SEPZ

TrueShares Structured Outcome (September) ETF

DOWNSIDE RISK MITIGATION / UNCAPPED UPSIDE PARTICIPATION / CLEARER EXPECTATIONSTrueShares Structured Outcome (September) ETF utilizes a "buffer protect" options strategy, that seeks to provide investors with returns (before fees and expenses) correlated to those of the S&P 500 Price Index. As part of this strategy, SEPZ seeks to provide an 8-12% downside buffer (with the advisor targeting 10%) on the first of that index's losses over a 12-month investment period, beginning on a specified date and resetting exactly 12 months later. The strategy is implemented through the purchase and sale of options on the S&P 500 Price Index or an ETF that tracks the S&P 500 Price Index.

Invest

As Of

Dec 18, 2025

MM/DD/YYYY

Inception Date

Aug 31, 2020

MM/DD/YYYY

NAV

42.8

XX.XX

(Change:

0.25

X.XX

0.59

X.XX

)

Market Price

42.76

XX.XX

(Change:

0.24

X.XX

0.56

X.XX

)

Net Assets

111054916

—

YTD Return

12.79

XX.XX

Expense Ratio

0.79

X.XX

Fund Details

Listing Information

Inception Date

Aug 31, 2020

Primary Exchange

Cboe BZX

Ticker

SEPZ

CUSIP

210322798

IOPV

SEPZ.IV

NAV Symbol

SEPZ.NZ

Fund Documents

Scroll for more documents. ⬇

Scroll for more documents. ⬆

Details

As Of

Dec 18, 2025

MM/DD/YYYY

Net Assets

111054916

—

Shares Outstanding

2595000

XXX,XXX

30 Day Median Bid/Ask Spread

0.30

X.XX

Expense Ratio

0.79

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.

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.

2.06

X.XX

6.61

X.XX

17.19

X.XX

12.79

X.XX

15.54

X.XX

86.46

X.XX

Market Price

This is some text inside of a div block.

1.89

X.XX

6.45

X.XX

17.20

X.XX

13.01

X.XX

15.54

X.XX

86.42

X.XX

S&P 500

[Index]

2.34

X.XX

8.23

X.XX

23.60

X.XX

17.52

X.XX

21.45

X.XX

110.98

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

[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.

15.54

X.XX

16.17

X.XX

14.40

X.XX

12.82

X.XX

Market Price

This is some text inside of a div block.

15.54

X.XX

16.33

X.XX

14.54

X.XX

12.81

X.XX

S&P 500

[Index]

21.45

X.XX

22.68

X.XX

17.64

X.XX

15.54

X.XX

Performance Disclosure

Expense ratio: 0.79%

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 ("ETFs") 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 ("NAV") 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. Click here to view or download a full prospectus or click here to view or download a summary prospectus.

Definitions

S&P Downside to Floor of Buffer - How far the S&P 500 would need to fall from its current level before the downside buffer ends. A value of N/A is shown if the S&P 500 Price Index falls below the buffer. Note that this is not a reflection of how much of the buffer has been used, only how far the S&P is away from the lowest level of the buffer. To understand how much buffer remains, look at "Remaining Buffer".

Remaining Buffer - How much of the downside buffer remains given the current price.

Starting NAV - nav at start of the outcome period.

Period Return - Will be 0 as it is always at the start of the period.

SPX Index Reference Price - The S&P 500 Price Index that we will set the structured outcomes on. This is the price that the buffer starts on.

Downside Buffer - The % of downside return of the S&P 500 Price Index from the reference price that is designed to be buffered.

Estimated Upside Market Participation Rate - The estimated upside market participation rate represents the relative exposure of the fund's call options to participate in the potential upside movement of the S&P 500 Price Index. This will be determined by the relative price of call and put options at the start of the investment period (12-month period).

Days Remaining - Amount of time until the option structure expires.

Call options - Give the buyer the right, not obligation, to buy shares of the underlying stock at the stated exercise price from the seller of the call option up until the option expires.

Put options - Give the buyer the right, not obligation, to sell shares of the underlying stock at the stated exercise price to the seller of the put option up until the option expires.

Current outcome period values should be data as of the previous close.

Current Price - Price as of date's close.

Period Return - Return of the ETF from the start of the outcome period to the closing price on the current date.

