Strategy. The Fund seeks to provide exposure to a blend of digital assets and precious metals, primarily focusing on Bitcoin and gold. The Fund employs a dynamic asset allocation strategy that targets balanced exposure to its core assets of Bitcoin and gold, with dynamic tilts in allocation up or down to either asset based on proprietary risk metrics, including volatility, momentum, and other quantitative factors. This strategy is designed to balance risk-adjusted exposure between the two asset classes rather than rotate in and out of them. To implement this strategy, the Fund primarily invests in derivatives linked to Bitcoin and gold, including futures and other instruments that provide direct or synthetic exposure (e.g., swaps and options) to Bitcoin and gold. This … Show more… The Fund seeks to provide exposure to a blend of digital assets and precious metals, primarily focusing on Bitcoin and gold. The Fund employs a dynamic asset allocation strategy that targets balanced exposure to its core assets of Bitcoin and gold, with dynamic tilts in allocation up or down to either asset based on proprietary risk metrics, including volatility, momentum, and other quantitative factors. This strategy is designed to balance risk-adjusted exposure between the two asset classes rather than rotate in and out of them. To implement this strategy, the Fund primarily invests in derivatives linked to Bitcoin and gold, including futures and other instruments that provide direct or synthetic exposure (e.g., swaps and options) to Bitcoin and gold. This will include derivatives on Alternative FIAT (primarily Bitcoin and gold) and derivatives on Alternative FIAT ETPs (as defined below) and investments in Alternative FIAT ETPs. In addition to its core exposures of bitcoin and gold, the Fund will allocate a portion of its assets (up to 40%) to other related exposures, such as exposure to Ether (ETH), , silver, and other precious metal assets, (each of Bitcoin and gold and each such other asset, an Alternative FIAT). Exposures to Alternative FIAT other than Bitcoin and gold is governed by the Advisers view of market conditions, including, but not limited to, realized and implied volatility and relative and absolute momentum. The Fund will use direct investments in Alternative FIAT ETPs (rather than derivatives) when deemed to be more efficient (e.g., less expensive than derivatives) by the Adviser. Such Alternative FIAT assets are not money or legal tender issued by a government or central bank (e.g., the U.S. Dollar). The Fund will not invest directly in any Alternative FIAT. Under normal circumstances, the Fund will generally seek 1.25x exposure to its portfolio assets and the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in financial instruments that provide exposure to Alternative FIAT. These investments will include futures, options, swaps, and other derivatives on Alternative FIAT and exchange-traded products (ETPs) that hold bitcoin, gold, and other Alternative FIAT (such ETPs, Alternative FIAT ETPs). The Fund uses a rules-based, quantitative allocation framework to determine the weekly balance of exposure to Bitcoin and gold . While the starting target allocation is evenly split (50%/50%) between Bitcoin and gold, actual percentage weights are adjusted based on a combination of the assets recent momentum, volatility, and proprietary risk signals. Assets with lower relative volatility and stronger momentum may receive higher allocations, consistent with the Funds goal of delivering more stable (i.e., low volatility) exposure across market cycles. There is no maximum or minimum limit for the Funds exposure to either Bitcoin or gold and the Fund may allocate up to 100% of its assets in either Bitcoin or gold. The Adviser generally reviews and adjusts the portfolio on a weekly basis in response to evolving market conditions and quantitative inputs. While tactical deviations may occur, the strategy emphasizes maintaining a balanced exposure across Bitcoin and gold. The Fund will not invest directly in Alternative FIAT (either directly or through the IDX Subsidiary (as defined below). The Funds portfolio composition will fluctuate, and the Fund may allocate 25% to 50% of its total assets to an Alternative FIAT ETP. The Fund reserves the right to change the Funds allocation among the Alternative FIAT ETPs, and to invest in other ETPs not currently among the underlying Alternative FIAT ETPs, from time to time without notice to investors. The Fund is classified as non-diversified