# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-26-005437
**Filing Date:** 2026-3
**Character Count:** 554779
**Document Hash:** 55ebba3ebb1e0ddb7626175a83304567
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005437.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001999371-26-005437

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 78

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevation Series Trust
- **CENTRAL INDEX KEY:** 0001936157

**ORGANIZATION NAME:**
- **EIN:** 882465192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23812
- **FILM NUMBER:** 26735860

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 2100
- **CITY:** DENVER
- **STATE:** CO
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 2100
- **CITY:** DENVER
- **STATE:** CO

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Consortio Funds Trust
- **DATE OF NAME CHANGE:** 20220630

## Series and Classes Contracts Data

### TrueShares Structured Outcome (April) ETF (Series ID: S000092049)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000259963 | TrueShares Structured Outcome (April) ETF | APRZ            |

### TrueShares Structured Outcome (November) ETF (Series ID: S000092050)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000259964 | TrueShares Structured Outcome (November) ETF | NOVZ            |

### TrueShares Structured Outcome (October) ETF (Series ID: S000092051)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000259965 | TrueShares Structured Outcome (October) ETF | OCTZ            |

### TrueShares Structured Outcome (September) ETF (Series ID: S000092052)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000259966 | TrueShares Structured Outcome (September) ETF | SEPZ            |

### TrueShares Structured Outcome (August) ETF (Series ID: S000092053)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000259967 | TrueShares Structured Outcome (August) ETF | AUGZ            |

### TrueShares Structured Outcome (December) ETF (Series ID: S000092054)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000259968 | TrueShares Structured Outcome (December) ETF | DECZ            |

### TrueShares Structured Outcome (February) ETF (Series ID: S000092055)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000259969 | TrueShares Structured Outcome (February) ETF | FEBZ            |

### TrueShares Structured Outcome (January) ETF (Series ID: S000092056)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000259970 | TrueShares Structured Outcome (January) ETF | JANZ            |

### TrueShares Structured Outcome (July) ETF (Series ID: S000092057)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000259971 | TrueShares Structured Outcome (July) ETF | JULZ            |

### TrueShares Structured Outcome (June) ETF (Series ID: S000092058)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000259972 | TrueShares Structured Outcome (June) ETF | JUNZ            |

### TrueShares Structured Outcome (March) ETF (Series ID: S000092059)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000259973 | TrueShares Structured Outcome (March) ETF | MARZ            |

### TrueShares Structured Outcome (May) ETF (Series ID: S000092060)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000259974 | TrueShares Structured Outcome (May) ETF | MAYZ            |

### RiverNorth Enhanced Pre-Merger SPAC ETF (Series ID: S000092118)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000260041 | RiverNorth Enhanced Pre-Merger SPAC ETF | SPCZ            |

### RiverNorth Patriot ETF (Series ID: S000092119)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000260042 | RiverNorth Patriot ETF | FLDZ            |

### Polen Dividend Income ETF (Series ID: S000092120)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000260043 | Polen Dividend Income ETF | DIVZ            |

### TrueShares Active Yield ETF (Series ID: S000092121)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000260044 | TrueShares Active Yield ETF | ERNZ            |

### TrueShares Eagle Global Renewable Energy Income ETF (Series ID: S000092122)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000260045 | TrueShares Eagle Global Renewable Energy Income ETF | RNWZ            |

### TrueShares Technology, AI & Deep Learning ETF (Series ID: S000092123)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000260046 | TrueShares Technology, AI & Deep Learning ETF | LRNZ            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number:

**811-23812**

**Elevation Series Trust**

(Exact Name of Registrant as Specified in Charter)

**1700 Broadway, Suite 2100**

**Denver, CO 80290**

(Address of Principal Executive Offices) (Zip Code)

**Nicholas Adams**

**Elevation Series Trust**

**1700 Broadway, Suite 2100**

**Denver, CO 80290**

(Name and Address of Agent for Service)

Registrant's Telephone Number, including Area Code:

**303-226-4150**

With a copy to:

**JoAnn M. Strasser**

**Thompson Hine LLP**

**17<sup>th</sup> Floor**

**41 South High Street**

**Columbus, Ohio 43215**

Date of Fiscal Year End: **<u>December 31<sup>st</sup></u>**

Date of Reporting Period: **<u>January 1, 2025 – December 31, 2025</u>**

**Item 1.** **Reports to Shareholders.**

(a) The Report to Shareholders is attached herewith.

![Image](i9364823666b1d4591e8becab.jpg)

This annual shareholder report contains important information about the RiverNorth Enhanced Pre-Merger SPAC ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/spcz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: SPCZ

#### RIVERNORTH ENHANCED PRE-MERGER SPAC ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;RiverNorth Enhanced Pre-Merger SPAC ETF | &nbsp;&nbsp;$94 | &nbsp;&nbsp;0.89% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
RiverNorth Enhanced Pre-Merger SPAC ETF delivered a positive return of 10.18%, outperforming compared to its benchmark, ICE BofA US Treasuries 0-3 Years Index, which returned 4.86%.

Both common shares and warrants contributed to the Fund's outperformance. There were several acquisition announcements that were well received by the market over the period, which caused both the common shares and warrants for the announcing SPACs to trade up significantly.

The majority of the Fund's assets continues to be in common shares, with a smaller allocation to warrants. The common shares tend to provide more steady positive returns, while the optionality in the warrants leads to more varied positive or negative returns depending on the success of the management teams in identifying good acquisition targets.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's primary benchmark and supplemental benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](ib0cfdd7ee86f1e888e2098b6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **RiverNorth Enhanced Pre-Merger SPAC ETF - NAV** | **ICE BofA US Broad Market Index** | **ICE BofA US Treasuries 0-3 Years Index** |
| **Jul'22** | 10000 | 10000 | 10000 |
| **Dec'22** | 10218 | 9689 | 9989 |
| **Dec'23** | 10826 | 10211 | 10442 |
| **Dec'24** | 11401 | 10361 | 10907 |
| **Dec'25** | 12568 | 11102 | 11437 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$4971202 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;159 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;77% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$46765 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (July 11, 2022)** |
| RiverNorth Enhanced Pre-Merger SPAC ETF - NAV | 10.18% | 6.72% |
| ICE BofA US Broad Market Index | 7.15% | 3.05% |
| ICE BofA US Treasuries 0-3 Years Index | 4.86% | 3.94% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/spcz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](id185f2dc78c9f62e75f5dac2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.96% |
| Rights | 1.31% |
| Warrants | 1.65% |
| Special Purpose Acquisition Companies (SPACS) | 96.08% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](i1af6ed037850b076c365434a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 3.17% |
| British Virgin Islands | 3.97% |
| Cayman Islands | 92.86% |

---

![Image](i9364823666b1d4591e8becab.jpg)

#### RIVERNORTH ENHANCED PRE-MERGER SPAC ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: SPCZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/spcz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during the year ended December 31, 2025. The Fund acquired all of the assets and liabilities of RiverNorth Enhanced Pre-Merger SPAC ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings, an affiliate of the the Fund's Sub-Adviser RiverNorth Capital Management LLC, exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of Truemark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor and the Sub-Adviser, prior to the close of the change in control.

![Image](ifa2a870cc6f00e04e7d140a0.jpg)

This annual shareholder report contains important information about the RiverNorth Patriot ETF (the "Fund" or "FLDZ") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/fldz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: FLDZ

#### RIVERNORTH PATRIOT ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;RiverNorth Patriot ETF | &nbsp;&nbsp;$72 | &nbsp;&nbsp;0.70% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
RiverNorth Patriot ETF delivered a positive return of 6.48%, underperforming compared to its benchmark, S&P 900 Index Total Return, which returned 17.30%.

Like recent years in the post-COVID era where growth has strongly outperformed value, the Fund's relative performance versus its benchmark can be explained by the strength of large-to-mega cap technology companies that do not meet criteria for inclusion in FLDZ. In order to offer true all-American exposure to its investors, FLDZ focuses on the subset of domestically listed companies that are domiciled in the United States, generate at least 90% of their revenues here and have a market capitalization of at least $5 billion. An example of a heavily-weighted benchmark constituent that is ineligible for investment is Nvidia (NVDA). Nvidia, as reported by FactSet, has revenue exposure to the United States of 47% and achieved a total return of approximately +39% in 2025, becoming the largest company by market capitalization in the world.

