BlockState AG and its affiliates (collectively, the “Manager”) are furnishing this website presentation (this “Website”) to sophisticated prospective investors for informational purposes only in relation to a potential opportunity to subscribe for limited liability company interests represented by uncertificated units (Units) in CTF15 (the “Strategy”). This is neither an offer to sell nor a solicitation for an offer to buy Units in the Strategy. Any offer to sell or solicitation of an offer to buy Units will be made solely through definitive offering documents, identified as such, in respect of the Strategy in compliance with the terms of all applicable securities and other laws. Such definitive offering documents, if any, will describe risks related to an investment in the Strategy (including loss of the entire investment) and will qualify in their entirety the information set forth on this Website. 

The Units have not been recommended, approved or disapproved by the securities regulatory authority of any state or of any other U.S. or non-U.S. jurisdiction, nor has any such securities regulatory authority passed upon the accuracy or adequacy of this Website.

No Advice on Investment; Risk of Loss 

Prior to making any investment decision in respect of the Strategy, each investor must undertake its own independent examination and investigation of the Strategy, including the merits and risks involved in an investment in the Interests, and must base its investment decision – including a determination whether Interests would be a suitable investment for the investor – on such examination and investigation and must not rely on the Manager or the Strategy in making such investment decision. Prospective investors must not construe the contents of this Website as legal, tax, investment, or other advice. Each prospective investor is urged to consult with its own advisors with respect to legal, tax, regulatory, financial, accounting and similar consequences of investing in the Strategy, the suitability of the investment for such investor and other relevant matters concerning an investment in the Strategy. This Website contains an overview summary of the terms of the Strategy. The summary set forth in this Website does not purport to be complete, and is qualified in its entirety by reference to the definitive offering documents relating to the Strategy. Do not place undue reliance on this Website. 

None of the Manager, the Strategy, its affiliates, or any of their respective directors, officers, employees, agents, affiliates or advisers (collectively, the “Related Persons”) will, to the maximum extent permitted by law, be responsible or liable for this Website (or the information contained in it), and none of the Related Persons makes any warranties or representations, express or implied, as to the accuracy, suitability, fairness, completeness or otherwise of such information including where such information contains errors or misstatements. The recipient acknowledges that, to the maximum extent permitted by law, each Related Person excludes and disclaims all liability to the recipient or to any other person for any expense, cost, loss or damage of any kind including direct, indirect or consequential loss or damage incurred by any person arising from or relating to any information included or omitted from this Website, whether by reason of such information being inaccurate or incomplete or for any other reason. 

Information May Change and Be Inaccurate, Incomplete or Outdated 

The information on this Website is for discussion purposes only and no representations or warranties are given or implied. The information contained on this Website is subject to further discussion, completion and amendment. All of the information presented herein is subject to change without notice. This Website may be updated to provide additional information on the CTF15 Strategy and its methodology. Any use of this Website is on an “as is” and “as available” basis and is at the user’s sole risk. 

Certain information contained in this Website may have been obtained from sources prepared by other parties, which in certain cases may not have been updated through the date hereof. While such information is believed to be reliable for the purpose used on this Website, none of the Manager, the Strategy or any of its Related Persons makes any representation or warranty (express or implied), nor shall they have any responsibility or liability in respect of any information contained on this Website or for its accuracy, adequacy, timeliness or completeness, and no representation is made or is to be implied that the information will remain unchanged. The Manager is under no obligation to update the material on this Website. 

This Website does not contain all the information necessary to fully evaluate any transaction or investment, and no investor should rely on the contents of this Website. Any investment decision should be made based solely upon appropriate due diligence and, if applicable, upon receipt and careful review of any definitive offering documents, identified as such, in respect of the Strategy. 

Intellectual Property 

The Strategy is the exclusive property of the Manager and the Manager retains all proprietary rights therein. Any user of this Website agrees to not, and will not assist any third party to, assert any rights in the Strategy or any component thereof or challenge the Manager’s rights therein. 