under the Investment Company Act of 1940 (the 1940 Act) and, therefore, may invest a greater percentage of its assets in a particular issuer. The Funds Portfolio Composition The Fund seeks to gain exposure to Alternative FIAT, in whole or in part, through investments in a subsidiary organized in the Cayman Islands, the IDX Alternative FIAT (Cayman) Portfolio S.P. (the IDX Subsidiary). The IDX Subsidiary is wholly-owned and controlled by the Fund. The Fund will invest in Alternative FIAT ETPs that produce qualifying income (as discussed below) and will also likely have significant cash investments. The Funds investment in the IDX Subsidiary may not exceed 25% of the Funds total assets (the Subsidiary Limit) as of each quarter-end in accordance with the Internal Revenue Code of 1986, as amended (the Code). The Funds investment in the IDX Subsidiary is intended to provide the Fund with exposure to Alternative FIAT returns while enabling the Fund to satisfy source-of-income requirements that apply to regulated investment companies. Except as noted, references to the investment strategies and risks of the Fund include the investment strategies and risks of the IDX Subsidiary. The IDX Subsidiary has the same investment objective as the Fund and will follow the same general investment policies and restrictions, except that unlike the Fund, it may invest without limit in financial instruments that provide exposure to Alternative FIAT. The IDX Subsidiary will also invest in Alternative FIAT ETPs to the extent an Alternative FIAT ETP generates non-qualifying income. The Fund will aggregate its investments with the IDX Subsidiary for purposes of determining compliance with (i) Section 8 of the Investment Company Act of 1940 (the 1940 Act), which governs fundamental investment limitations (which are described more specifically in the Funds statement of additional information); and (ii) Section 18 of the 1940 Act, which governs capital structure and includes limitations associated with the Funds ability to leverage its investments. Additionally, the IDX Subsidiarys investment advisory contracts will be governed in accordance with Section 15 of the 1940 Act, and the IDX Subsidiary will adhere to applicable provisions of Section 17 of the 1940 Act governing affiliate transactions. The principal investment strategies and principal risks of the IDX Subsidiary constitute principal investment strategies and principal risks of the Fund, and the disclosures of those strategies and risks in this prospectus are designed to reflect the aggregate operations of the Fund and the IDX Subsidiary. The Fund (and the IDX Subsidiary, as applicable) expects to invest its remaining assets in any one or more of the following cash investments: U.S. Treasuries, other U.S. government obligations, money market funds, cash and cash-like equivalents ( e.g ., high quality commercial paper and similar instruments that are rated investment grade or, if unrated, of comparable quality, as the Adviser determines), and treasury inflation-protected securities. Such investments will provide liquidity and will be used as margin or collateralize the Funds and/or the IDX Subsidiarys investments in futures, swaps, and options on Alternative FIAT. The SEC maintains an Internet website on its EDGAR Database that includes the registration statement, shareholder reports, other regulatory filings and other information regarding each Alternative FIAT ETP. Information provided to or filed with the SEC by any of the Alternative FIAT ETPs pursuant to the Securities Exchange Act of 1934 (the Exchange Act) can be located by reference to the SEC through the SECs website at www.sec.gov . In addition, information regarding Alternative FIAT assets may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents. Information about the Alternative FIAT ETPs While the Adviser generally expects the majority of the Funds exposure to be in Bitcoin and gold futures, the fund will also invest in ETPs. The purpose of each of the Alternative FIAT ETPs is to own the underlying asset (e.g., metal or cryptocurrency) purchased by the particular Alternative FIAT ETP in exchange for shares issued by the Alternative FIAT ETP. The assets of each Alternative FIAT ETP that invests in or has exposure to cryptocurrencies consist primarily of Bitcoin, Ether, or the specific cryptocurrency in which it is designed to hold (Crypto ETPs), and is held by a custodian on behalf of the Alternative FIAT ETP. The assets of each Alternative FIAT ETP that