For the 4th consecutive year and in every year since its inception, the Fund has achieved its charitable mission, donating more than 100% of the sub-advisory fee to Folds of Honor in 2025. Folds of Honor is a 501(c)(3) charitable organization that provides educational scholarships to the families of military service men and women and first responders killed or disabled while serving and defending our great nation.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's primary benchmark and supplemental benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i0d2f2c31fef696d381b98337.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **RiverNorth Patriot ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** | **S&P 900<sup>®</sup> Total Return Index** |
| **Dec'21** | 10000 | 10000 | 10000 |
| **Dec'22** | 8810 | 8189 | 8218 |
| **Dec'23** | 9881 | 10342 | 10330 |
| **Dec'24** | 11463 | 12929 | 12846 |
| **Dec'25** | 12222 | 15241 | 15069 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$3755881 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;338 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;40% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$27883 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (December 31, 2021)** |
| RiverNorth Patriot ETF - NAV | 6.48% | 5.13% |
| S&P 500 Total Return Index | 17.88% | 11.11% |
| S&P 900 Total Return Index | 17.30% | 10.80% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/fldz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i7c34657654d2ab78bc6e596d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.48% |
| Industrial Products | 1.50% |
| Materials | 1.52% |
| Telecommunications | 1.58% |
| Consumer Staple Products | 1.76% |
| Consumer Discretionary Products | 2.55% |
| Insurance | 3.27% |
| Consumer Discretionary Services | 3.90% |
| Media | 4.19% |
| Retail & Wholesale - Staples | 4.30% |
| Software & Tech Services | 4.67% |
| Financial Services | 5.42% |
| Retail & Wholesale - Discretionary | 6.42% |
| Banking | 7.02% |
| Real Estate | 7.48% |
| Industrial Services | 9.05% |
| Oil & Gas | 9.99% |
| Health Care | 10.84% |
| Utilities | 13.06% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during the year ended December 31, 2025. The Fund acquired all of the assets and liabilities of RiverNorth Patriot ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings, an affiliate of the Fund's Sub-Adviser, RiverNorth Capital Management LLC, exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor and the Sub-Adviser, prior to the close of the change in control.

![Image](ifa2a870cc6f00e04e7d140a0.jpg)

#### RIVERNORTH PATRIOT ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: FLDZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/fldz/.

![Image](i9e3f13a67474d3bb3fed2c30.jpg)

This annual shareholder report contains important information about the Polen Dividend Income ETF (formerly known as The Opal Dividend Income ETF) (the "Fund" or "DIVZ") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/divz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### NYSE Arca, Inc.: DIVZ

#### POLEN DIVIDEND INCOME ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;Polen Dividend Income ETF | &nbsp;&nbsp;$70 | &nbsp;&nbsp;0.65% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
Polen Dividend Income ETF delivered a positive return of 16.63%, narrowly underperforming compared to its benchmark, S&P 500, which returned 17.88%.

The Fund's slight 2025 underperformance relative to its primary benchmark was driven by the fact that DIVZ did not hold any of the Mag 7 (a group of high-performing U.S. technology-focused companies) stocks, which hold significant weight in the index. Many of the stocks in the Mag 7 do not align with the dividend philosophy used to manage DIVZ. The 16.63% return of DIVZ exceeded the secondary benchmark (MSCI USA High Dividend Yield USD Risk Premia Index) which returned 8.64%. US investors were not focused on dividends in 2025 as their focus remains on large cap growth associated with artificial intelligence and cloud applications.

DIVZ pursued responsible participation in the AI investment theme focusing on companies that paid attractive dividends and supplied equipment and services to companies building out AI capabilities. This led to increased exposure to energy providers, and companies which can benefit from the use of AI applications, balanced out by more consistent companies in the consumer staples and healthcare sectors. A balanced approach allowed DIVZ shareholders to participate in more of the growth than traditional dividend managers while still benefiting from the downside protection that is often associated with dividend paying stocks.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's primary benchmark and supplemental benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](ic0a8a49a2fd41ef9fd301988.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Polen Dividend Income ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** | **MSCI USA High Dividend Yield USD Risk Premia Index** |
| **Jan'21** | 10000 | 10000 | 10000 |
| **Dec'21** | 12017 | 12878 | 11897 |
| **Dec'22** | 12442 | 10546 | 11111 |
| **Dec'23** | 12360 | 13318 | 11501 |
| **Dec'24** | 14636 | 16650 | 12464 |
| **Dec'25** | 17071 | 19627 | 13541 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$212513621 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;31 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;52% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$1138686 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (January 27, 2021)** |
| Polen Dividend Income ETF - NAV | 16.63% | 11.46% |
| S&P 500 Total Return Index | 17.88% | 14.67% |
| MSCI USA High Dividend Yield USD Risk Premia Index | 8.64% | 6.35% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/divz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i2ceb5010c243ce8d167d5377.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary Products | 1.13% |
| Money Market Funds | 1.29% |
| Retail & Wholesale - Discretionary | 1.76% |
| Industrial Services | 2.74% |
| Materials | 3.19% |
| Insurance | 3.31% |
| Software & Tech Services | 3.38% |
| Banking | 4.84% |
| Telecommunications | 5.18% |
| Financial Services | 8.40% |
| Health Care | 14.85% |
| Oil & Gas | 14.86% |
| Consumer Staple Products | 16.76% |
| Utilities | 18.31% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](i80900c37849e24ecdb45c3f7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United Kingdom | 2.69% |
| Denmark | 3.15% |
| Ireland | 6.57% |
| Canada | 7.65% |
| United States | 79.94% |

---

![Image](i9e3f13a67474d3bb3fed2c30.jpg)

#### POLEN DIVIDEND INCOME ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### NYSE Arca, Inc.: DIVZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/divz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during the year ended December 31, 2025. The Fund acquired all of the assets and liabilities of Polen Dividend Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of Truemark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control. Effective February 8, 2026, the name of the Fund was changed from The Opal Dividend Income ETF to Polen Dividend Income ETF.

![Image](i3bd3b0b611580dca178666ee.jpg)

This annual shareholder report contains important information about the TrueShares Active Yield ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/ernz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### NASDAQ Stock Market, LLC: ERNZ

#### TRUESHARES ACTIVE YIELD ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Active Yield ETF | &nbsp;&nbsp;$73 | &nbsp;&nbsp;0.75% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Active Yield ETF delivered a return of -6.32%, underperforming compared to its benchmark, S&P 500 Total Return, which returned 17.88%.

The Fund's underperformance relative to the S&P 500 reflects differences in mandate and market exposure. While the S&P 500's returns were driven primarily by large-cap growth and technology stocks, the Fund is positioned toward yield-oriented equities. As a result, the Fund's total return profile, more focused on income and risk-adjusted yield, lagged the index's growth-driven performance during the period.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's primary benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i74ec8910ed42b66aa0eb9a78.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Active Yield ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Apr'24** | 10000 | 10000 |
| **Dec'24** | 10398 | 11790 |
| **Dec'25** | 9724 | 13898 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$57754220 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;144 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;845% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$1061397 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (April 30, 2024)** |
| TrueShares Active Yield ETF - NAV | -6.32% | -1.68% |
| S&P 500 Total Return Index | 17.88% | 21.77% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/ernz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](ibeea1a20298d697661c1d15d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Banking | 0.16% |
| Consumer Discretionary Products | 0.28% |
| Industrial Products | 0.44% |
| Consumer Discretionary Services | 0.78% |
| Retail & Wholesale - Staples | 0.86% |
| Media | 0.99% |
| Telecommunications | 1.50% |
| Insurance | 2.56% |
| Utilities | 2.63% |
| Money Market Funds | 2.73% |
| Real Estate | 2.75% |
| Health Care | 4.13% |
| Materials | 4.56% |
| Consumer Staple Products | 5.81% |
| Business Development Company | 6.72% |
| Retail & Wholesale - Discretionary | 6.86% |
| Oil & Gas | 7.13% |
| Industrial Services | 9.85% |
| Closed-End Fund | 11.57% |
| Financial Services | 12.92% |
| Exchange-Traded Funds | 14.77% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](i89ccb0da9acd87551b6401a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Ireland | 0.13% |
| France | 0.21% |
| United Kingdom | 0.26% |
| Brazil | 0.39% |
| Netherlands | 0.46% |
| Cayman Islands | 1.58% |
| Canada | 1.80% |
| Jersey | 2.16% |
| Bermuda | 2.70% |
| Marshall Islands | 4.96% |
| United States | 85.35% |

