Investment Risks - TrueShares Equity Hedge ETF
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Jan. 07, 2026 |
| Active Management Risk [Member] |
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Active
Management Risk. The Fund’s judgments about an investment may prove to be incorrect or fail to have the intended
results, which could adversely impact the Fund’s performance and cause it to underperform relative to its benchmark,
or not to achieve its investment goal. The Fund may fail to provide reduced downside risk and/or monthly income.
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| Options Risk [Member] |
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Options Risk.
Buying and selling (writing) options are speculative activities and entail greater than ordinary investment risks. The
buyer of a call option risks losing the entire premium invested in the option if the buyer does not exercise the option. The
seller of a put option will lose money if the value of the reference index or security falls below the strike price and the
buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option.
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| Derivatives Risk [Member] |
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Derivatives Risk.
Options are a derivative investment. The Fund’s use of derivatives involves risks different from, or possibly greater
than, the risks associated with investing directly in securities and other traditional investments. These risks include (i)
the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing
or improper valuation; and (iii) the risk that changes in the value of a derivative may not correlate perfectly with the underlying
asset or index. Derivative prices may be highly volatile at times and may fluctuate substantially during a short period of
time. |
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| Swap Risk [Member] |
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Swap Risk. Swaps
are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or
replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives
will tend to magnify the Fund’s losses. |
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| Counterparty Risk [Member] |
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Counterparty
Risk. The Fund invests in total return swaps with counterparties that are privately negotiated in the over-the-counter
market. These contracts involve exposure to credit risk because contract performance depends, in part, on the financial condition
of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the
contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially
resulting in losses to the Fund. The Fund may have substantial exposure to a single counterparty, which could result in the
Fund being more susceptible to the single counterparty’s ability to perform its obligations and/or to regulatory or
economic occurrence affecting the counterparty. |
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| Cash or Cash Equivalents Risk [Member] |
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Cash
or Cash Equivalents Risk. At any time, the Fund may have significant investments in cash or cash equivalents. When
a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash
account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally,
in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may
not achieve its investment objective.
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| Fixed Income Securities Risk [Member] |
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Fixed
Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund
will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed
income securities owned by the Fund. 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. Other risk factors include
credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate
obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly
causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments.
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| Cybersecurity Risk [Member] |
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Cybersecurity
Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary information,
or cause the Fund, its adviser, and/or other service providers (including custodians and financial intermediaries) to suffer
data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund,
its adviser, the Fund’s other service providers, market makers, Authorized Participants (“APs”), the Fund’s
primary listing exchange, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively
affect the Fund’s business operations, including the ability to purchase and sell Shares, potentially resulting in financial
losses to the Fund and its shareholders. |
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| Early Close/Trading Halt Risk [Member] |
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Early
Close/Trading Halt Risk. An exchange or market may close or issue trading halts on specific securities, or the ability
to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or
selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio,
may be unable to accurately price its investments and may incur substantial trading losses.
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| Equity Market Risk [Member] |
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Equity Market
Risk. The Fund invests in options on equity securities with an investment strategy significantly exposed to the performance
of such securities, which include common stocks. Common stocks are susceptible to general stock market fluctuations and to
volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor
perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary
and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic,
public health, and banking crises. Holdings in common stock, or common stock equivalents, of any given issuer, would generally
be exposed to greater risk than holdings of preferred stocks and debt obligations of the same issuer because common stockholders,
or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the
rights of preferred stockholders, bondholders, and other creditors of such issuers. |
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| ETF Structure Risks [Member] |
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ETF Structure
Risks. The Fund is an ETF, and, as a result of an ETF’s structure, the Fund is exposed to the following risks: |
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| Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk [Member] |
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Authorized Participants,
Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that
may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace.
To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting:
(i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward
to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their
business activities and no other entities step forward to perform their functions. |
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| Costs of Buying or Selling Shares [Member] |
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Costs of Buying
or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and
bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not
be advisable for investors who anticipate regularly making small investments. |
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| Shares May Trade at Prices Other Than NAV [Member] |
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Shares May Trade
at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although
it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price
of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares
or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines,
and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts
may be significant. |
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| Trading [Member] |
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Trading.
Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the “Exchange”) and may be traded on U.S. exchanges
other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange.
In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio
holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price
of the Shares and the underlying value of those Shares. |
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| Large-Capitalization Investing Risk [Member] |
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Large-Capitalization
Investing Risk. The securities of large-capitalization companies may be relatively mature compared to smaller companies
and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable
to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. |
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| Limited History Risk [Member] |
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Limited
History Risk. The Fund is a new ETF and has a limited history of operations for investors to evaluate. Investors in
the Fund bear the risk that the Fund may not be successful in implementing its investment strategies, may be unable to
implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in
the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable
for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders
to incur expenses of liquidation.
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| Market and Geopolitical Risk [Member] |
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Market and Geopolitical
Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events
or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand
for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics,
terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years may result in market volatility and may have long term effects on both the
U.S. and global financial markets. |
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| Valuation [Member] |
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Valuation. The
price the Fund could receive upon the sale of a security or other asset may differ from the Fund’s valuation of the
security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that
are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of
the securities or other assets in the Fund’s portfolio may change on days or during time periods when shareholders will
not be able to purchase or sell the Fund’s shares. APs who purchase or redeem Fund shares on days when the Fund is holding
fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received
had the Fund not fair-valued securities or used a different valuation methodology. The Fund’s ability to value investments
may be impacted by technological issues or errors by pricing services or other third- party service providers. |
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| U.S. Government Risk [Member] |
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U.S. Government
Risk. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and generally
have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored
instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. |
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| Risk Lose Money [Member] |
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As with any investment, there is a risk that you could
lose all or a portion of your investment in the Fund.
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| Risk Nondiversified Status [Member] |
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Non-Diversification
Risk. Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified
fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share
price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance
of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s
performance.
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