invests in or has exposure to precious metals consist primarily of gold and silver, or other specific metal in which it is designed to hold (Metal ETPs), and is held by a custodian on behalf of the Alternative FIAT ETP. Generally, an Alternative FIAT ETP issues and redeems its shares only in blocks of shares (or Baskets) to registered broker-dealers that enter into a contract with the sponsor and the trustee of the particular Alternative FIAT ETP (Authorized Participants). Authorized Participants will purchase shares by depositing cash in the Alternative FIAT ETPs account with its custodian. None of the Alternative FIAT ETPs in which the Fund may invest are affiliated with the Fund or its Adviser. Redemptions of Baskets may be suspended (i) during any period in which regular trading on the exchange on which shares of the particular Alternative FIAT ETP are traded is suspended or restricted, or the exchange is closed (other than scheduled holiday or weekend closings), or (ii) during a period when the sponsor determines that delivery, disposal or evaluation of an Alternative FIAT ETP is not reasonably practicable. If any of these events occurs at a time when an Authorized Participant intends to redeem shares, and the price of the underlying asset decreases before such Authorized Participant is able again to surrender for redemption Baskets, such Authorized Participant will sustain a loss with respect to the amount that it would have been able to obtain upon the redemption of its shares, had the redemption taken place when such Authorized Participant originally intended it to occur. Individual shares will not be redeemed by the particular Alternative FIAT ETP, however, each Alternative FIAT ETPs shares will be listed and traded on an exchange, as follows: Alternative FIAT ETP Exchange Ticker Symbol SEC CIK Number SEC Filing Number Grayscale Bitcoin Trust NYSE Arca, Inc. GBTC 1588489 001-41906 Bitwise Bitcoin ETF NYSE Arca, Inc. BITB 1763415 001-41907 Hashdex Bitcoin ETF NYSE Arca, Inc. DEFI 1985840 001-42511 iShares Bitcoin Trust The Nasdaq Stock Market, LLC IBIT 1980994 001-41914 Valkyrie Bitcoin Fund The Nasdaq Stock Market, LLC BRRR 1841175 001-41909 Ark 21shares Bitcoin ETF Cboe BZX Exchange, Inc. ARKB 1869699 001-41910 Invesco Galaxy Bitcoin ETF Cboe BZX Exchange, Inc. BTCO 1855781 001-41913 VanEck Bitcoin Trust Cboe BZX Exchange, Inc. HODL 1838028 001-41908 WisdomTree Bitcoin Fund Cboe BZX Exchange, Inc. BTCW 1850391 001-03480 Fidelity Wise Origin Bitcoin Fund Cboe BZX Exchange, Inc. FBTC 1852317 001-41904 Franklin Bitcoin ETF Cboe BZX Exchange, Inc. EZBC 1992870 001-41915 Grayscale Ethereum Trust NYSE Arca ETHE 0002020455 000-56193 Bitwise Ethereum ETF NYSE Arca ETHW 2013744 001-42159 Hashdex Nasdaq Ethereum ETF Bermuda Stock Exchange NQETH 2031069 001-42511 iShares Ethereum Trust The Nasdaq Stock Market LLC ETHA 2000638 001-42166 21shares Core Ethereum ETF Cboe BZX Exchange, Inc. CETH 1992508 001-42151 Invesco Galaxy Ethereum ETF Cboe BZX Exchange, Inc. QETH 1995569 001-42165 Vaneck Ethereum ETF Cboe BZX Exchange, Inc. ETHV 1860788 001-42141 Fidelity Ethereum Fund Cboe BZX Exchange, Inc. FETH 2000046 001-42163 Franklin Ethereum ETF Cboe BZX Exchange, Inc. EZET 2011535 001-042169 SPDR Gold Trust NYSE Arca GLD 1222333 001-32356 SPDR Gold MiniShares Trust NYSE Arca GLDM 1618181 001-37996 iShares Silver Trust NYSE Arca SLV 1330568 001-32863 Authorized Participants may offer shares of the Alternative FIAT ETP to the public at prices that depend on various factors, including the supply and demand for shares, the value of the Alternative FIAT ETPs assets, and market conditions at the time of a transaction. Shareholders who buy or sell shares of a Alternative FIAT ETP during the day from their broker-dealer on the secondary market may do so at a premium or discount relative to the net asset value of the Alternative FIAT ETPs shares. The value of shares of an Alternative FIAT ETP may not directly correspond to the price of its corresponding asset (i.e., cryptocurrency or metal), and is highly volatile. The price of an Alternative FIAT ETP may go down even if the price of the underlying asset remains unchanged. Additionally, shares that trade at a premium mean that an investor who purchases $1 of a portfolio will actually own less than $1 in assets. Each Alternative FIAT ETP is a passive investment vehicle that does not seek to generate returns beyond tracking the price of its corresponding asset or the index that it tracks. This means the sponsor does not