GRAYSCALE BITCOIN MINERS ETF (USD) GCPU.US

The Grayscale Bitcoin Miners ETF is a passively managed fund whose objective is to track the performance (before fees and expenses) of the Indxx Bitcoin Miners Index. The Indxx Bitcoin Miners Index measures the equity performance of global companies involved in Bitcoin mining or providing infrastructure and services related to mining.

To be eligible, companies must fall into categories based on the share of revenue from mining: "pure-play" (≥ 50 %), "quasi-play" (≥ 20 % but < 50 %), or "marginal" (< 20 %).

The index selects up to 25 pure-play companies by market cap; if fewer qualify, it adds quasi- or marginal‐play companies until the target number is met. The composition is rebalanced and reconstituted quarterly.

Weights are by free-float market capitalization, subject to caps on individual securities and on the combined weight of quasi- plus marginal-play companies. The fund invests primarily in equities of these companies.

Under normal conditions it allocates at least 80 % of its net assets in the index constituents or instruments with similar economic characteristics. It does not invest directly in digital assets (such as Bitcoin itself) or initial coin offerings.

It uses full replication of the index but may use representative sampling when needed for tradability or arbitrage considerations. The fund is a series of the Grayscale Funds Trust and is registered under U.S. securities regulations.