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est:C000260041Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001936157 est:C000260041Member oef:AfterTaxesOnDistributionsAndSalesMember 2022-07-11 2025-12-31 0001936157 est:ICEBofaBroadUSMarketIndexMember 2025-01-01 2025-12-31 0001936157 est:ICEBofaBroadUSMarketIndexMember 2022-07-11 2025-12-31 0001936157 est:ICEBofa0To3YearUSTreasuryIndexMember 2025-01-01 2025-12-31 0001936157 est:ICEBofa0To3YearUSTreasuryIndexMember 2022-07-11 2025-12-31 iso4217:USD pure false N-1A 485BPOS 0001936157 2026-04-30 Elevation Series Trust 2026-04-30 FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (JANUARY) ETF Investment Objective The TrueShares Structured Outcome (January) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from January 1, 2026 to December 31, 2026, and each subsequent twelve-month period begins the day after the current period ends (January 1) and ends on December 31 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zl0Tf6mQ7Lef"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zC3H6aJI8d72" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092056Member_zDv7SYokV9C3" style="width: 88%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000259970Member_zbJ9TRRYwJPb" style="width: 12%"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zunRaA3i6Kyd" style="vertical-align: top"> <td>Management Fees</td> <td style="text-align: center">0.79%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_za2NYGH6ooH4" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zWhM8cVmLvOl" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses(1)</td> <td style="text-align: center">0.01%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zIhg4Fvr1s3h" style="vertical-align: top"> <td>Other Expenses</td> <td style="border-bottom: black 2.25pt double; text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zRtGoljt02Qd" style="vertical-align: top"> <td style="border-bottom: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.80%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F15_zTcm65wvT92d" style="text-align: justify">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.</td> </tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0001 0.0000 0.0080 Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_znUeh5DtoO01"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zybCIQSAEOd5" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_482_eoef--ExpenseExampleYear01_zzwbZRYCE3Cf" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zakp6ikzkVre" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zYrxxPO4I4E6" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_z9cRRX95BO18" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__oef--ClassAxis__custom--C000259970Member_zQVZ9bkikQIj" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$82</td> <td style="border-bottom: black 1pt solid; text-align: center">$255</td> <td style="border-bottom: black 1pt solid; text-align: center">$444</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$989</td></tr> </table> 82 255 444 989 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each January (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 50%">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 50%">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos001.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zKCKjACP2iPl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Buffered Strategy Investment Risk.</td> </tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_ztYpxDktewM2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zT59FutjhW9a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zVh3SRV44bx7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_z0nvxzhf3Kaa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price Index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between Roll Dates.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_ziNPkppzXhR9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises.</td> </tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zfsDCpRJdLIe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zGcT5BntX93h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zlQDitp4Fzu4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zT6pqhYBSqy3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_ziFFNgYwJYP1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zT6KR5lMJmv3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</td> </tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zfg3jvJaqnd3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z234aLZmAzG4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_zSzzEqbhhbI4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions.</td> </tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zOzeeXU5nYC2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_zQnKoxMvD3aj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zm2ea4r1GyP4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such in-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund.</td> </tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_z9jbssGFUv68"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</td> </tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (January) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on August 8, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024, may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A85_eoef--BarChartTableTextBlock_zPDSpc9MMWw6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_ze5oMZgtqev4" style="font: 10pt Times New Roman, Times, Serif; display: none; border-collapse: collapse; width: 100%; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000259970Member_zxqSQ2CdpZ2k" style="display: none; visibility: hidden">21.65%</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259970Member_zhjv87cnnlu6" style="display: none; visibility: hidden">-11.29%</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259970Member_zTBSIWdUqsri" style="display: none; visibility: hidden">18.91%</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259970Member_zzSlJkaTaAq8" style="display: none; visibility: hidden">18.11%</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259970Member_zzSlJkaTaAq9" style="display: none; visibility: hidden">12.40%</td></tr> </table> <img alt="" src="trueshare_001.jpg" style="height: 225px; width: 400px"/> 0.2165 -0.1129 0.1891 0.1811 0.1240 During the period of time shown in the bar chart, the highest quarterly return was 8.97% for the quarter ended December 31, 2023, and the lowest quarterly return was -11.01% for the quarter ended June 30, 2022. highest quarterly return 0.0897 2023-12-31 lowest quarterly return -0.1101 2022-06-30 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zeJt5XxthW91"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_98E_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092056Member_zosas9M1Sca9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td colspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zMO0Cm7aRJJ3" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: justify">TrueShares Structured Outcome (January) ETF</td> <td id="xdx_493_20250101__20251231_zIYpzG9dSes6" style="border-bottom: black 1pt solid; text-align: center">One Year</td> <td style="text-align: center"> </td> <td id="xdx_49E_20210101__20251231_z5Rc4csU6Gyf" style="border-bottom: black 1pt solid; text-align: center">Five Years</td> <td id="xdx_493_20201231__20251231_zFOEiBu4xp5c" style="border-bottom: black 1pt solid; text-align: center">Since Inception (12/31/2020)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259970Member_zFNz4A4TMLEf" style="background-color: #DBDBDB"> <td colspan="3" style="vertical-align: bottom; text-align: justify">Return Before Taxes</td> <td style="vertical-align: bottom; text-align: center">12.40%</td> <td colspan="2" style="vertical-align: bottom; padding-right: 40pt; text-align: right">11.24%</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20201231__20251231__oef--ClassAxis__custom--C000259970Member_zA6Bk0TrV7ib" style="vertical-align: top; text-align: center">11.24%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259970Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zWw42JBeB8vj"> <td colspan="3" style="vertical-align: bottom; text-align: justify">Return After Taxes on Distributions</td> <td style="vertical-align: bottom; text-align: center">11.76%</td> <td colspan="2" style="vertical-align: bottom; padding-right: 40pt; text-align: right">10.24%</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20201231__20251231__oef--ClassAxis__custom--C000259970Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zcjFrQgTF0k8" style="vertical-align: top; text-align: center">10.24%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259970Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z2FmJiFMb4O5" style="background-color: #DBDBDB"> <td colspan="3" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">7.35%</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 40pt; text-align: right">8.44%</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20201231__20251231__oef--ClassAxis__custom--C000259970Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zN1PJ4xe9uek" style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">8.44%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zk09oKIQp69b"> <td colspan="3" style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">12.75%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">12.75%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_z5cHmeznPKd4"> <td colspan="3" style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">14.42%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">14.42%</td></tr> <tr style="vertical-align: top"> <td id="xdx_F0C_zkVfxUcMF5Xg" style="text-align: right">1</td> <td> </td> <td colspan="5" style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td></tr> <tr> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 63%"> </td> <td style="width: 10%"> </td> <td style="width: 1%"> </td> <td style="width: 12%"> </td> <td style="width: 12%"> </td></tr> </table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2020-12-31 0.1240 0.1124 0.1124 0.1124 0.1176 0.1024 0.1024 0.1024 0.0735 0.0844 0.0844 0.0844 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1275 0.1275 0.1788 0.1442 0.1442 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (FEBUARY) ETF Investment Objective The TrueShares Structured Outcome (February) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from February 1, 2026 to January 31, 2027, and each subsequent twelve-month period begins the day after the current period ends (February 1) and ends on January 31 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zFwkdTu76dsf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zUPImg3Zy5Ue" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_98F_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092055Member_zhdKNlxhnMTc" style="width: 88%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000259969Member_zBvtQaThDTSa" rowspan="2" style="width: 12%"> </td></tr> <tr style="vertical-align: top"> <td></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_z794tgjImze5" style="vertical-align: top"> <td>Management Fees</td> <td style="text-align: center">0.79%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zg82L1FQ1Hzb" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zKbIQdHp0b47" style="vertical-align: top"> <td>Other Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zqYoVBH3pjS8" style="vertical-align: top"> <td style="border-bottom: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.79%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7YIFrDOOw3e"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z78zDEnwgmt7" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_485_eoef--ExpenseExampleYear01_zGEniM93t6L8" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_zBFiAz7EQVp7" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_zefGCkMmxmJa" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_zRnPylpDsBa" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_410_20260430__20260430__oef--ClassAxis__custom--C000259969Member_zgh3ZyUTRTfg" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each February (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also to invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 50%; text-align: justify">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 50%; text-align: justify">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt; text-align: justify">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify">Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr> <td style="text-align: justify">Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos003.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zUOYE0syqMud"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Buffered Strategy Investment Risk.</td> </tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_zvpl5vCZfeQh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_z2aQQfiGuEg7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zU4rvzapIuOf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_zoFmfkDjqD0k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price Index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between Roll Dates.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zxtVLDNkl3Yd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises.</td> </tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zpqbnwGyh9Eg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z8RRRFrioSU6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zqo6OV17Qdq9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z5fXuOPnEO02"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zfemUXblUmJ8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_znsYt75INau1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</td> </tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zsIgZr7NfnOi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td> </tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zG28litFwgY5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.</td> </tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_z8yRnQgF7X1b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zFfSCkfBJ0fg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.</td> </tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_zxNJ8nlN0uy5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares.</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zaFHry42alIc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such in-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund.</td> </tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zS7BvvDioUOh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</td> </tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (February) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on August 8, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024, may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A80_eoef--BarChartTableTextBlock_zYwKd8hSUXLk"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_dU_zDGIz47dvsGd" style="display: none; width: 100%; border-collapse: collapse; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">TrueShares Structured Outcome (February) ETF |</td> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden"> </td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; width: 68%; visibility: hidden">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259969Member_zrxzKyvMUlYb" style="font: 11pt Aptos Narrow; display: none; text-align: right; width: 32%; visibility: hidden">-10.30%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259969Member_zN0n2mweI8A3" style="font: 11pt Aptos Narrow; display: none; text-align: right; visibility: hidden">20.64%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259969Member_zlsLdB30Uum5" style="font: 11pt Aptos Narrow; display: none; text-align: right; visibility: hidden">17.12%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259969Member_zlsLdB30Uum6" style="font: 11pt Aptos Narrow; display: none; text-align: right; visibility: hidden">12.74%</td></tr> </table> <img alt="" src="trueshare_002.jpg" style="height: 244px; width: 350px"/> -0.1030 0.2064 0.1712 0.1274 During the period of time shown in the bar chart, the highest quarterly return was 8.47% for the quarter ended December 31, 2023, and the lowest quarterly return was -10.75% for the quarter ended June 30, 2022. highest quarterly return 0.0847 2023-12-31 lowest quarterly return -0.1075 2022-06-30 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_ziji3L1SEiH1"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_983_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092055Member_z6A6BnausGP3" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td colspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: right"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zp73J79j6YSc" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: justify">TrueShares Structured Outcome (February) ETF</td> <td id="xdx_493_20250101__20251231_z61w6vphn3di" style="border-bottom: black 1pt solid; text-align: center">One Year</td> <td style="text-align: center"> </td> <td id="xdx_498_20210129__20251231_zR1TNXc89vpj" style="border-bottom: black 1pt solid; text-align: center">Since Inception (1/29/2021)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259969Member_zfRFYUMfjlZ1" style="vertical-align: bottom; background-color: #DBDBDB"> <td colspan="3" style="text-align: justify">Return Before Taxes</td> <td style="text-align: center">12.74%</td> <td colspan="2" id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20210129__20251231__oef--ClassAxis__custom--C000259969Member_z3gQnun5D6Z6" style="padding-right: 40pt; text-align: right">11.69%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259969Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z1v9mg3MuiXd" style="vertical-align: bottom"> <td colspan="3" style="text-align: justify">Return After Taxes on Distributions</td> <td style="text-align: center">11.33%</td> <td colspan="2" id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20210129__20251231__oef--ClassAxis__custom--C000259969Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zaqqpPMm73j5" style="padding-right: 40pt; text-align: right">10.47%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259969Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zThElAHWeo59" style="vertical-align: bottom; background-color: #DBDBDB"> <td colspan="3" style="border-bottom: black 1pt solid; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; text-align: center">7.55%</td> <td colspan="2" id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20210129__20251231__oef--ClassAxis__custom--C000259969Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zmcbrEYEpqF1" style="border-bottom: black 1pt solid; padding-right: 40pt; text-align: right">8.72%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zum4LeqFNLfc"> <td colspan="3" style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">13.22%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zIZpi5xDWSbe"> <td colspan="3" style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">14.91%</td></tr> <tr style="vertical-align: top"> <td id="xdx_F03_zmUynUw1iak1" style="text-align: right">1</td> <td> </td> <td colspan="4" style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td></tr> <tr> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 71%"> </td> <td style="width: 12%"> </td> <td style="width: 1%"> </td> <td style="width: 14%"> </td></tr> </table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2021-01-29 0.1274 0.1169 0.1169 0.1133 0.1047 0.1047 0.0755 0.0872 0.0872 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1322 0.1788 0.1491 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (MARCH) ETF Investment Objective The TrueShares Structured Outcome (March) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from March 1, 2026 to February 28, 2027, and each subsequent twelve-month period begins the day after the current period ends (March 1) and ends on February 28 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zjMMQxVQO8Sb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zcJky5xDoLk4" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_98A_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092059Member_z5HmISx1hk7l" style="width: 88%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_495_20260430__20260430__oef--ClassAxis__custom--C000259973Member_zWHbQbXwbR9a" rowspan="2" style="width: 12%"> </td></tr> <tr style="vertical-align: top"> <td></td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zGfSZvVbC9p1" style="vertical-align: top"> <td>Management Fees</td> <td style="text-align: center">0.79%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zHCRHr39JJ9c" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_z0E9o39UIdAe" style="vertical-align: top"> <td>Other Expenses</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zKvUyIZBLj84" style="vertical-align: top"> <td style="border-bottom: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.79%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPqQoK7kH8L5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zVcr5w38xo7f" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_481_eoef--ExpenseExampleYear01_zG3AbAiaaz3e" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zFGOuo7I8HSi" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_z9kC1Ffk5KSf" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_z9fQDqfh8Qaj" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260430__20260430__oef--ClassAxis__custom--C000259973Member_z8g9hSyiDnPj" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each March (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund and fees and expenses of investing in an S&P 500 Price Index ETF, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options or investing indirectly through an ETF), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect Investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded Flexible Exchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund will invest in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund to invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 50%">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 50%">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos005.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zhGeP8VPJYef"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Buffered Strategy Investment Risk.</td> </tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_zb1up8JWElRa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zu7GNf9Jerlk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zIna8K5w0Zg5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_zbP5bx6w7eJ8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between roll Dates.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_z95xEonAxK7b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zZvSjYY0qi72"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zp1pLPbFkswe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zO6iWsIMYHv9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z7cRCdCtDiog"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zjKWbstdnBo2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zLjiqfSkRwTc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</td> </tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zaSsWe1oVIag"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zhVAQEEJJ1G5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_zR2NAO0LZGjf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions.</td> </tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zebSx0OW1cta"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.</td> </tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_zEkgWEgFjuJj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zXuXBCO2zkW7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such in-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund.</td> </tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zP9iUW0JOppe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</td> </tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (March) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on August 8, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024, may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A8C_eoef--BarChartTableTextBlock_zZqhe6hLfeB5"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A59_dU_zDgWn7cyKFrk" style="display: none; width: 100%; border-collapse: collapse; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">TrueShares Structured Outcome (March) ETF |</td> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden"> </td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; width: 68%; visibility: hidden">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259973Member_zpCWzsP0sOS1" style="font: 11pt Aptos Narrow; display: none; text-align: right; width: 32%; visibility: hidden">-12.76%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259973Member_zEEV9Jy0PHDl" style="font: 11pt Aptos Narrow; display: none; text-align: right; visibility: hidden">20.45%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259973Member_z4xAbck6ya01" style="font: 11pt Aptos Narrow; display: none; text-align: right; visibility: hidden">18.00%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259973Member_z4xAbck6ya02" style="font: 11pt Aptos Narrow; display: none; text-align: right; visibility: hidden">12.76%</td></tr> </table> <img alt="" src="trueshare_003.jpg" style="height: 240px; width: 350px"/> -0.1276 0.2045 0.1800 0.1276 During the period of time shown in the bar chart, the highest quarterly return was 8.71% for the quarter ended December 31, 2023, and the lowest quarterly return was -11.28% for the quarter ended June 30, 2022. highest quarterly return 0.0871 2023-12-31 lowest quarterly return -0.1128 2022-06-30 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zuDD5RjkKRke"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_980_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092059Member_zjxNK8oaGic2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td colspan="2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zDzIcjvM0s4k" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: justify">TrueShares Structured Outcome (March) ETF</td> <td id="xdx_49E_20250101__20251231_zNjHTR4PXUDl" style="border-bottom: black 1pt solid; text-align: center">One Year</td> <td style="text-align: center"> </td> <td id="xdx_494_20210226__20251231_zPVoQlNkv205" style="border-bottom: black 1pt solid; text-align: center">Since Inception (2/26/2021)</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259973Member_zTwPB9Mo4Gri" style="background-color: #DBDBDB"> <td colspan="2" style="vertical-align: bottom; text-align: justify">Return Before Taxes</td> <td style="vertical-align: bottom; text-align: center">12.76%</td> <td colspan="2" id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20210226__20251231__oef--ClassAxis__custom--C000259973Member_zlEXisJaveF9" style="vertical-align: top; padding-right: 40pt; text-align: right">10.74%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259973Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zMJT5rnFxKva" style="vertical-align: bottom"> <td colspan="2" style="text-align: justify">Return After Taxes on Distributions</td> <td style="text-align: center">11.31%</td> <td colspan="2" id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20210226__20251231__oef--ClassAxis__custom--C000259973Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzvDO0AN5Iyd" style="padding-right: 40pt; text-align: right">9.11%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259973Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zFZb2O87JBR2" style="background-color: #DBDBDB"> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">7.56%</td> <td colspan="2" id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20210226__20251231__oef--ClassAxis__custom--C000259973Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zbbXsfEjlxoa" style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">7.71%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zeg9I9ln2Ec2"> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">12.84%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zoH7qcWR4VFl"> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">14.52%</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 6pt; vertical-align: top; text-align: left">1</td> <td colspan="4" style="padding-top: 6pt; text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td></tr> <tr> <td style="width: 3%"> </td> <td style="width: 69%"> </td> <td style="width: 12%"> </td> <td style="width: 1%"> </td> <td style="width: 15%"> </td></tr> </table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2021-02-26 0.1276 0.1074 0.1074 0.1131 0.0911 0.0911 0.0756 0.0771 0.0771 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1284 0.1788 0.1452 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (APRIL) ETF Investment Objective The TrueShares Structured Outcome (April) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from April 1, 2026 to March 31, 2027, and each subsequent twelve-month period begins the day after the current period ends (April 1) and ends on March 31 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zvwPP0LsJ8O9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zzvqn1AywDbc" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092049Member_zY1zCrv1bn2b" style="width: 88%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000259963Member_zoORA1XGjwyk" rowspan="2" style="width: 12%"> </td></tr> <tr style="vertical-align: top"> <td>(expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zrPEd8WDz4aa" style="vertical-align: top"> <td>Management Fees</td> <td style="text-align: center">0.79%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZWBye5yyM1e" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zeZbeVe5SErh" style="vertical-align: top"> <td>Other Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zPRfEioalarh" style="vertical-align: top"> <td style="border-bottom: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.79%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zt98NOQA6Iy9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zmFbyedKobI7" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zBa365QeTE06" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_zBr0iS6zJPB7" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear05_zeFJWohxCVki" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_zS1JOoKPpt2f" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__oef--ClassAxis__custom--C000259963Member_zYAeaGTxXse5" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s (defined below) portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each April (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund to invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 50%; text-align: justify">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 50%">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos007.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zB8TBNp2qZv5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Buffered Strategy Investment Risk.</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_zAfCzJSb5GJb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zkMli3FRqwA4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zN95eMvjhP0k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_zbB1TlOyelI9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price Index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between Roll Dates.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zWu7DfkXWDJ9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises.</td> </tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zuCiNCr9yMHc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zBnkiPAlW7Ij"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zZmNMPUPHtKl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zzH0hXIqNh5a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zgGbx2SyHeb7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z7pAuJht0nX1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zjEGK0nW2Ve5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td> </tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z9dUdzfb7zHa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_zjDR3YBtUYA3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions.</td> </tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zYuIrBf1Sjyd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.</td> </tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_znx3G41unbV9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_znjJqSvv8Yr2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such in-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund.</td> </tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zPknUaxsPMIk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</td> </tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (April) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on August 8, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024, may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A80_eoef--BarChartTableTextBlock_zedHY5AGkWBi"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A51_dU_zndXaHzwspQ5" style="display: none; width: 100%; border-collapse: collapse; visibility: hidden" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">TrueShares Structured Outcome (April) ETF | </td> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden"> </td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; width: 68%; visibility: hidden">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259963Member_zOikpj5pLtch" style="font: 11pt Aptos Narrow; display: none; text-align: right; width: 32%; visibility: hidden">-11.47%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259963Member_zhPplJRU2Dxi" style="font: 11pt Aptos Narrow; display: none; text-align: right; visibility: hidden">22.28%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259963Member_zXT56EEhmOEd" style="font: 11pt Aptos Narrow; display: none; text-align: right; visibility: hidden">18.52%</td></tr> <tr style="display: none; vertical-align: bottom; visibility: hidden"> <td style="font: 11pt Aptos Narrow; display: none; text-align: left; visibility: hidden">2025</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259963Member_zXT56EEhmOEf" style="font: 11pt Aptos Narrow; display: none; text-align: right; visibility: hidden">12.76%</td></tr> </table> <img alt="" src="trueshare_004.jpg" style="height: 244px; width: 350px"/> -0.1147 0.2228 0.1852 0.1276 During the period of time shown in the bar chart, the highest quarterly return was 8.70% for the quarter ended December 31, 2023, and the lowest quarterly return was -11.06% for the quarter ended June 30, 2022. highest quarterly return 0.0870 2023-12-31 lowest quarterly return -0.1106 2022-06-30 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zvviJNqSBvbl"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_98E_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092049Member_zUAtCLuncI51" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z4b06ZR1nDck" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">TrueShares Structured Outcome (April) ETF</td> <td id="xdx_493_20250101__20251231_zxAdBrVTMKQe" style="border-bottom: black 1pt solid; text-align: center">One Year</td> <td style="text-align: center"> </td> <td id="xdx_49A_20210331__20251231_zThhEh8erSsd" style="border-bottom: black 1pt solid; text-align: center">Since Inception (3/31/2021)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259963Member_zjl0WKdjwVVk" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="text-align: justify">Return Before Taxes</td> <td style="text-align: center">12.76%</td> <td colspan="2" id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20210331__20251231__oef--ClassAxis__custom--C000259963Member_zffZ0syv0bfa" style="padding-right: 40pt; text-align: right">11.02%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259963Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzUxBGA4T3O" style="vertical-align: bottom"> <td style="text-align: justify">Return After Taxes on Distributions</td> <td style="text-align: center">11.28%</td> <td colspan="2" id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20210331__20251231__oef--ClassAxis__custom--C000259963Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zvGWaHidvIJ8" style="padding-right: 40pt; text-align: right">10.13%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259963Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z9hV22CojShi" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; text-align: center">7.56%</td> <td colspan="2" id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20210331__20251231__oef--ClassAxis__custom--C000259963Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z0eIGm7hucal" style="border-bottom: black 1pt solid; padding-right: 40pt; text-align: right">8.32%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zkmNn6PJoKea"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 68%">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 15%; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 16%; padding-right: 40pt; text-align: right">12.12%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_z3DF8ngtvumd"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">13.78%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td> </tr></table> <div style="display: none"></div> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2021-03-31 0.1276 0.1102 0.1102 0.1128 0.1013 0.1013 0.0756 0.0832 0.0832 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1212 0.1788 0.1378 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (MAY) ETF Investment Objective The TrueShares Structured Outcome (May) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from May 1, 2025 to April 30, 2026, and each subsequent twelve-month period begins the day after the current period ends (May 1) and ends on April 30 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zADuNkd6byi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zRkCKRss3iY8" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092060Member_zFB2xa8lqONl" style="width: 88%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000259974Member_z8I4ox7SCtE6" rowspan="2" style="width: 12%"> </td></tr> <tr style="vertical-align: top"> <td>(expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zvEVIROkDDW7" style="vertical-align: top"> <td>Management Fees</td> <td style="text-align: center">0.79%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zL10eaKXGdBj" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zWpPo3oaY4Qa" style="vertical-align: top"> <td>Other Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zlhIeCaIEQa5" style="vertical-align: top"> <td style="border-bottom: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.79%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGdhdEuZDRGc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z5n3o30YLXfg" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zqk8aVELRivj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zJhYY4zQRuJd" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_zZNT2e8RDC19" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear10_z2BclFDo3Uda" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__oef--ClassAxis__custom--C000259974Member_zPgZUhqAMTS1" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each May (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect Investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded Flexible Exchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund to invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also to invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 50%">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 50%">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos009.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zqeJIYIoTIZ5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Buffered Strategy Investment Risk.</td> </tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_zTt8jYNJGCxj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zJktOPjtsV5a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zgiLZrhasC99"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_zwsrBvq2TEgg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between roll Dates.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zGUtkxkz8tce"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises.</td> </tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zlJqwaMd3Tua"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zaMBUoIqBoM"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”)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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zQx7cyp2hCt2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zZD4UByiS02c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zQNwel9Yt90l"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zXNoZltYzkDl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</td> </tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zqYwettEgiSf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td> </tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zHrXX9b2KXqi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_zK0l8rlbJf33"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions.</td> </tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zmMpiT8iUtr6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left"> </td><td style="text-align: justify"> </td> </tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_zyNAhvvotCJh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zVK140AuRng8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such in-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund.</td> </tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zVaurTK6mPl3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</td> </tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (May) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on August 8, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024, may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A8A_eoef--BarChartTableTextBlock_zEvNOjBogwlg"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_ztTkc7dTFLX8" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">TrueShares Structured Outcome (May) ETF | </td> <td style="font: 11pt Aptos Narrow; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left; width: 68%">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259974Member_zGD7VtvWVD01" style="font: 11pt Aptos Narrow; text-align: right; width: 32%">-14.03%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259974Member_zMKMKEzgK8Wf" style="font: 11pt Aptos Narrow; text-align: right">15.87%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259974Member_zcf0nQb0km0l" style="font: 11pt Aptos Narrow; text-align: right">17.76%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259974Member_zcf0nQb0km0l" style="font: 11pt Aptos Narrow; text-align: right">13.50%</td></tr> </table> <img alt="" src="trueshare_005.jpg" style="height: 245px; width: 350px"/> -0.1403 0.1587 0.1776 0.1350 During the period of time shown in the bar chart, the highest quarterly return was 8.49% for the quarter ended June 30, 2025, and the lowest quarterly return was -12.59% for the quarter ended June 30, 2022. highest quarterly return 0.0849 2025-06-30 lowest quarterly return -0.1259 2022-06-30 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zsJQBJtzcqNg"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_98E_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092060Member_zzyckYeUkGfl" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zYAY5jwijzo3" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">TrueShares Structured Outcome (May) ETF</td> <td id="xdx_493_20250101__20251231_zuCxXQcumhhk" style="border-bottom: black 1pt solid; text-align: center">One Year</td> <td style="text-align: center"> </td> <td id="xdx_49B_20210430__20251231_zIIBwMfJe667" style="border-bottom: black 1pt solid; text-align: center">Since Inception (4/30/2021)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259974Member_zk880oezR3m7" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="text-align: justify">Return Before Taxes</td> <td style="text-align: center">13.50%</td> <td colspan="2" id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20210430__20251231__oef--ClassAxis__custom--C000259974Member_z9WpxoCrvXEf" style="padding-right: 40pt; text-align: right">8.59%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259974Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zhQkIs5mMcs1"> <td style="vertical-align: bottom; text-align: justify">Return After Taxes on Distributions</td> <td style="vertical-align: bottom; text-align: center">12.53%</td> <td colspan="2" id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20210430__20251231__oef--ClassAxis__custom--C000259974Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zhYFx634MNi2" style="vertical-align: top; padding-right: 40pt; text-align: right">7.72%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259974Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zYBENciPgtpb" style="background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">8.00%</td> <td colspan="2" id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20210430__20251231__oef--ClassAxis__custom--C000259974Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zh9oWUsCV6bb" style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">6.33%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zxsJSoGLmbMf"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 68%">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 15%; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 16%; padding-right: 40pt; text-align: right">11.12%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zcNtawD7G8Vj"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">12.78%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td> </tr></table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2021-04-30 0.1350 0.0859 0.0859 0.1253 0.0772 0.0772 0.0800 0.0633 0.0633 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1112 0.1788 0.1278 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (JUNE) ETF Investment Objective The TrueShares Structured Outcome (June) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from June 1, 2025 to May 31, 2026, and each subsequent twelve-month period begins the day after the current period ends (June 1) and ends on May 31 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zNqEiWHkpKtg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zsr5oABeR1D1" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092058Member_zDwciyF4pAY7" style="text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="display: none; vertical-align: top"> <td> </td> <td style="vertical-align: top; text-align: justify"> </td> <td id="xdx_492_20260430__20260430__oef--ClassAxis__custom--C000259972Member_zZGqh8n1fP68" style="text-align: center"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zpp2ZFlEbhW6"> <td style="width: 1%"> </td> <td style="vertical-align: top; width: 87%; text-align: justify">Management Fee</td> <td style="width: 12%; text-align: center">0.79%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zjQHHrefFhh2"> <td> </td> <td style="vertical-align: top; text-align: justify">Distribution and/or Service (12b-1) Fees</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zZNOrNSquQ1b"> <td> </td> <td style="vertical-align: top; text-align: justify">Other Expenses</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_ztKu8KXLxqPk"> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify">Total Annual Fund Operating Expenses</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.79%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zOQiRTTBztf5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zEDWilQifvqc" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_485_eoef--ExpenseExampleYear01_zdIANoYOMB08" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zUCHMqBFN2Q2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_zHnD1ueLosQk" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_zgGXmZO8usw" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__oef--ClassAxis__custom--C000259972Member_zvYj4pILiXzj" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each June (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 50%">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 50%">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos011.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zW7ztlGiBhmk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Buffered Strategy Investment Risk.</td> </tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_zo0I3Kf6WSl6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zjrPQROk7nVh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zCsF5MRed5q2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_zhDgKMnxcuok"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price Index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between Roll Dates.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zCRxsf2TYqmj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises.</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zP1AsYjaFtah"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zKVTcLeBMnSe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zaXfYQshD3Ne"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zW8pRcIVrom5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zHbBEQt3K135"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zKXoa76CchK1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</td> </tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zqrwcHMVkBAf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td> </tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zg0Jel3QtdGi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.</td> </tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_zhxcASwKDV4b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z7ypPyt2w5Qj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.</td> </tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_zAIdGXmHdUze"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares.</td> </tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zbBuBHBu1a6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such in-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund.</td> </tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zjvtGEMo7Qn8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</td> </tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (June) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on August 8, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024, may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A8C_eoef--BarChartTableTextBlock_zTDVfmJDOW35"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A58_dU_zPGvuqu2EfF2" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">TrueShares Structured Outcome (June) ETF | </td> <td style="font: 11pt Aptos Narrow; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left; width: 68%">2022</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259972Member_zPMW3EZW9xC" style="font: 11pt Aptos Narrow; text-align: right; width: 32%">-12.87%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259972Member_z3QCg0VmJbF" style="font: 11pt Aptos Narrow; text-align: right">17.02%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259972Member_zatE5l4SKXq5" style="font: 11pt Aptos Narrow; text-align: right">17.60%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259972Member_zatE5l4SKXy5" style="font: 11pt Aptos Narrow; text-align: right">12.55%</td></tr> </table> <img alt="" src="trueshare_006.jpg" style="height: 239px; width: 350px"/> -0.1287 0.1702 0.1760 0.1255 During the period of time shown in the bar chart, the highest quarterly return was 8.73% for the quarter ended December 31, 2023, and the lowest quarterly return was -11.52% for the quarter ended June 30, 2022. highest quarterly return 0.0873 2023-12-31 lowest quarterly return -0.1152 2022-06-30 <div id="xdx_A81_eoef--PerformanceTableTextBlock_z9Bpl5SIrJN9"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_98E_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092058Member_z2MCXBsteCXb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zSD2GqfhLEv9" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: justify">TrueShares Structured Outcome (June) ETF</td> <td id="xdx_493_20250101__20251231_z4ld2T0CxrY3" style="border-bottom: black 1pt solid; text-align: center">One Year</td> <td style="text-align: center"> </td> <td id="xdx_491_20210528__20251231_zHYbWqYemOPd" style="border-bottom: black 1pt solid; text-align: center">Since Inception (5/28/2021)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259972Member_zrWV4sQlSEVg" style="background-color: #DBDBDB"> <td style="vertical-align: bottom; text-align: justify">Return Before Taxes</td> <td style="vertical-align: bottom; text-align: center">12.55%</td> <td colspan="2" id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20210528__20251231__oef--ClassAxis__custom--C000259972Member_zqgWpIMtAQWe" style="vertical-align: top; padding-right: 40pt; text-align: right">9.00%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259972Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zvT6Ek4ZFpT1" style="vertical-align: bottom"> <td style="text-align: justify">Return After Taxes on Distributions</td> <td style="text-align: center">11.53%</td> <td colspan="2" id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20210528__20251231__oef--ClassAxis__custom--C000259972Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zFO5H5b8BKtc" style="padding-right: 40pt; text-align: right">7.79%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259972Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z8vqzWPu6Vcg" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; text-align: center">7.43%</td> <td colspan="2" id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20210528__20251231__oef--ClassAxis__custom--C000259972Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z1CRwdrqVoR2" style="border-bottom: black 1pt solid; padding-right: 40pt; text-align: right">6.49%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zKldQAcqVRT8"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 68%">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 15%; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 16%; padding-right: 40pt; text-align: right">11.19%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zH7TWxAhHCo2"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">12.84%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td> </tr></table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2021-05-28 0.1255 0.0900 0.0900 0.1153 0.0779 0.0779 0.0743 0.0649 0.0649 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1119 0.1788 0.1284 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (JULY) ETF Investment Objective The TrueShares Structured Outcome (July) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from July 1, 2025, to June 30, 2026, and each subsequent twelve-month period begins the day after the current period ends (July 1) and ends on June 30 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zYGMXLesXgNe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zBHRJIoy9lp6" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092057Member_zDfQXAUimOX4" style="width: 88%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000259971Member_znfTDqcxFbN9" style="width: 12%"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zgTnYM0yZR4k" style="vertical-align: top"> <td>Management Fees</td> <td style="text-align: center">0.79%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zHzyfzJH3xgj" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zDFqqNnHJ6dj" style="vertical-align: top"> <td>Other Expenses</td> <td style="border-bottom: black 2.25pt double; text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zCetMg8GtStg" style="vertical-align: top"> <td style="border-bottom: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.79%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYzkUsuSA1ga"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zLa9Pw8clxwk" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zzWcimJts4v9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zBGM5IAGl0Ze" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zIu3LBP3t1od" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_zndp8Pr1zeV" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__oef--ClassAxis__custom--C000259971Member_zmq6NEFGnSyh" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each July (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also to invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 45%">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 55%">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos013.