used for consideration in ICOs on multiple
networks and ICOs may be conducted using the Bitcoin Network.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On-going
and future regulatory actions may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares or
the ability of the Fund to continue to operate. Additionally, U.S. state and federal, and foreign regulators and legislatures
have taken action against digital asset businesses or enacted restrictive regimes in response to adverse publicity arising from
hacks, consumer harm, or criminal activity stemming from digital asset activity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
U.S. federal and state and foreign jurisdictions have adopted, and may continue in the near future to adopt, laws, regulations
or directives that affect the Bitcoin Network, the bitcoin markets, and their users, particularly digital asset trading platforms
and service providers that fall within such jurisdictions&rsquo; regulatory scope. There remains significant uncertainty regarding
the U.S. and foreign government and quasi-governmental regulatory actions with respect to digital assets and digital asset exchanges.
Foreign laws, regulations or directives may conflict with those of the U.S. and may negatively impact the acceptance of bitcoin
by users, merchants and service providers and may therefore impede the growth or sustainability of the Bitcoin economy in the
European Union, China, South Korea, India and the U.S. and globally, or otherwise negatively affect the value of bitcoin.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of any future regulatory change on the Trust or Bitcoin is impossible to predict, but such change could be substantial
and adverse to the Trust and the value of the Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bitcoin
Value</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of bitcoin is determined by the value that various market participants place on Bitcoin through their transactions. The
most common means of determining the value of a bitcoin is by surveying one or more Bitcoin Exchanges where bitcoin is traded
publicly and transparently (e.g., Coinbase, Bitstamp, Kraken, itBit, LMAX Digital and Gemini).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
exchanges, bitcoin is traded with publicly disclosed valuations for each executed trade, measured by one or more fiat currencies
such as the U.S. dollar or Euro. OTC dealers or market makers do not typically disclose their trade data.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
there are many exchanges operating worldwide, representing a substantial percentage of bitcoin buying and selling activity, and
providing the most data with respect to prevailing valuations of bitcoins. Historically, a large percentage of the global Bitcoin
trading volume occurred on self-reported, unregulated Bitcoin Exchanges located in China. Throughout 2017, however, the Chinese
government took several steps to tighten controls on Bitcoin Exchanges, culminating in a ban on domestic cryptocurrency exchanges
in November 2017, which forced such exchanges to cease their operations or relocate. As a result, reported Bitcoin trading volume
on Chinese exchanges is now substantially lower, representing a de minimis share of the global trade volume.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, there may be intra-day price fluctuations across Bitcoin Exchanges. However, they are generally relatively immaterial.
For example, the variance of prices on Bitcoin Exchanges with the highest transaction volumes on average is lower than 2%. These
variances usually stem from small changes in the fee structures on different Bitcoin Exchanges or differences in administrative
procedures required to deposit and withdraw fiat currency in exchange for Bitcoins and vice versa. The greatest variances are
found at (i) smaller exchanges with relatively low transaction volumes where even small trades can be large relative to an exchange&rsquo;s
transaction volume and as a result impact the trading price on those exchanges and (ii) exchanges that are inaccessible to the
Trust because they do not meet the Trust&rsquo;s regulatory requirements, and as a result are accessed and used by a captured
market or by parties that do not have regulatory or compliance requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="tctposamb003"></A>Fund
Performance</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following graph sets forth the historical
performance of the Fund from commencement of operations on September 15, 2022, until October 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><IMG SRC="tctposam006.jpg" ALT="" STYLE="height: 327px; width: 600px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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