Two approaches to Bitcoin exposure

Important Disclosures

CoinShares Bitcoin Mining ETF (WGMI) – Risks and Disclosures

The Fund will not directly invest in bitcoin, or indirectly through the use of derivatives or through investments in funds or trusts that hold bitcoin.

Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. The Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that the Fund will meet its investment objective.

Bitcoin Investing Risk. The Fund is indirectly exposed to the risks of investing in bitcoin through its investments in the portfolio companies.

Bitcoin is a new and highly speculative investment. The risks associated with bitcoin include the following:

Bitcoin is a new technological innovation with a limited history. There is no assurance that usage of bitcoin will continue to grow. A contraction in use of bitcoin may result in increased volatility or a reduction in the price of bitcoin, which could adversely impact the value of the Fund.

The Fund’s investments are exposed to risks associated with the price of bitcoin, which is subject to numerous factors and risks:

The total and available supply of bitcoin, including the possibility that a small group of early bitcoin adopters hold a significant proportion of the bitcoin that has thus far been created and that sales of bitcoin by such large holders may impact the price of bitcoin;Global bitcoin demand, which is influenced by the growth of retail merchants’ and commercial businesses’ acceptance of bitcoin as payment for goods and services, the security of online bitcoin exchanges and public bitcoin addresses that hold bitcoin, the perception that the use and holding of bitcoin is safe and secure, the lack of regulatory restrictions on their use, and the reputation regarding the use of bitcoin for illicit purposes;

Global bitcoin supply, which is influenced by similar factors as global bitcoin demand, in addition to fiat currency (i.e., government currency not backed by an asset such as gold) needs by miners and taxpayers who may liquidate bitcoin holdings to meet tax obligations;

Investors’ expectations with respect to the rate of inflation of fiat currencies and deflation of bitcoin;

Foreign exchange rates between fiat currencies and digital assets such as bitcoin;

Interest rates;

The continued operation of bitcoin exchanges in the United States and foreign jurisdictions, including their regulatory status, trading and custody policies, and cyber security;

Investment and trading activities of large investors,

Regulatory measures, if any, that restrict the use of bitcoin as a form of payment or the purchase or sale of bitcoin, including measures that restrict the direct or indirect participation in the bitcoin market by financial institutions or the introduction of bitcoin instruments;

The maintenance and development of the open-source software protocol of the Bitcoin Network;

Increased competition from other cryptocurrencies and digital assets, including forks of the Bitcoin Network;

Developments in the information technology sector;

Global or regional political, economic or financial events and situations;

Investor or Bitcoin Network participant sentiments on the value or utility of bitcoin; and

The dedication of mining power to the Bitcoin Network and the willingness of bitcoin miners to clear bitcoin transactions for relatively low fees.

Negative developments in any of these factors could adversely impact an investment in the Fund.

A decline in the adoption of bitcoin could negatively impact the performance of the Fund. Adoption of bitcoin will also require an accommodating regulatory environment. A lack of expansion in usage of bitcoin could adversely affect the bitcoin futures contracts in which the Fund invests. There is no assurance that bitcoin usage will continue to grow over the long-term. A contraction in use of bitcoin may result in increased volatility or a reduction in the price of bitcoin.

Bitcoin trading prices are volatile and shareholders could lose all or substantially all of their investment in the Fund. Speculators and investors who seek to profit from trading and holding bitcoin generate a significant portion of bitcoin demand.

Regulation of participants in the bitcoin ecosystem continues to evolve in both the U.S. and foreign jurisdictions, which may restrict the use of bitcoin or otherwise impact the demand for bitcoin. Regulation or changes to existing regulation may also require changes to the Fund’s investment strategies.

Sales of newly mined bitcoin may cause the price of bitcoin to decline, which could negatively affect an investment in the Fund. Decreasing profit margins and increasing sales of newly mined bitcoin could result in a reduction in the price of bitcoin, which could adversely impact an investment in the Fund.

Disruptions at bitcoin exchanges and potential consequences of a bitcoin exchange’s failure could adversely affect an investment in the Fund.

Demand for bitcoin is driven, in part, by its status as the most prominent and secure cryptocurrency. It is possible that a cryptocurrency other than bitcoin (often referred to as “Altcoins”) could have features that make it more desirable to a material portion of the digital asset user base, resulting in a reduction in demand for bitcoin.

Miners May Cease Expanding Processing Power to Create Blocks and Verify Transactions if They Are Not Adequately Compensated. Miners generate revenue from both newly created bitcoin (known as the “block reward”) and from fees taken upon verification of transactions. If the aggregate revenue from transaction fees and the block reward is below a miner’s cost, the miner may cease operations.

Bitcoin Network development contributors could propose amendments to the Bitcoin Network’s protocols and software that, if accepted and authorized by large groups of Bitcoin Network users, could adversely affect an investment in the Fund.

The decentralized structure of Bitcoin Network software development may prevent the formation of a consensus on how to improve and modify the Bitcoin Network, which could prevent needed or desirable updates and thereby adversely impact an investment in the Fund.

