June 2026

A More Measured Approach After the Crypto ETF Explosion

The numbers are hard to ignore. In 2025, digital asset ETFs and ETPs globally pulled in a record $50.77 billion in net inflows, bringing total year-end assets under management to $172.50 billion.¹ In the U.S. alone, the crypto ETF category saw 44 new fund launches in 2025, pulling in $5.4 billion in first-year flows, with the category holding 88 funds and $146 billion in total assets by year-end.²

For investors paying attention, the message is clear: digital assets have become an established part of the broader portfolio conversation, reflecting their growing relevance in modern investment strategies.

The first generation of spot Bitcoin ETFs marked an important step in expanding access to digital assets, offering investors direct exposure to cryptocurrency markets. As the space continues to mature, however, investor focus appears to be broadening beyond pure price participation toward more diversified and structurally differentiated approaches. In 2026, that evolution is expected to continue amid improving regulatory clarity and sustained macro demand for alternative stores of value.³

As that shift unfolds, investor attention is increasingly moving beyond direct ownership and toward the structure of exposure itself. One area attracting growing interest is the credit market, where investors may gain access to the digital asset ecosystem through the debt securities of companies helping to build and support its infrastructure.

The Digital Asset Debt Strategy ETF (DADS) was built for investors who want meaningful participation in the digital asset economy through a fixed-income lens. Rather than holding crypto directly, DADS invests in debt securities issued by companies at the center of the digital asset ecosystem such as miners, corporate bitcoin treasury holders, and digital finance platforms. These are companies like Core Scientific, Riot Platforms, Strategy, and Block, accessed through their bonds and convertible notes rather than their equity.

This structure matters for a few reasons. Bondholders sit higher in a company’s capital structure than equity holders, which means debt investors have a degree of priority in adverse scenarios. And unlike spot crypto ETFs, DADS has generated income, with a 30-Day SEC Yield of 12.06%* as of April 30, 2026⁴, while still participating in the tailwinds of a sector that attracted record institutional capital last year.

Those tailwinds may continue to strengthen as institutional participation expands. Adoption accelerated in 2025 as several major wirehouses completed their initial due diligence and product approval processes for digital asset investments. These reviews, which often evaluate factors such as custody, liquidity, regulatory oversight, and operational infrastructure, serve as a gateway to adviser adoption. Once approved, investment products become available across large wealth management platforms, opening access to substantial pools of client capital that had previously remained on the sidelines.¹

As additional institutional capital enters the digital asset ecosystem, many of the companies represented in the DADS portfolio may benefit from stronger business fundamentals, increased access to capital, and broader market participation. Over time, improvements in financial strength and operating performance may support the credit quality of the bonds and convertible securities they issue.

The digital asset investment landscape has evolved well beyond direct cryptocurrency exposure, creating new pathways for portfolio construction. Through a fixed-income framework, DADS seeks to provide investors with a differentiated approach to participating in the growth of the digital asset economy while maintaining an income-oriented structure.

Explore the investment case behind DADS and see how the fund’s holdings seek to provide exposure to the companies helping shape the future of the digital asset economy.

Holdings subject to change.

*To view the fund’s most recent performance, click here.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month end performance visit https://dadsetf.com.

** The 30-Day SEC Yield represents net investment income earned by the Fund over the 30-Day period ended at the most recent month-end, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period.

Sources

De Vos, Joshua. “Global Digital Assets: December ETF and ETP Review and 2025 Recap.”ETF Express / CoinDesk Indices & TrackInsight, January 12, 2026.
“2026 ETF.com Award Nominees: Crypto/Digital Assets.”com, January 11, 2026.
“2026 Digital Asset Outlook: Dawn of the Institutional Era.”Grayscale Research, December 15, 2025.
DADS ETF Fund Data. AlphaBit ETFs / DADSETF.com, as of April 30, 2026.

The Fund does not invest directly in digital assets; however, it will be subject to the risks associated with digital assets by virtue of this investment. The fund is subject to significant risks that are not typically present in other investments, including possible loss of principal.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 866-379-6199 or visit our website at www.DADSETF.com. Read the prospectus or summary prospectus carefully before investing.