---

![Image](i3bd3b0b611580dca178666ee.jpg)

#### TRUESHARES ACTIVE YIELD ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### NASDAQ Stock Market, LLC: ERNZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/ernz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during the year ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Active Yield ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of Truemark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i452617cfbe99f31085a9a736.jpg)

This annual shareholder report contains important information about the TrueShares Eagle Global Renewable Energy Income ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/rnwz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### NYSE Arca, Inc.: RNWZ

#### TRUESHARES EAGLE GLOBAL RENEWABLE ENERGY INCOME ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Eagle Global Renewable Energy Income ETF | &nbsp;&nbsp;$89 | &nbsp;&nbsp;0.75% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Eagle Global Renewable Energy Income ETF delivered a positive return of 36.19%, outperforming compared to its benchmark, S&P Global Infrastructure Total Return Index, which returned 22.58%.

The Fund's outperformance was driven by several key factors, including: better-than-expected adjustments to domestic U.S. public policy that greatly enhanced visibility for developers of renewable energy, accelerating demand for electricity characterized by the "Electrification of Everything" megatrend, with the most recent influx coming from plans to construct bigger, more energy-hungry data centers that will serve artificial intelligence, and higher levels of discipline by developers when it comes to project returns, aided incrementally by a stable-to-declining interest rate environment.

Relative to the benchmark, the Fund's focus on renewable energy infrastructure is the major cause of dispersion relative to the more broadly based S&P Global Infrastructure Total Return Index. In addition, the Fund's exposure to Europe and the United States is a major differentiator.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's primary benchmark and supplemental benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](id42ccaf55cc8f4370f00ec35.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **TrueShares Eagle Global Renewable Energy Income ETF - NAV** | **MSCI World Net Total Return Index** | **S&P Global Infrastructure Total Return Index** |
| **Dec'22** | 10000 | 10000 | 10000 |
| **Dec'22** | 9982 | 9754 | 9842 |
| **Dec'23** | 9472 | 12074 | 10510 |
| **Dec'24** | 8775 | 14328 | 12097 |
| **Dec'25** | 11959 | 17350 | 14829 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$2752033 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;76% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$19243 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (December 8, 2022)** |
| TrueShares Eagle Global Renewable Energy Income ETF - NAV | 36.19% | 5.95% |
| MSCI World Net Total Return Index | 21.09% | 19.71% |
| S&P Global Infrastructure Total Return Index | 22.58% | 13.73% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/rnwz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i0dc33ae4e46e706f8e31396d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.58% |
| Industrial Services | 3.00% |
| Financial Services | 6.09% |
| Utilities | 90.33% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](idfe95d4748cbbbb163f1819a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Portugal | 1.87% |
| Bermuda | 2.48% |
| Finland | 3.68% |
| Austria | 3.99% |
| Denmark | 4.24% |
| Canada | 5.58% |
| Germany | 8.12% |
| Italy | 8.15% |
| United Kingdom | 8.09% |
| Spain | 10.82% |
| United States | 42.98% |

---

![Image](i452617cfbe99f31085a9a736.jpg)

#### TRUESHARES EAGLE GLOBAL RENEWABLE ENERGY INCOME ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### NYSE Arca, Inc.: RNWZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/rnwz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during the year ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Eagle Global Renewable Energy Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i4fe40554d342cebe993f89b1.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (April) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/aprz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: APRZ

#### TRUESHARES STRUCTURED OUTCOME (APRIL) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (April) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (April) ETF delivered a positive return of 12.76%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](if53bf713bb67fe74068dc315.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (April) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Mar'21** | 10000 | 10000 |
| **Dec'21** | 11349 | 12122 |
| **Dec'22** | 10051 | 9927 |
| **Dec'23** | 12286 | 12536 |
| **Dec'24** | 14559 | 15673 |
| **Dec'25** | 16433 | 18475 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$16457498 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$144756 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (March 31, 2021)** |
| TrueShares Structured Outcome (April) ETF - NAV | 12.76% | 11.02% |
| S&P 500 Total Return Index | 17.88% | 13.78% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/aprz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](id73fb6fe0baeec8a9bc39b35.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.08% |
| Purchased Options | 16.96% |
| U.S. Treasury Obligations | 82.96% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (April) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i4fe40554d342cebe993f89b1.jpg)

#### TRUESHARES STRUCTURED OUTCOME (APRIL) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: APRZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/aprz/.

![Image](i724f02e1bc84ad17eb124ce4.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (August) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/augz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: AUGZ

#### TRUESHARES STRUCTURED OUTCOME (AUGUST) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (August) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (August) ETF delivered a positive return of 13.02%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i8628319afa2e8c56ba486144.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (August) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Jul'20** | 10000 | 10000 |
| **Dec'20** | 11131 | 11564 |
| **Dec'21** | 13440 | 14884 |
| **Dec'22** | 12040 | 12188 |
| **Dec'23** | 14126 | 15392 |
| **Dec'24** | 16679 | 19243 |
| **Dec'25** | 18914 | 22684 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$24298877 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$209679 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YRS** | **Since Inception (July 31, 2020)** |
| TrueShares Structured Outcome (August) ETF - NAV | 13.02% | 11.13% | 12.48% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 16.32% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/augz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i49293c2491bce43d5d5bc7bd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.08% |
| Purchased Options | 10.03% |
| U.S. Treasury Obligations | 89.89% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (August) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 9, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 9, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i724f02e1bc84ad17eb124ce4.jpg)

#### TRUESHARES STRUCTURED OUTCOME (AUGUST) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: AUGZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/augz/.

![Image](i6d6d1271d265a073200a4710.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (December) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/decz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: DECZ

#### TRUESHARES STRUCTURED OUTCOME (DECEMBER) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (December) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (December) ETF delivered a positive return of 12.32%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i05e29eae6c16087c6fe711bb.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (December) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Nov'20** | 10000 | 10000 |
| **Dec'20** | 10172 | 10384 |
| **Dec'21** | 12222 | 13365 |
| **Dec'22** | 11129 | 10945 |
| **Dec'23** | 13168 | 13822 |
| **Dec'24** | 15661 | 17280 |
| **Dec'25** | 17583 | 20370 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$57980077 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$447481 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YRS** | **Since Inception (November 30, 2020)** |
| TrueShares Structured Outcome (December) ETF - NAV | 12.32% | 11.56% | 11.74% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 15.02% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/decz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](id3dc60c3aecd3c3526b85770.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.10% |
| Purchased Options | 6.60% |
| U.S. Treasury Obligations | 93.30% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (December) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i6d6d1271d265a073200a4710.jpg)

#### TRUESHARES STRUCTURED OUTCOME (DECEMBER) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: DECZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/decz/.

![Image](i85f8428d484bd18ddbe49fa1.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (February) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/febz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: FEBZ

#### TRUESHARES STRUCTURED OUTCOME (FEBRUARY) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (February) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (February) ETF delivered a positive return of 12.74%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](ibdb0f2eda159c4bdf213f988.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (February) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Jan'21** | 10000 | 10000 |
| **Dec'21** | 12056 | 13002 |
| **Dec'22** | 10811 | 10647 |
| **Dec'23** | 13044 | 13446 |
| **Dec'24** | 15256 | 16810 |
| **Dec'25** | 17219 | 19816 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$14309583 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$78291 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (January 29, 2021)** |
| TrueShares Structured Outcome (February) ETF - NAV | 12.74% | 11.69% |
| S&P 500 Total Return Index | 17.88% | 14.91% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/febz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i4f805ed5a87279c5e2b9eeef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 8.29% |
| Purchased Options | 11.18% |
| U.S. Treasury Obligations | 80.53% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (February) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i85f8428d484bd18ddbe49fa1.jpg)

#### TRUESHARES STRUCTURED OUTCOME (FEBRUARY) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: FEBZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/febz/.