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zD4Q1zR2bT6g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0; text-align: justify">●            Buffered Strategy Investment Risk. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_z7tx4HKMIu01" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">○     Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zAEOcYPmU1n6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">○     Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zekaeLs3tu3e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">○     Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_ztnkZALucM2j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">○       Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price Index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between Roll Dates. ●            Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises. ●            ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zMNrY1ozt4Qc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">○       Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zASL8G0TXte" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">○       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. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zWSUZKPZu0v1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">○       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. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zuTla8tSL63" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in; text-align: justify">○       Trading Risk. Although Shares are listed for trading on the 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 the Shares. ●            Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. ●            Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets. ●            Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money. ●            Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions. ●            Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. ●            Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares. ●            Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such In-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zNP7IyDRMY3e" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0; text-align: justify">●            U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (July) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on September 9, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024, may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A84_eoef--BarChartTableTextBlock_zsbceKZq9t29" style="text-align: left"> </div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_zCYIMqY0axWe" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">TrueShares Structured Outcome (July) ETF | </td> <td style="font: 11pt Aptos Narrow; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2021</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000259971Member_zFr4WpRVduDc" style="font: 11pt Aptos Narrow; text-align: right">20.56%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left; width: 68%">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259971Member_zrlfbAwvceva" style="font: 11pt Aptos Narrow; text-align: right; width: 32%">-9.50%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259971Member_zuZ8AtvB38t1" style="font: 11pt Aptos Narrow; text-align: right">17.81%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259971Member_z2X39TRYu542" style="font: 11pt Aptos Narrow; text-align: right">18.85%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259971Member_z2X39TRYu543" style="font: 11pt Aptos Narrow; text-align: right">12.95%</td></tr> </table> <img alt="" src="trueshare_007.jpg" style="height: 213px; width: 350px"/> 0.2056 -0.0950 0.1781 0.1885 0.1295 During the period of time shown in the bar chart, the highest quarterly return was 8.31% for the quarter ended June 30, 2025, and the lowest quarterly return was -7.32% for the quarter ended June 30, 2022. highest quarterly return 0.0831 2025-06-30 lowest quarterly return -0.0732 2022-06-30 <div id="xdx_A83_eoef--PerformanceTableTextBlock_zIPjVvJj8gz7"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_98E_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092057Member_zpVR3AeFlgec" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zSNlxFHKwGti" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 57%; text-align: justify">TrueShares Structured Outcome (July) ETF</td> <td id="xdx_493_20250101__20251231_z8bZiCONVfXa" style="border-bottom: black 1pt solid; width: 12%; text-align: center">One Year</td> <td style="width: 1%; text-align: center"> </td> <td id="xdx_49E_20210101__20251231_zPkT6wR0qxM4" style="border-bottom: black 1pt solid; width: 16%; text-align: center">Five Years</td> <td id="xdx_49C_20200630__20251231_zfCnbs6vzIl5" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Since Inception (6/30/2020)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259971Member_zwEEXWOUMDdd" style="background-color: #DBDBDB"> <td style="vertical-align: bottom; text-align: justify">Return Before Taxes</td> <td style="vertical-align: bottom; text-align: center">12.95%</td> <td colspan="2" style="vertical-align: top; padding-right: 40pt; text-align: right">11.53%</td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp_c20200630__20251231__oef--ClassAxis__custom--C000259971Member_zTlmCcVu0yOg" style="vertical-align: top; text-align: right">13.58%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259971Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zxmXGCWLLDc" style="vertical-align: bottom"> <td style="text-align: justify">Return After Taxes on Distributions</td> <td style="text-align: center">8.07%</td> <td colspan="2" style="padding-right: 40pt; text-align: right">9.94%</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20200630__20251231__oef--ClassAxis__custom--C000259971Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zRojP1oLAVuf" style="text-align: right">12.11%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259971Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ze9TOSPFKVcg" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; text-align: center">7.70%</td> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 40pt; text-align: right">8.45%</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20200630__20251231__oef--ClassAxis__custom--C000259971Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ztLMnAFYVMD9" style="border-bottom: black 1pt solid; text-align: right">10.27%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zBE41dbhG8N2"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">12.75%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right">15.47%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zrVh87MkWC9l"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">14.42% </td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: right">17.21%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td> </tr></table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2020-06-30 0.1295 0.1153 0.1358 0.1358 0.0807 0.0994 0.1211 0.1211 0.0770 0.0845 0.1027 0.1027 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1275 0.1547 0.1788 0.1442 0.1721 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (AUGUST) ETF Investment Objective The TrueShares Structured Outcome (August) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from August 1, 2025, to July 31, 2026, and each subsequent twelve-month period begins the day after the current period ends (August 1) and ends on July 31 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zaak2pluynla"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zIRcJwUsh66d" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092053Member_znKniZBxspNh" style="width: 88%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000259967Member_zJg7YjMPr99" style="width: 12%"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zdILd72glCQa" style="vertical-align: top"> <td>Management Fees</td> <td style="text-align: center">0.79%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zhUwuqXDRqnf" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_z032n4sWJJAc" style="vertical-align: top"> <td>Other Expenses</td> <td style="border-bottom: Black 2.5pt double; text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zWPJUYFhcs4i" style="vertical-align: top"> <td style="border-bottom: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.79%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVa9QvCfN6X1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zBmXEcMvSpo2" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48C_eoef--ExpenseExampleYear01_z84K0B0cYUMj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_zbh7LxN5WQ1d" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_zoSm89fOw69b" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_zBYqcluhnIcf" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__oef--ClassAxis__custom--C000259967Member_zxo2q1PQWsw9" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each August (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect Investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser will seek to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund to invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 45%">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 55%">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos015.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zvge8QLxt0fg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-indent: 0; text-align: justify">●            Buffered Strategy Investment Risk. ○      Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment. ○      Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. ○ Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. ○      Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price Index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between Roll Dates. ●            Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises. ●            ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zPIeDEfhg1Oc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">○     Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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. ○     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. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z9OdH28if36j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">○     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. ○     Trading Risk. Although Shares are listed for trading on the 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 the Shares. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zO73xS3ouwV5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">●           Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zdJBxFNoAHbg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">●           Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zjJsz9qYMPNh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">●           Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_zABnkgssxWta" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">●           Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zKCTVBoWJKMf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">●           Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_z5sUKfHOuFn7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">●           Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares. ●           Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such In-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund. ●           U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (August) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on September 9, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024, may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A8B_eoef--BarChartTableTextBlock_zlLcZFNcC512"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A56_dU_z8Xh6qTGxCEk" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">TrueShares Structured Outcome (August) ETF | </td> <td style="font: 11pt Aptos Narrow; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000259967Member_zcHWsAq8ro3g" style="font: 11pt Aptos Narrow; text-align: right">20.83%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left; width: 68%">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259967Member_zrgOtabgfv12" style="font: 11pt Aptos Narrow; text-align: right; width: 32%">-10.55%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259967Member_zDcjnnRGFa34" style="font: 11pt Aptos Narrow; text-align: right">17.25%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259967Member_zyGaXXLfa8Lk" style="font: 11pt Aptos Narrow; text-align: right">18.35%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259967Member_zyGaXXLfa8Lv" style="font: 11pt Aptos Narrow; text-align: right">13.02%</td></tr> </table> <img alt="" src="trueshare_008.jpg" style="height: 213px; width: 350px"/> 0.2083 -0.1055 0.1725 0.1835 0.1302 During the period of time shown in the bar chart, the highest quarterly return was 8.30% for the quarter ended June 30, 2025, and the lowest quarterly return was -8.33% for the quarter ended June 30, 2022. highest quarterly return 0.0830 2025-06-30 lowest quarterly return -0.0833 2022-06-30 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zM3mjFHL6Ypg"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_98E_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092053Member_zLCtIWB1cum6" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z9TjtuyzIZdh" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 57%; text-align: justify">TrueShares Structured Outcome (August) ETF</td> <td id="xdx_493_20250101__20251231_zlUFx3DSntT4" style="border-bottom: black 1pt solid; width: 12%; text-align: center">One Year</td> <td style="width: 1%; text-align: center"> </td> <td id="xdx_49E_20210101__20251231_zU5ePq1sofs4" style="border-bottom: black 1pt solid; width: 16%; text-align: center">Five Years</td> <td id="xdx_49C_20200731__20251231_z9ohyyCLH888" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Since Inception (7/31/2020)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259967Member_z3vfUOxB3Oy2" style="background-color: #DBDBDB"> <td style="vertical-align: bottom; text-align: justify">Return Before Taxes</td> <td style="vertical-align: bottom; text-align: center">13.02%</td> <td colspan="2" style="vertical-align: top; padding-right: 40pt; text-align: right">11.13%</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20200731__20251231__oef--ClassAxis__custom--C000259967Member_zkTBiTQiTkF9" style="vertical-align: top; text-align: center">12.48%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259967Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGQ0BypgVECk" style="vertical-align: bottom"> <td style="text-align: justify">Return After Taxes on Distributions</td> <td style="text-align: center">11.42%</td> <td colspan="2" style="padding-right: 40pt; text-align: right">10.13%</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20200731__20251231__oef--ClassAxis__custom--C000259967Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zVnlxFHO6gAa" style="text-align: center">11.54%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259967Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zySCOsC6UNfk" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; text-align: center">7.72%</td> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 40pt; text-align: right">8.38%</td> <td id="xdx_98C_eoef--AvgAnnlRtrPct_dp_c20200731__20251231__oef--ClassAxis__custom--C000259967Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zCM2cpsodFcb" style="border-bottom: black 1pt solid; text-align: center">9.57%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zbWAxy8aVZmh"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">12.75%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">14.59%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zWrCnzQKIlxi"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">14.42% </td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.32%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td> </tr></table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2020-07-31 0.1302 0.1113 0.1248 0.1248 0.1142 0.1013 0.1154 0.1154 0.0772 0.0838 0.0957 0.0957 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1275 0.1459 0.1788 0.1442 0.1632 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (SEPTEMBER) ETF Investment Objective The TrueShares Structured Outcome (September) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from September 1, 2025, to August 31, 2026, and each subsequent twelve-month period begins the day after the current period ends (September 1) and ends on August 31 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zhimpxJn2W7f"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092052Member_z0L6Se4CISfe" style="text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A53_zctN8QHg9Bvi" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td style="vertical-align: top; text-align: justify"> </td> <td id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000259966Member_zGw4hPQDdk6g" style="text-align: center"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zF5iR1gFIS52"> <td> </td> <td style="vertical-align: top; text-align: justify">Management Fee</td> <td style="text-align: center">0.79%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlZaTFHdoLd3"> <td> </td> <td style="vertical-align: top; text-align: justify">Distribution and/or Service (12b-1) Fees</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zMBSPvv73O18"> <td> </td> <td style="vertical-align: top; text-align: justify">Other Expenses</td> <td style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zW402kIoXLa"> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; text-align: center">0.79%</td></tr> <tr> <td style="width: 1%"> </td> <td style="width: 89%"> </td> <td style="width: 10%"> </td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zz90aRchU1Ph"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zP1EKSgo6vfj" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zD4ONMBqOEV2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zAfekobitsVj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_48A_eoef--ExpenseExampleYear05_z0o8JuzSpTa8" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear10_znPcd4mJE572" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__oef--ClassAxis__custom--C000259966Member_z3WzfgIamxbd" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each September (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 45%">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 55%">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos017.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_za6lFWGKPV05"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Buffered Strategy Investment Risk.</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_zowKAjvY20H5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zguNFkcjJ4oe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zXOzXyeOiBY7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_zMcm1JY6GAzl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price Index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between Roll Dates.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zz0tFUFkz5J"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises.</td> </tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_z6ByjOr34xnf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zMwN2Q0iTRl5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zLd6i452L6ee"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zb9ayha2juu7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zHNmcihd3m7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zOp0u7tFdo2k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</td> </tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zVMRC6OeJx37"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td> </tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_z5HgQ3B7MxQ9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_zu5gArPnoKP2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions.</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_z8Qwd7dJOSd4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.</td> </tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_zPaaJGQdtgxd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares.</td> </tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zYEIxKno5fJe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such in-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund.</td> </tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_z4jSvxpatPLj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</td> </tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (September) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on August 8, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024, may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for 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 S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A8C_eoef--BarChartTableTextBlock_zq7tOAvJsiF6"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z7Ro21wGKrw8" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">TrueShares Structured Outcome (September) ETF | </td> <td style="font: 11pt Aptos Narrow; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2021</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000259966Member_zqjzpdN6NEy2" style="font: 11pt Aptos Narrow; text-align: right">21.47%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left; width: 68%">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259966Member_ziIAjhZ22Yqe" style="font: 11pt Aptos Narrow; text-align: right; width: 32%">-8.34%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259966Member_zLDO7khLVbR6" style="font: 11pt Aptos Narrow; text-align: right">17.72%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259966Member_zFA9Ootok5dh" style="font: 11pt Aptos Narrow; text-align: right">18.43%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259966Member_zFA9Ootok5df" style="font: 11pt Aptos Narrow; text-align: right">12.76%</td></tr> </table> <img alt="" src="trueshare_009.jpg" style="height: 211px; width: 350px"/> 0.2147 -0.0834 0.1772 0.1843 0.1276 During the period of time shown in the bar chart, the highest quarterly return was 8.59% for the quarter ended December 31, 2023, and the lowest quarterly return was -9.13% for the quarter ended June 30, 2022. highest quarterly return 0.0859 2023-12-31 lowest quarterly return -0.0913 2022-06-30 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zqMg6HmVbEYi"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_98E_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092052Member_zlGQdBJwGRD9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z464kANS4Dn7" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 59%; text-align: justify">TrueShares Structured Outcome (September) ETF</td> <td id="xdx_493_20250101__20251231_zXF9B6cxxFxf" style="border-bottom: black 1pt solid; width: 12%; text-align: center">One Year</td> <td style="width: 1%; text-align: center"> </td> <td id="xdx_49E_20210101__20251231_z87jPpiLSwsk" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Five Years</td> <td id="xdx_499_20200831__20251231_zZLeEQeZsoZi" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Since Inception (8/31/2020)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259966Member_zxvwLcTTx8a1" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="text-align: justify">Return Before Taxes</td> <td style="text-align: center">12.76%</td> <td colspan="2" style="padding-right: 40pt; text-align: right">11.85%</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20200831__20251231__oef--ClassAxis__custom--C000259966Member_z5SQJUAQ417l" style="text-align: center">12.38%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259966Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zG8gy3XO24a7"> <td style="vertical-align: bottom; text-align: justify">Return After Taxes on Distributions</td> <td style="vertical-align: bottom; text-align: center">11.78%</td> <td colspan="2" style="vertical-align: top; padding-right: 40pt; text-align: right">10.96%</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20200831__20251231__oef--ClassAxis__custom--C000259966Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zdAbqzM0yGHa" style="vertical-align: top; text-align: center">11.55%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259966Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zCQ4EtAynsBk" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; text-align: center">7.56%</td> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 40pt; text-align: right">9.01%</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20200831__20251231__oef--ClassAxis__custom--C000259966Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zZxZ3lHEWzN3" style="border-bottom: black 1pt solid; text-align: center">9.52%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_z5cc9Bp8NCva"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">12.75%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">13.39%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zyId2ZawknU7"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">14.42% </td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">15.09%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td> </tr></table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2020-08-31 0.1276 0.1185 0.1238 0.1238 0.1178 0.1096 0.1155 0.1155 0.0756 0.0901 0.0952 0.0952 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1275 0.1339 0.1788 0.1442 0.1509 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (OCTOBER) ETF Investment Objective The TrueShares Structured Outcome (October) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from October 1, 2025, to September 30, 2026, and each subsequent twelve-month period begins the day after the current period ends (October 1) and ends on September 30 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_z4PaVjrYTBwh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zHftD72NaHck" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092051Member_zoiDBRpJ1pZ7" style="vertical-align: top; width: 87%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000259965Member_zqx2kOitULf4" style="vertical-align: top; width: 12%"> </td> <td style="width: 1%"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zUk3dJUjbzfj"> <td style="vertical-align: top">Management Fees</td> <td style="vertical-align: top; text-align: center">0.79%</td> <td> </td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zLCmR6X1IXMg"> <td style="vertical-align: top">Distribution and/or Service (12b-1) Fees</td> <td style="vertical-align: top; text-align: center">0.00%</td> <td> </td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zNftdfcSOF2h"> <td style="vertical-align: top">Other Expenses</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">0.00%</td> <td> </td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zFwOXXJYlfUi"> <td style="border-bottom: black 1pt solid; vertical-align: top">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">0.79%</td> <td> </td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkyOUEYhENaf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zROLzTJJtoef" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_488_eoef--ExpenseExampleYear01_z49pkhdOLJal" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zsRZuOgkzxKf" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_zo4tpgm2RBvf" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_480_eoef--ExpenseExampleYear10_zvbDxcBJ2tbf" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__oef--ClassAxis__custom--C000259965Member_zbcdXNd4Qhhe" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each October (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also to invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 45%">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 55%">Expected Change in the Returns of the Fund</td></tr> <tr> <td>Declines between -8% and -12% (or more)</td> <td style="text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos019.