diff --git a/CHANGELOG.md b/CHANGELOG.md
index 1c6293cae39..7d08c07b061 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -34,6 +34,12 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 # Changelog
 
+## [v2.0.1](https://github.com/cosmos/ibc-go/releases/tag/v2.0.1) - 2021-12-02
+
+### Bug Fixes
+
+* (02-client) [\#500](https://github.com/cosmos/ibc-go/pull/500) Fix IBC `update-client proposal` cli command to expect correct number of args.
+
 ## [v2.0.0](https://github.com/cosmos/ibc-go/releases/tag/v2.0.0) - 2021-11-09
 
 ### Dependencies
@@ -59,6 +65,8 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ## [v1.2.2](https://github.com/cosmos/ibc-go/releases/tag/v1.2.2) - 2021-10-15
 
+### Dependencies
+
 * [\#485](https://github.com/cosmos/ibc-go/pull/485) Bump SDK version to v0.44.2
 
 ## [v1.2.1](https://github.com/cosmos/ibc-go/releases/tag/v1.2.1) - 2021-10-04
diff --git a/modules/core/02-client/client/cli/tx.go b/modules/core/02-client/client/cli/tx.go
index cbc71414e6f..dad830e51fd 100644
--- a/modules/core/02-client/client/cli/tx.go
+++ b/modules/core/02-client/client/cli/tx.go
@@ -237,8 +237,8 @@ func NewUpgradeClientCmd() *cobra.Command {
 // NewCmdSubmitUpdateClientProposal implements a command handler for submitting an update IBC client proposal transaction.
 func NewCmdSubmitUpdateClientProposal() *cobra.Command {
 	cmd := &cobra.Command{
-		Use:   "update-client [subject-client-id] [substitute-client-id] [flags]",
-		Args:  cobra.ExactArgs(3),
+		Use:   "update-client [subject-client-id] [substitute-client-id]",
+		Args:  cobra.ExactArgs(2),
 		Short: "Submit an update IBC client proposal",
 		Long: "Submit an update IBC client proposal along with an initial deposit.\n" +
 			"Please specify a subject client identifier you want to update..\n" +