0001976672 2026-08-28 2026-08-28 0001976672 ck0001976672:doc_Grayscale_Bitcoin_Covered_Call_ETFMember ck0001976672:S000084446Member 2026-08-28 2026-08-28 0001976672 ck0001976672:doc_Grayscale_Ethereum_Covered_Call_ETFMember ck0001976672:S000089961Member 2026-08-28 2026-08-28 <img alt="" src="image_001.jpg"/> GRAYSCALE FUNDS TRUST SUPPLEMENT DATED AUGUST 28, 2026 TO THE SUMMARY PROSPECTUS AND PROSPECTUS FOR THE FUNDS LISTED IN SCHEDULE A <div style="width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid"> </div></div> On August 13, 2026, the Board of Trustees (the “Board”) of the Grayscale Funds Trust (the “Trust”) approved, based on the recommendation of Grayscale Advisors, LLC, the investment advisor to Grayscale Bitcoin Covered Call ETF and Grayscale Ethereum Covered Call ETF (each the “Fund”), a change to the fund’s investment objective as follows: <table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="padding-left: 5.4pt; border: Black 1pt solid; width: 20%; padding-top: 8.4pt; padding-right: 6.25pt">Fund Name</td> <td style="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 39%; border-top: Black 1pt solid; padding-top: 8.4pt; padding-right: 6.25pt; text-align: center">Current Investment Objective</td> <td style="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 41%; border-top: Black 1pt solid; padding-top: 8.4pt; padding-right: 6.25pt; text-align: center">New Investment Objective</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 5.4pt; border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 8.4pt; padding-right: 6.25pt">Grayscale Bitcoin Covered Call ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">The Grayscale Bitcoin Covered Call ETF (the “Fund”) seeks to provide current income. The Fund’s secondary objective is to participate in the returns of Bitcoin through the use of options on Bitcoin exchange-traded products whose investment objectives are to, before fees and expenses, track the price performance of Bitcoin. The Bitcoin exchange-traded products include, but are not limited to, Grayscale Bitcoin Trust ETF (Ticker: GBTC) and Grayscale Bitcoin Mini Trust ETF (Ticker: BTC) (the “Bitcoin ETPs”). There can be no assurance that the Fund will achieve its investment objectives.</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">The Grayscale Bitcoin Covered Call ETF (the “Fund”) seeks to provide high income. The Fund’s secondary objective is to participate in the returns of Bitcoin through the use of options on Bitcoin exchange-traded products whose investment objectives are to, before fees and expenses, track the price performance of Bitcoin.</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 5.4pt; border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 8.4pt; padding-right: 6.25pt">Grayscale Ethereum Covered Call ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">The Grayscale Ethereum Covered Call ETF (the “Fund”) seeks to provide and deliver current income. The Fund seeks to provide exposure to the return of one or more exchange-traded products that provide exposure to Ether, including, but not limited to, Grayscale Ethereum Staking ETF (Ticker: ETHE) and Grayscale Ethereum Staking Mini ETF (Ticker: ETH) (the “Ethereum ETPs”). There can be no assurance that the Fund will achieve its investment objective.</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">The Grayscale Ethereum Covered Call ETF (the “Fund”) seeks to provide and deliver high income. The Fund seeks to provide exposure to the return of one or more exchange-traded products that provide exposure to Ether.</td></tr> </table> <table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td> </td> <td colspan="3" style="text-align: center">SCHEDULE A</td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td></tr> <tr> <td style="width: 9%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 40%; text-align: center">FUND</td> <td style="vertical-align: top; width: 2%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: top; width: 40%; text-align: center">DATE OF SUMMARY PROSPECTUS AND PROSPECTUS</td> <td style="width: 9%"> </td></tr> <tr> <td> </td> <td style="padding-top: 5.4pt; vertical-align: top">Grayscale Bitcoin Covered Call ETF Grayscale Ethereum Covered Call ETF</td> <td style="padding-top: 5.4pt; vertical-align: top"> </td> <td style="padding-top: 5.4pt; vertical-align: bottom"> May 1, 2026 May 1, 2026</td> <td> </td></tr> </table> PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. <img