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zM2M0kEG8kXe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Buffered Strategy Investment Risk.</td> </tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_zPjXeNkHGMd8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zWJE42Mfr8mb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zWSV5Ty0BJF4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_zvhkLgGpQF9f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price Index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between Roll Dates.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_z5nYZWEBAxM8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises.</td> </tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zqcxfej6r57l"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zyZ3OkvnRBZb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z3yN52MV8L73"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zpwiv6vUgzA5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zd6xuo6gFMnj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zny6BTy4KXmb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</td> </tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zNcbmzUviU7g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td> </tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zrlmzOZr8d0g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_z9X4dfs9fgB4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zs3v2mmGzWx1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.</td> </tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_zOjMgvxqP8S2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zq6QFKDhDmCe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such in-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund.</td> </tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zfcxofmTJZxa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</td> </tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (October) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on August 8, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1 year, 5 year and since inception periods compare with those of the S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024 may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1 year, 5 year and since inception periods compare with those of the S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A82_eoef--BarChartTableTextBlock_zwTKA5Xw7kve"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zu4sA5ijWaS9" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">TrueShares Structured Outcome (October) ETF | </td> <td style="font: 11pt Aptos Narrow; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2021</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000259965Member_zkrxc3v39Jc6" style="font: 11pt Aptos Narrow; text-align: right">20.37%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left; width: 68%">2022</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259965Member_z60n7sz2JpJc" style="font: 11pt Aptos Narrow; text-align: right; width: 32%">-10.31%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259965Member_zRlbEz9nOWsl" style="font: 11pt Aptos Narrow; text-align: right">18.23%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259965Member_zitfJYxHEQna" style="font: 11pt Aptos Narrow; text-align: right">18.99%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259965Member_zitfJYxHEQna" style="font: 11pt Aptos Narrow; text-align: right">12.68%</td></tr> </table> <img alt="" src="trueshare_010.jpg" style="height: 212px; width: 350px"/> 0.2037 -0.1031 0.1823 0.1899 0.1268 During the period of time shown in the bar chart, the highest quarterly return was 8.44% for the quarter ended December 31, 2023, and the lowest quarterly return was -10.13% for the quarter ended June 30, 2022. highest quarterly return 0.0844 2023-12-31 lowest quarterly return -0.1013 2022-06-30 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zNDtQvgCDgD4"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_98E_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092051Member_z3bPB2dPEsPd" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zcZgk5lUX7gh" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 57%; text-align: justify">TrueShares Structured Outcome (October) ETF</td> <td id="xdx_493_20250101__20251231_zjYf7tCR9pU5" style="border-bottom: black 1pt solid; width: 12%; text-align: center">One Year</td> <td style="width: 1%; text-align: center"> </td> <td id="xdx_49E_20210101__20251231_zMbrplPEdf7i" style="border-bottom: black 1pt solid; width: 16%; text-align: center">Five Years</td> <td id="xdx_493_20200930__20251231_zj81txcfUT61" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Since Inception (9/30/2020)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259965Member_zAdBuiuctvpe" style="background-color: #DBDBDB"> <td style="vertical-align: bottom; text-align: justify">Return Before Taxes</td> <td style="vertical-align: bottom; text-align: center">12.68%</td> <td colspan="2" style="vertical-align: top; padding-right: 40pt; text-align: right">11.34%</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp_c20200930__20251231__oef--ClassAxis__custom--C000259965Member_zrLp8ILDVXHd" style="vertical-align: top; text-align: center">12.57%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259965Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zHy9g8pqXZmi" style="vertical-align: bottom"> <td style="text-align: justify">Return After Taxes on Distributions</td> <td style="text-align: center">10.93%</td> <td colspan="2" style="padding-right: 40pt; text-align: right">10.54%</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20200930__20251231__oef--ClassAxis__custom--C000259965Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zsGARk9ZQPif" style="text-align: center">11.80%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259965Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zjynVu8mNno4" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; text-align: center">7.52%</td> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 40pt; text-align: right">8.65%</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20200930__20251231__oef--ClassAxis__custom--C000259965Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zKGfyuSHPmi1" style="border-bottom: black 1pt solid; text-align: center">9.71%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zGKW26pigYVe"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">12.75%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">14.48%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zLBgrrXy1dy2"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">14.42% </td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.20%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td> </tr></table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2020-09-30 0.1268 0.1134 0.1257 0.1257 0.1093 0.1054 0.1180 0.1180 0.0752 0.0865 0.0971 0.0971 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1275 0.1448 0.1788 0.1442 0.1620 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (NOVEMBER) ETF Investment Objective The TrueShares Structured Outcome (November) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from November 1, 2025, to October 31, 2026, and each subsequent twelve-month period begins the day after the current period ends (November 1) and ends on October 31 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zYNPbuzcjXs1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zNerCNtkCY3c" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092050Member_z5MMwhwSdUib" style="vertical-align: top; width: 87%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000259964Member_zjfj7gxr2HFc" rowspan="2" style="vertical-align: top; width: 12%"> </td> <td style="width: 1%"> </td></tr> <tr> <td style="vertical-align: top">(expenses that you pay each year as a percentage of the value of your investment)</td> <td> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zHHPbIhJnmx5"> <td style="vertical-align: top">Management Fees</td> <td style="vertical-align: top; text-align: center">0.79%</td> <td> </td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zyQPHAgSHUNc"> <td style="vertical-align: top">Distribution and/or Service (12b-1) Fees</td> <td style="vertical-align: top; text-align: center">0.00%</td> <td> </td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zHRKPhzqvCMd"> <td style="vertical-align: top">Other Expenses</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center"> 0.00% </td> <td> </td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zLNq6bGPm1H8"> <td style="border-bottom: black 1pt solid; vertical-align: top">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">0.79%</td> <td> </td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoRDTIzDuuJ6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zP7vAsZIa4s6" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_482_eoef--ExpenseExampleYear01_zSvLlaN63rE9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zLNuWmoGDXEl" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_zEi5IkpqNTF8" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zdRk8TerJSqb" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__oef--ClassAxis__custom--C000259964Member_zgCF072eqq7h" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), employs a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each November (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included. <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 45%">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 55%">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos021.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zmEs5i5m7dPg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Buffered Strategy Investment Risk.</td> </tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_zY21dmsITnwh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zFbMpr1lidAc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_z4JU6HqlP1nc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_zvcWNIafzWC3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price Index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between Roll Dates.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zgCzjFnKhBx4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises.</td> </tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zN2uqOQg9Ue5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zydFbKRce4G6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z5ASMEUMa87i"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zs5SuAPfJwii"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_z8AO4eJNxVj1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zKEQGrFkmQi2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</td> </tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z7XYefZHeJij"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zi6Cls5Cx1eb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.</td> </tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_zZQgFIeVzhZe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions.</td> </tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zJpFBBkemIzf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.</td> </tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_znn7Ki1S5Mxf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z7BoeKuOpyob"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such in-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund.</td> </tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_zMFlQpTaRy1e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</td> </tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (November) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on August 8, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1 year, 5 year and since inception periods compare with those of the S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024, may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1 year, 5 year and since inception periods compare with those of the S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A83_eoef--BarChartTableTextBlock_zohPygLIpai6"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z8JCAEIwz6M7" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">TrueShares Structured Outcome (November) ETF | </td> <td style="font: 11pt Aptos Narrow; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000259964Member_zjuavzroygj2" style="font: 11pt Aptos Narrow; text-align: right">21.40%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left; width: 68%">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259964Member_z9Z92nUe8P21" style="font: 11pt Aptos Narrow; text-align: right; width: 32%">-9.66%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259964Member_z1C0k8vBRws4" style="font: 11pt Aptos Narrow; text-align: right">18.21%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259964Member_zngsByClvN8l" style="font: 11pt Aptos Narrow; text-align: right">19.19%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259964Member_zngsByClvN8g" style="font: 11pt Aptos Narrow; text-align: right">12.93%</td></tr> </table> <img alt="" src="trueshare_011.jpg" style="height: 209px; width: 350px"/> 0.2140 -0.0966 0.1821 0.1919 0.1293 During the period of time shown in the bar chart, the highest quarterly return was 8.64% for the quarter ended December 31, 2023, and the lowest quarterly return was -10.19% for the quarter ended June 30, 2022. highest quarterly return 0.0864 2023-12-31 lowest quarterly return -0.1019 2022-06-30 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zEFWzPDCj4Pd"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_98E_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092050Member_zier3Rdoealh" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zH0rzUzdciB8" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 57%; text-align: justify">TrueShares Structured Outcome (November) ETF</td> <td id="xdx_493_20250101__20251231_zlnFtM8lxWp9" style="border-bottom: black 1pt solid; width: 12%; text-align: center">One Year</td> <td style="width: 1%; text-align: center"> </td> <td id="xdx_49E_20210101__20251231_zc68XjS6QdGi" style="border-bottom: black 1pt solid; width: 16%; text-align: center">Five Years</td> <td id="xdx_49C_20201030__20251231_zUEWOhaAOK0e" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Since Inception (10/30/2020)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259964Member_zEb2vF6UJnCi" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="text-align: justify">Return Before Taxes</td> <td style="text-align: center">12.93%</td> <td colspan="2" style="padding-right: 40pt; text-align: right">11.78%</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20201030__20251231__oef--ClassAxis__custom--C000259964Member_zlcnDWZNQXAh" style="text-align: center">13.54%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259964Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zMBrT4HhLq3c"> <td style="vertical-align: bottom; text-align: justify">Return After Taxes on Distributions</td> <td style="vertical-align: bottom; text-align: center">11.36%</td> <td colspan="2" style="vertical-align: top; padding-right: 40pt; text-align: right">10.94%</td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp_c20201030__20251231__oef--ClassAxis__custom--C000259964Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zIFawGfKaJ8d" style="vertical-align: top; text-align: center">12.72%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259964Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zSIRjudz3uK" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; text-align: center">7.67%</td> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 40pt; text-align: right">8.99%</td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp_c20201030__20251231__oef--ClassAxis__custom--C000259964Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zjvydo81lIve" style="border-bottom: black 1pt solid; text-align: center">10.49%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zjfXsrTkLKP6"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">12.75%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">15.35%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zA8ie4HeOqJk"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">14.42% </td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.08%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td> </tr></table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2020-10-30 0.1293 0.1178 0.1354 0.1354 0.1136 0.1094 0.1272 0.1272 0.0767 0.0899 0.1049 0.1049 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1275 0.1535 0.1788 0.1442 0.1708 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES STRUCTURED OUTCOME (DECEMBER) ETF Investment Objective The TrueShares Structured Outcome (December) ETF (the “Fund”) seeks to provide investors with returns (before fees and expenses) that track those of the S&P 500 Price Return Index (the “S&P 500 Price Index”) while seeking to provide a buffer against the first 8% to 12% of S&P 500 Price Index losses, over a twelve-month period. The current twelve-month period extends from December 1, 2025, to November 30, 2026, and each subsequent twelve-month period begins the day after the current period ends (December 1) and ends on November 30 of the following year. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zu7Wc34DoO34"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zAWIsLNAm8wf" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_986_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092054Member_zPgn2pl08Im2" style="vertical-align: top; width: 87%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260430__20260430__oef--ClassAxis__custom--C000259968Member_zmqrNIJat8L" style="vertical-align: top; width: 12%"> </td> <td style="width: 1%"> </td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zBsT4O9ZfXle"> <td style="vertical-align: top">Management Fees</td> <td style="vertical-align: top; text-align: center">0.79%</td> <td> </td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zegnH1tTFeif"> <td style="vertical-align: top">Distribution and/or Service (12b-1) Fees</td> <td style="vertical-align: top; text-align: center">0.00%</td> <td> </td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zr50eiziby19"> <td style="vertical-align: top">Other Expenses</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">0.00%</td> <td> </td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zEa2gqlsma93"> <td style="border-bottom: black 1pt solid; vertical-align: top">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">0.79%</td> <td> </td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0079 0.0000 0.0000 0.0079 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zh8HgpulwLx1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zMPobGDSX7n5" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_482_eoef--ExpenseExampleYear01_z05ri795zjkd" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zELiMyr4763" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">3 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear05_z6QN6BJQBcAi" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_zG6EsoxwHYVf" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260430__20260430__oef--ClassAxis__custom--C000259968Member_zNZRxCe067Z4" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$81</td> <td style="border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$977</td></tr> </table> 81 252 439 977 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the S&P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (“TrueMark” or the “Adviser”), will employ a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the S&P 500 Price Index (before fees and expenses) while mitigating the first 8% to 12% decline (before fees and expenses) in the performance of the S&P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each December (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” The Fund purchases call options and sell (write) put options on the S&P 500 Price Index or an ETF that seeks to track the performance of the S&P 500 Price Index (each, a “S&P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. On each Initial Investment Day, the Fund will sell (write) put options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the S&P 500 Price Index or a S&P 500 Price Index ETF (i.e., call options having a strike price roughly equal to the current value of the S&P 500 Price Index or a S&P 500 Price Index ETF). The relative price of the put options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the S&P 500 Price Index during the Investment Period. Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the S&P 500 Price Index is expected to be less than if the Fund invested directly in the constituents of the S&P 500 Price Index (i.e., without using options), and could be substantially less. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. The Fund’s strategy also seeks to protect investors from a decline of up to 8% to 12% in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the S&P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser seeks to deliver a buffer of 10% from the reference price of the S&P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the S&P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. Additionally, even if the Fund mitigates a decline in the performance of the S&P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. The Fund invests in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund invests in European-style FLEX Options (i.e., they can only be exercised at the expiration date of the option) based on the performance of the S&P 500 Price Index or a S&P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund invests, to the greatest extent possible, in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also invests in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. The Fund is designed to provide the outcomes below (before fees and expenses) during each individual Investment Period. The outcomes would be lower if the fees and expenses were included <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td style="border-bottom: black 1pt solid; width: 45%">Change in the Returns of the S&P 500 Price Index</td> <td style="border-bottom: black 1pt solid; width: 55%">Expected Change in the Returns of the Fund</td></tr> <tr> <td style="padding-top: 6pt">Declines between -8% and -12% (or more)</td> <td style="padding-top: 6pt; text-align: justify">Declines 8% to 12% percentage points less than the S&P 500 Price Index (e.g., if the S&P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Declines between 0% and -8%</td> <td style="text-align: justify">No change</td></tr> <tr> <td> </td> <td style="text-align: justify"> </td></tr> <tr> <td>Appreciates</td> <td style="text-align: justify">The Fund’s returns will appreciate to a similar extent as the S&P 500 Price Index</td></tr> </table> The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. <img alt="" src="trueshares485bpos023.jpg"/> The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund seeks to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the S&P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the S&P 500 Price Index on a daily basis. The Fund’s operations are continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedStrategyInvestmentRiskMember_zEv3CDhxKi6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Buffered Strategy Investment Risk.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_z90V2sGpEDfl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to provide buffer protection against S&P 500 Price Index losses if the S&P 500 Price Index decreases over the Investment Period by 8% or less. A shareholder may lose their entire investment. The Fund’s strategy seeks to deliver returns that match the S&P 500 Price Index (but will be less than the S&P 500 Price Index due to the cost of the options used by the Fund), while limiting downside losses, if Shares are bought on the day on which the Fund enters into the options and held until those options expire at the end of each Investment Period. In the event an investor purchases Shares after the date on which the options were entered into or sells Shares prior to the expiration of the options, the buffer that the Fund seeks to provide may not be available. