TRUESHARES

TRUESHARES

QBER

TrueShares Quarterly Bear Hedge ETF

Why Invest in QBER

TRUEOUTCOME

The TrueShares Quarterly Bear Hedge ETF is an actively managed fund that aims to provide substantial protection of principal while maintaining the potential to create positive returns in the event of a decline in U.S. equity markets over rolling three-month periods. By combining an investment of substantially all its assets in a portfolio of short-term income-generating debt securities with a modest investment in put options on securities or indexes that are representative of U.S. large capitalization companies, the Fund’s portfolio is expertly positioned to pursue its investment objective. Designed to benefit from meaningful declines in the domestic large cap equity market, the Fund’s investment strategy aims to mitigate equity market risk by limiting it to the purchase price of the put options in the event that they expire worthless. If, however, the value of the large cap equity market falls below the put option’s strike price, the option finishes “in-the-money” and may generate a positive total return.

Why Invest in QBER

TRUEOUTCOME

The TrueShares Quarterly Bear Hedge ETF is an actively managed fund that aims to provide substantial protection of principal while maintaining the potential to create positive returns in the event of a decline in U.S. equity markets over rolling three-month periods. By combining an investment of substantially all its assets in a portfolio of short-term income-generating debt securities with a modest investment in put options on securities or indexes that are representative of U.S. large capitalization companies, the Fund’s portfolio is expertly positioned to pursue its investment objective. Designed to benefit from meaningful declines in the domestic large cap equity market, the Fund’s investment strategy aims to mitigate equity market risk by limiting it to the purchase price of the put options in the event that they expire worthless. If, however, the value of the large cap equity market falls below the put option’s strike price, the option finishes “in-the-money” and may generate a positive total return.

FUND SUMMARY

About the QBER ETF

Fund Details

Data as of 4/30/2025

Inception Date

June 28, 2024

CUSIP

210322509

Primary Exchange

Cboe BZX

Ticker

QBER

Fund Listing

07/01/2024

IOPV Symbol

N/A

NAV Symbol

QBER.NV

Expense Ratio

0.79%

30 Day SEC Yield

3.26

Fund Data & Pricing

Data as of 7/2/2025
Net Assets as of 7/2/2025
$145.10M

NAV

$24.68

Shares Outstanding

5,880,000

Premium/Discount Percentage

0.08%

Closing Price

$24.70

30 Day Median Bid/Ask Spread

0.32%

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.

FUND SUMMARY

About the QBER ETF

Fund Details

Data as of 4/30/2025

Inception Date

June 28, 2024

Fund Listing

07/01/2024

Primary Exchange

Cboe BZX

Ticker

QBER

CUSIP

210322509

IOPV Symbol

N/A

NAV Symbol

QBER.NV

Expense Ratio

0.79%

30 Day SEC Yield

3.26

Fund Materials

Fact Sheet
Fact Sheet
Investment Case
Prospectus
SAI
Summary Prospectus
Launch Press Release
Semi Annual Report
Annual Report
Part F Schedule of Investments 07/31/2024
Semi-Annual Financial Statements & Additional Information
Annual Financial Statements & Additional Information
Part F Schedule of Investments 01/31/2025

Fund Materials

Fact Sheet
Investment Case
Prospectus
SAI
Summary Prospectus
Launch Press Release
Semi Annual Report
Annual Report
Part F Schedule of Investments 07/31/2024
Semi-Annual Financial Statements & Additional Information
Annual Financial Statements & Additional Information
Part F Schedule of Investments 01/31/2025

Fund Data & Pricing

Data as of 7/2/2025
Net Assets as of 7/2/2025
$145.10M

NAV

$24.68

Shares Outstanding

5,880,000

Premium/Discount Percentage

0.08%

Closing Price

$24.70

30 Day Median Bid/Ask Spread

0.32%

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.

Historical NAV Change

Data as of 07/02/2025

Use the slider below to adjust the time period shown in the graph below.

