FLDZ

RiverNorth Patriot ETF

HONOR THEIR SACRIFICE / INVEST IN THEIR LEGACIES / MAKE AN IMPACTAs of 12/31/2024, $75,000 has been donated to the Folds of Honor Foundation.The RiverNorth Patriot ETF seeks capital growth through investing in mid to large cap companies that are domiciled in, listed in, and whose revenues are primarily generated in the United States of America. It is generally blended into the core equity sleeve of a portfolio. 100% of the Advisory profits from managing the Fund, including a majority of fees from the first dollar invested, are donated to the Folds of Honor Foundation, a charity focused on providing educational scholarships to the families of veterans and first responders who have been disabled or killed in action. FLDZ is designed to provide an alternative approach to charitable giving. Since 2007, Folds of Honor has a cumulative average ratio of over 91% of every dollar raised going to their scholarship program and has awarded over 52,000 educational scholarships.

Invest

As Of

Dec 18, 2025

MM/DD/YYYY

Inception Date

Dec 30, 2021

MM/DD/YYYY

NAV

29.57

XX.XX

(Change:

0.06

X.XX

0.2

X.XX

)

Market Price

29.57

XX.XX

(Change:

-0.01

X.XX

-0.03

X.XX

)

Net Assets

3843677.04

—

YTD Return

5.00

XX.XX

Expense Ratio

0.7

X.XX

Fund Details

Listing Information

Inception Date

Dec 30, 2021

Primary Exchange

Cboe BZX

Ticker

FLDZ

CUSIP

210322715

IOPV

N/A

NAV Symbol

FLDZ.NV

Fund Documents

Prospectus

Fact Sheet

Annual Financial Statements & Additional Information

Annual Shareholder Report

Investment Case

Launch Press Release

Part F Schedule of Investments – 03/31/2023

Part F Schedule of Investments – 03/31/2024

Part F Schedule of Investments – 03/31/2025

Part F Schedule of Investments – 09/30/2022

Part F Schedule of Investments – 09/30/2023

Part F Schedule of Investments – 09/30/2024

Part F Schedule of Investments – 09/30/2025

Proxy Statement – April 14, 2025

SAI

Semi-annual Financial Statements & Additional Information

Semi-annual Shareholder Report

Summary Prospectus

Supplement 03/2025

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Details

As Of

Dec 18, 2025

MM/DD/YYYY

Net Assets

3843677.04

—

Shares Outstanding

130000

XXX,XXX

30 Day Median Bid/Ask Spread

0.37

X.XX

Expense Ratio

0.70

X.XX

Number of Holdings

337

Reset Frequency

Annual

^*The unitary management fee for ERNZ is 0.75%, which represents the direct expenses charged by the Fund. The 3.25% expense ratio shown in the most recent prospectus includes Acquired Fund Fees and Expenses (AFFE), which were materially higher at that time. Based on the latest semi-annual report, AFFE have been reduced and are expected to be significantly lower going forward.

Performance

As of:

Dec 18, 2025

MM/DD/YYYY

As of:

Oct 31, 2025

MM/DD/YYYY

1 month

3 months

6 months

YTD

1 year

Since Inception

NAV

This is some text inside of a div block.

-2.72

X.XX

0.03

X.XX

6.91

X.XX

5.00

X.XX

5.48

X.XX

20.43

X.XX

Market Price

This is some text inside of a div block.

-2.71

X.XX

0.07

X.XX

6.90

X.XX

5.08

X.XX

5.36

X.XX

20.45

X.XX

S&P 500 Total Return Index

[Index]

2.34

X.XX

8.23

X.XX

23.60

X.XX

17.52

X.XX

21.45

X.XX

51.94

X.XX

As of:

MM/DD/YYYY

1 month

3 months

6 months

YTD

1 year

Since Inception

NAV

X.XX

Market Price

X.XX

S&P 500 Total Return Index

[Index]

X.XX

As of:

Oct 31, 2025

MM/DD/YYYY

1 Year

3 Years

5 Years

10 Years

15 Years

Since Inception

NAV

This is some text inside of a div block.

5.48

X.XX

10.28

X.XX

4.97

X.XX

Market Price

This is some text inside of a div block.

5.36

X.XX

10.28

X.XX

4.97

X.XX

S&P 500 Total Return Index

[Index]

21.45

X.XX

22.68

X.XX

11.53

X.XX

Performance Disclosure

Expense ratio: 0.70%

Short-term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.

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 for more information. 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 and here.

