Cboe Vest Bitcoin Strategy Managed Volatility Fund

Cboe Vest Bitcoin Strategy Managed Volatility Fund provides access to Cboe Vest’s “Managed Volatility Strategy” that seeks to deliver returns linked to the price of Bitcoin while managing its volatility to reduce the impact of severe sustained declines. The strategy seeks to target levels of volatility set by the Fund’s manager by dynamically changing the Fund's allocation to Bitcoin Futures and cash investments.

Generally:

When volatility experienced by Bitcoin is high, the Fund decreases its exposure to Bitcoin Futures.
When volatility experienced by Bitcoin is low, the Fund increases its exposure to Bitcoin Futures.

The Fund may deliver value in two places in a portfolio:

Scarce Metal Assets/Currency Allocation: Bitcoin may be considered an alternative to assets such as gold or currencies as a store of value. Portfolio strategies that incorporate such assets or currencies to diversify holdings or hedge against inflation may consider allocating to the Fund.

Alternatives: Bitcoin may deliver returns that may be different and unique from other traditional assets such as stocks or bonds. The Fund may have a place in the alternatives allocation within a portfolio.

DISCLOSURES
Investors should consider the investment objectives, potential risks, management fees and charges and expenses carefully before investing. This and other information is contained in the Fund's prospectus, which may be obtained by calling (855) 979-6060 or by visiting cboevest.com/mutual-funds. Please read the prospectus carefully before investing. Distributed by First Dominion Capital Corp., Richmond, VA. Member FINRA/SIPC.

Investors in the Fund should be willing to accept a high degree of volatility in the price of the Fund's shares and the possibility of significant losses. An investment in the Fund involves a substantial degree of risk. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

RISKS
The Fund is a new fund and does not have a full calendar year of performance history. The Fund will invest in exchange-traded Bitcoin futures contracts that can be highly volatile. Using futures can increase the volatility of the Fund's net asset value ("NAV") and/or lower total return. A liquid secondary market may not always exist for the Fund's futures contract positions at any time. The Fund may experience high portfolio turnover which may result in higher taxes when held in a taxable account. The market for exchange-traded Bitcoin futures contracts has limited trading history and operational experience and may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than more established futures markets, thus impacting the performance and risk profile of the Fund. The NAV of the Fund over short-term periods may be more volatile than other investment options because of the Fund's significant use of financial instruments that have a leveraging effect. Due to the Fund's investment strategy of limiting its volatility, the Fund's actual investment in Bitcoin Futures may be a small portion of the Fund's overall assets.

The primary underlying asset of the future contracts is Bitcoin, which has several risks that could impact Bitcoin Futures and the Fund. These risks, which could impact the price and value of Bitcoin, are: frequent or significant price movements; high levels of speculation; uncertainty as to growth in usage and in blockchain; an unregulated and uncertain regulatory environment; excess supply; instability and/or closure and shutdown of trading platforms for trading Bitcoin; the emergence of alternative digital assets and increased competition; reduction in supply; and increasing transaction fees. Together, the risks may result in changes in the confidence of investors. The prospectus provides complete details concerning risks of Bitcoin, the Fund, and investing in futures.

DEFINITIONS
Bitcoin is a type of digital asset that is issued by, and transmitted through, the decentralized, open-source protocol of the peer-to-peer Network.

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time, and place designated at the time the contract is made.

A drawdown is the peak-to-trough decline during a specific period, usually quoted as the percentage between the peak and subsequent tough. ​Drawdowns are a measure of downside volatility.

Volatility is a statistical measure of the change in price of an asset. In most cases, the higher the volatility, the riskier the asset.

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