![Image](i01a3a1596ca24611c923dce2.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (January) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/janz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: JANZ

#### TRUESHARES STRUCTURED OUTCOME (JANUARY) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (January) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (January) ETF delivered a positive return of 12.40%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i78ceeb54d9462999dece302f.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (January) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Dec'20** | 10000 | 10000 |
| **Dec'21** | 12166 | 12871 |
| **Dec'22** | 10776 | 10540 |
| **Dec'23** | 12834 | 13310 |
| **Dec'24** | 15162 | 16640 |
| **Dec'25** | 17038 | 19616 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$76189307 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$283243 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **5 YRS** |
| TrueShares Structured Outcome (January) ETF - NAV | 12.40% | 11.24% |
| S&P 500 Total Return Index | 17.88% | 14.42% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/janz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](id153b4e5bfb1618b32037329.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Purchased Options | 9.27% |
| U.S. Treasury Obligations | 17.11% |
| Money Market Funds | 73.62% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (January) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i01a3a1596ca24611c923dce2.jpg)

#### TRUESHARES STRUCTURED OUTCOME (JANUARY) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: JANZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/janz/.

![Image](i6912c6eac7234657fc902764.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (July) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/julz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: JULZ

#### TRUESHARES STRUCTURED OUTCOME (JULY) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (July) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (July) ETF delivered a positive return of 12.95%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i8bc8e104a52e282c6cb4a1ff.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (July) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Jun'20** | 10000 | 10000 |
| **Dec'20** | 11655 | 12216 |
| **Dec'21** | 14063 | 15723 |
| **Dec'22** | 12749 | 12875 |
| **Dec'23** | 14999 | 16260 |
| **Dec'24** | 17823 | 20328 |
| **Dec'25** | 20158 | 23963 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$19367389 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$277885 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YRS** | **Since Inception (June 30, 2020)** |
| TrueShares Structured Outcome (July) ETF - NAV | 12.95% | 11.53% | 13.58% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 17.21% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/julz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i1e8ab8628c5e01747dc8b204.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.67% |
| Purchased Options | 13.57% |
| U.S. Treasury Obligations | 85.76% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (July) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 9, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 9, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i6912c6eac7234657fc902764.jpg)

#### TRUESHARES STRUCTURED OUTCOME (JULY) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: JULZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/julz/.

![Image](i7deb93230b8ee8a116ed1756.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (June) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/junz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: JUNZ

#### TRUESHARES STRUCTURED OUTCOME (JUNE) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (June) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (June) ETF delivered a positive return of 12.55%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i71820ce571fa7ca8fb58cc48.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (June) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **May'21** | 10000 | 10000 |
| **Dec'21** | 10996 | 11428 |
| **Dec'22** | 9570 | 9358 |
| **Dec'23** | 11224 | 11818 |
| **Dec'24** | 13177 | 14775 |
| **Dec'25** | 14853 | 17417 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$12586819 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$74861 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (May 28, 2021)** |
| TrueShares Structured Outcome (June) ETF - NAV | 12.55% | 9.00% |
| S&P 500 Total Return Index | 17.88% | 12.84% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/junz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](iae099392f2cf9044d251bfe9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.08% |
| Purchased Options | 14.13% |
| U.S. Treasury Obligations | 85.79% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (June) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i7deb93230b8ee8a116ed1756.jpg)

#### TRUESHARES STRUCTURED OUTCOME (JUNE) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: JUNZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/junz/.

![Image](i724442575ec2936cd34bd9ba.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (March) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/marz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: MARZ

#### TRUESHARES STRUCTURED OUTCOME (MARCH) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (March) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (March) ETF delivered a positive return of 12.76%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i822ee5e1377a3f410e0f635a.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (March) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Feb'21** | 10000 | 10000 |
| **Dec'21** | 11714 | 12653 |
| **Dec'22** | 10227 | 10361 |
| **Dec'23** | 12311 | 13085 |
| **Dec'24** | 14525 | 16359 |
| **Dec'25** | 16386 | 19284 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$16802058 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$138575 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (February 26, 2021)** |
| TrueShares Structured Outcome (March) ETF - NAV | 12.76% | 10.74% |
| S&P 500 Total Return Index | 17.88% | 14.52% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/marz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](ie3bebd6c552ad3c64a084bf9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.08% |
| Purchased Options | 12.39% |
| U.S. Treasury Obligations | 87.53% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (March) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i724442575ec2936cd34bd9ba.jpg)

#### TRUESHARES STRUCTURED OUTCOME (MARCH) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: MARZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/marz/.

![Image](id67b80f1c793f310fb18c87b.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (May) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/mayz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: MAYZ

#### TRUESHARES STRUCTURED OUTCOME (MAY) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (May) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (May) ETF delivered a positive return of 13.50%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i4ebcdbdf12c1e0feac6e0266.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (May) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Apr'21** | 10000 | 10000 |
| **Dec'21** | 11017 | 11508 |
| **Dec'22** | 9476 | 9424 |
| **Dec'23** | 10983 | 11901 |
| **Dec'24** | 12928 | 14879 |
| **Dec'25** | 14688 | 17539 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$15403351 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$91186 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | |
|:---|:---|:---|
| . | **1 YR** | **Since Inception (April 30, 2021)** |
| TrueShares Structured Outcome (May) ETF - NAV | 13.50% | 8.59% |
| S&P 500 Total Return Index | 17.88% | 12.78% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/mayz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i01d251aa5e3e1c8c29e96d6a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.08% |
| Purchased Options | 17.82% |
| U.S. Treasury Obligations | 82.10% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (May) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](id67b80f1c793f310fb18c87b.jpg)

#### TRUESHARES STRUCTURED OUTCOME (MAY) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: MAYZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/mayz/.

![Image](i90777475ad94422f452df8ff.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (November) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/novz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: NOVZ

#### TRUESHARES STRUCTURED OUTCOME (NOVEMBER) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (November) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (November) ETF delivered a positive return of 12.93%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](ic8adb724cc6981b44dc357d0.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (November) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Oct'20** | 10000 | 10000 |
| **Dec'20** | 11035 | 11521 |
| **Dec'21** | 13403 | 14828 |
| **Dec'22** | 12119 | 12143 |
| **Dec'23** | 14308 | 15335 |
| **Dec'24** | 17047 | 19172 |
| **Dec'25** | 19254 | 22600 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$18002042 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$181364 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YRS** | **Since Inception (October 30, 2020)** |
| TrueShares Structured Outcome (November) ETF - NAV | 12.93% | 11.78% | 13.54% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 17.08% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/novz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i60757a1d8539ff1e3c99e3a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.39% |
| Purchased Options | 7.13% |
| U.S. Treasury Obligations | 92.48% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (November) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](i90777475ad94422f452df8ff.jpg)

#### TRUESHARES STRUCTURED OUTCOME (NOVEMBER) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: NOVZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/novz/.

![Image](ideef97b0e8541cc59101fcd2.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (October) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/octz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: OCTZ

#### TRUESHARES STRUCTURED OUTCOME (OCTOBER) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (October) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (October) ETF delivered a positive return of 12.68%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](if9473334488c71d690f783a1.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (October) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Sep'20** | 10000 | 10000 |
| **Dec'20** | 10857 | 11215 |
| **Dec'21** | 13082 | 14434 |
| **Dec'22** | 11744 | 11820 |
| **Dec'23** | 13879 | 14927 |
| **Dec'24** | 16504 | 18662 |
| **Dec'25** | 18623 | 21999 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$35750029 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$196629 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YRS** | **Since Inception (September 30, 2020)** |
| TrueShares Structured Outcome (October) ETF - NAV | 12.68% | 11.34% | 12.57% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 16.20% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/octz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](idfa84acf2e008045f83ee623.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.08% |
| Purchased Options | 7.13% |
| U.S. Treasury Obligations | 92.79% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (October) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](ideef97b0e8541cc59101fcd2.jpg)

#### TRUESHARES STRUCTURED OUTCOME (OCTOBER) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: OCTZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/octz/.

