BHDG

The Fund is an actively managed ETF that seeks to achieve its investment objective by implementing an options-based strategy designed to hedge against significant declines in the price of bitcoin and/or bitcoin-related investments. The Fund is designed for investors that are seeking such a hedge or seeking to benefit from a decline in the price of bitcoin. Under normal market conditions, the Fund's portfolio will primarily consist of: Exchange-listed options on (i) U.S.-listed ETPs and/or ETFs that seek to track the price performance of bitcoin (together, "Bitcoin Underlying Funds") or (ii) an index designed to reflect the price performance of bitcoin ("Bitcoin Index"), which are intended to provide downside protection during periods of significant declines in the price of bitcoin; and Sold call options or call spread positions (simultaneously buying a long call option while writing a short call option on the same underlying asset, with different strike prices (i.e., the predetermined, fixed price at which the owner of a call option can buy, or the holder of a put option can sell, the underlying security) but the same expiration date) on Bitcoin Underlying Funds and/or a Bitcoin Index, which are used to help finance the cost of purchasing the Fund's long put options.