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_ztCDo5rbyhX5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Flex Options Risk. The Fund may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Fund bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may be illiquid, and in such cases, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zFsJc6Sz1x7h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Options Risk. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index. Writing and buying options are speculative activities and entail investment exposures that are greater than their cost would suggest, meaning that a small investment in an option could have a substantial impact on the performance of the Fund. The Fund’s use of call and put options can lead to losses because of adverse movements in the price or value of the underlying stock, index, or other asset, which may be magnified by certain features of the options. These risks are heightened when the Fund’s portfolio manager uses options to enhance the Fund’s return or as a substitute for a position or security. When selling a call or put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is above or below, respectively, the strike price by an amount equal to or greater than the premium. The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset(s). The Fund’s use of options, due to the cost of the options, will reduce the Fund’s ability to get returns equal to the S&P 500 Price Index. This means that if the S&P 500 Price Index experiences gains for an Investment Period, the Fund will not benefit to the same extent from those gains. In addition, if the price of the underlying asset of an option is above the strike price of a written call option or below the strike price for a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. The Fund invests in options that derive their performance from the performance of the S&P 500 Price Index and can be volatile and involve various types and degrees of risks. The Fund could experience a loss if its options do not perform as anticipated, or are not correlated with the performance of their underlying stock or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PurchaseAndSaleOfTimingRiskMember_zs7MR6EXlALc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Purchase and Sale of Timing Risk. The Fund is designed to protect against the first 8% to 12% decline in the value of the S&P 500 Price Index and provide for participation in any gains, although not to the same extent, as the value of the S&P 500 Price Index, for a 12-month period from one Roll Date to the next Roll Date. Because the options purchased and written by the Fund will expire on the next Roll Date, if you purchase or sell Shares on a date other than a Roll Date or if you hold Shares for more or less than the time from the most recent Roll Date to the next Roll Date, the value of your investment in Shares may not be protected against the first 8% to 12% decline in the value of the S&P 500 Price Index and may not participate in a gain in the value of the S&P 500 Price Index for your investment period. The value of the options purchased and written by the Fund is dependent on, among other factors, the value, implied volatility, and implied dividend rate of the S&P 500 Price Index and interest rates, any or all of which may vary, sometimes significantly, during the period from the most recent Roll Date to the next Roll Date. Consequently, the value of the Fund may not directly track changes in the value of the S&P 500 Price Index in between Roll Dates.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zSSYmrACIweh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Equity Market Risk. The Fund invests in options that derive their performance from the S&P 500 Price Index, which is made up of 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 and banking crises.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zkr0tc84HTp8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</td> </tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zKP5MnZ0hH0f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zIUcR6RN6aba"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zWZmc0JmdjUf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zsR6gnIyAaqb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z5fE82bXuyD6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zw5l89pBLv69"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td> </tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentRiskMember_zHni4PmhAnJk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Money market funds may be subject to credit risk with respect to the debt instruments in which they invest. Depository accounts may be subject to credit risk with respect to the financial institution in which the depository account is held. Money market instruments may lose money.</td> </tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsTaxRiskMember_zfGi0WqUD0u6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Options Tax Risk. The Fund’s investments in offsetting positions with respect to the S&P 500 Price Index may be considered “straddles” for U.S. federal income tax purposes. If positions held by the Fund were treated as “straddles” for federal income tax purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund’s gains and losses with respect to straddle positions.</td> </tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zquCy720zHT3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Portfolio Turnover Risk. Because the Fund may “turn over” some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.</td> </tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEfficiencyRiskMember_zgk1PyLhZA1k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Efficiency Risk. A significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. Additionally, the Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Further, to the extent the Fund is able to use certain of its derivatives to effect in-kind redemptions of the Fund’s Shares, such usage may give rise to a taxable event for the Fund. In both cases, the Fund may be required to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, the Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively. In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and these added costs may be borne by the Fund and negatively impact Fund performance. You should consult your tax advisor as to the tax consequences of purchasing, owning, and selling Shares.</td> </tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zDjzJRwkZVzk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Tax Risk. The Fund intends to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), which requires the Fund to distribute a certain portion of its income and gains each tax year, among other requirements. Similar to other ETFs and pursuant to the Code, when the Fund disposes of appreciated property by distributing such appreciated property in-kind pursuant to a redemption request, the Fund does not expect to recognize any built-in gain in such appreciated property. If the Internal Revenue Service (“IRS”) disagrees with the Fund’s position as to the applicability of this non-recognition rule to the Fund’s disposition of FLEX Options and subsequent acquisition of other FLEX Options in close connection with the Roll Date, the Fund could be treated as having recognized additional gains from such in-kind distributions of FLEX Options. In such a case, the Fund may not have distributed sufficient income or gains to avoid incurring entity level tax and could potentially fail to qualify as a RIC for being under distributed during the year. The Fund may be able to rectify a failure to meet the distribution requirements for a year by paying “deficiency dividends” to shareholders in a later year, which may be included in the Fund’s deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing the Fund’s qualification for taxation as a RIC or being taxed on amounts distributed as deficiency dividends. However, the Fund will be required to pay interest and a penalty based on the amount of any deduction taken for deficiency dividends. If, in any year, the Fund fails to qualify as a RIC, the Fund itself generally would be subject to U.S. federal income and potentially excise taxation and distributions (including any distributions of net capital gain) received by shareholders generally would be subject to further U.S. federal income taxation, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of shares of the Fund.</td> </tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--USTreasuryObligationsRiskMember_z1CfirXz5pUh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</td> </tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Structured Outcome (December) ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on August 8, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1 year, 5 year and since inception periods compare with those of the S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Effective May 1, 2024, the Adviser began managing the Predecessor Fund directly. Prior to May 1, 2024, the Predecessor Fund was managed on a day-to-day basis by an investment sub-adviser. The Predecessor Fund’s performance for periods prior to May 1, 2024 may have differed had the Predecessor Fund been managed directly by the Adviser. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1 year, 5 year and since inception periods compare with those of the S&P 500 Total Return Index, a broad measure of market performance, and the S&P 500 Price Index, which is integral to the Fund’s investment strategy and is comprised of the same components as the S&P 500 Total Return Index but does not include dividends in its calculation. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A84_eoef--BarChartTableTextBlock_zYoWZhEscLe"></div> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_dU_z7unKx7R0Fv1" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">TrueShares Structured Outcome (December) ETF | </td> <td style="font: 11pt Aptos Narrow; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2021</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000259968Member_zbqz2T157FNf" style="font: 11pt Aptos Narrow; text-align: right">20.17%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left; width: 68%">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000259968Member_zw1AQeWKTuii" style="font: 11pt Aptos Narrow; text-align: right; width: 32%">-8.80%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000259968Member_z3ny69piC779" style="font: 11pt Aptos Narrow; text-align: right">17.97%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000259968Member_z9zWASigv9C3" style="font: 11pt Aptos Narrow; text-align: right">19.00%</td></tr> <tr style="vertical-align: bottom"> <td style="font: 11pt Aptos Narrow; text-align: left">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000259968Member_z9zWASigv9C4" style="font: 11pt Aptos Narrow; text-align: right">12.32%</td></tr> </table> <img alt="" src="trueshare_012.jpg" style="height: 216px; width: 350px"/> 0.2017 -0.0880 0.1797 0.1900 0.1232 During the period of time shown in the bar chart, the highest quarterly return was 8.62% for the quarter ended December 31, 2022, and the lowest quarterly return was -10.71% for the quarter ended June 30, 2022. highest quarterly return 0.0862 2022-12-31 lowest quarterly return -0.1071 2022-06-30 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zaj5zY7zT2Lh"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr> <td id="xdx_98E_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092054Member_zztFbMQfqtA" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns (for the Periods Ended December 31, 2025)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z7LHexJDlr21" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="width: 57%; text-align: justify">TrueShares Structured Outcome (December) ETF</td> <td id="xdx_493_20250101__20251231_zuPT6RzKVCV1" style="border-bottom: Black 1pt solid; width: 12%; text-align: center">One Year</td> <td style="width: 1%; text-align: center"> </td> <td id="xdx_49E_20210101__20251231_z6DTtbV2Prng" style="border-bottom: black 1pt solid; width: 16%; text-align: center">Five Years</td> <td id="xdx_494_20201130__20251231_zA45TdTMOxki" style="border-bottom: black 1pt solid; width: 14%; text-align: center">Since Inception (11/30/2020)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259968Member_z1hyzHlVyP1a" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-top: Black 1pt solid; text-align: justify">Return Before Taxes</td> <td style="text-align: center">12.32%</td> <td colspan="2" style="padding-right: 40pt; text-align: right">11.56%</td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp_c20201130__20251231__oef--ClassAxis__custom--C000259968Member_zEPbUTILvhbb" style="text-align: center">11.74%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259968Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zKPjZgByccZj"> <td style="vertical-align: bottom; text-align: justify">Return After Taxes on Distributions</td> <td style="vertical-align: bottom; text-align: center">10.88%</td> <td colspan="2" style="vertical-align: top; padding-right: 40pt; text-align: right">10.77%</td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20201130__20251231__oef--ClassAxis__custom--C000259968Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zRNnXKBGILsk" style="vertical-align: top; text-align: center">10.96%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000259968Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zqnlaOIFvDn5" style="background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">7.30%</td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">8.83%</td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp_c20201130__20251231__oef--ClassAxis__custom--C000259968Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zHJTW1m9h7ul" style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">8.99%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500PriceIndexMember_zuJVF8DDuv4d"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Price Index1 (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">16.39%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">12.75%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">13.33%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_z3vBSWh8Dg75"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 40pt; text-align: right">14.42%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">15.02%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.</td> </tr></table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2020-11-30 0.1232 0.1156 0.1174 0.1174 0.1088 0.1077 0.1096 0.1096 0.0730 0.0883 0.0899 0.0899 (reflects no deductions for fees, expenses, or taxes) 0.1639 0.1275 0.1333 0.1788 0.1442 0.1502 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES TECHNOLOGY, AI & DEEP LEARNING ETF Investment Objective The TrueShares Technology, AI & Deep Learning ETF (the “Fund”) seeks total return. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zxjgownPDlwi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z8MvOSQu1cLb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_981_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092123Member_zBHilPKxU7Pj" style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="display: none; vertical-align: top"> <td> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260430__20260430__oef--ClassAxis__custom--C000260046Member_z5ilV9zVKJ5g" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zvcoQxg0p6m4"> <td style="width: 1%"> </td> <td style="width: 79%; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.68%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zEx7quRwIo6c"> <td> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zPqEPuCcOuHk"> <td> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses</td> <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zLtKGpcLqTRi"> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.68%</td></tr> <tr> <td> </td> <td> </td> <td> </td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0.0000 0.0000 0.0068 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDp5Md5lHnu9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zdtVpNwweqY9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_z3b9gD5kMy2l" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; padding-top: 1.55pt; padding-left: 6.8pt; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zoMsFoNzPMf9" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-top: 1.55pt; padding-left: 0.1in; text-align: center">3 Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_z7doiZUpy0Sc" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; padding-top: 1.55pt; padding-left: 2pt; text-align: center">5 Years</td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zJ2Kzcua3fTb" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; padding-top: 1.55pt; padding-left: 2.45pt; text-align: center">10 Years</td></tr> <tr id="xdx_411_oef--ClassAxis_custom--C000260046Member_zlpAjyOI1KMc" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 1.5pt; padding-right: 0.05pt; padding-left: 6.8pt; text-align: center">$69</td> <td style="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 0.1in; text-align: center">$218</td> <td style="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 2pt; text-align: center">$379</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 2.45pt; text-align: center">$846</td></tr> </table> 69 218 379 846 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 16% of the average value of its portfolio. 0.16 Principal Investment Strategies of the Fund The Fund is an actively-managed exchange-traded fund (“ETF”) that pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings made for investment purposes) in the common stock of technology, artificial intelligence and deep learning companies. The Fund generally considers a company to be a technology, artificial intelligence and/or deep learning company if it derives 50% or more of its revenues or profits from the development, advancement and/or use of technology, including artificial intelligence-and/or deep learning-related technologies, or if it has committed 50% or more of its research and development-dedicated capital to the development, advancement and/or use of such technology, each measured at the time of investment. In addition, Black Hill Capital Partners, LLC, the Fund’s sub-adviser (“Black Hill” or the “Sub-Adviser”), selects companies that have a competitive advantage with respect to the development and utilization of artificial intelligence, machine learning, or other deep learning technologies. “Artificial intelligence,” or “AI”, refers to the development or use by a business of computer systems that perform tasks previously requiring human intelligence, such as decision-making or audio or visual identification or perception. “Machine learning” refers to technologies that enable a computer to “learn” from data it has processed to incorporate different assumptions or past experience into future computations or analyses. “Deep learning” refers to a more advanced level of “learning” and involves minimal human interference at the beginning of the learning process. The Sub-Adviser selects companies for the Fund’s portfolio by assessing whether the company’s business is a secular growth business, a cyclical growth business, or a newly public company and then evaluates the value and growth prospects for each company using the following criteria. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Secular Growth Companies - Companies that do not closely track a seasonal or cyclical trend. In selecting such companies for the Fund’s portfolio, the Sub-Adviser seeks companies that it believes are in the best position to succeed in what is a very competitive technology space. Research on these companies is also continuously augmented with information from additional sources such as Wall Street sell-side investment banks (e.g., Merrill Lynch, Morgan Stanley, etc.) and other proprietary information sources from many parts of the technology sector. The Sub-Adviser has established buy-and-hold positions in these companies and does not expect significant turnover of these companies within the portfolio. The Sub-Adviser expects to let these investments grow over time from positive trends in their sector, market positioning and superior products. The Fund generally invests in secular growth companies to a greater extent than in cyclical growth or newly public companies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Cyclical Growth Companies - Companies that are known for following the cycles of an economy through expansion, peak, recession, and recovery. Most cyclical stocks belong to companies that sell non-essential items consumers can afford to buy more of during a booming economy. These stocks are also from companies that consumers choose to spend less with or cut back on during a recession. In selecting such companies for the Fund’s portfolio, the Sub-Adviser utilizes fundamental analysis, with an emphasis on revenue growth, margins, and select balance sheet items which it believes are more consistent indicators of cyclical bottoms. The Fund seeks to sell its cyclical growth holdings when their margins peak in the economic cycle.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Newly Public Companies - Companies that have recently gone through an initial public offering (“IPO”) and are now publicly traded on a stock exchange. In selecting such companies for the Fund’s portfolio, the Sub-Adviser follows developments in the private market to seek to identify companies that will fit the Fund’s investment profile at the time of their IPO. When a new company that fits the Fund’s investment profile enters the market via an IPO, the Sub-Adviser will generally seek to build the Fund’s position in that company over the course of a four to six month period following the IPO.</td></tr></table> The Fund’s portfolio is primarily composed of common stock of U.S. companies, although the portfolio may include common stock of non-U.S. companies from time to time. The Fund’s portfolio is typically comprised of the 20 to 30 most attractive securities based on the Sub-Adviser’s analysis. The Sub-Adviser keeps a significant portion of the Fund’s portfolio in cash (up to 20%) during periods when the Sub-Adviser believes it is merited. These cash positions are utilized to purchase securities when the Sub-Adviser identifies an event-based investment opportunity in a secular growth company that has driven down share prices but will not, in the Sub-Adviser’s opinion, impact the secular nature of the company. The cash positions also may be used in the event of a bear market or an instance in which the Sub-Adviser believes that the market is experiencing a valuation correction (i.e., a move that is not reflected in overall economic data). After initial purchase, company weightings typically fluctuate with the market. The Sub-Adviser manages inflows and outflows (i.e., fluctuations in Fund assets from creations and redemptions of Fund shares) by referencing existing stock weights coupled with its view of a company’s forward rate of return potential. While many portfolio holdings have a larger capitalization, the Fund may also invest in small and medium capitalized companies, as TrueMark Investments, LLC (the “Adviser”), the Fund’s investment adviser, believes these relatively smaller companies may provide above average capital appreciation and dividend yield. The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer than a diversified fund. The Fund concentrates (i.e., invests at least 25% of its assets) investments in one or more industries in the Information Technology Sector. While the Fund’s exposure to the industries within the Information Technology Sector may vary over time, as of March 31, 2026, the Fund’s holdings were concentrated within the Software Industry. For purposes of this policy, each sector and industry is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and S&P Dow Jones Indices. The Fund is an actively-managed exchange-traded fund (“ETF”) that pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings made for investment purposes) in the common stock of technology, artificial intelligence and deep learning companies. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceMachineLearningAndDeepLearningInvestmentRiskMember_z3GFxbph20tj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Artificial Intelligence, Machine Learning and Deep Learning Investment Risk. Companies across a wide variety of industries, primarily in the technology sector, are exploring the possible applications of artificial intelligence, machine learning and other deep learning technologies. The extent of such technologies’ versatility has not yet been fully explored. Consequently, the Fund’s holdings may include equity securities of operating companies that focus on or have exposure to a wide variety of activities in addition to their AI, machine learning and deep learning activities, and the economic fortunes of such companies may be tied to such other activities. Currently, there are few public companies for which artificial intelligence, machine learning and deep learning technologies represent an attributable and significant revenue or profit stream, and such technologies may not ultimately have a material effect on the economic returns of companies in which the Fund invests. Companies that do have a focus on such technologies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. These companies also tend to engage in significant amounts of spending on research and development, and there is no guarantee that these products or services will be successful. The securities of such companies, especially smaller, start-up companies, are also typically more volatile than those of companies that do not rely heavily on technology.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z75kPLDWfEYh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Concentration Risk. The Fund concentrates its investments in one or more industries within the Information Technology Sector and, as of March 31, 2026, the Fund’s investments were concentrated in the Software Industry.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SoftwareIndustryRiskMember_zYQSek2ujJRa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Software Industry Risk. Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by computer software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer’s products or in the market for products based on a particular technology could have a material adverse effect on a participant’s operating results.</td></tr></table> Many computer software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by computer software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies’ technology. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestingRiskMember_zjNclWB1G8Pl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Growth Investing Risk. Growth stocks can be volatile for several reasons. Since those companies usually invest a high portion of earnings in their businesses, they may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth stocks are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zCzU7Zsq4li5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Cash and Cash Equivalents Risk. Holding cash or cash equivalents rather than securities or other instruments, even strategically, may cause the Fund to risk losing opportunities to participate in market appreciation, and may cause the Fund to experience potentially lower returns than other funds that remain fully invested.