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With respect to securities that are principally traded on foreign exchanges, the value of the Fund’s portfolio securities may change on days when you will not be able to purchase or sell your Shares. Accordingly, the Adviser has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective. The CFTC could deem the Fund or the Adviser in violation of an applicable CFTC regulation if the Fund or the Adviser fail to comply with a related SEC regulatory requirement under the CFTC harmonization regulations. Various foreign jurisdictions may, in the near future, adopt laws, regulations or directives that affect the Bitcoin network, the bitcoin exchange market and their users, particularly bitcoin exchanges and service providers that fall within such jurisdictions’ regulatory scope. While we understand that age limits can aid board succession planning, the long-term impact of age limits restricts experienced and potentially valuable board members from service through an arbitrary means. The Trust pays each Independent Trustee an annual retainer of $80,000, a per meeting fee of $15,000 for scheduled quarterly meetings of the Board and each special meeting of the Board and a per meeting fee of $7,500 for telephonic meetings.
