CETH Reserves

Disclosure

The Trust is not an investment company registered under the Investment Company Act of 1940 or a commodity pool for purposes of the Commodity Exchange Act. Shares of the Trust are not subject to the same regulatory requirements as mutual funds. These investments are not suitable for all investors. Trusts focusing on a single asset generally experience greater volatility. There are special risks associated with short selling and margin investing. Please ask your financial advisor for more information about these risks. Ether is a relatively new asset class, and the market for ether is subject to rapid changes and uncertainty. Ether is largely unregulated and ether investments may be more susceptible to fraud and manipulation than more regulated investments.

Ether is subject to unique and substantial risks, including significant price volatility and lack of liquidity, and theft. The value of an investment in the Trust could decline significantly and without warning, including to zero. Ether is subject to rapid price swings, including as a result of actions and statements by influencers and the media, changes in the supply of and demand for ether, and other factors. There is no assurance that ether will maintain its value over the long-term.

Failure by the Trust's Ether Custodian to exercise due care in the safekeeping of the Trust's ether could result in a loss to the Trust. Shareholders cannot be assured that the Ether Custodian will maintain adequate insurance with respect to the ether held by the custodian on behalf of the Trust.

The Trust is not actively managed and will not take any actions to take advantage, or mitigate the impacts, of volatility in the price of ether. An investment in the Trust is not a direct investment in ether. Investors will also forgo certain rights conferred by owning ether directly. Shares of the Trust are generally bought and sold at market price (not NAV) and are not individually redeemed from the Trust. Only Authorized Participants may trade directly with the Trust and only large blocks of Shares called "creation units." Your brokerage commissions will reduce returns.

Shares in the Trust are not FDIC insured and may lose value and have no bank guarantee.

This material must be accompanied or preceded by a prospectus.Carefully consider the Trust's investment objectives, risk factors, and fees and expenses before investing. For further discussion of the risks associated with an investment in the Trust please read the Trust's prospectus.

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