TDOT

An investment in the Trust involves significant risks and may not be suitable for shareholders who are not in a position to accept more risk than may be involved with exchange-traded products that do not hold DOT. The shares are speculative securities. Their purchase involves a high degree of risk and you could lose your entire investment. You should consider all risk factors before investing in the Trust.

There is no assurance that Polkadot (“the Trust”) will generate a profit for investors. The Trust may not be suitable for all investors.

There are special risks associated with short selling and margin investing. Please ask your financial advisor for more information about these risks. Polkadot is a relatively new asset class, and the market for Polkadot is subject to rapid changes and uncertainty. Polkadot is largely unregulated and Polkadot investments may be more susceptible to fraud and manipulation than more regulated investments.

Polkadot 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. Polkadot 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 Polkadot, and other factors. There is no assurance that Polkadot will maintain its value over the long-term.

The trading prices of many digital assets, including Polkadot, have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Polkadot, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.

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

Risks Related to Staking Activities.
The Trust currently stakes a portion of its DOT holdings in order to generate additional rewards. Staking refers to the practice of committing digital assets to support the operations and security of the Polkadot network, in return for the potential to earn rewards from the protocol. While staking may enhance returns, it also introduces unique risks. Assets committed to staking may be subject to lock-up or unbonding periods, during which they cannot be accessed or transferred, which can reduce liquidity. Staking depends on the proper functioning of the Polkadot network, and disruptions such as downtime, software bugs, forks, or other technical failures may impair rewards or lead to the loss of staked assets.

The Trust also relies on validators and service providers to facilitate staking. If a validator fails to perform, suffers downtime, or engages in misconduct, the Trust’s staked assets may be reduced through penalties or “slashing” imposed by the network. Because staking involves concentrating assets with selected validators, the Trust may experience outsized losses if those validators face operational or security issues.

The regulatory and tax treatment of staking remains uncertain and may change at any time. Future guidance or legislation could limit or prohibit staking, or impose additional obligations or adverse tax consequences. Even when rewards are earned, they may not offset losses resulting from declines in the value of DOT, which remains highly volatile. An investment in the Trust therefore carries the risk of loss, up to and including the entire principal invested.

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 Polkadot. An investment in the Trust is not a direct investment in Polkadot. Investors will also forgo certain rights conferred by owning Polkadot 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.

If an active trading market for the Shares does not develop or continue to exist, the market prices and liquidity of the Shares may be adversely affected.

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: https://www.21shares.com/en-us/product/tdot.

The Marketing Agent is Foreside Global Services, LLC

21Shares US LLC is the Sponsor to the Trust.
21shares is not affiliated with Foreside Global Services LLC

© 2026. 21Shares US LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without written permission.