![Image](ibb6a4297e002dcbecba69e95.jpg)

This annual shareholder report contains important information about the TrueShares Structured Outcome (September) ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/sepz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: SEPZ

#### TRUESHARES STRUCTURED OUTCOME (SEPTEMBER) ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Structured Outcome (September) ETF | &nbsp;&nbsp;$84 | &nbsp;&nbsp;0.79% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Structured Outcome (September) ETF delivered a positive return of 12.76%, underperforming compared to its benchmark, S&P 500 Total Return Index, which returned 17.88%.

The Fund's underperformance was expected, as the portfolio 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 while targeting a 10% downside buffer.

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. The TrueShares "uncapped" design seeks more participation in "right-tail" events (critical to generating strong, long-term performance) when compared to other defined outcome ETFs.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i36292fd8a68ea9ac0d69e451.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Structured Outcome (September) ETF - NAV** | **S&P 500<sup>®</sup> Total Return Index** |
| **Aug'20** | 10000 | 10000 |
| **Dec'20** | 10608 | 10789 |
| **Dec'21** | 12924 | 13886 |
| **Dec'22** | 11823 | 11371 |
| **Dec'23** | 13945 | 14360 |
| **Dec'24** | 16495 | 17953 |
| **Dec'25** | 18645 | 21163 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$109557704 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$636533 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YRS** | **Since Inception (August 31, 2020)** |
| TrueShares Structured Outcome (September) ETF - NAV | 12.76% | 11.85% | 12.38% |
| S&P 500 Total Return Index | 17.88% | 14.42% | 15.09% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/sepz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INVESTMENT TYPE

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](ib5b679cbe2b60ea4cde11e5d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.07% |
| Purchased Options | 8.90% |
| U.S. Treasury Obligations | 91.03% |

---

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Funds during the period ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (September) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

![Image](ibb6a4297e002dcbecba69e95.jpg)

#### TRUESHARES STRUCTURED OUTCOME (SEPTEMBER) ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### Cboe BZX Exchange, Inc.: SEPZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/sepz/.

![Image](i0498e7dd71c58f28a2b5b230.jpg)

This annual shareholder report contains important information about the TrueShares Technology, AI & Deep Learning ETF (the "Fund" or "LRNZ") for the period of January 1, 2025 to December 31, 2025. Please contact us at 877-774-TRUE (8783) or info@true-shares.com or visit our website at https://www.true-shares.com/etf/lrnz/ for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### NYSE Arca, Inc.: LRNZ

#### TRUESHARES TECHNOLOGY, AI & DEEP LEARNING ETF

# WHAT WERE THE FUND'S COSTS FOR THE PAST YEAR?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;TrueShares Technology, AI & Deep Learning ETF | &nbsp;&nbsp;$76 | &nbsp;&nbsp;0.68% |

---

# HOW DID THE FUND PERFORM THE PAST YEAR?
TrueShares Technology, AI, & Deep Learning ETF delivered a positive return of 22.23%, outperforming its benchmark, NASDAQ Composite Total Return Index, which returned 21.14%.

In general, most holdings in the portfolio performed well for the year. LRNZ was very well differentiated from other AI related ETFs whose holdings were mostly found in the technology sector. LRNZ was very well diversified in terms of sector exposures with about 20% of its holdings in the life sciences.

This portfolio construction served the portfolio well during the downturn in technology stocks in Q4. Despite meaningful corrections in large technology stocks in Q4, the portfolio performed well as a result of significant outperformance of our Life Science holdings. These companies uniquely and successfully applying AI and Deep Learning algorithms to their product designs, have continued to significantly outpace their competition in the drug discovery and diagnostics markets addressing the oncologic, immunologic and metabolic diseases.

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's primary benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](ia9f9f20988ce1d634eae6356.jpg)

---

| | | |
|:---|:---|:---|
| | **TrueShares Technology, AI & Deep Learning ETF - NAV** | **NASDAQ Composite Total Return Index** |
| **Feb'20** | 10000 | 10000 |
| **Dec'20** | 19052 | 15153 |
| **Dec'21** | 18869 | 18514 |
| **Dec'22** | 9158 | 12490 |
| **Dec'23** | 15305 | 18066 |
| **Dec'24** | 15612 | 23409 |
| **Dec'25** | 19081 | 28358 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$33356703 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;21 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;16% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$225734 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YRS** | **Since Inception (February 28, 2020)** |
| TrueShares Technology, AI & Deep Learning ETF - NAV | 22.23% | 0.04% | 11.70% |
| NASDAQ Composite Total Return Index | 21.14% | 13.35% | 19.54% |

---

Past performance does not guarantee future results. Call 877-774-TRUE (8783) or visit https://www.true-shares.com/etf/lrnz/ for current month-end performance.

Returns are cumulative for periods less than one year.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](ic5a94672d45789ccbe0a2f5d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 3.38% |
| Retail & Wholesale - Discretionary | 4.82% |
| Health Care | 15.95% |
| Tech Hardware & Semiconductors | 17.07% |
| Software & Tech Services | 58.78% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](i687c15054f2e53cacf1528c6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Netherlands | 2.36% |
| United Kingdom | 2.45% |
| Cayman Islands | 7.06% |
| United States | 88.13% |

---

![Image](i0498e7dd71c58f28a2b5b230.jpg)

#### TRUESHARES TECHNOLOGY, AI & DEEP LEARNING ETF

#### ANNUAL SHAREHOLDER REPORT

#### December 31, 2025

#### NYSE Arca, Inc.: LRNZ
877-774-TRUE (8783)

info@true-shares.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.true-shares.com/etf/lrnz/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during the year ended December 31, 2025. The Fund acquired all of the assets and liabilities of TrueShares Technology, AI & Deep Learning ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of TrueMark Investments, LLC (the "Advisor"), and became the Advisor's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board of Trustees of Elevation Series Trust and the Funds approved the continuance of the Advisor prior to the close of the change in control.

(b) Not applicable.

**Item 2.** **Code of Ethics.**

(a) As
 of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal
 executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless
 of whether these individuals are employed by the Registrant or a third party.

(b) For
 purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a Registrant files with, or submits to, the Commission and in other public communications made by the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) During
 the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) of this report.

(d) During
 the period covered by this report, the Registrant had not granted any express or implicit waivers from the provisions of the code of ethics
 adopted in Item 2(a) of this report.

(e) Not
 applicable.

(f) The
 Registrant's code of ethics referred to in Item 2(a) above is attached as Exhibit 19(a)(l), hereto.

**Item 3.** **Audit Committee Financial Expert.**

As of the end of the period covered by the report, the Registrant's Board of Trustees has determined that Kimberly Storms is qualified to serve as an audit committee financial expert serving on its audit committee and that she is "independent," as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services.**

---

| | |
|:---|:---|
| Polen Dividend Income Fund | Fiscal period June 13, 2025 -<br> December 31, 2025 |
| (a) Audit Fees <sup>(1)</sup> | $16500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| RiverNorth Enhanced Pre-Merger SPAC ETF | Fiscal period June 13, 2025 -<br> December 31, 2025 |
| (a) Audit Fees <sup>(1)</sup> | $16500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| RiverNorth Patriot ETF | Fiscal period June 13, 2025 -<br> December 31, 2025<br>|
| (a) Audit Fees <sup>(1)</sup> | $16500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Active Yield ETF | Fiscal period June 13, 2025 -<br> December 31, 2025<br>|
| (a) Audit Fees <sup>(1)</sup> | $16500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Eagle Global Renewable Energy<br>Income ETF<br>| Fiscal period June 13, 2025 -<br> December 31, 2025<br>|
| (a) Audit Fees <sup>(1)</sup> | $16500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Technology, AI and Deep<br> Learning ETF  | Fiscal period June 13, 2025 -<br> December 31, 2025<br>|
| (a) Audit Fees <sup>(1)</sup> | $16500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (January) ETF | Fiscal period<br> August 8, 2025 -<br> December 31, 2025  |
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (February) ETF | Fiscal period<br> August 8, 2025 - <br> December 31, 2025  |
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (March) ETF | Fiscal period<br> August 8, 2025 -<br> December 31, 2025 |
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (April) ETF | Fiscal period<br> August 8, 2025 -<br> December 31, 2025 |
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (May) ETF | Fiscal period<br> August 8, 2025 -<br> December 31, 2025<br>|
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (June) ETF | Fiscal period<br> August 8, 2025 -<br> December 31, 2025 |
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (July) ETF | Fiscal period<br> September 9, 2025 -<br> December 31, 2025 |
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (August) ETF | Fiscal period<br> September 9, 2025 -<br> December 31, 2025 |
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (September) ETF | Fiscal period<br> August 8, 2025 -<br> December 31, 2025 |
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (October) ETF | Fiscal period<br> August 8, 2025 -<br> December 31, 2025<br>|
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (November) ETF | Fiscal period<br> August 8, 2025 -<br> December 31, 2025 |
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

