Optimism. Euphoria. Fear. Panic. Hope. Relief. An investor can go through a world of emotions when their money is in the hands of the market and its mood swings.¹ While emotional responses can be useful, it’s important not to channel those emotions into investment decisions. But the market cycles are driven by them regardless.

CNN’s “Fear & Greed Index” gauges the stock market and the fairness of stock prices, characterized by excessive fear driving prices down and excessive greed driving prices up.² According to this Index, the market had been driven by fear from the end of 2024 through late April, with most of March and April in “extreme fear” territory. However, the Index suggests that the market has been driven by greed since May.

There are, of course, many other emotions besides fear and greed that drive the market. Skeptical investors might pull out of a tenuous theme, like semiconductors during peak trade tensions with China, only for semiconductors to rebound amidst a tariff pause.³ Unconcerned investors might have done nothing in the wake of the escalation between Iran and Israel despite the risk of rising oil prices.⁴ Shocked investors might have pulled out of the market in a panic when higher-than-expected tariffs were announced in early April.

Yet despite all of these emotions and the very valid reasons for feeling them, Federal Reserve Chair Jerome Powell points to the American consumers’ resilience in saying that “the U.S. economy has defied all kinds of forecasts for it to weaken.”⁵ During its June meeting, the Fed lowered its projections for 2025 GDP and raised its projections for 2025 inflation and unemployment over the projections it made in March.⁶ These projections show a real economic risk of stagflation (high inflation with low GDP growth) that may impact how investors are feeling.

The way an investor acts upon any of their emotions can depend on what type of emotional investor they are.⁷ The “anxious conservative” misses out on market opportunities out of fear and tends to sell at market bottoms in a panic. “Overconfident risk-takers” go all in during bull markets and tend to lose a lot when the market corrects. The “pack follower” is reactionary, often coming late to trends and therefore buying at the highs and selling at the lows. “Perfectionists” sit on the sidelines too long and sell winning positions too early. The “distracted delegator” doesn’t pay much attention to their portfolio, but makes a dramatic, knee-jerk reaction when market volatility finally catches their attention.

Luckily, there are investment tools that can help any type of investor self-correct from making an emotional decision. One such tool is the TrueShares Seasonality Laddered Buffered ETF (ONEZ). It aims to achieve capital appreciation with the potential for reduced volatility compared to the U.S. large-cap equity market by using a fund-of-funds approach, investing in ETFs linked to the S&P 500 Index through two primary strategies. The first is an uncapped buffer strategy called the Structured Outcome ETF Series, which seeks uncapped upside exposure while partially mitigating losses (8%-12%). The second is a two-parter: The Quarterly Bear Hedge ETF (QBER), which seeks a positive return when the index drops below -5%; and the Quarterly Bull Hedge ETF (QBUL), which seeks to give portfolios a boost when the index goes up more than 5%. Adding ONEZ as a packaged solution, or any of its individual components, to an existing portfolio can allow investors to better manage the market’s mood swings and the emotional highs and lows of investing. 

Past performance is not indicative of future results.

To learn more about each fund, visit the fund websites:

• https://www.true-shares.com/qbul/ 
• https://www.true-shares.com/qber/ 
• https://www.true-shares.com/onez/ 
• https://www.true-shares.com/products/ 

1. https://russellinvestments.com/content/ri/us/en/individual-investor/education/investor-education/cycle-of-investor-emotions.html 
2. https://www.cnn.com/markets/fear-and-greed 
3. https://www.msn.com/en-ph/news/other/the-25-biggest-megaprojects-completing-in-2025/vi-AA1FWDZ5?ocid=finance-verthp-feeds
4. https://finance.yahoo.com/news/oil-prices-are-now-the-stock-markets-biggest-driver-155959204.html
5. https://finance.yahoo.com/news/the-fed-is-looking-ahead–but-not-too-far-100053570.html 
6. https://public.flourish.studio/visualisation/22201171/ 
7. https://www.investopedia.com/articles/basics/10/how-to-avoid-emotional-investing.asp 

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Fund Disclosures:

The Structured Outcome ETF Funds will not terminate after the conclusion of their respective Investment Periods. After the conclusion of an Investment Period, another will begin. There is no guarantee that the outcomes for an Investment Period will be realized. The outcome may be realized only if you hold shares on the first day of the Investment Period and continue to hold them on the last day of the Investment Period. If you purchase shares after the Investment Period has begun or sell shares prior to the Investment Period’s conclusion, you may experience investment returns very different from, and potentially less favorable than, those that the Fund seeks to provide. There is no guarantee that a Fund will successfully achieve its investment objective. A shareholder that holds shares for an entire Investment Period may still lose his or her investment in the Fund.

