The following performance information indicates some of the risks of investing in the Fund. The table shows the Fund’s average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and table assume that all dividends and distributions are reinvested in the Fund. The Fund’s past performance (before and after taxes) may not indicate future results.
Updated performance information is available on the Fund’s website at SRHfunds.com (the website does not form a part of this prospectus) or at no charge by calling the Fund’s Distributor at 1.877.524.9155.
| Return | Quarter/Year | ||
| Highest Return | 12.58% | ||
| Lowest Return | -4.13% |
Average Annual Total Returns (for the periods ended December 31, 2025) |
|||
1 Year |
Since
Inception | ||
| Returns before taxes | 7.25% | 15.29% | |
| Returns after taxes on distributions | 7.04% | 14.99% | |
| Returns after taxes on distributions and sale of Fund shares | 4.42% | 11.95% | |
S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) |
17.88% |
21.77% | |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through tax- deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).
The following performance information indicates some of the risks of investing in the Fund. The table shows the Fund’s average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and table assume that all dividends and distributions are reinvested in the Fund. The Fund’s past performance (before and after taxes) may not indicate future results.
Updated performance information is available on the Fund’s website at SRHfunds.com (the website does not form a part of this prospectus) or at no charge by calling the Fund’s Distributor at 1.877.524.9155.
| Return | Quarter/Year | ||
| Highest Return | 12.87% | ||
| Lowest Return | -6.22% |
Average Annual Total Returns (for the periods ended December 31, 2025) |
|||
1 Year |
Since Inception (November 1, 2023) | ||
| Returns before taxes | -0.96% | 9.59% | |
| Returns after taxes on distributions | -3.67% | 6.91% | |
| Returns after taxes on distributions and sale of Fund shares | -0.56% | 6.34% |
S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) |
17.88% |
21.77% | |
Morningstar US Real Estate Sector Index (reflects no deduction for fees, expenses or taxes) |
4.14% |
13.91% |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through tax- deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).
The following performance information indicates some of the risks of investing in the Fund. The table shows the Fund’s average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and table assume that all dividends and distributions are reinvested in the Fund. The Fund’s past performance (before and after taxes) may not indicate future results.
Updated performance information is available on the Fund’s website at www.True-Shares.com (the website does not form a part of this prospectus) or at no charge by calling the Fund’s Distributor at 1.877.774.TRUE (8783).
| Return | Quarter/Year | ||
| Highest Return | 2.68% | ||
| Lowest Return | -0.73% |
Average Annual Total Returns (for the periods ended December 31, 2025) |
|||
1 Year |
Since
Inception | ||
| Returns before taxes | 4.53% | 3.46% | |
| Returns after taxes on distributions | 1.03% | 0.67% | |
| Returns after taxes on distributions and sale of Fund shares | 2.69% | 1.48% | |
S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) |
17.88% |
17.66% |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through tax- deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).
The following performance information indicates some of the risks of investing in the Fund. The table shows the Fund’s average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and table assume that all dividends and distributions are reinvested in the Fund. The Fund’s past performance (before and after taxes) may not indicate future results.
Updated performance information is available on the Fund’s website at www.True-Shares.com (the website does not form a part of this prospectus) or at no charge by calling the Fund’s Distributor at 1.877.774.TRUE (8783).
| Return | Quarter/Year | ||
| Highest Return | 0.16% | ||
| Lowest Return | -0.23% |
Average Annual Total Returns (for the periods ended December 31, 2025) |
|||
1 Year |
Since
Inception | ||
| Returns before taxes | -0.27% | -0.11% | |
| Returns after taxes on distributions | -1.56% | -1.33% | |
| Returns after taxes on distributions and sale of Fund shares | -0.16% | -0.59% | |
S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) |
17.88% |
17.66% |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through tax- deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).
As of the date of this Prospectus, the Fund has not yet completed operations for a full calendar year and therefore does not report its performance information. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.True-Shares.com (the website does not form a part of this prospectus) and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. Past performance may not indicate future results.
The following performance information indicates some of the risks of investing in the Fund. The table shows the Fund’s average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and table assume that all dividends and distributions are reinvested in the Fund. The Fund’s past performance (before and after taxes) may not indicate future results.