---

| | |
|:---|:---|
| TrueShares Structured Outcome (December) ETF | Fiscal period<br> August 8, 2025 -<br> December 31, 2025 |
| (a) Audit Fees <sup>(1)</sup> | $10500 |
| (b) Audit-Related Fees <sup>(2)</sup> | $0 |
| (c) Tax Fees <sup>(3)</sup> | $3425 |
| (d) All Other Fees <sup>(4)</sup> | $0 |
| (g) Aggregate Non-Audit Fees <sup>(5)</sup> | $3425 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit
 Fees are fees billed for professional services rendered by Cohen for the audit of the Registrant's annual financial statements and
 for the services that are normally provided by Cohen in connection with the statutory and regulatory filings or engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related
 Fees are fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's
 financial statements and are not reported under the caption "Audit Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax
 Fees are fees billed for professional services rendered by Cohen for tax compliance, tax advice and tax planning, and include preparation
 of Form 1120 RIC, Form 8613, state tax returns, and the review of excise dividend calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 Other Fees are fees billed for products and services provided by Cohen, other than the services reported under the captions "Audit
 Fees", "Audit-Related Fees" and "Tax Fees".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Aggregate
 Non-Audit Fees are non-audit fees billed by Cohen for services rendered to the Registrant. The Aggregate Non-Audit Fee includes the Tax
 Fees disclosed pursuant to Footnote 3 above.

(e)(1) Audit Committee Pre-Approval Policies and Procedures: All services to be performed by the Registrant's principal auditors must be pre-approved by the Registrant's audit committee.

(e)(2) No services described in paragraphs (b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not
 applicable.

(h) Not
 Applicable.

(i) Not
 applicable.

(j) Not
 applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

The Registrant has an audit committee which was established by its Board of Trustees in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 as amended. The members of the Registrant's audit committee are Kimberly Storms and Steven Norgaard.

Item 6. Investments.

(a) The Registrant's
 full schedule of investments is included as part of the reports to shareholders filed under Item 7 of this Form.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

**TrueShares Sub-Advised ETFs**

**Polen Dividend Income ETF\* (NYSE Arca, Inc.: DIVZ)**

**RiverNorth Enhanced Pre-Merger SPAC ETF (Cboe BZX Exchange, Inc.: SPCZ)**

**RiverNorth Patriot ETF (Cboe BZX Exchange, Inc.: FLDZ)**

**TrueShares Active Yield ETF (NASDAQ Stock Market, LLC: ERNZ)**

**TrueShares Eagle Global Renewable Energy Income ETF (NYSE Arca, Inc.: RNWZ)**

**TrueShares Technology, AI & Deep Learning ETF (NYSE Arca, Inc.: LRNZ)**

**Annual Financial Statements**

**December 31, 2025**

\*Effective February 8, 2026, the name of the Fund was changed from The Opal Dividend Income ETF to Polen Dividend Income ETF.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Schedules of Investments](#tmisancsra001) | 3 |
| [Statements of Assets and Liabilities](#tmisancsra002) | 18 |
| [Statements of Operations](#tmisancsra003) | 19 |
| [Statements of Changes in Net Assets](#tmisancsra004) | 20 |
| [Financial Highlights](#tmisancsra005) | 26 |
| [Notes to Financial Statements](#tmisancsra006) | 32 |
| [Report of Independent Registered Public Accounting Firm](#tmisancsra007) | 40 |
| [Unaudited Tax Designations and Additional Information](#tmisancsra008) | 42 |

---

Polen Dividend Income ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 93.13%** |  |  |
| *Banking - 4.83%* |  |  |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 88074 | $10277355 |
| *Consumer Discretionary Products - 1.13%* |  |  |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 23348 | 2400174 |
| *Consumer Staple Products - 16.74%* |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 71256 | 4108621 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC - Sponsored ADR | 100830 | 5708995 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 30463 | 5543657 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 42283 | 6068456 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 70065 | 11238426 |
| &nbsp;&nbsp;&nbsp;The Procter & Gamble Co. | 20266 | 2904320 |
|  |  | 35572475 |
| *Financial Services - 8.39%* |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | 31149 | 8506169 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 10602 | 9319158 |
|  |  | 17825327 |
| *Health Care - 14.84%* |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 30283 | 6919363 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 21383 | 5885243 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 41573 | 8603532 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - Sponsored ADR | 131454 | 6688380 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 10411 | 3436775 |
|  |  | 31533293 |
| *Industrial Services - 2.73%* |  |  |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 58551 | 5807674 |
| *Insurance - 3.31%* |  |  |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 82196 | 7031868 |
| *Materials - 3.19%* |  |  |
| &nbsp;&nbsp;&nbsp;CRH PLC | 54273 | 6773270 |
| *Oil & Gas - 9.38%* |  |  |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 34522 | 5261498 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 206664 | 9884739 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 173916 | 4780951 |
|  |  | 19927188 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 93.13% (continued)** |  |  |
| *Retail & Wholesale - Discretionary - 1.75%* |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 30307 | $3726549 |
| *Software & Tech Services - 3.38%* |  |  |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 26779 | 7184806 |
| *Telecommunications - 5.17%* |  |  |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 269910 | 10993434 |
| *Utilities - 18.29%* |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 57412 | 6620178 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp., Class A | 139756 | 6344922 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 132538 | 7765401 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 132761 | 10658053 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 46937 | 7474248 |
|  |  | 38862802 |
| **TOTAL COMMON STOCKS <br> (Cost $178,927,936)** |  | 197916215 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **LIMITED PARTNERSHIPS - 5.47%** | | |
| *Oil & Gas - 5.47%* |  |  |
| &nbsp;&nbsp;&nbsp;MPLX LP | 217771 | 11622439 |
| **TOTAL LIMITED PARTNERSHIPS <br> (Cost $10,716,526)** |  | 11622439 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.29%** | **MONEY MARKET FUNDS - 1.29%** | **MONEY MARKET FUNDS - 1.29%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(a)</sup> | 2735785 | 2735785 |
| **TOTAL MONEY MARKET FUNDS <br> (Cost $2,735,785)** |  | 2735785 |
| **TOTAL INVESTMENTS - 99.89% <br> (Cost $192,380,247)** |  | $212274439 |
| **Other Assets in Excess of Liabilities - 0.11%** |  | 239182 |
| **NET ASSETS - 100.00%** |  | $212513621 |

---

*<sup>(a)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.* 

*Percentages are stated as a percent of net assets.*

See Notes to Financial Statements.

Polen Dividend Income ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Continued)**

Investment Abbreviations:

ADR - American Depositary Receipt

A/S - Aktieselskab (Danish: Joint Stock Company)

LP – Limited Partnership

PLC - Public Limited Company

See Notes to Financial Statements.