Remaining Buffer - How much of the downside buffer remains given the current price.

ETF Downside Before Buffer - How much the ETF can lose before the protection buffer level.

Remaining Outcome Period - How long until the option structure expires.

30-Day Yield - Represents net investment income earned by the Fund expressed as an annual percentage rate based on the Fund's share price at the end of a 30-Day period ended on the last day of the month.

To view our proxy voting records, click here.

Fund Details

Outcome Period Values

As Of

Aug 29, 2025

MM/DD/YYYY

ETF Starting NAV/Period Return

41.17

XX.XX

0.00

X.XX

SPX Index Reference PRice

6460.26

X,XXX.XX

Downside Buffer

Expected Upside Participation

–

Days Remaining

364

days

day

Current Outcome Period Values

As Of

Dec 18, 2025

MM/DD/YYYY

ETF Current NAV/Period Return

42.58

XX.XX

3.42

X.XX

SPX Period Return

5.27

XX.XX

Remaining Buffer

Downside Before Buffer

-3.31

X.XX

Remaining Outcome Period

294

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

912797RG4

TREASURY BILL B 08/06/26

912797RG4

93.42

105256000

102971388

4SPY 260831C00645050

SPY 08/31/26 C645.05 Euro Cash Flex

YC8310645

8.49

1382

9357163

SALXX

STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS

857492656

0.15

162289

4SPY 260831P00580550

SPY 08/31/26 P580.55 Euro Cash Flex

YP8310580

-2.06

-1841

-2269051

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

1.382

X.XXX

Ordinary Income

Dec 27, 2023

Dec 28, 2023

Dec 29, 2023

1.186

X.XXX

Ordinary Income

Dec 29, 2022

Dec 30, 2022

Jan 3, 2023

0.203

X.XXX

Ordinary Income

Upcoming

XXXXX

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

Request a Meeting

Invest Through Your Brokerage

Send to your Financial Advisor

Discuss how

SEPZ

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

Email your advisor

Disclosures

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.

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.

The TrueShares Structured Outcome ETFs have characteristics unlike many other traditional investment products and may not be suitable for all investors. You should only consider an investment in the Fund if you fully understand the inherent risks, which can be found in the prospectus.

TrueShares Structured Outcome ETFs are designed to seek to achieve the investment strategy for investments made on the Initial Investment Day and held until the last day of the Investment Period. Investors purchasing shares in the fund after its 12-month investment period has begun or selling share prior to the end of the investment period, may experience very different results than the fund's stated investment objective. These periods begin at either the fund's inception date or at each subsequent "Initial Investment Day". Following the initial investment period after fund inception, each subsequent investment period will begin each year on the first day of the month the fund was incepted (subsequent "Initial Investment Days"). Fund management will target a 10% downside buffer, with expectations that it will generally fall between 8-12%. The Fund is not designed to protect against declines of more than 8-12% in the level 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 avoid the first 8-12% decline.

Investments involve risk, including potential loss of principal. The Fund is recently organized with no operating history for prospective investors to base their investment decision which may increase risks. The Fund employs a buffered strategy in an attempt to buffer against losses in the S&P 500 Price Index over the course of a 1-year period. There is no guarantee the Fund will be successful in this strategy, and investors may experience losses beyond targeted levels. 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 and there may be limited to no upside potential. The Fund does not provide principal protection and an investor may experience significant losses on its investment, including the loss of its entire investment.

The Fund invests in options, which involves leverage, meaning that a small investment in options could have a substantial impact on the performance of the Fund. 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. As the options the Fund invests in derive their performance from the S&P 500 Price Index, the Fund is subject to the equity market risk associated with the index. The ETF's portfolio is more volatile than broad market averages.

Additional risks of investing include management, non-diversification, portfolio turnover and tax risks. Detailed information regarding the specific risks of the funds can be found in the prospectus. Individual investors should contact their financial advisor or broker dealer representative for more information on TrueShares ETFs.

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 (the "Funds") are registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940. The fund is distributed by Paralel Distributors LLC, Member FINRA. Paralel is not affiliated with TrueMark Investments, LLC. 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.

NOT FDIC INSURED / MAY LOSE VALUE / NO BANK GUARANTEE