Fund Materials

Fact Sheet
Investment Case
Prospectus
SAI
Summary Prospectus
Launch Press Release
Semi Annual Report
Annual Report
Part F Schedule of Investments 07/31/2024
Semi-Annual Financial Statements & Additional Information
Annual Financial Statements & Additional Information
Part F Schedule of Investments 01/31/2025

Fund Data & Pricing

Data as of 7/2/2025
Net Assets as of 7/2/2025
$145.10M

NAV

$24.68

Shares Outstanding

5,880,000

Premium/Discount Percentage

0.08%

Closing Price

$24.70

30 Day Median Bid/Ask Spread

0.32%

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.

Outcome Period Values

ETF Starting NAV/Period Return

SPX Index Reference Price

Downside Buffer

Expected Upside Participation

Days Remaining

ETF Starting NAV/Period Return

SPX Index Reference Price

Downside Buffer

Expected Upside Participation

Days Remaining

/0.0%

ETF Starting NAV/Period Return SPX Index Reference Price Downside Buffer Expected Upside Participation Days Remaining
29.24 4796 10 70-72% 362

Outcome Period Values

ETF Starting NAV/Period Return

/0.0%

SP Index Reference Price

Downside Buffer

Expected Upside Participation

Days Remaining

Current Outcome Period Values

Data as of 07/02/2025

ETF Current NAV/Period Return

24.68/

SPX Period Return

Remaining Buffer

Downside Before Buffer

Remaining Outcome Period

Current Outcome Period Values

Data as of 07/02/2025
ETF Current NAV/Period Return SPX Period Return Remaining Buffer Downside Before Buffer Remaining Outcome Period
29.24 4796 10 70-72% 362

ETF Current NAV/Period Return

SPX Period Return

Remaining Buffer

Downside Before Buffer

Remaining Outcome Period

$24.68

Performance

Data as of 6/30/2025

3 Month

6 Month

1 Year

5 Year

Since Inception

Market Price

-0.22
0.0
0.12
0.12

Fund NAV

-0.2
-0.04
0.06
0.06
S&P 500 Total Return Index
10.94
6.2
15.16
15.08

3 Month

6 Month

1 Year

5 Year

Since Inception

Market Price

-0.22
0.0
0.12
0.12

Fund NAV

-0.2
-0.04
0.06
0.06
S&P 500 Total Return Index
10.94
6.2
15.16
15.08

Performance data quoted on this website represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed or sold in the secondary market, may be worth more or less than the original cost. Investors will incur usual and customary brokerage commissions when buying or selling shares of the exchange-traded funds in the secondary market, and that, if reflected, the brokerage commissions would reduce the performance returns. Current performance may be lower or higher than the performance shown. Shares are bought and sold at market price not net asset value and are not individually redeemable from the fund. Call 877-774-TRUE (8783) for performance data current to the most recent month end. Click here to view or download the factsheet for quarter-end standardized performance.

Index performance does not represent TrueShares fund performance. It is not possible to invest directly in an index. All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. Market price performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. NAV price performance is determined using the daily calculated NAV. They do not represent the returns you would receive if you traded shares at other times. Performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon redemption or sale of fund shares.


To view our proxy voting records, click here.

Performance

Data as of 6/30/2025
3 Month 6 Month 1 year 5 Year Since Inception
Market Price 8.18 8.31 21.66 21.66
Fund NAV 8.27 8.12 21.66 21.65
S&P 500 10.65 10.91 26.89 26.89

3 Month

6 Month

1 Year

5 Year

Since Inception

3 Month

6 Month

1 Year

5 Year

Since Inception

Market Price

-0.22
0.0
0.12
0.12

Fund NAV

-0.2
-0.04
0.06
0.06
S&P 500 Total Return Index
10.94
6.2
15.16
15.08

Performance data quoted on this website represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed or sold in the secondary market, may be worth more or less than the original cost. Investors will incur usual and customary brokerage commissions when buying or selling shares of the exchange-traded funds in the secondary market, and that, if reflected, the brokerage commissions would reduce the performance returns. Current performance may be lower or higher than the performance shown. Shares are bought and sold at market price not net asset value and are not individually redeemable from the fund. Call 877-774-TRUE (8783) for performance data current to the most recent month end. Click here to view or download the factsheet for quarter-end standardized performance.