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup>** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup>** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;A Paradise Acquisition Corp., Class A | 9512 | $95596 |
| &nbsp;&nbsp;&nbsp;AA Mission Acquisition Corp., Class A | 4513 | 48154 |
| &nbsp;&nbsp;&nbsp;Activate Energy Acquisition Corp. | 15000 | 150000 |
| &nbsp;&nbsp;&nbsp;Aldel Financial II, Inc. | 9023 | 94832 |
| &nbsp;&nbsp;&nbsp;Alussa Energy Acquisition Corp. II | 9512 | 96071 |
| &nbsp;&nbsp;&nbsp;Armada Acquisition Corp. II, Class A | 2256 | 23101 |
| &nbsp;&nbsp;&nbsp;Bitcoin Infrastructure Acquisition Corp. Ltd. | 15000 | 149400 |
| &nbsp;&nbsp;&nbsp;Bleichroeder Acquisition Corp. I | 4513 | 48379 |
| &nbsp;&nbsp;&nbsp;BTC Development Corp. | 4756 | 48273 |
| &nbsp;&nbsp;&nbsp;Centurion Acquisition Corp. | 8923 | 95298 |
| &nbsp;&nbsp;&nbsp;Charlton Aria Acquisition Corp., Class A | 4513 | 47296 |
| &nbsp;&nbsp;&nbsp;CN Healthy Food Tech Group Corp. | 2311 | 12734 |
| &nbsp;&nbsp;&nbsp;CO2 Energy Transition Corp. | 7734 | 79583 |
| &nbsp;&nbsp;&nbsp;Columbus Acquisition Corp. | 2256 | 23350 |
| &nbsp;&nbsp;&nbsp;Copley Acquisition Corp., Class A | 2256 | 23169 |
| &nbsp;&nbsp;&nbsp;CSLM Digital Asset Acquisition | 9512 | 96261 |
| &nbsp;&nbsp;&nbsp;D Boral ARC Acquisition I Corp. | 9512 | 95405 |
| &nbsp;&nbsp;&nbsp;Daedalus Special Acquisition Corp. | 5000 | 50250 |
| &nbsp;&nbsp;&nbsp;EQV Ventures Acquisition Corp., Class A | 9023 | 94651 |
| &nbsp;&nbsp;&nbsp; EQV Ventures Acquisition Corp. II, Class A | 14437 | 144803 |
| &nbsp;&nbsp;&nbsp;Evolution Global Acquisition Corp. | 3044 | 30836 |
| &nbsp;&nbsp;&nbsp;Fact II Acquisition Corp. | 9023 | 94020 |
| &nbsp;&nbsp;&nbsp;Fifth Era Acquisition Corp. I, Class A | 2372 | 24313 |
| &nbsp;&nbsp;&nbsp;Gesher Acquisition Corp. II, Class A | 2256 | 23101 |
| &nbsp;&nbsp;&nbsp;GigCapital8 Corp. | 9512 | 96832 |
| &nbsp;&nbsp;&nbsp;Globa Terra Acquisition Corp., Class A | 4109 | 41501 |
| &nbsp;&nbsp;&nbsp;GP-Act III Acquisition Corp., Class A | 16017 | 171382 |
| &nbsp;&nbsp;&nbsp;Graf Global Corp. | 18048 | 194106 |
| &nbsp;&nbsp;&nbsp;GSR IV Acquisition Corp. | 5227 | 53838 |
| &nbsp;&nbsp;&nbsp;Hall Chadwick Acquisition Corp. | 14268 | 143037 |
| &nbsp;&nbsp;&nbsp;HCM III Acquisition Corp. | 6667 | 68270 |
| &nbsp;&nbsp;&nbsp;Hennessy Capital Investment Corp. VII | 9024 | 93398 |
| &nbsp;&nbsp;&nbsp;Invest Green Acquisition Corp. | 14268 | 143108 |
| &nbsp;&nbsp;&nbsp;Jackson Acquisition Co. II, Class A | 4513 | 47026 |
| &nbsp;&nbsp;&nbsp;K&F Growth Acquisition Corp. II, Class A | 4513 | 46664 |
| &nbsp;&nbsp;&nbsp;Launch One Acquisition Corp. | 4513 | 47793 |
| &nbsp;&nbsp;&nbsp;Launch Two Acquisition Corp. | 9024 | 94752 |
| &nbsp;&nbsp;&nbsp;Legato Merger Corp. III | 18096 | 196885 |
| &nbsp;&nbsp;&nbsp;Lionheart Holdings | 7523 | 80346 |
| &nbsp;&nbsp;&nbsp;M3-Brigade Acquisition V Corp., Class A | 9024 | 95925 |
| &nbsp;&nbsp;&nbsp;M3-Brigade Acquisition VI Corp. | 9512 | 96071 |
| &nbsp;&nbsp;&nbsp;Maywood Acquisition Corp., Class A | 1881 | 19299 |
| &nbsp;&nbsp;&nbsp;Melar Acquisition Corp. I | 7936 | 84360 |
| &nbsp;&nbsp;&nbsp;Newbury Street II Acquisition Corp., Class A | 4513 | 47206 |
| &nbsp;&nbsp;&nbsp;NewHold Investment Corp. III, Class A | 2239 | 23196 |
| &nbsp;&nbsp;&nbsp;Plum Acquisition Corp. IV | 7895 | 82345 |
| &nbsp;&nbsp;&nbsp;Quantumsphere Acquisition Corp. | 9512 | 96832 |
| &nbsp;&nbsp;&nbsp;Quartzsea Acquisition Corp. | 2256 | 23124 |
| &nbsp;&nbsp;&nbsp;Range Capital Acquisition Corp. II | 9512 | 97022 |
| &nbsp;&nbsp;&nbsp;Rising Dragon Acquisition Corp.<sup>(b)</sup> | 9487 | 99044 |
| &nbsp;&nbsp;&nbsp;Rithm Acquisition Corp. | 1027 | 10671 |
| &nbsp;&nbsp;&nbsp;SC II Acquisition Corp. | 14780 | 148909 |
| &nbsp;&nbsp;&nbsp;Siddhi Acquisition Corp., Class A | 2256 | 23169 |
| &nbsp;&nbsp;&nbsp;Silver Pegasus Acquisition Corp., Class A | 9513 | 95986 |
| &nbsp;&nbsp;&nbsp;SIM Acquisition Corp. I, Class A | 4513 | 47793 |
| &nbsp;&nbsp;&nbsp; Solarius Capital Acquisition Corp., Class A  | 15220 | 152961 |
| &nbsp;&nbsp;&nbsp;Spring Valley Acquisition Corp. III | 9512 | 98259 |
| &nbsp;&nbsp;&nbsp;StoneBridge Acquisition II Corp. | 9417 | 94923 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup> (continued)** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup> (continued)** | **SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) - 95.94%<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;UY Scuti Acquisition Corp. | 2820 | $28933 |
| &nbsp;&nbsp;&nbsp;Viking Acquisition Corp. I | 9512 | 95786 |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES (SPACS) <br> (Cost $4,588,498)** |  | 4769628 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS - 1.31%<sup>(a)</sup>** | **RIGHTS - 1.31%<sup>(a)</sup>** | **RIGHTS - 1.31%<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;A Paradise Acquisition Corp., Class A Subscription Price $10.00, Expires 7/31/2027 | 10000 | 2500 |
| &nbsp;&nbsp;&nbsp;A SPAC III Acquisition Corp., Class A Subscription Price $10.00, Expires 11/12/2026 | 4744 | 901 |
| &nbsp;&nbsp;&nbsp;Aimei Health Technology Co. Ltd. Subscription Price $10.00, Expires 11/17/2028 | 14391 | 5756 |
| &nbsp;&nbsp;&nbsp;Artius II Acquisition, Inc., Class A Subscription Price $10.00, Expires 2/14/2027 | 2372 | 877 |
| &nbsp;&nbsp;&nbsp;Bayview Acquisition Corp. Subscription Price $10.00, Expires 6/15/2026 | 7251 | 1504 |
| &nbsp;&nbsp;&nbsp;Black Hawk Acquisition Corp. Subscription Price $10.00, Expires 12/22/2026 | 3951 | 5966 |
| &nbsp;&nbsp;&nbsp;Bleichroeder Acquisition Corp. I Subscription Price $10.00, Expires 11/4/2026 | 5000 | 3675 |
| &nbsp;&nbsp;&nbsp;Cal Redwood Acquisition Corp. Subscription Price $10.00, Expires 5/15/2030 | 2372 | 712 |
| &nbsp;&nbsp;&nbsp;ChampionsGate Acquisition Corp. Subscription Price $10.00, Expires 5/14/2030 | 886 | 164 |
| &nbsp;&nbsp;&nbsp;Charlton Aria Acquisition Corp., Class A Subscription Price $10.00, Expires 12/31/2026 | 5000 | 950 |
| &nbsp;&nbsp;&nbsp;CO2 Energy Transition Corp. Subscription Price $10.00, Expires 11/22/2026 | 8131 | 1545 |
| &nbsp;&nbsp;&nbsp;Columbus Acquisition Corp. Subscription Price $10.00, Expires 1/22/2027 | 2372 | 830 |
| &nbsp;&nbsp;&nbsp;DT Cloud Star Acquisition Corp. Subscription Price $10.00, Expires 7/9/2029 | 5000 | 825 |
| &nbsp;&nbsp;&nbsp;EGH Acquisition Corp. Subscription Price $10.00, Expires 5/11/2027 | 2372 | 569 |
| &nbsp;&nbsp;&nbsp;ESH Acquisition Corp. Subscription Price $10.00, Expires 6/13/2028 | 19934 | 4086 |
| &nbsp;&nbsp;&nbsp;Eureka Acquisition Corp. Subscription Price $10.00, Expires 1/3/2026 | 2254 | 993 |
| &nbsp;&nbsp;&nbsp;Fifth Era Acquisition Corp. I, Class A Subscription Price $10.00, Expires 2/21/2030 | 2372 | 783 |

---

See Notes to Financial Statements.