The open-source structure of the Bitcoin Network protocol means that the contributors to the protocol are generally not directly compensated for their contributions in maintaining and developing the protocol. A failure to properly monitor and upgrade the protocol could damage the Bitcoin Network.

Intellectual property rights claims may adversely affect the operation of the Bitcoin Network. As a result, an intellectual property claim could adversely affect an investment in the companies in which the Fund invests

A malicious actor may attack the Bitcoin Network in an effort to prevent its function, a malicious actor could attempt to flood the pool of unconfirmed transactions (known as the “mempool”) with tens of thousands of transactions in an effort to significantly slow the confirmation of legitimate transactions across the Bitcoin Network. Such a delay, if sustained for extended periods of time, could negatively impact the secondary market price of Bitcoin. These or any other form of attack on the Bitcoin Network could adversely affect an investment in the companies in which the Fund invests.

In the event of widespread disruption to the Internet, the market for bitcoins may become dangerously illiquid. The Bitcoin Network’s functionality relies on the Internet. A significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of the Bitcoin Network and adversely affect the companies in which the Fund invests. In addition, certain features of the Bitcoin Network, such as decentralization, open source protocol,

Cryptocurrencies are subject to unique and substantial risks, including significant price volatility and lack of liquidity.

The value of a cryptocurrency may decline significantly without warning, including to zero.

Cryptocurrencies are largely unregulated and cryptocurrency-linked investments may be more susceptible to fraud and manipulation than more regulated investments.

If a fund’s ability to obtain exposure to cryptocurrency-linked investments consistent with their investment objectives is disrupted for any reason, including as a result of a lack of liquidity, volatility, or a disruption in the cryptocurrency or cryptocurrency futures market, or as a result of margin requirements, position limits, or other conditions, factors, or limitations of a particular fund, the fund may not be able to achieve its investment objective and may experience significant losses.

The Fund’s name changed on July 15, 2025.

The Fund is distributed by ALPS Distributors, Inc.

BRRR Disclosures & Risks

Bitcoin trading prices are volatile and shareholders could lose all or substantially all of their investment in the Trust.This is a new ETF with limited operating history.
Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Trust. Any applicable brokerage fees and commissions apply and will reduce returns.

Bitcoin Investing Risk.

The Trust invests in bitcoin. Bitcoin is a relatively new and highly speculative investment. The risks associated with bitcoin include the following:
Bitcoin is a new technological innovation with a limited history. There is no assurance that usage of bitcoin will continue to grow. A contraction in use of bitcoin may result in increased volatility or a reduction in the price of bitcoin, which could adversely impact the value of the Trust. The Bitcoin Network was launched in January 2009, platform trading in bitcoin began in 2010, which limits a potential shareholder’s ability to evaluate an investment in the Trust.

The Trust is exposed to risks associated with the price of bitcoin, which is subject to numerous factors and risks. The price of bitcoin is impacted by numerous factors, including:

The total and available supply of bitcoin, including the possibility that a small group of early bitcoin adopters hold a significant proportion of the bitcoin that has thus far been created and that sales of bitcoin by such large holders may impact the price of bitcoin;

Global bitcoin demand, which is influenced by the growth of retail merchants’ and commercial businesses’ acceptance of bitcoin as payment for goods and services, the security of online bitcoin exchanges and public bitcoin addresses that hold bitcoin, the perception that the use and holding of bitcoin is safe and secure, the lack of regulatory restrictions on their use, and the reputation regarding the use of bitcoin for illicit purposes;

Global bitcoin supply, which is influenced by similar factors as global bitcoin demand, in addition to fiat currency (i.e., government currency not backed by an asset such as gold) needs by miners and taxpayers who may liquidate bitcoin holdings to meet tax obligations;

Investors’ expectations with respect to the rate of inflation of fiat currencies and deflation of bitcoin;

Foreign exchange rates between fiat currencies and digital assets such as bitcoin;

Interest rates;

The continued operation of bitcoin exchanges in the United States and foreign jurisdictions, including their regulatory status, trading and custody policies, and cyber security;

Investment and trading activities of large investors, including private and registered funds, that may directly or indirectly invest in bitcoin;

Regulatory measures, if any, that restrict the use of bitcoin as a form of payment or the purchase or sale of bitcoin, including measures that restrict the direct or indirect participation in the bitcoin market by financial institutions or the introduction of bitcoin instruments;

The maintenance and development of the open-source software protocol of the Bitcoin Network;

Increased competition from other cryptocurrencies and digital assets, including forks of the Bitcoin Network;

Developments in the information technology sector;

Global or regional political, economic or financial events and situations;

Investor or Bitcoin Network participant sentiments on the value or utility of bitcoin; and

The dedication of mining power to the Bitcoin Network and the willingness of bitcoin miners to clear bitcoin transactions for relatively low fees.

Negative developments in any of these factors could adversely impact an investment in the Trust.A decline in the adoption of bitcoin could negatively impact the performance of the Trust. As a new asset and technological innovation, the bitcoin industry is subject to a high degree of uncertainty. The adoption of bitcoin will require growth in its usage for various applications that include retail and commercial payments, cross-border and remittance transactions, speculative investment and technical applications.

The Fund’s name changed on July 15, 2025.