Please Note: Cryptocurrency Risks: For clients who have advised Grimes that they want to purchase cryptocurrencies, including Bitcoin (together “Crypto”), Grimes & Company (“Grimes”) will advise (with potential exception) that the client consider doing so via the purchase of an exchange traded fund. Crypto is a digital currency that can be used for various purposes including to purchase goods, services and investments. Crypto uses an online ledger with strong cryptography (i.e., a method of protecting information and communications with codes) to secure online transactions. Unlike conventional currencies issued by monetary authorities, Crypto generally operate without centralized control, and their value is determined by market supply and demand. While regulatory oversight of Crypto has evolved since its inception, Crypto remains subject to unequal global regulatory treatment which could impact Crypto’s risks and liquidity. Because cryptocurrency is considered to be a speculative investment, Grimes will not purchase Crypto for a client account unless expressly directed by the client to do so. Please Note: Grimes does not recommend or advocate the purchase of, or investment in Crypto. Grimes considers such an investment to be speculative. Please Also Note: Clients who direct Grimes to purchase Crypto must be prepared for potential liquidity constraints, extreme price volatility, regulatory risk, technology risk custody risk, and complete loss of principal.