Index performance does not represent TrueShares fund performance. It is not possible to invest directly in an index. All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. Market price performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. NAV price performance is determined using the daily calculated NAV. They do not represent the returns you would receive if you traded shares at other times. Performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon redemption or sale of fund shares.


To view our proxy voting records, click here.

Distribution Detail

Ex-Date Record Date Payable Date Amount Rate Type
PREMIUM DISCOUNT INFORMATION

PREVIOUS

1/1

NEXT

DOWNLOAD PREMIUM DISCOUNT INFORMATION

Top 10 Holdings

Data as of 7/3/2025
% of Net Assets 33.35
Name TREASURY BILL B 07/17/25
Ticker 912797PE1
CUSIP 912797PE1
Shares Held 48,495,000
Market Value 48.42M
% of Net Assets 33.24
Name TREASURY BILL B 08/14/25
Ticker 912797PN1
CUSIP 912797PN1
Shares Held 48,495,000
Market Value 48.25M
% of Net Assets 33.11
Name TREASURY BILL B 09/18/25
Ticker 912797PX9
CUSIP 912797PX9
Shares Held 48,495,000
Market Value 48.06M
% of Net Assets 0.08
Name STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS
Ticker SALXX
CUSIP 857492656
Shares Held 123,026
Market Value 123,025.65
% of Net Assets 0.08
Name SPY 09/19/25 P579.42 Euro Cash Flex
Ticker 4SPY 250919P00579420
CUSIP YP9190579
Shares Held 177
Market Value 114,003.93
% of Net Assets 0.08
Name SPY 09/19/25 P564.57 Euro Cash Flex
Ticker 4SPY 250919P00564570
CUSIP YP9190564
Shares Held 229
Market Value 110,529.14
% of Net Assets 0.03
Name SPY 08/15/25 P579.35 Euro Cash Flex
Ticker 4SPY 250815P00579350
CUSIP YP8150579
Shares Held 152
Market Value 45,970.88
% of Net Assets 0.03
Name SPY 08/15/25 P564.49 Euro Cash Flex
Ticker 4SPY 250815P00564490
CUSIP YP8150564
Shares Held 203
Market Value 40,553.31
% of Net Assets 0
Name SPY 07/18/25 P513.25 Euro Cash Flex
Ticker 4SPY 250718P00513250
CUSIP YP7180513
Shares Held 191
Market Value 1,999.77
% of Net Assets 0
Name SPY 07/18/25 P500.09 Euro Cash Flex
Ticker 4SPY 250718P00500090
CUSIP YP7180500
Shares Held 243
Market Value 1,997.46
DOWNLOAD FULL HOLDINGS

Top 10 Holdings

Data as of 7/3/2025
% of Net Assets Name Ticker CUSIP Shares Held Market Value
33.35 TREASURY BILL B 07/17/25 912797PE1 912797PE1 48,495,000 48.42M
33.24 TREASURY BILL B 08/14/25 912797PN1 912797PN1 48,495,000 48.25M
33.11 TREASURY BILL B 09/18/25 912797PX9 912797PX9 48,495,000 48.06M
0.08 STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS SALXX 857492656 123,026 123,025.65
0.08 SPY 09/19/25 P579.42 Euro Cash Flex 4SPY 250919P00579420 YP9190579 177 114,003.93
0.08 SPY 09/19/25 P564.57 Euro Cash Flex 4SPY 250919P00564570 YP9190564 229 110,529.14
0.03 SPY 08/15/25 P579.35 Euro Cash Flex 4SPY 250815P00579350 YP8150579 152 45,970.88
0.03 SPY 08/15/25 P564.49 Euro Cash Flex 4SPY 250815P00564490 YP8150564 203 40,553.31
0 SPY 07/18/25 P513.25 Euro Cash Flex 4SPY 250718P00513250 YP7180513 191 1,999.77
0 SPY 07/18/25 P500.09 Euro Cash Flex 4SPY 250718P00500090 YP7180500 243 1,997.46
DOWNLOAD FULL HOLDINGS

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        Request a meeting with our investment team

        433 W. Van Buren Street, 1100-D
        Chicago, IL 60607
        Email: info@true-shares.com
        Phone: 877.774.TRUE

        ©2024, TrueShares, ©2024 TrueMark Investments, LLC. (“TrueMark”).

