Year to date, the TrueShares Technology, AI, and Deep Learning ETF (LRNZ) has continued to capitalize on investor interest in artificial intelligence and the infrastructure powering its growth. As of September 30, 2026, LRNZ returned 45.25%, outperforming the S&P 500 Index by 32.52 percentage points and the Nasdaq Composite by 29.16 percentage points.

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LRNZ seeks to provide thematic exposure to a portfolio of 20-30 technology companies that we believe to be "category killers." These companies possess innovative AI and deep learning capabilities that provide a durable competitive advantage within their industries. The portfolio focuses on both the enablers and sophisticated users of AI.

While not every holding outperformed YTD through the third quarter, the companies highlighted below may benefit from the continued AI buildout and infrastructure expansion occurring across the global economy. The holdings below represent the five holdings with the highest price total returns among Fund holdings Year to Date as of 9/30/2026.

Sandisk (SNDK)

+632.96% YTD, as of September 30, 2026

Sandisk may sit at the intersection of one of AI's most critical infrastructure needs: data storage. As AI models grow larger and enterprises generate unprecedented volumes of data, demand for high-performance storage solutions continues to increase. Sandisk's expertise in flash memory and storage technologies aims to position the company to potentially benefit from the expanding requirements of AI training, inference, and data center workloads.

Micron (MU)

+273.42% YTD, as of September 30, 2026

Micron remained at the forefront of one of the AI industry's most important bottlenecks: memory. As AI models become larger and more complex, demand for high-bandwidth memory and advanced DRAM solutions continues to accelerate across data centers and cloud infrastructure. Micron's leadership in memory technology has positioned the company to benefit from the substantial capital investment flowing into AI computing, where faster data processing and greater system efficiency are increasingly critical.

Advanced Micro Devices (AMD)

+185.66% YTD, as of September 30, 2026

AMD continued to expand its role in the AI ecosystem through its portfolio of data center GPUs, CPUs, and AI accelerators. As enterprises and hyperscalers invest in AI infrastructure, AMD is potentially benefiting from growing demand for high-performance computing solutions that support training and inference workloads across the cloud.

Arm Holdings (ARM)

+164.99% YTD, as of September 30, 2026

Arm played a foundational role in the AI ecosystem, licensing the chip architectures that power everything from mobile devices to next-generation data centers. As demand for AI computing continues to accelerate, Arm may potentially benefit from its expanding presence in high-performance and AI-focused computing platforms.

Vicor Corporation (VICR)

+163.63% YTD, as of September 30, 2026

Vicor provided the power delivery solutions that help advanced AI systems operate efficiently at scale. As data centers continue to expand to meet growing AI demand, the company's high-performance power management technologies may be becoming increasingly important to next-generation computing infrastructure.

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The Bottom Line

The AI investment story has continued to evolve beyond model development and into the broader infrastructure supporting deployment at scale. From semiconductors and memory to cybersecurity, cloud monitoring, and power management, LRNZ seeks exposure to the companies enabling the next phase of AI growth.

While market leadership may shift over time, the portfolio remains focused on identifying category-leading businesses that are helping define the future of artificial intelligence and deep learning.

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Holdings are subject to change without notice. Past performance of individual holdings is not indicative of future results. This material is provided for informational purposes only and does not constitute an offer to buy or sell any securities, investments, or holdings, nor should it be construed as investment, legal, tax, or financial advice.

For a full list of holdings and to view the prospectus, visit: www.true-shares.com/etf/lrnz

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Disclosures

Nasdaq Composite: The Nasdaq Composite Index is a stock market index that includes over 2,500 stocks listed on the Nasdaq exchange, providing insights primarily into the technology sector.

SPX: The S&P 500 is a stock market index weighted by market capitalization that is made up of 500 of the largest public companies in the United States.

Performance data quoted 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.

All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. 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 inception date is generally several days prior to when the fund begins trading.

Index performance does not represent TrueShares fund performance. The S&P 500 (SPX) is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. The Nasdaq Composite is a broad stock market index that tracks the performance of over 3,000 stocks traded on the Nasdaq stock exchange. The ETF is benchmark agnostic and corresponding portfolios may have significant non-correlation to any index. Index returns are generally provided as an overall market indicator. You cannot invest directly in an index. Although reinvestment of dividend and interest payments is assumed, no expenses are netted against an index’s returns. Index performance information was furnished by sources deemed reliable and is believed to be accurate, however, no warranty or representation is made as to the accuracy thereof and the information is subject to correction.