FLDZ

TrueShares Patriot Defense ETF

HONOR THEIR SACRIFICE / INVEST IN THEIR LEGACIES / MAKE AN IMPACT

As of 12/31/2025, $90,000 has been donated to the Folds of Honor Foundation.

The TrueShares Patriot Defense ETF seeks capital growth through investing in defense companies included in the Global Industry ClassificationStandard of Aerospace & Defense. FLDZ invests at least 80% of its assets in defense companies, including the manufacturers of civil or military aerospace and defense equipment parts or products, such as defense electronics and space equipment. The entirety of FLDZ’s management fee, less fund operating expenses, is used to support the mission of the Folds of Honor Foundation.

Invest

As Of

Jul 10, 2026

MM/DD/YYYY

Inception Date

Dec 30, 2021

MM/DD/YYYY

NAV

30.50

XX.XX

(Change:

-0.40

X.XX

-1.29

X.XX

)

Market Price

30.51

XX.XX

(Change:

-0.41

X.XX

-1.33

X.XX

)

Net Assets

3965477

—

YTD Return

5.57

—

Expense Ratio

0.40

—

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

Launch Press Release

Part F Schedule of Investments – 03/31/2026

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

Jul 10, 2026

MM/DD/YYYY

Net Assets

3965477.16

—

Shares Outstanding

130000

XXX,XXX

30 Day Median Bid/Ask Spread

0.29

X.XX

Expense Ratio

0.40

X.XX

Number of Holdings

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.

Autocallables

As of:

Jul 10, 2026

MM/DD/YYYY

Principal Barrier

Autocall Trigger

Current Position

Coupon Rate

Coupon Threshold

Coupon Threshold Distance to Breach

Principal Barrier

Principal Barrier Distance to Breach

Weighted Average

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—

Max

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—

Min

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—

Performance

As of:

Jul 10, 2026

MM/DD/YYYY

As of:

Jun 30, 2026

MM/DD/YYYY

1 month

3 months

6 months

YTD

1 year

Since Inception

NAV

This is some text inside of a div block.

3.06

—

8.09

—

8.27

—

8.27

—

9.80

—

32.24

—

Market Price

This is some text inside of a div block.

3.10

—

8.09

—

8.20

—

8.20

—

9.82

—

32.24

—

S&P 500 Total Return Index

[Index]

-0.95

—

15.20

—

10.21

—

10.21

—

22.32

—

67.96

—

As of:

Jun 30, 2026

MM/DD/YYYY

1 month

3 months

6 months

YTD

1 year

Since Inception

NAV

3.06

—

8.09

—

8.27

—

8.27

—

9.80

—

32.24

—

Market Price

3.10

—

8.09

—

8.20

—

8.20

—

9.82

—

32.24

—

S&P 500 Total Return Index

[Index]

-0.95

—

15.20

—

10.21

—

10.21

—

22.32

—

67.96

—

As of:

Jun 30, 2026

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.

9.80

—

12.91

—

6.41

—

Market Price

This is some text inside of a div block.

9.82

—

12.89

—

6.41

—

S&P 500 Total Return Index

[Index]

22.32

—

20.61

—

12.23

—

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.

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.

The Fund changed its name from River North Patriot ETF (FLDZ) to TrueShares Patriot Defense ETF (FLDZ) on July 9, 2026. The fund will continue to trade under Ticker (FLDZ). Effective July 9, 2026, the Fund changed its principal investment strategy. Accordingly, the Fund's performance prior toJuly 9, 2026 was achieved under investment policies and strategies that differ from those currently in effect. Please review the fund’s prospectus to view the current Investment strategy. Effective 05/15/2026, Joe Bailey is no longer the portfolio manager of FLDZ. Effective 07/09/2026, Patrick Galley is no longer the portfolio manager of FLDZ. Andy Lyons and Ben Reidy are now Portfolio Managers.

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

Jul 10, 2026

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:

Jul 13, 2026

MM/DD/YYYY

Download Holdings CSV

Ticker

Security Description

CUSIP / ISIN

% of Funds

Shares / Contracts

Market Value

HII

Huntington Ingalls Industries

446413106

1.77

246

70378

FTAI

FTAI Aviation Ltd

G3730V105

1.74

304

69114

BETA

Beta Technologies Inc

086921103

1.73

3864

68431

RYCEY

Rolls-Royce Holdings PLC

775781206

1.67

3435

66364

BWXT

BWX Technologies Inc

05605H100

1.67

355

66030

ATRO

Astronics Corp

046433108

1.67

916

66410

NOC

Northrop Grumman Corp

666807102

1.66

122

65835

MTUAY

MTU Aero Engines AG

62473G102

1.66

317

65695

ATI

ATI Inc

01741R102

1.66

351

65651

AIR

AAR Corp

000361105

1.66

484

65664

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

19a-1 Notice

Paid

Dec 24, 2025

Dec 26, 2025

0.445

X.XXX

Ordinary Income

Dec 24, 2025

Dec 26, 2025

X.XXX

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

—

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

Premium/Discount

As of:

Jul 10, 2026

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

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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.