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zHJgTvr0Qmnf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zgeuDgqtIZy8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF and, as a result of its structure, it is exposed to the following risks:</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zRlt5gqQVPj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_zYAxLEOtY6yf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Costs of Buying or Selling Shares Risk. 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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVRiskMember_zmaijfSMByx4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV Risk. 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. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums or discounts greater than those of ETFs that invest in and hold only securities and other investments that are listed and trade in the U.S.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_z7VW2a549T2h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the NYSE Arca, 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 the Shares.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z73yN6FRVcPd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. These include risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). The securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. With respect to certain countries, there is the possibility of government intervention and expropriation or nationalization of assets. Because legal systems differ, there also is the possibility that it will be difficult to obtain or enforce legal judgments in certain countries. Since foreign exchanges may be open on days when the Fund does not price its shares, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. Conversely, Shares may trade on days when foreign exchanges are closed. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zPHKPzusfLCa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Information Technology Sector Risk. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the Information Technology Sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_z6Qs8g25tz2j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">IPO Risk. The Fund may at times have the opportunity to invest in IPO shares. The market value of IPO shares can have significant volatility due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs and the Fund may lose money on an investment in such securities.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z590B9FJTTQ4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Management Risk. Your investment in the Fund varies with the success and failure of the Fund management team’s investment strategies and the Fund management team’s research, analysis, and determination of portfolio securities. If the Adviser’s and Sub-Adviser’s investment strategies, including their stop loss and goal setting process, do not produce the expected results, the value of the Fund would decrease.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zcjuhx94TCg7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Market Capitalization Risk.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_zA5IYKuj8RCj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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 also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zDKlmySJIiOd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Mid-Capitalization Investing Risk. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_ziQq2jLJZull"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Small-Capitalization Investing Risk. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zeQ9ug7MDRB8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewIssuerRiskMember_zX18pATbnZO6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">New Issuer Risk. The market value of shares of newly-public companies may fluctuate considerably due to limited information about a company’s business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects. Accordingly, investments in shares of new issuers involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z7F3RtfSVMd3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td style="text-align: justify">Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a lesser number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.</td></tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Technology, AI & Deep Learning ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on June 13, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the one year, five year and since inception periods compare with those of a broad-based securities market index intended to represent the overall domestic and international equity market. The Predecessor Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at www.True-Shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The Predecessor Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.True-Shares.com <div id="xdx_A89_eoef--BarChartTableTextBlock_zowAFk7WJz3d"></div> <img alt="" src="trueshare_017.jpg" style="height: 194px; width: 350px"/> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_dU_zG4lYxOtNuwi" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left; width: 78%">2021</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000260046Member_zroTMDzdhNX3" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right; width: 22%">-0.90%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000260046Member_ziPf87wMwA0e" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">-51.44%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000260046Member_zfgAkZh18hh3" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">1.98%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000260046Member_zQpxd0wMvhRb" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">67.08%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000260046Member_zQpxd0wMvhRc" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">22.23%</td></tr> </table> -0.0090 -0.5144 0.0198 0.6708 0.2223 During the period of time shown in the bar chart, the highest quarterly return was 29.82% for the quarter ended June 30, 2025, and the lowest quarterly return was -30.13% for the quarter ended June 30, 2022. highest quarterly return 0.2982 2025-06-30 lowest quarterly return -0.3013 2022-06-30 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zTpkhaztqlzj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zDDBpRQ2iBpd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td id="xdx_984_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092123Member_ziX0QMk36Qa2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Average Annual Total Returns (for the Periods Ended December 31, 2025) </td> <td id="xdx_498_20250101__20251231_zvelRHDTDY83" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"> </td> <td id="xdx_491_20210101__20251231_zhnehDh77lE5" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td id="xdx_49D_20200228__20251231_z4vofHRNKGj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">TrueShares Technology, AI & Deep Learning ETF</td> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center">One Year</td> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center">Five Years</td> <td style="text-align: center">Since Inception (2/28/2020)</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260046Member_zsTSWCrcYgn" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Return Before Taxes</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">22.23%</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">0.04%</td> <td style="text-align: center">11.70%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260046Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zf8nIrEmzRok" style="vertical-align: bottom; background-color: white"> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Return After Taxes on Distributions</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">22.23%</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">0.03%</td> <td style="text-align: center">11.69%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260046Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z4OW1XmgqzDe" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">13.16%</td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">0.03%</td> <td style="border-bottom: black 1pt solid; text-align: center">9.42%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hoef--PerformanceMeasureAxis__custom--NASDAQCompositeTotalReturnIndexMember_zx2oWqsSOhdl" style="background-color: white"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 59%; padding-right: 2.65pt; padding-left: 2.65pt">NASDAQ Composite Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 12%; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">21.14%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 1%; padding-right: 0.75pt; padding-left: 2.65pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.35%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 14%; text-align: center">19.54%</td></tr> </table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2020-02-28 0.2223 0.0004 0.1170 0.2223 0.0003 0.1169 0.1316 0.0003 0.0942 (reflects no deductions for fees, expenses, or taxes) 0.2114 0.1335 0.1954 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY— POLEN DIVIDEND INCOME ETF Investment Objective Polen Dividend Income ETF (the “Fund”) seeks to provide capital appreciation with lower volatility and a higher dividend yield compared to the S&P 500 Index. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zXZgYgEc03Ah"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zx0A3JQ004Nl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_98A_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092120Member_zZw3He27bpZ8" style="padding-top: 0.05pt; padding-left: 0.35pt; width: 87%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_490_20260430__20260430__oef--ClassAxis__custom--C000260043Member_zQTkAcZ0ybv2" style="width: 13%"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zY80sLwvALxk" style="vertical-align: top"> <td style="padding-left: 0.35pt">Management Fees</td> <td style="padding-left: 5.45pt; text-align: center">0.65%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zO0y7C9y0Ah" style="vertical-align: top"> <td style="padding-left: 0.35pt">Distribution and/or Service (12b-1) Fees</td> <td style="padding-right: 0.05pt; padding-left: 5.45pt; text-align: center">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zNeA79lLZEg" style="vertical-align: top"> <td style="padding-left: 0.35pt">Other Expenses</td> <td style="border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center"> 0.00%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zVxBPME8JK7b" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; padding-top: 0.25pt; padding-left: 0.35pt">Total Annual Fund Operating Expenses</td> <td style="border-bottom: black 1pt solid; padding-top: 0.25pt; padding-left: 5.45pt; text-align: center">0.65%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0065 0.0000 0.0000 0.0065 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSEIkFq84wo"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zbdrpXQBvzZk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zvhLppFBNDke" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 29%; padding-top: 1.55pt; padding-left: 6.8pt; text-align: center">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zYKzFj5wzmVh" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-top: 1.55pt; padding-left: 0.1in; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zRp9J4EelJZ1" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; padding-top: 1.55pt; padding-left: 2pt; text-align: center">5 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zHtj7CMShLhl" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; padding-top: 1.55pt; padding-left: 2.45pt; text-align: center">10 Years</td></tr> <tr id="xdx_410_oef--ClassAxis_custom--C000260043Member_zodPPErAtGmi" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 1.5pt; padding-right: 0.05pt; padding-left: 6.8pt; text-align: center">$66</td> <td style="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 0.1in; text-align: center">$208</td> <td style="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 2pt; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 2.45pt; text-align: center">$810</td></tr> </table> 66 208 362 810 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 52% of the average value of its portfolio. 0.52 Principal Investment Strategies of the Fund The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by purchasing 25-35 stocks of companies that pay dividends and expect to grow the dividends over time and are trading at attractive valuations at the time of the investment. The Fund’s investment adviser, TrueMark Investments, LLC (the “Adviser”), and sub-adviser, Opal Capital LLC (the “Sub-Adviser”), will seek to invest in such companies that are established businesses with high cash flow, stable revenue streams, and more disciplined capital reinvestment programs which may, in turn, experience lower volatility relative to the overall equity market. The Adviser and Sub-Adviser focus on companies whose stock is listed on a U.S. exchange with market capitalizations greater than $8 billion, but may include companies with market capitalizations of less than $8 billion if their dividend yields are above the market average. The Adviser and Sub-Adviser select companies for the Fund that, in the Sub-Adviser’s determination, provide the best combination of dividend yield with potential for dividend growth and are currently under-valued in the market. Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, is invested in dividend paying equity securities, including common stocks and American Depositary Receipts (“ADRs”). The Sub-Adviser makes its initial identification of potential portfolio securities based on its assessment of a company’s ability and commitment to sustain and grow its dividends. The Sub-Adviser identifies such companies by utilizing a combination of quantitative and qualitative indicators of the company’s financial position, growth opportunities, historical payouts, and management commentary, as well as the competitive landscape. The Sub-Adviser then reviews the current market valuation of these companies which the Sub-Adviser believes are under-valued. The Sub-Adviser first identifies “high quality companies,” which are generally defined as companies with a sustainable competitive advantage, offering stable and growing free cash flows, and quality management teams that have the capital discipline to distribute dividends to shareholders. The Sub-Adviser then selects companies whose stock is trading at a valuation that it believes offers an opportunity to generate above average returns over time. The Sub-Adviser utilizes a variety of metrics (e.g., price compared to earnings ratio, market capitalization compared to book value, free cash flow yield, etc.) in the valuation process and seeks to identify companies that are attractively priced both in absolute terms and relative to their peers with a preference of companies with higher free cash flow. Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, is invested in dividend paying equity securities, including common stocks and American Depositary Receipts (“ADRs”). As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendPayingSecurityRiskMember_zobLyHbuxIci"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Also, companies owned by the Fund that have historically paid a dividend may reduce or discontinue their dividends, thus reducing the yield of the Fund.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestingRiskMember_zc1oD6h4Iy7d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Value Investing Risk. Because the Fund may utilize a value style of investing, the Fund could suffer losses or produce poor results relative to other funds, even in a rising market, if the Adviser’s and Sub-Adviser’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is incorrect.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zhQ2KKPAueek"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Equity Market Risk. 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 and banking crises. If you held common stock, or common stock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations of the 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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zs7rJdpmPFDa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Depositary Receipts Risk. Depositary receipts, including ADRs, involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. Because the Underlying Shares trade on foreign exchanges that may be closed when the Fund’s primary listing exchange is open, the Fund may experience premiums and discounts greater than those of funds without exposure to such Underlying Shares.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zMQcEInvogRf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF and, as a result of its structure, it is exposed to the following risks:</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z5qUaw7aUfa1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_zkFD67ndZ4Hl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Costs of Buying or Selling Shares Risk. 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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVRiskMember_zKZEGHTLu7Mi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV Risk. 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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zf0lT5UtW7R1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the NYSE Arca, 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 the Shares.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zaq8QYRvqob7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s and Sub-Adviser’s success or failure to implement investment strategies for the Fund.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zrPvhwOQBOVj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Market Capitalization Risk.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_zAPXPpGTdwc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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 also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_z780i37840W2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Mid-Capitalization Investing Risk. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_z2aEPoiMpSBe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Small-Capitalization Investing Risk. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zHd3mAVqN2Ae"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zfV0BEHH3Ff7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Tax Risk. To qualify for the favorable tax treatment generally available to a regulated investment company (a “RIC”) within the meaning of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), the Fund must satisfy, among other requirements described in the SAI, certain diversification requirements. Given the concentration of the Fund’s investments in a relatively small number of securities, it may not always be possible for the Fund to fully implement its investment strategy while satisfying these diversification requirements. The Fund’s efforts to pursue its investment strategy may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could be eligible for relief provisions if the failure is due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the diversification requirements where the Fund corrects the failure within a specified period. If the Fund were to fail to qualify as a RIC for a tax year, and the relief provisions are not available, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In such case, its shareholders would be taxed as if they received ordinary dividends, although corporate shareholders could be eligible for the dividends received deduction (subject to certain limitations) and individuals may be able to benefit from the lower tax rates available to qualified dividend income. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying as a RIC. </td></tr></table> Performance The Fund acquired all of the assets and liabilities of The Opal Dividend Income ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on June 13, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the one year and since inception periods compare with those of a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at www.True-Shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Fund’s performance can change from year to year and over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.True-Shares.com <div id="xdx_A8D_eoef--BarChartTableTextBlock_zEwDiPZs6NI6"></div> <img alt="" src="trueshare_013.jpg" style="height: 213px; width: 350px"/> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A58_dU_zt9j8CEWiMR2" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left; width: 78%">2022</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000260043Member_zJIvvRavtNo9" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right; width: 22%">3.65%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000260043Member_z1QWUajmDXY3" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">-0.73%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000260043Member_zRrOzsC3dcS1" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">18.39%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000260043Member_zRrOzsC3dcS1" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">16.63%</td></tr> </table> 0.0365 -0.0073 0.1839 0.1663 During the period of time shown in the bar chart, the highest quarterly return was 13.04% for the quarter ended December 31, 2022, and the lowest quarterly return was -6.91% for the quarter ended June 30, 2022. highest quarterly return 0.1304 2022-12-31 lowest quarterly return -0.0691 2022-06-30 <div id="xdx_A87_eoef--PerformanceTableTextBlock_zmkCggHvrAci"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zxYwC6GddZPa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td id="xdx_98B_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092120Member_z8f65Ma3JYig" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Average Annual Total Returns (for the Periods Ended December 31, 2025) </td> <td id="xdx_498_20250101__20251231_zhPYk3aMN946" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td> <td id="xdx_49E_20210127__20251231_z6GOwL9vfnU6" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">Polen Dividend Income ETF</td> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center">One Year</td> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 2.65pt; padding-left: 2.65pt"> </td> <td style="text-align: center">Since Inception (1/27/2021)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260043Member_zA20X8qiYxW5" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Return Before Taxes</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">16.63%</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 0.75pt; padding-left: 2.65pt"> </td> <td style="text-align: center">11.46%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260043Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z9epbnCJrvy4" style="vertical-align: bottom; background-color: white"> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Return After Taxes on Distributions</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">15.88%</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 0.75pt; padding-left: 2.65pt"> </td> <td style="text-align: center">10.56%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260043Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zCEK1KelQnSi" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">10.33%</td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt"> </td> <td style="border-bottom: black 1pt solid; text-align: center">8.92%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_hoef--PerformanceMeasureAxis__custom--SAndP500TotalReturnIndexMember_zN2tu74BQQo1" style="background-color: white"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 59%; padding-right: 2.65pt; padding-left: 2.65pt">S&P 500 Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 12%; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">17.88%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 1%; padding-right: 0.75pt; padding-left: 2.65pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 14%; text-align: center">14.67%</td></tr> </table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2021-01-27 0.1663 0.1146 0.1588 0.1056 0.1033 0.0892 (reflects no deductions for fees, expenses, or taxes) 0.1788 0.1467 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—TRUESHARES EAGLE GLOBAL RENEWABLE ENERGY INCOME ETF Investment Objective The TrueShares Eagle Global Renewable Energy Income ETF (the “Fund” or the “Energy Income ETF”) seeks long-term growth of capital. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zhdWRo7r7TX3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zVU5BQOBVJR1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td id="xdx_988_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092122Member_zRQEE0inntrl" style="border-top: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td id="xdx_498_20260430__20260430__oef--ClassAxis__custom--C000260045Member_zp7hocSDO3g8" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zsQ2TwpMsiTi"> <td style="width: 1%"> </td> <td style="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.75%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zQKj20E4GuLf"> <td> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zQOP2lLzUcuh"> <td> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zsg9ge7G0oAe"> <td colspan="2" style="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.75%</td></tr> <tr> <td> </td> <td> </td> <td> </td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0000 0.0000 0.0075 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQtfIaCU2DC9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zQ52TpkJQHeb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zv86ALtWMAa4" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 25%; padding-top: 1.55pt; padding-left: 6.8pt; text-align: center">1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_ztWNKKT1XyGa" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-top: 1.55pt; padding-left: 0.1in; text-align: center">3 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_zbBjJ4928sv8" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-top: 1.55pt; padding-left: 2pt; text-align: center">5 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_zUINNszQWxR7" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; padding-top: 1.55pt; padding-left: 2.45pt; text-align: center">10 Years</td></tr> <tr id="xdx_41B_oef--ClassAxis_custom--C000260045Member_z1PimyCoxTb7" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 1.5pt; padding-right: 0.05pt; padding-left: 6.8pt; text-align: center">$77</td> <td style="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 0.1in; text-align: center">$240</td> <td style="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 2pt; text-align: center">$417</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 0.1pt; padding-left: 2.45pt; text-align: center">$930</td></tr> </table> 77 240 417 930 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 76% of the average value of its portfolio. 