June 2026

Convertible Bonds, Crypto Miners, and Corporate Treasuries: The Three Pillars of DADS

Most investors think about digital asset exposure in binary terms: you either own crypto or you don’t. But the digital asset economy has built an entire ecosystem of companies such as miners, treasury holders, and financial infrastructure builders whose fortunes are deeply tied to the space. The Digital Asset Debt Strategy ETF (DADS) accesses that ecosystem through a single, structured fixed-income vehicle. Understanding the three pillars that make up the portfolio is the key to understanding why this approach may be worth a closer look.

Pillar One: The Miners

Bitcoin miners are the backbone of the blockchain. Companies like Core Scientific, Riot Platforms, CleanSpark, Terawulf, and Applied Digital do the computational heavy lifting that keeps the network running and they’ve evolved far beyond their early reputation as speculative energy plays. Today, many of the largest miners are also significant data center operators, increasingly pivoting to serve the surging demand for AI compute infrastructure. That dual revenue profile makes their debt instruments more defensible than a pure-crypto narrative would suggest.

DADS holds the bonds and convertible notes of these companies rather than their equity. That distinction matters: as debt holders, DADS investors sit higher in the capital structure, with a contractual claim on interest payments and principal before equity shareholders see a return. In a sector known for price swings, that structural seniority may offer a meaningful layer of discipline.

Pillar Two: The Corporate Treasury Holders

A growing number of publicly traded companies have made bitcoin a core part of their balance sheet strategy by allocating a portion of corporate reserves to bitcoin as a potential long-term store of value, an approach often referred to as a “bitcoin treasury” strategy. Strategy (formerly MicroStrategy) is the most well-known example, but it’s far from alone. GameStop made headlines with its own bitcoin treasury announcement, and the trend is accelerating across industries. These companies are making a long-term bet on bitcoin as a store of value, and the debt they issue reflects that conviction.

DADS holds bonds from several of these treasury companies, giving investors indirect exposure to bitcoin’s long-term appreciation thesis, filtered through the more predictable mechanics of fixed-income investing. When bitcoin appreciates, the credit profiles of these issuers tend to strengthen, which is a dynamic that benefits bondholders alongside equity investors, with considerably less of the day-to-day volatility.

Pillar Three: Digital Finance Infrastructure

This third category is perhaps the most overlooked. Companies like Block, PayPal, Visa, and Mastercard are not crypto-native businesses, but they are deeply embedded in the infrastructure that makes digital asset transactions possible at scale. Their bonds may bring a stabilizing element to the DADS portfolio, pairing investment-grade credit profiles with meaningful exposure to the long-term digitization of money and payments.

One Fund, Three Angles

What may make DADS compelling as a portfolio holding is not simply the presence of these three pillars, but the way they work together. Miners provide exposure to the growth and activity of the underlying network. Treasury companies offer participation in the long-term value proposition of bitcoin itself. Infrastructure companies supply the financial and technological foundations that support the broader digital asset ecosystem. Together, they represent a more complete way to participate in the digital asset economy, capturing not just the asset itself, but the businesses helping to build, support, and expand it.

As digital assets continue to integrate with traditional financial markets, opportunities are emerging across the broader ecosystem. DADS seeks to capture that evolution through a portfolio of debt securities tied to the companies helping to build, support, and expand the digital asset economy.

Holdings subject to change. To view current holdings, click here: https://dadsetf.com

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.