Updated performance information is available on the Fund’s website at www.True-Shares.com (the website does not form a part of this prospectus) or at no charge by calling the Fund’s Distributor at 1.877.774.TRUE (8783).
| Return | Quarter/Year | |||
| Highest Return | 11.62% | |||
| Lowest Return | 3.53% |
Average Annual Total Returns (for the periods ended December 31, 2025) |
||||
1 Year |
Since
| |||
| Returns before taxes | 32.55% | 30.12% | ||
| Returns after taxes on distributions | 30.85% | 28.48% | ||
| Returns after taxes on distributions and sale of Fund shares | 19.17% | 22.18% | ||
|
S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes) |
17.88% |
14.86% | |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through tax- deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts (“IRAs”).
As of the date of this Prospectus, the Fund has not yet completed operations for a full calendar year and therefore does not report its performance information. Once available, the Fund’s performance information will be accessible on the Fund’s website at www.True-Shares.com (the website does not form a part of this prospectus) and will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s returns compare with those of a broad measure of market performance. Past performance may not indicate future results.
The Fund acquired all of the assets and liabilities of the Clough Hedged Equity ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on January 17, 2025. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund.
The following performance information indicates some of the risks of investing in the Fund by showing how the Fund (including the Predecessor Fund’s) performance has varied over time. The bar chart shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of the primary index, the Bloomberg World All-Cap Equal Weight TR Index. The table also shows how the Fund’s performance compares to the Bloomberg World All-Cap Equal Weight/UST 0-1 Yr 50/50 Index, an additional comparative index that represents the asset classes in which the Fund invests. Previously, from the Predecessor Fund’s inception to August 28, 2023, the Predecessor Fund was advised by Changebridge Capital, LLC. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.cloughcapital.com/cbls.
During the period shown in the bar chart, the best performance for a quarter was 14.01% (for the quarter ended March 31, 2021) and the worst performance was -14.07% (for the quarter ended June 30, 2022).
Average Annual Total Returns (for the Periods Ended December 31, 2025) |
|||
| One Year | Five Years | Since Inception 11/12/20 | |
| Return Before Taxes | 6.08% | 3.83% | 6.82% |
| Return After Taxes on Distributions | 5.82% | 3.72% | 6.71% |
| Return After Taxes on Distributions and Sale of Fund Shares | 3.73% | 2.95% | 5.34% |
Bloomberg World All-Cap Equal Weight TR Index1 (reflects no deductions for fees, expenses, or taxes) |
21.47% |
6.18% |
8.38% |
Bloomberg World All-Cap Equal Weight/UST 0-1 Yr 50/50 Index1 (reflects no deductions for fees, expenses, or taxes) |
12.44% | 4.76% | 5.83% |
| 1 | The Bloomberg World All-Cap Equal Weight TR Index is an equal weighted equity benchmark that covers 99% market cap of the measured market. The Bloomberg World All-Cap Equal Weight/UST 0-1 Yr 50/50 Index consists of 50% Bloomberg US Treasury 0-1 Year Maturity Index and 50% Bloomberg World All-Cap Equal Weight TR Index and serves as the Fund’s secondary benchmark. |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the periods covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.
The Fund acquired all of the assets and liabilities of the Clough Select Equity ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on January 17, 2025. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund.
The following performance information indicates some of the risks of investing in the Fund by showing how the Fund (including the Predecessor Fund’s) performance has varied over time. The bar chart shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year and since inception periods compare with those of the primary index, the Bloomberg World All-Cap Equal Weight TR Index. From the Predecessor Fund’s inception to August 28, 2023, the Predecessor Fund was advised by Changebridge Capital, LLC. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.cloughcapital.com/cbse.
During the period shown in the bar chart, the best performance for a quarter was 22.70% (for the quarter ended June 30, 2025) and the worst performance was -18.94% (for the quarter ended June 30, 2022).
Average Annual Total Returns (for the Periods Ended December 31, 2025) |
|||
One Year |
Five Years |
Since Inception (11/12/20) | |
| Return Before Taxes | 19.50% | 11.21% | 14.73% |
| Return After Taxes on Distributions | 19.41% | 11.06% | 14.59% |
| Return After Taxes on Distributions and Sale of Fund Shares | 11.62% | 8.90% | 11.86% |
Bloomberg World All-Cap Equal Weight TR Index1 (reflects no deductions for fees, expenses, or taxes) |
21.47%
|
6.18%
|
8.38%
|
| 1 | The Bloomberg World All-Cap Equal Weight TR Index is an equal weighted equity benchmark that covers 99% market cap of the measured market. |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the periods covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Shares” may be higher than the other return figures for the same period. A higher after- tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.