As used herein, Digital Asset Debt Securities, or DAD Securities, means debt securities of issuers that are directly involved in digital asset-related activities, such as mining digital assets, holding digital assets in their corporate treasury or government treasury, and/or working on platforms to facilitate payment with, or the transfer of, digital assets.

Bitcoin & Digital Assets Risk. While the Fund will not directly invest in digital assets, it will be subject to the risks associated with bitcoin by virtue of its investments in DAD Securities that hold bitcoin or other digital assets. Investing in digital assets exposes investors to significant risks that are not typically present in other investments. These risks include the uncertainty surrounding new technology, limited evaluation due to bitcoin’s short trading history, and the potential decline in adoption and value over the long term. The extreme volatility of the price of bitcoin and other digital assets is also a risk factor.

Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities.

Derivatives Risk. Derivatives are financial instruments, such as futures contracts, options and swaps, that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation, and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect correlation between the value of the underlying instrument and the derivative, which may prevent the Fund from achieving its investment objective.

Convertible Securities Risk. The Fund will invest in convertible securities of companies which are preferred stocks or bonds that pay a fixed dividend or interest payment and are convertible into common stock or other equity interests at a specified price or conversion ratio during a specified period. Convertible securities generally have less potential for gain than common stocks. Also, convertible bonds generally pay less income than non-convertible bonds. Convertible securities tend to provide higher yields than common stocks. However, a higher yield may not protect investors against the risk of loss or adequately mitigate any loss associated with a decline in the price of a convertible security.

Digital Asset Treasury Companies Risk. Issuers whose business is holding bitcoin or other digital assets in their corporate treasury face unique risks as a result of holding digital assets in their corporate treasury. The speculative perception of digital assets may overshadow the fundamentals of such companies, leading to exaggerated price movements based on hype or fear. The value of the Fund’s investments in instruments that provide exposure to bitcoin corporate treasury companies – and therefore the value of an investment in the Fund – could decline significantly and without warning. If you are not prepared to accept significant and unexpected changes in the value of the Fund, you should not invest in the Fund.

Foreign and Emerging Markets Risks. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid, and more volatile than securities markets in more developed markets.

Liquidity. The Fund may lose money or be prevented from earning capital gains if it cannot sell security at the time and price that is most beneficial to the Fund.

High Yield Bonds. High-yield bonds have a higher risk of default or other adverse credit events but have the potential to pay higher earnings over investment grade bonds. The higher risk of default, or the inability of the creditor to repay its debt, is the primary reason for the higher interest rates on high-yield bonds. Examples of other adverse credit events are interest rate risk (when interest rates rise, bond prices fall) and economic risk (the risk associated with downturns in the economy).

Credit Risk. A bond’s credit rating reflects the issuer’s ability to make timely payments of interest or principal—the lower the rating, the higher the risk of default. If the issuer’s financial strength deteriorates, the issuer’s rating may be lowered, and the bond’s value may decline.

Municipal Securities Risk. Funds that invest in municipal obligations of issuers will be affected by economic, political, or other events affecting municipal issuers, which may affect the Fund’s ability to acquire and dispose of municipal obligations at desirable yield and price levels.

Other Investment Companies Risk. The Fund will incur higher and duplicative expenses when it invests in ETFs and other investment companies. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. There is also the risk that the Fund may suffer losses due to the investment practices of the underlying funds as the Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by such investment companies. ETFs may be less liquid than other investments, and thus their share values are more volatile than the values of the investments they hold.

Mid/Small Capitalization. Investments made in small and mid-capitalization companies may be more volatile and less liquid than large company stocks due to limited resources or product lines and greater sensitivity to adverse economic conditions.

New Fund Risk. The Fund is a recently organized, giving prospective investors a limited track record on which to base their investment decision.

New Sub-Adviser Risk. Although the Sub-Adviser’s principals and the Fund’s portfolio managers have experience managing investments in the past, the Sub-Adviser has no experience managing investments for an ETF, which may limit the Sub-Adviser’s effectiveness.

Distributed by Foreside Fund Services, LLC.