speculatively sell its asset or assets at times when the asset or index component price is high or speculatively acquire the asset or index components at low prices in the expectation of future price increases. The Alternative FIAT ETPs will not utilize hedging, leverage, derivatives or any similar arrangements in seeking to meet its investment objective. The Alternative FIAT ETPs are not registered investment companies under the 1940 Act and are not required to register under the 1940 Act. Each Alternative FIAT ETPs custodian will keep custody of all of the Alternative FIAT ETPs assets, other than that which is maintained in a trading account, in accounts that are required to be segregated from the assets held by the Custodian as principal and the assets of its other customers (the Vault Balance). Each Crypto ETPs custodian will keep all of the private keys associated with such Crypto ETPs digital asset held by the custodian in the Vault Balance in cold storage, which refers to a safeguarding method by which the private keys corresponding to the particular Crypto ETPs digital asset are generated and stored in an offline manner using computers or devices that are not connected to the internet, which is intended to make them more resistant to hacking. The Alternative FIAT ETPs net asset value means the total assets of the Alternative FIAT ETP including, but not limited to, all underlying asset and cash, less total liabilities of the Alternative FIAT ETP. The sponsor of each Alternative FIAT ETP has the exclusive authority to determine that Alternative FIAT ETPs net asset value. Each Alternative FIAT ETP determines its net asset value on each day that the exchange on which it trades is open for regular trading, as promptly as practical after 4:00 p.m. EST. In determining its net asset value for Crypto ETPs, each Crypto ETP values the cryptocurrency asset it holds based on the price set by an index as of 4:00 p.m. Eastern time. Each Crypto ETP also determines the net asset value per share. In determining a Crypto ETPs net asset value, the trustee or an administrator values the digital asset held by the Crypto ETP based on an Index price. The U.S. dollar value of a Basket of shares at 4:00 p.m., Eastern time, on the trade date of a creation or redemption order is equal to the basket amount, which is the quantity of a particular cryptocurrency required to create or redeem a Basket of shares, multiplied by the Index Price, which is the U.S. dollar value of a the cryptocurrency derived from the Crypto ETPs digital asset trading platforms that are reflected in the particular Crypto ETPs Index at 4:00 p.m., Eastern time, on each business day. The methodology used to calculate an Index price to value a cryptocurrency in determining the net asset value of a Crypto ETP may not be deemed consistent with U.S. generally accepted accounting principles. Many of the Crypto ETPs have a limited operating history. Each Alternative FIAT ETP is subject to the information requirements of the Exchange Act and it files periodic reports with the SEC. Each of the Crypto ETPs are subject to reduced public company reporting requirements under the Jumpstart Our Business Startups Act (the JOBS Act). These Alternative FIAT ETPs are an emerging growth company, as defined in the JOBS Act. For as long as the particular Alternative FIAT ETP is an emerging growth company, such Alternative FIAT ETP may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the SarbanesOxley Act of 2002, reduced disclosure obligations regarding executive compensation in the Bitcoin Trusts periodic reports and audited financial statements in this prospectus, exemptions from the requirements of holding advisory say-on-pay votes on executive compensation and shareholder advisory votes on golden parachute compensation and exemption from any rules requiring mandatory audit firm rotation and auditor discussion and analysis and, unless otherwise determined by the SEC, any new audit rules adopted by the Public Company Accounting Oversight Board. The Fund has derived all disclosures contained in this document regarding the Alternative FIAT ETPs from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding any Alternative FIAT ETP is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of the Alternative FIAT ETPs have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning a Alternative FIAT ETP could affect the value of the Funds investments with respect to the Alternative FIAT ETPs and therefore the value of the Fund. Show less