The trademarks and service marks used on this Website (collectively, the “Marks”) are trademarks (whether registered or unregistered) and/or service marks owned by the Manager or by third party licensors. Nothing contained on this Website should be construed as granting any license or right to use any of the Marks for any purpose whatsoever without the written permission or applicable license terms of the lawful owner. Unauthorized use of the Marks or any information is strictly prohibited and may violate trademark, copyright or other applicable laws. 

Management History 

The business and investment history of the management team of the Manager and other background information presented on this Website is not comprehensive. In particular, the information set forth on this website should not be interpreted as an exhaustive presentation of businesses with which the senior executives of the Strategy have been involved, their professional and other accomplishments, or their business experience. Additional information is available upon request. 

Performance Disclosures 

Performance information is provided for informational purposes only. Past performance of the management team is not necessarily indicative of future results, and there can be no assurance that any projections, targets or estimates of future performance will be realized. Actual performance of the Strategy may vary substantially from the performance provided on this Website. An investor may lose all or a substantial part of its investment in the Strategy. Careful consideration should be given to any performance data provided herein. Strategy returns are calculated net of expenses. Investor Class units are subject to a 1.5% annual fee that includes the management fee, custody charges for holding the Strategy’s assets charged by the custodian, and customary fees and expenses of the Strategy administrator and auditor.  

The performance of the Strategy will be reduced by any and all applicable fees or expenses charged to and by the Strategy, which could be more than the fees and expenses incurred with respect to investments held by the Manager. Performance returns of the Strategy may be materially less than that of the Manager. 

Strategy Can’t Track Methodology Exactly 

The Strategy will have losses, liabilities and expenses that will offset its income and gains and therefore the Strategy’s performance may be below the methodology’s performance. In addition, the performance of the Strategy and the methodology may vary somewhat due to other factors such as imperfect correlation between the Strategy’s investments and the methodology’s composition, regulatory restrictions, high portfolio turnover rate, rounding of prices and timing differences associated with additions to and deletions from the methodology and the Strategy. 

Hypothetical Returns 

The historical back-tested performance of the CTF15 Strategy was calculated by retroactively applying the Methodology (a financial model, or set of rules for calculating constituents and weightings) to an historical set of data in order to arrive at hypothetical methodology performance. This performance history is not the performance of any actual account, but rather the result of applying a set of mathematical rules to a set of historical data in order to arrive at the hypothetical results of how the methodology would have performed if it had, in fact, been in existence during the historical period. Actual returns from live portfolios will differ materially from the back-tested, hypothetical methodology returns. Hypothetical returns do not reflect the macroeconomic risks of using an investment strategy in a different time period or the financial risk of executing trades in a live portfolio which include the potential market impact on cryptocurrency prices caused by buying or selling that could cause the model’s buy or sell prices to differ from the frictionless trades of the back-tested model. As the back-tested returns simulate the historical hypothetical performance of an methodology, hypothetical investment fees associated with investing in a Strategy tracking this hypothetical methodology (including trading commissions, brokerage fees, management fees, or other fees) have not been included in (by reducing) the historical performance. Although the information on this Website provides some idea of the historic risks involved in investing in a portfolio designed to track the CTF15 Strategy, past hypothetical performance is not a guarantee of future returns. Backward looking performance cannot predict how any investment strategy will perform in the future. The inception date of the CTF15 Strategy is January 1, 2016 and prior returns represent historical back-tested performance. 

Projections or Forecasts 

This Website includes forward-looking statements that represent the Manager’s opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. These statements may be identified by the use of words like “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “should,” “seek,” and similar expressions. The forward-looking statements reflect the Manager’s views and assumptions with respect to future events and are subject to risks and uncertainties. Actual and future results and trends could differ materially from those described by such statements due to various factors, including those beyond our ability to control or predict. Given these uncertainties, undue reliance should not be placed on the forward-looking statements. The Manager does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Manager does not guarantee the offering and events described on the Website will happen as described (or that they will happen at all).

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