Grayscale Trusts, which are not registered under the Investment Company Act of 1940, operate outside the regulatory framework governing mutual funds and ETFs. This lack of registration means they are not subject to the same regulatory requirements, potentially increasing investment risks. Investments in Grayscale Trusts are not direct investments in cryptocurrencies and are characterized by heightened volatility, posing a risk of significant or complete loss. Foreside Fund Services, LLC serves as the marketing agent for Grayscale's exchange-traded products (ETPs).