HZEN – Grayscale Horizen Trust (ZEN) – ETF Investment Strategy

Strategy

The investment seeks to provide investors a cost-effective and convenient way to invest in Zen tokens (“ZEN”), while avoiding the complication of directly holding ZEN. The Trust’s investment objective is for the Shares (based on ZEN per Share) to reflect the value of the ZEN held by the Trust, determined by reference to the VWAP, less the Trust’s expenses and other liabilities.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
HZEN	Grayscale® Horizen Trust (ZEN)	ETF	Open	—	—	Aug 6, 2018	$6.22M	2.500%	—	—	−$0.00

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Grayscale® Horizen Trust (ZEN) HZEN Strategy

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