alt="" src="image_001.jpg"/> GRAYSCALE FUNDS TRUST SUPPLEMENT DATED AUGUST 28, 2026 TO THE SUMMARY PROSPECTUS AND PROSPECTUS FOR THE FUNDS LISTED IN SCHEDULE A <div style="width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid"> </div></div> <table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td> </td> <td colspan="3" style="text-align: center">SCHEDULE A</td> <td> </td></tr> <tr style="vertical-align: top"> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td></tr> <tr> <td style="width: 9%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 40%; text-align: center">FUND</td> <td style="vertical-align: top; width: 2%; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: top; width: 40%; text-align: center">DATE OF SUMMARY PROSPECTUS AND PROSPECTUS</td> <td style="width: 9%"> </td></tr> <tr> <td> </td> <td style="padding-top: 5.4pt; vertical-align: top">Grayscale Bitcoin Covered Call ETF Grayscale Ethereum Covered Call ETF</td> <td style="padding-top: 5.4pt; vertical-align: top"> </td> <td style="padding-top: 5.4pt; vertical-align: bottom"> May 1, 2026 May 1, 2026</td> <td> </td></tr> </table> PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. On August 13, 2026, the Board of Trustees (the “Board”) of the Grayscale Funds Trust (the “Trust”) approved, based on the recommendation of Grayscale Advisors, LLC, the investment advisor to Grayscale Bitcoin Covered Call ETF and Grayscale Ethereum Covered Call ETF (each the “Fund”), a change to the fund’s investment objective as follows: Grayscale Bitcoin Covered Call ETF Grayscale Ethereum Covered Call ETF <table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="padding-left: 5.4pt; border: Black 1pt solid; width: 20%; padding-top: 8.4pt; padding-right: 6.25pt">Fund Name</td> <td style="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 39%; border-top: Black 1pt solid; padding-top: 8.4pt; padding-right: 6.25pt; text-align: center">Current Investment Objective</td> <td style="padding-left: 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 41%; border-top: Black 1pt solid; padding-top: 8.4pt; padding-right: 6.25pt; text-align: center">New Investment Objective</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 5.4pt; border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 8.4pt; padding-right: 6.25pt">Grayscale Bitcoin Covered Call ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">The Grayscale Bitcoin Covered Call ETF (the “Fund”) seeks to provide current income. The Fund’s secondary objective is to participate in the returns of Bitcoin through the use of options on Bitcoin exchange-traded products whose investment objectives are to, before fees and expenses, track the price performance of Bitcoin. The Bitcoin exchange-traded products include, but are not limited to, Grayscale Bitcoin Trust ETF (Ticker: GBTC) and Grayscale Bitcoin Mini Trust ETF (Ticker: BTC) (the “Bitcoin ETPs”). There can be no assurance that the Fund will achieve its investment objectives.</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">The Grayscale Bitcoin Covered Call ETF (the “Fund”) seeks to provide high income. The Fund’s secondary objective is to participate in the returns of Bitcoin through the use of options on Bitcoin exchange-traded products whose investment objectives are to, before fees and expenses, track the price performance of Bitcoin.</td></tr> <tr style="vertical-align: top"> <td style="padding-left: 5.4pt; border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 8.4pt; padding-right: 6.25pt">Grayscale Ethereum Covered Call ETF</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">The Grayscale Ethereum Covered Call ETF (the “Fund”) seeks to provide and deliver current income. The Fund seeks to provide exposure to the return of one or more exchange-traded products that provide exposure to Ether, including, but not limited to, Grayscale Ethereum Staking ETF (Ticker: ETHE) and Grayscale Ethereum Staking Mini ETF (Ticker: ETH) (the “Ethereum ETPs”). There can be no assurance that the Fund will achieve its investment objective.</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">The Grayscale Ethereum Covered Call ETF (the “Fund”) seeks to provide and deliver high income. The Fund seeks to provide exposure to the return of one or more exchange-traded products that provide exposure to Ether.</td></tr> </table> 497 N-1A 0001976672 false 2026-08-28 2026-05-01 Grayscale Funds Trust