Each Fund seeks to provide only those shareholders that hold shares for the entire Investment Period with a buffer against the first 8%-12% of S&P 500 Price Index losses (based upon the value of the S&P 500 Price Index at the time the Fund entered into the FLEX Options (or standard exchange-listed options) on the first day of the Investment Period) during the Investment Period. Shareholders will bear any and all S&P 500 Price Index losses exceeding the 8%-12% buffer. The buffer is determined based on the performance of the S&P 500 Price Index only and does not take into account the effect of a Fund’s Total Annual Fund Operating Expenses on its performance. In addition, the returns that each Fund generally seeks to provide does not include the costs of purchasing Fund shares and certain expenses incurred by the Fund. While each Fund seeks to limit losses for shareholders who hold their shares for the entire Investment Period, there is no guarantee that the Adviser will implement a Fund’s investment strategy successfully or that such investment strategy, including the buffer, will produce the intended results.

As explained in greater detail in this Prospectus, if a Fund has experienced certain levels of gains or losses since the beginning of an Investment Period, there may be little to no ability for the Fund to achieve gains or benefit from the buffer for the remainder of the Investment Period regardless of the Adviser’s effective implementation of the Fund’s investment strategy. Depending on market conditions at the time of purchase, it also is possible that a shareholder that purchases shares after an Investment Period has begun may lose his or her entire investment. For example, if a Fund decreases in value beyond the predetermined 8%-12% buffer after an Investment Period begins, an investor purchasing shares of the Fund at that price may not benefit from the buffer even if the investor holds the shares for the remainder of the Investment Period. Similarly, if a Fund increases in value, an investor purchasing shares of the Fund at that price may not benefit from the buffer until the Fund’s value decreases to its value at the commencement of the Investment Period. An investment in a Fund is only appropriate for shareholders willing to bear those losses. The Funds’ website contains important information that will assist you in determining whether to buy shares.

Each Fund’s investment strategy is designed to produce an outcome upon the expiration of the options it holds on the last day of the Investment Period. Shareholders should not expect that such outcome will be provided at any point prior to that time and there is no guarantee that the outcome will be achieved on the last day of the Investment Period. The Funds have characteristics unlike many other traditional investment products and may not be suitable for all investors.

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

• ETF Risks. As ETFs, the Funds are 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.
• FLEX Options Risk. The Funds may invest in FLEX Options issued and guaranteed for settlement by the OCC. The Funds bear the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. Additionally, FLEX Options may become illiquid, and in such cases, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices.
• Derivatives Risk. Derivatives may be more sensitive to changes in economic or market conditions than other types of investments.
• 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.

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 Seasonality Laddered Buffered ETF (ONEZ) is also subject to the following risks:

• Options Risk. Buying and selling (writing) options are speculative activities and entail greater investment risks.
• 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.
• Buffered Loss Risk. There can be no guarantee that the Fund will be successful in its strategy to buffer against underlying ETF price declines. Despite the intended hedge period buffer, a shareholder may lose money by investing in the Fund.
• Underlying Funds Risk. An Underlying Fund’s assets may be invested in a limited number of securities which may subject the Underlying Fund, and thus the Fund, to greater risk and volatility than if investments had been made in a larger number of securities.
• Fixed Income Securities Risk. When an underlying ETF 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.
• Strike Price: Long options contracts are derivatives that give the holders the right but not the obligation to buy or sell an underlying security at some point in the future at a pre-specified price. This price is known as the option’s strike price or exercise price. The strike price of a call option is where the security can be bought by the option holder. The strike price of a put option is the price at which the security can be sold.

The TrueShares Quarterly Bear Hedge ETF (QBER) and Quarterly Bull Hedge ETF (QBUL) are 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 or put option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.
• 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.
• Fixed Income Securities Risk. When the Funds invest in fixed income securities, the value of your investment in the Funds 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 Funds. 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.