The Cboe Bitcoin U.S. ETF Index track the performance of a basket of spot bitcoin ETFs listed on U.S. exchanges.Investing involves risks. Loss of principal is possible. The Fund faces numerous market trading risks, including bitcoin risk, bitcoin ETP risk, Defined Outcome strategy risk, Floor risk, Participation Rate risk, Outcome Period risk, derivatives risk, position limits risk, correlation risk, management risk, market risk, investment in a subsidiary risk, market maker risk, non-diversification risk, operation risk, options risk, trading issues risk, upside participation risk, and valuation risk. For a detailed list of Fund risks see the prospectus. The Fund seeks to provide shareholders with investment results that participate in a percentage of any positive price returns of Bitcoin (the “Participation Rate”) while providing a maximum loss of 20% of any Bitcoin price return losses (the “Floor”), before fees and expenses, over the Outcome Period. The Fund will not participate in the entirety of gains experienced by the Bitcoin price and Fund shareholders will forfeit any gains in the Bitcoin price that exceed the Participation Rate. The Participation Rate should be considered before investing in the Fund.The Participation Rate arises as a result of the Fund's sought-after downside protection and is dependent upon market conditions at the time the Fund enters into its FLEX Options for the Outcome Period and is likely to rise or fall from one Outcome Period to the next. It is possible that the Participation Rate in a subsequent Outcome Period could be substantially lower or higher than the current Participation Rate.The Fund will experience the losses of the Bitcoin price on a one-to-one basis prior to the Floor. If the Outcome Period has begun and the Fund has increased in value, an investor purchasing shares at that price may experience additional losses prior to the Floor to the extent the price of Shares has appreciated since the commencement of the Outcome Period. An investment in the Fund is only appropriate for shareholders willing to bear those losses.The Outcomes may only be realized by investors who hold shares at the outset of the Outcome Period and continue to hold them until the conclusion of the Outcome Period. Investors that purchase shares after the Outcome Period has begun or sell shares prior to the Outcome Period's conclusion may experience investment returns that are very different from those that the Fund seeks to provide. The Fund will not terminate after the conclusion of the Outcome Period. After the conclusion of the Outcome Period, another will begin. Fund returns for a single Outcome Period will be different than the Outcomes achieved by the Fund over multiple Outcome Periods. There is no guarantee that the Outcomes for an Outcome Period will be realized.Bitcoin Investing Risk. The further development of the Bitcoin Network and the acceptance and use of bitcoin are subject to a variety of factors that are difficult to evaluate. The value of bitcoin has been, and may continue to be, substantially dependent on speculation. The slowing, stopping or reversing of the development of the Bitcoin Network or the acceptance of bitcoin may adversely affect the price of bitcoin. Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact the digital asset trading venues on which bitcoin trades. The Bitcoin Blockchain may contain flaws that can be exploited by hackers. Cryptocurrency exchanges have stopped operating and have permanently shut down due to fraud, technical glitches, hackers, or malware. Cryptocurrencies operate without central authority, are not backed by any government, and may experience very high volatility. Certain Derivatives Tax Risk The Fund uses certain derivatives which, among other things, may affect the character of gains and losses realized by the Fund and may also accelerate recognition of income of the Fund and defer losses of the Fund. These rules could affect the character, amount and timing of distributions to the Fund's shareholders. Further, the tax treatment of certain derivatives is uncertain and developments in this area may further affect the tax treatment of such derivatives. There can be no assurance that the Fund’s position with respect to the tax treatment of certain derivatives used will not be challenged by applicable tax authorities.The foregoing discussion is for general information only and does not constitute any legal or tax advice. There can be no assurance that the Fund’s position with respect to the tax treatment of its investments will not be challenged by applicable tax authorities, and if successfully challenged, the Fund and its shareholders may experience adverse tax consequences. Prospective investors should consult with their own legal and tax advisors with respect to their particular circumstances and tax consequences of investing in the Fund.FLEX Options Risk. The Fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. The values of FLEX Options do not increase or decrease at the same rate as the reference asset and may vary due to factors other than the price of reference asset.