0.76 Principal Investment Strategies of the Fund The Fund is an actively managed exchange-traded fund (“ETF”) that invests primarily in equity securities of domestic and foreign companies that primarily own or operate assets used in the development, generation, production, transmission, storage and sale of alternative and renewable energy such as solar power, wind power, biofuels, hydropower, nuclear or geothermal power (collectively, “Renewable Energy Infrastructure Companies”). The Renewable Energy Infrastructure Companies in which the Fund invest mays range from small- to large-capitalization companies. The Fund also invests in American Depository Receipts (“ADRs”) and Global Depository Receipts (“GDRs”) of Renewable Energy Infrastructure Companies. Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in Renewable Energy Infrastructure Companies. Eagle Global Advisors, LLC (the “Sub-Adviser”), the Fund’s investment sub-adviser, selects investments for the Fund’s portfolio from a universe of Renewable Energy Infrastructure Companies by utilizing a fundamentally-driven investment process which includes the analysis of global macro-economic and geo-political factors, fundamental company analysis, internal valuation methods, and the projected rate of return from the investment given its expected level of risk. The Sub-Adviser may sell a security when it no longer meets the criteria for inclusion in the Fund’s investment universe, when the security has not met or exceeded its projected rate of return or when a more attractive investment becomes available. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or smaller number of issuers than diversified funds. The Fund concentrates (i.e., hold more than 25% of its total assets) in the securities of companies in the Utilities Industry Group within the Utilities Sector, as classified by the Global Industry Classification Standard. Under normal market conditions, the Fund invests at least 40% of its assets in the securities of issuers that are tied economically to a number of countries throughout the world. As of March 31, 2026, the Fund had significant investment exposure to Renewable Energy Infrastructure Companies, the securities of which are issued and listed in Europe. Under normal market conditions, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in Renewable Energy Infrastructure Companies. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zkk9IX0GYoHb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.6pt; text-align: right"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. These include risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). The securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. With respect to certain countries, there is the possibility of government intervention and expropriation or nationalization of assets. Because legal systems differ, there also is the possibility that it will be difficult to obtain or enforce legal judgments in certain countries. Since foreign exchanges may be open on days when the Fund does not price its shares, the value of the securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares. Conversely, Shares may trade on days when foreign exchanges are closed. Each of these factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.</td> </tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssociatedRiskOfInvestingInRenewableEnergyInfrastructureCompaniesMember_zmcOcwyIrE1g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Associated Risk of Investing in Renewable Energy Infrastructure Companies. Renewable Energy Infrastructure Companies’ future growth may be dependent upon government policies that support renewable power generation and enhance the economic viability of owning renewable electric generation assets. Such policies can include renewable portfolio standard programs, which mandate that a specified percentage of electricity sales come from eligible sources of renewable energy, accelerated cost-recovery systems of depreciation and tax credits.</td></tr></table> The electricity produced and revenues generated by a renewable energy generation facility, including solar electric or wind energy, is highly dependent upon suitable weather conditions. These assets may not be able to operate in extreme weather conditions, such as during a severe freeze. Furthermore, components used in the generation of renewable energy could be damaged by severe weather, such as hailstorms or tornadoes. In addition, replacement and spare parts for key components may be difficult or costly to acquire or may be unavailable. Unfavorable weather and atmospheric conditions could impair the effectiveness of assets or reduce their output beneath their rated capacity or require shutdown of key equipment, impeding operation of renewable assets. Actual climatic conditions at a facility site, particularly wind conditions, may not conform to the historical findings and, therefore, renewable energy facilities may not meet anticipated production levels or the rated capacity of the generation assets. A portion of revenues from investments in renewable infrastructure assets will be tied, either directly or indirectly, to the wholesale market price for electricity in the markets served. Wholesale market electricity prices are impacted by a number of factors including: the price of fuel (e.g., natural gas) that is used to generate electricity; the cost and management of generation and the amount of excess generating capacity relative to load in a particular market; and conditions (such as extremely hot or cold weather) that impact electrical system demand. Owners of renewable infrastructure assets may attempt to secure fixed prices for their power production through the use of financial hedges; but may not be able to deliver power to collect such fixed price, rendering those hedges ineffective or creating economic losses for renewable infrastructure assets. In addition, there is uncertainty surrounding the trend in electricity demand growth, which is influenced by macroeconomic conditions; absolute and relative energy prices; and energy conservation and demand management. This volatility and uncertainty in power markets could have a material adverse effect on the assets, liabilities, financial condition, operations and/or cash flow of the Renewable Energy Infrastructure Companies in which the Fund invests. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zzFhYQwlaaLh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td>Concentration Risk. The Fund intends to concentrate its investments in the Utilities Industry Group within the Utilities Sector.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesIndustryGroupRiskMember_z2eyHZ29VFkd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.5in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Utilities Industry Group Risk. As a result of the Fund’s concentration in the Utilities Industry Group, the Fund will be more susceptible to the risks associated with that industry group than a fund that does not concentrate its investments. The Utilities Industry Group includes utility companies such as electric, gas and water utilities. It also includes independent power producers and energy traders and companies that engage in generation and distribution of electricity using renewable sources. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition affecting companies in the Utilities Industry Group. The prices of the securities of companies operating in the Utilities Industry Group are closely tied to government regulation and market competition and may be affected by supply and demand, consumer incentives, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes, among other factors.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyExchangeRateRiskMember_z92iv41VvYO9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Currency Exchange Rate Risk. The Fund may invest in investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z4NabZgObKWd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Depositary Receipts Risk. ADRs and GDRs are certificates evidencing ownership of shares of a foreign issuer and are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, they continue to be subject to many of the risks associated with investing directly in foreign securities. These risks include the social, political and economic risks of the underlying issuer’s country, as well as in the case of depositary receipts traded on non-U.S. markets, exchange risk. Issuers of unsponsored ADRs are not contractually obligated to disclose material information in the U.S., so there may not be a correlation between such information and the market value of the unsponsored ADR.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_z1LEZxthlQkh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zZ6djfxGG9Pa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF and, as a result of its structure, it is exposed to the following risks:</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zD7sjRnCj33"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_zJqOdKxm8XF9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Costs of Buying or Selling Shares Risk. 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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVRiskMember_zjdmHSWlPiA9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV Risk. 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. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums or discounts greater than those of ETFs that invest in and hold only securities and other investments that are listed and trade in the U.S.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_z8DezjCn4OPd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the NYSE Arca, 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 the Shares.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicInvestmentRiskMember_zPY64qZrmK4f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Geographic Investment Risk. To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. For example, political, social and economic conditions, currency developments or restrictions, and changes in regulatory, tax, or economic policy in a country could significantly affect the market in that country and in surrounding or related countries and have a negative impact on the Fund’s performance.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EuropeSpecificRiskMember_zK6zvWSwcGEl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Europe-Specific Risk. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers that are domiciled in, or have significant operations in, member countries of the European Union (the “EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and may continue to significantly affect other European countries. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and/or an economic recession in an EU member country may have a significant adverse effect on the economies of EU member countries and their trading partners, including some or all of the European countries in which the Fund invests.</td></tr></table> The United Kingdom (“UK”) formally withdrew from the EU on January 31, 2020 (commonly referred to as “Brexit”) and entered an 11-month transition period, which concluded on December 31, 2020, with the UK leaving the EU single market and customs union under the terms of a new trade agreement. The agreement governs the new relationship between the UK and EU with respect to trading goods and services, but critical aspects of the relationship remain unresolved and subject to further negotiation and agreement. Certain aspects of Brexit have had an adverse impact on the region, leading to increased inflation, labor shortages and business closures, among others. There is still considerable uncertainty relating to the potential consequences associated with the UK’s exit and whether its exit will increase the likelihood of other countries also departing the EU. Any exits from the EU, or the possibility of such exits, may have a significant impact on the UK, Europe, and global economies, which may result in increased volatility and illiquidity, new legal and regulatory uncertainties and potentially lower economic growth for these economies that could potentially have an adverse effect on the value of the Fund’s investments. In addition, the UK has been a target of terrorism in the past. Acts of terrorism in Europe or the UK or against such countries’ interests abroad may cause uncertainty in the European or UK financial markets and adversely affect the performance of the issuers to which the Fund has exposure. <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_znEbM80yVXKg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s and Sub-Adviser’s success or failure to implement investment strategies for the Fund. In particular, the Adviser’s and Sub-Adviser’s evaluations and assumptions regarding global energy needs, the development of non-carbon-based energy technologies, the effectiveness and marketability of “clean energy” technologies, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zsmEotK7VVgf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Market Capitalization Risk.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_zvO07WD2cj7j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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 also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_z5skNGnaXOb6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Mid-Capitalization Investing Risk. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zJ4G9lqIq9T3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Small-Capitalization Investing Risk. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zbEXMLAOyjea"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zeVq9FkwlhWc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.6pt"></td><td style="width: 24.2pt">●</td><td style="text-align: justify">Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a lesser number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund’s performance.</td></tr></table> Performance The Fund acquired all of the assets and liabilities of the TrueShares Eagle Global Renewable Energy Income ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on June 13, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The bar chart below shows the Fund’s performance for the calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the one year and since inception periods compare with those of the MSCI World Net USD Index, a broad measure of market performance, and the S&P Global Infrastructure Total Return Index, a supplemental index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at www.True-Shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing how the Fund’s performance can change from year to year and over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.True-Shares.com <div id="xdx_A8A_eoef--BarChartTableTextBlock_zRcDUtPergI8"></div> <img alt="" src="trueshare_014.jpg" style="height: 322px; width: 350px"/> <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zMUuNyb1hl72" style="display: none; visibility: hidden; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left; width: 78%">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000260045Member_za7MgcdbyBRd" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right; width: 22%">-4.65%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000260045Member_zjJ2GICiQNYj" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">-7.30%</td></tr> <tr> <td style="font: 11pt Aptos Narrow; vertical-align: top; text-align: left">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000260045Member_zjJ2GICiQNYk" style="font: 11pt Aptos Narrow; vertical-align: bottom; text-align: right">36.19%</td></tr> </table> -0.0465 -0.0730 0.3619 During the period of time shown in the bar chart, the highest quarterly return was 14.49% for the quarter ended September 30, 2024 and the lowest quarterly return was -16.66% for the quarter ended December 31, 2024. highest quarterly return 0.1449 2024-09-30 lowest quarterly return -0.1666 2024-12-31 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zu1ODeKXSq69"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zUZkdlvLHKAa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td id="xdx_988_eoef--PerformanceTableHeading_c20260430__20260430__dei--LegalEntityAxis__custom--S000092122Member_zbZFroWq0TQj" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt; width: 61%; text-align: justify">Average Annual Total Returns (for the Periods Ended December 31, 2025) </td> <td id="xdx_494_20250101__20251231_zNSLlO73BE58" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt; width: 13%"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt; width: 1%; text-align: justify"> </td> <td id="xdx_491_20221208__20251231_zOupb5sUhUF7" style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify">TrueShares Eagle Global Renewable Energy Income ETF</td> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center">One Year</td> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"> Since Inception (12/8/2022)</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260045Member_zn2ejleU3ahi" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Return Before Taxes</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">36.19%</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">5.95%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260045Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z2auDMfDgrUh" style="vertical-align: bottom; background-color: white"> <td style="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Return After Taxes on Distributions</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">35.99%</td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">5.99%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000260045Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zsoucKnMPWK" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">22.24%</td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">5.09%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_hoef--PerformanceMeasureAxis__custom--MSCIWorldNetUSDIndexMember_ztCom6rQW6Sd" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">MSCI World Net USD Index (reflects no deduction for fees, expenses, or taxes) </td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">21.09%</td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"> </td> <td style="border-bottom: black 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">19.71%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hoef--PerformanceMeasureAxis__custom--SAndPGlobalInfrastructureTotalReturnIndexMember_zItyfYrQxuYf" style="background-color: white"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; padding-right: 2.65pt; padding-left: 2.65pt">S&P Global Infrastructure Total Return Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center">22.58%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 0.75pt; padding-left: 2.65pt"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.73%</td></tr> </table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2022-12-08 0.3619 0.0595 0.3599 0.0599 0.2224 0.0509 (reflects no deduction for fees, expenses, or taxes) 0.2109 0.1971 0.2258 0.1373 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY—RIVERNORTH PATRIOT ETF Investment Objective The RiverNorth Patriot ETF (the “Patriot ETF” or the “Fund”) seeks capital growth. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_z1YvnU53SDn7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zKnf50lsFkx4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_980_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092119Member_zfjr50QjQdU1" style="text-align: justify; width: 87%">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="width: 13%"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Management Fee</td> <td id="xdx_98B_eoef--ManagementFeesOverAssets_dpn_c20260430__20260430__oef--ClassAxis__custom--C000260042Member_zVVSD1c5Qpn1" style="text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td> <td id="xdx_98D_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260430__20260430__oef--ClassAxis__custom--C000260042Member_z9HdcUGWwyM9" style="text-align: center">0.00%</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Other Expenses</td> <td id="xdx_98E_eoef--OtherExpensesOverAssets_dpn_c20260430__20260430__oef--ClassAxis__custom--C000260042Member_zpfBbg39Egna" style="text-align: center">0.00%</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Total Annual Fund Operating Expenses</td> <td id="xdx_984_eoef--ExpensesOverAssets_dpn_c20260430__20260430__oef--ClassAxis__custom--C000260042Member_zCtpxM3zp6M5" style="border-top: black 1pt solid; border-bottom: black 1.5pt double; text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1.5pt solid; text-align: justify"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center"> </td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0000 0.0000 0.0070 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPHjAOHJut3h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zQN2RD6OM8ub" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_488_eoef--ExpenseExampleYear01_zWfpMLv66Okd" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 31%; text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_zn6oim2optvb" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">3 Years</td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zirZ2SxgrSU" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zV3P3ssF5lb9" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_414_oef--ClassAxis_custom--C000260042Member_zHGnM0xXYdnk" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$72</td> <td style="border-bottom: black 1pt solid; text-align: center">$224</td> <td style="border-bottom: black 1pt solid; text-align: center">$390</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$870</td></tr> </table> 72 224 390 870 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 40% of the average value of its portfolio. 0.40 Principal Investment Strategies of the Fund The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in equity securities, including common stock of mid-cap and large-cap companies, tied to the economy of the U.S. RiverNorth Capital Management, LLC (the “Sub-Adviser”), the Fund’s sub-adviser, considers a company to be tied to the U.S. economy if: 1) the company is organized under the laws of the U.S.; 2) the shares of the company are traded principally in the U.S.; and 3) the company generates at least 90% of its revenue from its activities in the U.S. In addition, to be eligible for inclusion in the Fund’s portfolio, a company must have, at the time of purchase, a market capitalization over $5 billion. The portfolio is constructed at the discretion of the Sub-Adviser. In constructing the Fund’s portfolio, the Sub-Adviser considers a variety of factors, including its overall market sector and industry weighting, and no one factor is expected to be determinative of investment decisions. Weightings of positions and sectors and industries may be adjusted at any time at the discretion of the Sub-Adviser. Folds of Honor The Sub-Adviser donates a majority of its sub-advisory fee or 100% of the profit derived from its management of the Fund, whichever is greater, to the Folds of Honor Foundation, a charity focused on providing scholarships to families of veterans. Folds of Honor is a 501(c)(3) non-profit organization, rated “4-star” by Charity Navigator and platinum by GuideStar, that provides educational scholarships to the families of military men and women who have fallen or been disabled while on active duty in the United States armed forces. Since 2007, a cumulative average ratio of 91% of every dollar raised by Folds of Honor has been contributed to its scholarship program, which has awarded approximately 73,000 in educational scholarships. Impact Investing The Fund provides an alternative approach to charity and seeks to deliver true impact investing. While “Impact Investing” can mean many things, the application of the term here is about delivering real dollars to a charity that directly supports education for the children and families of U.S. service members who were disabled or killed in action. The Fund delivers real world benefits to those in need now. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zbXNprbKMqh7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zahJy35U9xua"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including the impact of the COVID-19 pandemic and related public health issues, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zNMF5zPSi42g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF and, as a result of its structure, it is exposed to the following risks:</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zIKc1bC3QYt4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_zuiwM25qthZ3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Costs of Buying or Selling Shares Risk. 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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVRiskMember_z0hUN7Ab6fMl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV Risk. 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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zgqoScX9UWUa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zTL1thr4lMCj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Management Risk. The Fund is actively managed and its ability to achieve its investment objective is dependent on the Sub-Adviser’s successful implementation of the Fund’s investment strategies.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zysH3zI1gD9c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Market Capitalization Risk.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_zHZaC6Xv8QBk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">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 also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zZkqdZmJbZhh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Mid-Capitalization Investing Risk. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr></table> Performance The Fund acquired all of the assets and liabilities of the RiverNorth Patriot ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on June 13, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Fund’s performance can change from year to year and over time. The bar chart below 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 S&P 900 Total Return Index, which reflects a broad measure of market performance. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Fund’s performance can change from year to year and over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A88_eoef--BarChartTableTextBlock_z6cDdHAe70oe"></div> <img alt="" src="trueshare_015.jpg" style="height: 275px; width: 350px"/> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zrmCMiQ8QvD3" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th>2022</th> <th id="xdx_98E_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000260042Member_zry79WsRXdv4">-11.89%</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th>2023</th> <th id="xdx_983_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000260042Member_zDQbJgQ0T92d">12.18%</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000260042Member_zrjQ58d1yskl" style="text-align: center; width: 50%; vertical-align: top">16.04%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="text-align: center; width: 50%; vertical-align: top">2025</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000260042Member_zrjQ58d1yskd" style="text-align: center; width: 50%; vertical-align: top">6.48%</td></tr> </table> -0.1189 0.1218 0.1604 0.0648 During the period of time shown in the bar chart, the highest quarterly return was 10.73% for the quarter ended December 31, 2023, and the lowest quarterly return was -13.94% for the quarter ended June 30, 2022. highest quarterly return 0.1073 2023-12-31 lowest quarterly return -0.1394 2022-06-30 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zRHBoo9CQbNl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zoRvD8fHx0N5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom">Average Annual Total Returns  (for the Periods Ended December 31, 2025)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: justify"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td>RiverNorth Patriot ETF</td> <td id="xdx_496_20250101__20251231_zgJNOKFjvdE2" style="text-align: center">One Year</td> <td colspan="2" id="xdx_495_20220101__20251231_z1M0SPHXgRSe" style="text-align: center">Since Inception (12/31/2021)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260042Member_zhaEFMctSVR5" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="text-align: justify">Return Before Taxes</td> <td style="text-align: center">6.48%</td> <td colspan="2" style="text-align: center">5.13%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260042Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zYpjb6ZXM753" style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Return After Taxes on Distributions</td> <td style="text-align: center">6.09%</td> <td colspan="2" style="text-align: center">4.78%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260042Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zARqLgmywkH4" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; text-align: center">4.10%</td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">3.90%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP900IndexTotalReturnMember_zyot3XXXfW41" style="background-color: white"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 71%">S&P 900 Index Total Return (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 13%; text-align: center">17.30%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 1%"> </td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 15%; text-align: center">10.80%</td></tr> </table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2021-12-31 0.0648 0.0513 0.0609 0.0478 0.0410 0.0390 (reflects no deductions for fees, expenses, or taxes) 0.1730 0.1080 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. FUND SUMMARY— RIVERNORTH ENHANCED PRE-MERGER SPAC ETF Investment Objective The RiverNorth Enhanced Pre-Merger SPAC ETF (the “Fund”) seeks to preserve capital and provide incremental total return. Fees and Expenses of the Fund The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. Shareholder Fees (fees paid directly from your investment) None <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zm3sId5dQhRj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z5cB8y8sPnlb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_98B_eoef--OperatingExpensesCaption_c20260430__20260430__dei--LegalEntityAxis__custom--S000092118Member_zZHSbz9Kc2T7" style="text-align: justify">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="width: 82%; text-align: justify">Management Fee</td> <td id="xdx_98E_eoef--ManagementFeesOverAssets_dpn_c20260430__20260430__oef--ClassAxis__custom--C000260041Member_z3RUyAo6UYN5" style="width: 18%; text-align: center">0.89%</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Distribution and/or Service (12b-1) Fees</td> <td id="xdx_988_eoef--DistributionAndService12b1FeesOverAssets_dpn_c20260430__20260430__oef--ClassAxis__custom--C000260041Member_zkqWR7WgQTyf" style="text-align: center">0.00%</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Other Expenses</td> <td id="xdx_982_eoef--OtherExpensesOverAssets_dpn_c20260430__20260430__oef--ClassAxis__custom--C000260041Member_zk4BkjIDVbBd" style="border-bottom: Black 1pt solid; text-align: center">0.00%</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">Total Annual Fund Operating Expenses</td> <td id="xdx_987_eoef--ExpensesOverAssets_dpn_c20260430__20260430__oef--ClassAxis__custom--C000260041Member_zA3EWXD7fK96" style="border-bottom: Black 1pt solid; text-align: center">0.89%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; text-align: justify"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> </td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0089 0.0000 0.0000 0.0089 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zhFWgZ4fLdbd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_za1TcLyBEY6e" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_48D_eoef--ExpenseExampleYear01_z6TxaM79WHz4" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 31%; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zz0HpVc9P7n2" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">3 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zIXook4O4rwl" style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">5 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zUNzJbOZywui" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 23%; text-align: center">10 Years</td></tr> <tr id="xdx_417_oef--ClassAxis_custom--C000260041Member_z0gOjrToZ2O1" style="vertical-align: top"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">$91</td> <td style="border-bottom: black 1pt solid; text-align: center">$284</td> <td style="border-bottom: black 1pt solid; text-align: center">$493</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,095</td></tr> </table> 91 284 493 1095 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2025, the Fund’s portfolio turnover rate was 77% of the average value of its portfolio. 0.77 Principal Investment Strategies of the Fund The Fund is actively managed using a strategy designed around the unique characteristics of “Pre-Combination” (defined below) SPAC securities. Under normal market conditions, the Fund seeks to achieve its investment objective by investing primarily in units made up of common stock, warrants and rights of U.S.-listed special purpose acquisition companies (“SPACs”). A warrant is a derivative that gives the holder the right, but not the obligation, to buy or sell a security at a certain price prior to the expiration of the warrant. A right is a privilege granted to existing holders of a company’s stock to receive additional shares of common stock before it is offered to the public. A SPAC is a “blank check” company with no commercial operations that is designed to raise capital via an initial public offering (“IPO”) for the purpose of engaging in a merger, acquisition, reorganization, or similar business combination (a “Combination”) with one or more operating companies. Sponsors of SPACs typically pay the SPAC’s offering costs and underwriting fees and contribute all or a portion of its working capital in exchange for participation in the common stock and derivatives (such as warrants and rights) of the SPAC. A SPAC IPO typically involves the sale of units consisting of one share of common stock and a warrant or right (or portion of a warrant or right) to purchase common stock at a fixed price upon or after the consummation of a Combination. The capital raised in the IPO is typically placed into a trust. The proceeds of the IPO may be used only to consummate a Combination and for other limited purposes such as paying taxes owed by the SPAC. “Pre-Combination” SPACs (also referred to herein as “Pre-Merger” SPACs) are SPACs that are either seeking a target for a Combination or have not yet completed a Combination with an identified target. Pre-Combination SPACs often have predetermined time frames within which to consummate a Combination (typically two years) or the SPAC will seek to extend the time frame or liquidate. RiverNorth Capital Management, LLC (the “Sub-Adviser”), the Fund’s investment sub-adviser, is responsible for the day-to-day management of the Fund, subject to the oversight of TrueMark Investments, LLC (the “Adviser”), the Fund’s investment adviser. The investment universe for the Fund is all Pre-Combination SPACs and their rights and warrants. Such SPACs may be formed, operated and listed in the U.S. or outside of the U.S. The Sub-Adviser applies quantitative and qualitative analyses, including fundamental and technical analyses, to assess the relative risk/reward potential of the SPACs, in the investment universe and select those SPACs with the greatest risk/reward potential for investment by the Fund. The Sub-Adviser also evaluates the sponsors of the SPACs as they are crucial to the success of a SPAC acquisition. SPAC sponsors are evaluated based on the team’s strategy, experience, deal flow, and demonstrated track record in building enterprise value, which is a measure of the value of an operating business determined by calculating the company’s market cap plus total debt minus cash and cash equivalents. If management has any history of growing operating businesses, the Sub-Adviser takes into account their history. Additionally, the Sub-Adviser evaluates a SPAC’s market value relative to the value of the Fund’s share of the SPAC to realize additional value for shareholders. Weightings in the Fund are determined by the Sub-Adviser based on its evaluation of the opportunities in the market. The Fund participates in IPOs of SPACs, secondary market transactions, private placement in public equities and investments in vehicles formed by SPAC sponsors to hold founder shares, which are private rights and other interests issued by a SPAC. In seeking to achieve the Fund’s investment objective, the Sub-Adviser monitors the Fund’s portfolio and adjust positions based on changes in expectations of the investments or the availability of better alternatives. The Fund generally will not hold a SPAC’s common stock past the date on which it no longer has the ability to redeem the stock for its share of the underlying collateral held in trust. Instead, prior to the completion of a Combination, the Sub-Adviser sells the SPAC’s shares if they are trading at a premium relative to the trust collateral or tender out of the shares using the Fund’s redemption rights. Warrants acquired during the SPAC lifecycle may be held by the Fund for as long as the Sub-Adviser believes they offer appropriate value for the Fund and its shareholders, even after a Combination has been completed. In addition, to the extent permitted by the Investment Company Act of 1940 (the “1940 Act”), the Fund may use swaps to seek to leverage the returns of the Fund’s portfolio. The use of leverage could magnify the Fund’s gains or losses. Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, are invested in Pre-Merger SPACs (along with the warrants or rights issued in connection with the IPOs of SPACs). The SPACs in which the Fund invests are generally small or mid-capitalization companies. Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, are invested in Pre-Merger SPACs (along with the warrants or rights issued in connection with the IPOs of SPACs). As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssociatedRisksOfPreCombinationSPACsMember_zOGyJWczB98g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Associated Risks of Pre-Combination SPACs. The Fund invests in equity securities, warrants and rights of SPACs, which raise funds to seek potential Combination opportunities. Unless and until a Combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Because SPACs have no operating history or ongoing business other than seeking Combinations, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable Combination. There is no guarantee that the SPACs in which the Fund invests will complete a Combination or that any Combination that is completed will be profitable. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial Combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a Combination even though a majority of its public stockholders do not support such a Combination. Some SPACs may pursue Combinations only within certain industries or regions, which may increase the volatility of their prices. In addition, the Fund may invest in vehicles formed by SPAC sponsors to hold founder shares, which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO. In addition, the Fund may invest in vehicles formed by SPAC sponsors to hold founder shares, which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--BorrowingAndLeverageRiskMember_zTRE2y7eFyib"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Borrowing and Leverage Risk. Borrowing magnifies the potential for gain or loss by the Fund and, therefore, increases the possibility of fluctuation in the Fund’s NAV. This is the speculative factor known as leverage. Because the Fund’s investments will fluctuate in value, while the interest on borrowed amounts may be fixed, the Fund’s NAV may tend to increase more as the value of its investments increases, or to decrease more as the value of its investments decreases, during times of borrowing. Unless profits on investments acquired with borrowed funds exceed the costs of borrowing, the use of borrowing will cause the Fund’s investment performance to decrease. Borrowing also may cause the Fund to liquidate positions under adverse market conditions to satisfy its repayment obligations. Borrowing increases the risk of loss and may increase the volatility of the Fund.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zE2WXpJBDx1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Counterparty Risk. Counterparty risk is the risk that a counterparty to Fund transactions (e.g., prime brokerage or securities lending arrangement or derivatives transaction) will be unable or unwilling to perform its contractual obligation to the Fund. The Fund may use swap agreements to gain exposure to a particular group of securities, index, asset class or other reference asset without actually purchasing those securities or investments, to hedge a position, or for other investment purposes. Through these investments and related arrangements (e.g., prime brokerage or securities lending arrangements or derivatives transactions), the Fund is exposed to credit risks that the counterparty may be unwilling or unable to make timely payments or otherwise to meet its contractual obligations. If the counterparty becomes bankrupt or defaults on (or otherwise becomes unable or unwilling to perform) its payment or other obligations to the Fund, the Fund may not receive the full amount that it is entitled to receive or may experience delays in recovering the collateral or other assets held by, or on behalf of, the counterparty. If this occurs, the value of your shares in the Fund will decrease.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zKdKTcnAwhTg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Derivatives Risk. Derivatives are financial instruments that have a value which depends upon, or is derived from, a reference asset, such as one or more underlying securities, pools of securities, indexes, rates or currencies. Derivatives may result in investment exposures that are greater than their cost would suggest; in other words, a small investment in a derivative may have a large impact on Fund performance. The successful use of derivatives generally depends on the ability to predict market movements. The use of these instruments requires special skills and knowledge of investment techniques that are different than those normally required for purchasing and selling securities. If the Sub-Adviser uses a derivative instrument at the wrong time or judges market conditions incorrectly, or if the derivative instrument does not perform as expected, these strategies may significantly reduce the Fund’s return. The Fund could also experience losses if it is unable to close out a position because the market for an instrument or position is or becomes illiquid.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementsRiskMember_zf6OnjlmfD41"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Swap Agreements Risk. Swap agreements are contracts among the Fund and a counterparty to exchange the return of the pre-determined underlying investment (such as the rate of return of the underlying index). Swap agreements may be negotiated bilaterally and traded OTC between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and/or cleared through a clearinghouse that serves as a central counterparty. Risks associated with the use of swap agreements are different from those associated with ordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties posting higher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zUKmqJBKxwIj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stock, warrants, and rights are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRisksMember_zxiq5VpLHnB9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">ETF Risks. The Fund is an ETF and, as a result of its structure, it is exposed to the following risks:</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zG0k79rqRU35"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Authorized Participants (“APs”), 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesRiskMember_zaMvdDEgGZKa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Costs of Buying or Selling Shares Risk. 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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVRiskMember_zNeuCTaOpEVh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Shares May Trade at Prices Other Than NAV Risk. 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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingRiskMember_zeNxOsXlCqh1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Trading Risk. Although Shares are listed for trading on the 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 the Shares.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zO8TFE2Yrcbh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IlliquidityRiskMember_z47p0XFLxoDf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Illiquidity Risk. Illiquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Fund from selling these illiquid investments at an advantageous price or at the time desired. A lack of liquidity may also cause the value of investments to decline. Illiquid investments may also be difficult to value.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zRjc6m9dQkC2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Management Risk. The Sub-Adviser continuously evaluates the Fund’s holdings, purchases and sales with a view to achieving the Fund’s investment objective. However, achievement of the stated investment objective cannot be guaranteed. The Sub-Adviser’s judgment about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these factors may affect the return on your investment.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zUHwzqsoB4Wj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Market Capitalization Risk.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zzkbmYva84s4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Mid-Capitalization Investing Risk. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zGKiojhLEsEa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Small-Capitalization Investing Risk. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zKQubcqbvOn5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Market Risk. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund’s NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia’s invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RightsAndWarrantsRiskMember_zu0vMyrqRAjc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Rights and Warrants Risk. The Fund may purchase rights and warrants to purchase equity securities. Investments in rights and warrants are pure speculation in that they have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. They do not represent ownership of the securities, but only the right to buy them. Rights and warrants involve the risk that the Fund could lose the purchase value of the right or warrant if the right or warrant is not exercised or sold prior to its expiration.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PostCombinationSPACWarrantsMember_zgEhW4QlBdDg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify">Post-Combination SPAC Warrants. Although the Fund generally will not hold the common stock of a Post-Combination SPAC, the Fund may hold warrants to buy the stock of companies that are derived from a SPAC. Post-Combination SPACs may be unseasoned and lack a trading history, a track record of reporting to investors, and widely available research coverage. Post-Combination SPACs are thus often subject to extreme price volatility and speculative trading. The stocks underlying the warrants may have above average price appreciation that may not continue and the performance of these stocks may not replicate the performance exhibited in the past, which could adversely affect the value of the warrants the Fund holds.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TransactionsInCashRiskMember_zb9RCy4akEd2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.5in">●</td><td style="text-align: justify">Transactions in Cash Risk. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments at an inopportune time to obtain the cash needed to pay redemption proceeds. This may cause the Fund to incur certain costs, such as brokerage costs, and to recognize gains or losses that it might not have incurred if it had paid redemption proceeds in kind. As a result, the Fund may pay out higher or lower annual capital gains distributions than an ETF that redeems in kind. In addition, the costs imposed on the Fund will decrease the Fund’s NAV unless such costs are offset by a transaction fee payable by an AP.</td></tr></table> Performance The Fund acquired all of the assets and liabilities of the RiverNorth Enhanced Pre-Merger SPAC ETF, a series of Listed Funds Trust (the “Predecessor Fund”), in a tax-free reorganization on June 13, 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 performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Fund’s performance can change from year to year and over time. The bar chart below 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 ICE BofA Broad U.S. Market Index, a broad measure of market performance intended to represent the overall U.S. equity market, and the ICE BofA 0-3 Year U.S. Treasury Index, which provides a measure of the short term US treasury market. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at www.true-shares.com. The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Fund’s performance can change from year to year and over time. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. www.true-shares.com <div id="xdx_A8C_eoef--BarChartTableTextBlock_zL9Sh8Czwpe4"></div> <img alt="" src="trueshare_016.jpg" style="height: 185px; width: 350px"/> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zHayvUmXFJ14" style="font: 10pt Times New Roman, Times, Serif; display: none; visibility: hidden; border-collapse: collapse; width: 50%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th>2023</th> <th id="xdx_98B_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000260041Member_zW7C2EFL7Fvi">5.71%</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th>2024</th> <th id="xdx_98E_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000260041Member_ziNf2pT5FKoe">5.51%</th></tr> <tr style="vertical-align: bottom; text-align: center"> <th>2025</th> <th id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000260041Member_ziNf2pT5FKof">10.18%</th></tr> </table> 0.0571 0.0551 0.1018 During the period of time shown in the bar chart, the highest quarterly return was 4.49% for the quarter ended June 30, 2025, and the lowest quarterly return was 0.16% for the quarter ended December 31, 2023. highest quarterly return 0.0449 2025-06-30 lowest quarterly return 0.0016 2023-12-31 <div id="xdx_A85_eoef--PerformanceTableTextBlock_znQh686OV5Y6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zba84TmJnMxb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">Average Annual Total Returns  (for the Periods Ended December 31, 2025) </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="text-align: justify">RiverNorth Enhanced Pre-Merger SPAC ETF</td> <td id="xdx_49E_20250101__20251231_zoGy9bqEBs48" style="text-align: center">One Year</td> <td id="xdx_496_20220711__20251231_zIU2CAWXgPjg" style="text-align: center">Since Inception (7/11/2022)</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260041Member_zsw4sH769omi" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="text-align: justify">Return Before Taxes</td> <td style="text-align: center">10.18%</td> <td style="text-align: center">6.72%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260041Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z0TdFbWAFOTi" style="vertical-align: bottom; background-color: white"> <td style="text-align: justify">Return After Taxes on Distributions</td> <td style="text-align: center">5.75%</td> <td style="text-align: center">4.40%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000260041Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zvstfenfqLX9" style="vertical-align: bottom; background-color: #DBDBDB"> <td style="border-bottom: black 1pt solid; text-align: justify">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: black 1pt solid; text-align: center">6.44%</td> <td style="border-bottom: black 1pt solid; text-align: center">4.28%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofaBroadUSMarketIndexMember_zfncEPfis7fi" style="background-color: white"> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 72%">ICE BofA Broad U.S. Market Index</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 13%; text-align: center">7.15%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; width: 15%; text-align: center">3.05%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofa0To3YearUSTreasuryIndexMember_zz31WsjhAHZf" style="background-color: white"> <td style="border-bottom: black 1pt solid; vertical-align: bottom">ICE BofA 0-3 Year U.S. Treasury Index (reflects no deductions for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">4.86%</td> <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: center">3.94%</td></tr> </table> Average Annual Total Returns (for the Periods Ended December 31, 2025) 2022-07-11 0.1018 0.0672 0.0575 0.0440 0.0644 0.0428 0.0715 0.0305 (reflects no deductions for fees, expenses, or taxes) 0.0486 0.0394 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period 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. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. 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. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends. Unlike the S&P 500 Total Return Index, the S&P 500 Price Index excludes dividends. The returns of the S&P 500 Price Index are lower than the S&P 500 Total Return Index due to such exclusion of dividends.