Fund Details

Outcome Period Values

As Of

MM/DD/YYYY

ETF Starting NAV/Period Return

XX.XX

X.XX

SPX Index Reference PRice

X,XXX.XX

Downside Buffer

Expected Upside Participation

–

Days Remaining

days

day

Current Outcome Period Values

As Of

Dec 18, 2025

MM/DD/YYYY

ETF Current NAV/Period Return

XX.XX

X.XX

SPX Period Return

XX.XX

Remaining Buffer

Downside Before Buffer

X.XX

Remaining Outcome Period

days

Top 10 Holdings

As of:

Dec 19, 2025

MM/DD/YYYY

Download Holdings CSV

Ticker

Security Description

CUSIP / ISIN

% of Funds

Shares / Contracts

Market Value

SALXX

STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS

857492656

0.56

20891

CVNA

Carvana Co

146869102

0.48

18164

UNH

UnitedHealth Group Inc

91324P102

0.47

17720

HCA

HCA Healthcare Inc

40412C101

0.47

17729

Waste Management Inc

94106L109

0.45

16811

RSG

Republic Services Inc

760759100

0.44

16436

LOW

Lowe's Cos Inc

548661107

0.44

16349

EME

EMCOR Group Inc

29084Q100

0.44

16547

ROST

Ross Stores Inc

778296103

0.44

16431

MLM

Martin Marietta Materials Inc

573284106

0.43

16312

Fund holdings and allocations are subject to change and should not be considered recommendations to buy or sell any security.

Distributions

Ex-Date

Record Date

Payable Date

Amount

Rate Type

Paid

Dec 27, 2024

Dec 30, 2024

0.322

X.XXX

Ordinary Income

Dec 27, 2023

Dec 28, 2023

Dec 29, 2023

0.334

X.XXX

Ordinary Income

Dec 29, 2022

Dec 30, 2022

Jan 3, 2023

0.329

X.XXX

Ordinary Income

Upcoming

Dec 24, 2025

Dec 26, 2025

X.XXX

Fund holdings and allocations are subject to change and should not be considered recommendations to buy or sell any security.

Premium/Discount

As of:

Dec 18, 2025

MM/DD/YYYY

The table and line graph above 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.

The performance data quoted represents past performance. Past performance does not guarantee future results.

Supplemental Discussion

TrueShares (“Advisor”) will provide a discussion in the event the ETF’s premium or discount has been greater than 2% for seven consecutive trading days.

subadvisor

RiverNorth Capital Management

RiverNorth is an investment management firm founded in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts.

While we believe the broad markets are fairly efficient, we also believe there are certain markets and types of securities that are inefficient. We typically favor under-followed, specialty asset classes and markets where the potential to exploit inefficiencies is greatest. We focus on risk control rather than speculative market timing. We believe it is more prudent and more consistent to protect rather than predict. We avoid macro-forecasting as it is difficult and does not consistently align with capital markets.

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FLDZ

may fit into your portfolio and whether they align with your investment goals.

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Disclosures

The 30-Day Yield represents net investment income earned by the Fund over a 30-Day period, expressed as an annual percentage rate based on the Fund's share price at the end of the 30-Day period.

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.

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 is distributed by Paralel Distributors LLC, Member FINRA. Paralel is not affiliated with TrueMark Investments and RiverNorth Capital Management.

An investment in TrueShares is subject to numerous risks, including possible loss of principal. The ETFs are subject to the following principal risks: Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk associated with ETFs; Equity Market Risk; Management Risk; Market Capitalization Risk (Large Cap; Mid Cap, Small Cap Stock); Market Risk; New Fund Risk: The Fund is a recently organized, non-diversified management investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. Additionally, the Adviser has not previously managed a registered fund, which may increase the risks of investing in the Fund.
Individual investors should contact their financial advisor or broker dealer representative for more information on TrueShares ETFs.

Investment Products and Services are: NOT FDIC INSURED / MAY LOSE VALUE / NO BANK GUARANTEE.

All registered investment companies, including TrueShares, are obliged to distribute portfolio gains to shareholders at year-end regardless of performance. Trading in TrueShares ETFs will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer.

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 will reduce returns.

ETF shares may be bought or sold throughout the day at their market price, not their NAV, on the exchange on which they are listed. Shares of ETFs are tradable on secondary markets and may trade either at a premium or a discount to their NAV on the secondary market.

ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETF's NAV. Brokerage commissions and ETF expenses will reduce returns.

TrueShares ETFs ) are registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940.

TrueMark Investments, LLC is the investment advisor to the Funds and receives a fee from the Funds for its services.

TrueShares ETFs are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this website should be considered a solicitation to buy nor an offer to sell shares of any fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

30-Day Median Bid-Ask Spread: Gives investors the midpoint within the spread between an ETF’s selling price and buying price. It is calculated over the last 30 days in 10 second intervals by dividing the difference between the bid (sell price) and offer (buy price) by the midpoint of the National Best Bid Offer (NBBO) and identifying the median of those values.