Valkyrie Bitcoin Futures Leveraged Strategy ETF

Investing involves significant risks. The loss of principal is possible. The Fund’s investment objectives, risks, charges and expenses should be considered before investing. The Fund may not be suitable for all investors. The Fund’s prospectus contains this and other important information and can be found at this link: https://coinshares.com/en/d/etf/prospectus/btfx/. Read it carefully before investing.

• Leverage Risk. The Fund presents different risks than other types of funds. The Fund is not suitable for all investors and should be used only by knowledgeable investors who understand the consequences of seeking daily leveraged (2x) investment results, including the impact of compounding on Fund performance. The Fund is intended to be used as a short-term trading vehicle. Investors in the Fund should actively manage and monitor their investments, as frequently as daily. The Fund is not intended to be used by, and is not appropriate for, investors who do not actively monitor and manage their portfolio. An investor in the Fund could potentially lose the full value of their investment within a single day. The Fund does not invest directly in Bitcoin. Instead, the Fund seeks to benefit from increases in the price of Bitcoin futures contracts for a single day.

• Daily Rebalancing Risk. Daily rebalancing and the compounding of each day’s return over time means that the return of the Fund for a period longer than a single day will be the result of each day’s returns compounded over the period. This will very likely differ in amount, and possibly even direction, from twice the return of the Index for the same period. The Fund will lose money if the Index’s performance is flat over time. The Fund can lose money regardless of the performance of the Index, as a result of daily rebalancing, the Index’s volatility, compounding of each day’s return and other factors.

• Volatility Risk. Bitcoin and Bitcoin futures are a relatively new asset class. They are subject to unique and substantial risks, and historically, have been subject to significant price volatility. The value of an investment in the Fund could decline significantly and without warning, including to zero. You should be prepared to lose your entire investment. The shares in the Fund will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective.

• Market Risk. The prices of Bitcoin and Bitcoin futures have historically been highly volatile. The value of the Fund’s investments in Bitcoin futures and other instruments that provide exposure to Bitcoin and Bitcoin futures – and therefore the value of an investment in the Fund – could decline significantly and without warning, including to zero. If you are not prepared to accept significant and unexpected changes in the value of the Fund and the possibility that you could lose your entire investment in the Fund, you should not invest in the Fund. The price and performance of cryptocurrency futures and cryptocurrency-linked instruments or assets should be expected to differ from the current “spot” prices (the prices at which the cryptocurrency can be purchased immediately) of those same currencies. These differences could be significant. Cryptocurrency futures are subject to costs, margin requirements, collateral requirements, and other limits that may negatively impact their performance or the performance of an investment vehicle which utilizes them. Cryptocurrencies are largely unregulated and cryptocurrency-linked investments may be more susceptible to fraud and manipulation than more regulated investments. Cryptocurrencies and cryptocurrency futures are subject to rapid price swings including as a result of actions and statements by influencers and the media, changes in the supply and demand for the cryptocurrency or their futures, and other factors. 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. 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.