Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in (i) U.S. ETFs that invest in U.S. exchange-traded bitcoin futures contracts (Bitcoin ETFs), (ii) U.S. exchange-traded bitcoin futures contracts (Bitcoin Futures), and (iii) U.S. government securities, money market funds and short duration fixed income ETFs, and cash and cash equivalents (Collateral). The Fund invests in Bitcoin ETFs and Collateral and expects to add Bitcoin Futures as it gains assets and investment opportunities arise in accordance with its strategy. To the extent the Fund invests a significant portion of its assets in Bitcoin ETFs, it will be operating as a fund of funds. The Fund will not invest directly in bitcoin. Morgan … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in (i) U.S. ETFs that invest in U.S. exchange-traded bitcoin futures contracts (Bitcoin ETFs), (ii) U.S. exchange-traded bitcoin futures contracts (Bitcoin Futures), and (iii) U.S. government securities, money market funds and short duration fixed income ETFs, and cash and cash equivalents (Collateral). The Fund invests in Bitcoin ETFs and Collateral and expects to add Bitcoin Futures as it gains assets and investment opportunities arise in accordance with its strategy. To the extent the Fund invests a significant portion of its assets in Bitcoin ETFs, it will be operating as a fund of funds. The Fund will not invest directly in bitcoin. Morgan Creek Capital Management, LLC (the Sub-Advisor) utilizes internal and external research, strategies and models in implementing the Funds principal investment strategies, including to determine the anticipated rise and fall of bitcoin values. To manage the Funds exposure to bitcoin, the Sub-Advisor will tactically allocate the Funds assets between Bitcoin Futures, including through Bitcoin ETFs, and Collateral. Due to the elevated levels of volatility of Bitcoin Futures, the Funds exposure to bitcoin at times may be substantially less than 100% of the Funds net assets. Under normal circumstances, the Fund expects to maintain a target exposure of between 50% and 100%. During periods other than normal circumstances, including periods where there is extreme volatility and where the Sub-Advisor believes it is prudent to take a temporary defensive posture, the Fund may reduce its exposure significantly. In addition to cash and cash equivalents, Collateral consists of high-quality securities including (i) U.S. government securities, such as bills, notes and bonds issued by the U.S. Treasury, and (ii) money market funds and short duration fixed income ETFs, including affiliated ETFs. Collateral is designed to preserve capital, provide liquidity, serve as margin, and otherwise collateralize the investments in Bitcoin ETFs and Bitcoin Futures. Bitcoin is a digital asset, sometimes referred to as a cryptocurrency. Unlike traditional currencies, bitcoin is a decentralized, virtual currency and is not issued or backed by any government, agency, bank or organization. Instead, bitcoins value is determined in part by the supply of, and demand for, bitcoin in markets created to facilitate its trading. The operation of bitcoin is determined by participants in a decentralized, online, peer-to-peer computer network. The network connects computers that run publicly accessible, or open source, software that follows the protocols governing the bitcoin network. No single entity owns or operates the bitcoin network. Ownership and transaction records for bitcoin are protected through public-key cryptography on a blockchain. Public-key cryptography is a cryptographic system that uses a pair of keys, consisting of a public key (which may be known to others) and a private key (which may not be known by anyone except the owner). The transactions on the bitcoin blockchain are verified by miners. Bitcoin mining uses computers to solve mathematical equations, which secures transactions and verifies the transfer of assets. In addition to miners, the bitcoin network is collectively maintained by developers (who propose improvements to the protocols) and users. The Fund will invest indirectly in Bitcoin Futures via Bitcoin ETFs and, when the opportunity arises, through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the Subsidiary). The Fund also may invest a small percentage of its assets directly in Bitcoin Futures. Bitcoin Futures are standardized, cash-settled futures contracts on bitcoin. In a cash-settled futures contract on bitcoin, the amount of cash to be paid is equal to the difference between the value of the bitcoin underlying the futures contract at the close of the last trading day of the contract and the futures contract price specified in the agreement. Such futures contracts are traded on commodity exchanges registered with the U.S. Commodity Futures Trading Commission (the CFTC). Currently, the only such contracts are traded on, or subject to the rules of, the Chicago Mercantile Exchange (the CME). The value of Bitcoin Futures is determined by reference to the CME CF Bitcoin Reference Rate (BRR), which provides an indication of the price of bitcoin across certain cash bitcoin exchanges. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as rolling. If the price of a long-term futures contract is greater than the short-term futures contract price, the market is considered to be in contango. If the price of a long-term futures contract is less than the short-term futures contract price, the market is considered to be in backwardation. In contango markets, the price of futures contracts with expiration dates in the near term generally is lower than the price of futures contracts with more distant expiration dates, resulting in a cost to roll the futures contract by replacing the short-term contract with the long-term contract (the roll cost). The opposite is true when the market is in backwardation, resulting in a gain from rolling the futures contract (the roll yield). Whether an investor realizes roll costs or roll yields depends upon the price differences between short-term and long-term contracts. At the Sub-Advisors discretion, when the Fund invests in Bitcoin Futures directly or via the Subsidiary, the Sub-Advisor will implement the Funds tactical strategy by rolling the Bitcoin Futures investments. Rather than roll the futures contracts on a predefined schedule, to the extent the Sub-Advisor determines that it is appropriate to roll a futures contract, the Fund will roll its investment into another futures contract (which the Sub-Advisor selects from a universe of futures contracts) that the Sub-Advisor believes will be more advantageous to the Fund in light of its investment objective. When investing in Bitcoin ETFs, the Sub-Advisor will take into account the specific rolling strategy of the Bitcoin ETFs as it implements the Funds tactical strategy. There can be no guarantee that such a strategy will produce the desired results. The Funds investment in the Subsidiary is intended to provide the Fund with exposure to Bitcoin Futures in accordance with applicable rules and regulations. The Fund may invest up to approximately 25% of its total assets in the Subsidiary. The Subsidiary and the Fund have the same investment adviser and the same investment objective, and the Subsidiary will follow the same general investment policies and restrictions as the Fund except that, unlike the Fund, it may invest without limit directly in Bitcoin Futures. Except as noted, for purposes of this Prospectus, references to the Funds investment strategies and risks relating to investment in Bitcoin Futures include those of the Subsidiary. The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer than a diversified fund. The Sub-Advisor may engage in frequent trading of the Funds portfolio, which may result in high portfolio turnover. Show less