        Before investing, carefully consider the TrueShares ETFs investment objectives, risks, charges, and expenses. Specific information about TrueShares is contained in the prospectus and a summary prospectus, copies of which may be obtained by visiting www.www.true-shares.com. Read the prospectus carefully before you invest.

        The Fund may not achieve its objective and/or you could lose money on your investment in the Fund. The Fund is recently organized with no operating history for prospective investors to base their investment decision which may increase risks. Some of the Fund’s key risks, include but are not limited to the following risks. Please see the Fund’s prospectus for further information on these and other risk considerations.

        ETF Risks. As an ETF, the Fund is exposed to the additional risks, including: (1) concentration risk associated with Authorized Participants, market makers, and liquidity providers; (2) costs risks associated with the frequent buying or selling of Fund shares; (3) market prices may differ than the Fund’s net asset value; and (4) liquidity risk due to a potential lack of trading volume.

        TrueShares ETFs are bought and sold through exchange trading at market price, not Net Asset Value (NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions apply and will reduce returns. Investing involves risk, including the loss of principal.

        The TrueShares Quarterly Bear Hedge ETF is also subject to the following risks:
        Options Risk. Buying and selling (writing) options are speculative activities and entail greater investment risks. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Derivatives Risk. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments. Active Management Risk. The adviser’s judgments about an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund’s performance. The adviser’s tail risk strategy is not designed for upside participation in the markets and will underperform in rising equity markets relative to traditional long-only equity strategies. While the adviser’s strategy is designed to benefit from meaningful declines in the domestic large cap equity market, the Fund will not fully benefit from any given downswing in the market. When the adviser selects out-of-the money put options, the Fund will not participate in equity market declines until they exceed the strike price of the put option. Lower interest rates or higher put option prices will tend to increase the cost of attempting to benefit from meaningful declines in the U.S. large capitalization equity markets. 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 based on various and unpredictable factors including but not limited to 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. Fixed Income Securities Risk. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.

        In-the-money: An option that’s in the money is an option that presents a profit opportunity due to the relationship between the strike price and the prevailing market price of the underlying asset.

        30-Day Median Bid/Ask Spread: reflects the median of the difference between the best bid and offer as of the end of each 10-second interval during each trading day of the last 30 calendar days (or since inception, if shorter).

        30-Day SEC Yield: The 30-day SEC yield is a standardized calculation developed by the U.S. Securities and Exchange Commission (SEC) to compare bond funds. It’s based on the most recent 30-day period of a fund’s filings with the SEC and reflects the interest and dividends earned during that time, after deducting expenses. The yield is annualized and divided by the fund’s net asset value at the end of the period.

        TrueMark Investments, LLC is the investment advisor to the Funds and receives a fee from the Funds for its services. The fund is distributed by Paralel Distributors LLC, Member FINRA. Paralel is not affiliated with TrueMark Investments, LLC.

        NOT FDIC INSURED — NO BANK GUARANTEE — MAY LOSE VALUE

        Premium/Discount

        Days traded at

        Previous Year (2024)

        Q1 Current Year

        Q2 Current Year

        Q3 Current Year

        Q4 Current Year

        Premium

        113
        38
        46
        2
        –

        Discount

        10
        13
        17
        1
        –

        Net Asset Value

        8
        15
        34
        –
        –
        Data as of 07/03/2025
        The following table and line graph are provided to show the frequency at which the closing price of the Fund was at a premium (above) or discount (below) to the Fund’s daily net asset value (“NAV”). The table and line graph represent past performance and cannot be used to predict future results. Shareholders may pay more than NAV when buying Fund shares and receive less than NAV when those shares are sold because shares are bought and sold at current.