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS - 1.31%<sup>(a)</sup> (continued)** | **RIGHTS - 1.31%<sup>(a)</sup> (continued)** | **RIGHTS - 1.31%<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Flag Ship Acquisition Corp. Subscription Price $10.00, Expires 3/31/2026 | 8679 | $1562 |
| &nbsp;&nbsp;&nbsp;Globa Terra Acquisition Corp., Class A Subscription Price $10.00, Expires 6/17/2030 | 4320 | 562 |
| &nbsp;&nbsp;&nbsp;Hennessy Capital Investment Corp. VII Subscription Price $10.00, Expires 1/17/2030 | 9487 | 2647 |
| &nbsp;&nbsp;&nbsp;IB Acquisition Corp. Subscription Price $10.00, Expires 3/28/2026 | 4998 | 345 |
| &nbsp;&nbsp;&nbsp;Inflection Point Acquisition Corp. III Subscription Price $10.00, Expires 4/28/2027 | 1483 | 534 |
| &nbsp;&nbsp;&nbsp;Jackson Acquisition Co. II, Class A Subscription Price $10.00, Expires 12/11/2026 | 4744 | 1281 |
| &nbsp;&nbsp;&nbsp;K&F Growth Acquisition Corp. II, Class A Subscription Price $10.00, Expires 11/6/2026 | 4744 | 759 |
| &nbsp;&nbsp;&nbsp;Kochav Defense Acquisition Corp. Subscription Price $10.00, Expires 5/29/2027 | 2372 | 569 |
| &nbsp;&nbsp;&nbsp;Maywood Acquisition Corp., Class A Subscription Price $10.00, Expires 8/14/2026 | 1977 | 1582 |
| &nbsp;&nbsp;&nbsp;Oak Woods Acquisition Corp. Subscription Price $10.00, Expires 3/23/2028 | 19934 | 4892 |
| &nbsp;&nbsp;&nbsp;Oyster Enterprises II Acquisition Corp. Subscription Price $10.00, Expires 5/22/2030 | 2372 | 474 |
| &nbsp;&nbsp;&nbsp;Pelican Acquisition Corp. Subscription Price $10.00, Expires 5/2/2030 | 2372 | 546 |
| &nbsp;&nbsp;&nbsp;Quartzsea Acquisition Corp. Subscription Price $10.00, Expires 2/18/2030 | 2372 | 534 |
| &nbsp;&nbsp;&nbsp;Quetta Acquisition Corp. Subscription Price $10.00, Expires 10/10/2026 | 1994 | 2981 |
| &nbsp;&nbsp;&nbsp;RF Acquisition Corp. II Subscription Price $10.00, Expires 5/1/2026 | 8065 | 968 |
| &nbsp;&nbsp;&nbsp;Rising Dragon Acquisition Corp. Subscription Price $10.00, Expires 11/15/2028 | 10000 | 2400 |
| &nbsp;&nbsp;&nbsp;Siddhi Acquisition Corp., Class A Subscription Price $10.00, Expires 9/15/2029 | 2372 | 510 |
| &nbsp;&nbsp;&nbsp;Silver Pegasus Acquisition Corp., Class A Subscription Price $10.00, Expires 6/26/2030 | 10001 | 2700 |
| &nbsp;&nbsp;&nbsp;Sizzle Acquisition Corp. II Subscription Price $10.00, Expires 4/2/2030 | 2372 | 380 |
| &nbsp;&nbsp;&nbsp;Soulpower Acquisition Corp. Subscription Price $10.00, Expires 3/31/2026 | 2135 | 374 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **RIGHTS - 1.31%<sup>(a)</sup> (continued)** | **RIGHTS - 1.31%<sup>(a)</sup> (continued)** | **RIGHTS - 1.31%<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Thayer Ventures Acquisition Corp. II Subscription Price $10.00, Expires 5/15/2030 | 1897 | $398 |
| &nbsp;&nbsp;&nbsp;Trailblazer Merger Corp. I Subscription Price $10.00, Expires 4/21/2028 | 19088 | 4631 |
| &nbsp;&nbsp;&nbsp;UY Scuti Acquisition Corp. Subscription Price $10.00, Expires 3/3/2030 | 2965 | 695 |
| **TOTAL RIGHTS <br> (Cost $47,286)** |  | 64960 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **WARRANTS - 1.65%<sup>(a)</sup>** | **WARRANTS - 1.65%<sup>(a)</sup>** | **WARRANTS - 1.65%<sup>(a)</sup>** |
| AA Mission Acquisition Corp., Class A Exercise Price $11.50, Expires 8/1/2030 | 2500 | 424 |
| Alchemy Investments Acquisition Corp. 1 Exercise Price $11.50, Expires 6/26/2028 | 2758 | 579 |
| Aldel Financial II, Inc. Exercise Price $11.50, Expires 10/10/2029 | 4743 | 1945 |
| Archimedes Tech SPAC Partners II Co. Exercise Price $11.50, Expires 10/15/2029 | 1067 | 586 |
| Armada Acquisition Corp. II, Class A Exercise Price $11.50, Expires 5/20/2030 | 1186 | 973 |
| Berto Acquisition Corp. Exercise Price $11.50, Expires 4/28/2030 | 519 | 192 |
| Centurion Acquisition Corp. Exercise Price $11.50, Expires 8/1/2029 | 4944 | 1580 |
| CN Healthy Food Tech Group Corp. Exercise Price $11.50, Expires 2/16/2029 | 12150 | 1106 |
| CO2 Energy Transition Corp. Exercise Price $11.50, Expires 8/17/2028 | 8131 | 1374 |
| Copley Acquisition Corp., Class A Exercise Price $11.50, Expires 5/23/2030 | 1186 | 268 |
| D Boral ARC Acquisition I Corp. Exercise Price $11.50, Expires 5/6/2030 | 5000 | 1816 |
| Digital Asset Acquisition Corp. Exercise Price $11.50, Expires 3/17/2030 | 593 | 249 |
| Dune Acquisition Corp. II Exercise Price $11.50, Expires 6/12/2030 | 1332 | 342 |
| Dynamix Corp. Exercise Price $11.50, Expires 12/6/2029 | 5000 | 8000 |

---

See Notes to Financial Statements.

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **WARRANTS - 1.65%<sup>(a)</sup> (continued)** | **WARRANTS - 1.65%<sup>(a)</sup> (continued)** | **WARRANTS - 1.65%<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;EQV Ventures Acquisition Corp., Class A Exercise Price $11.50, Expires 7/1/2031 | 3333 | $1600 |
| &nbsp;&nbsp;&nbsp; EQV Ventures Acquisition Corp. II, Class A Exercise Price $11.50, Expires 6/30/2031 | 5059 | 1771 |
| &nbsp;&nbsp;&nbsp;Fact II Acquisition Corp. Exercise Price $11.50, Expires 12/20/2029 | 4743 | 1660 |
| &nbsp;&nbsp;&nbsp;Four Leaf Acquisition Corp. Exercise Price $11.50, Expires 5/12/2028 | 19934 | 1196 |
| &nbsp;&nbsp;&nbsp;Gesher Acquisition Corp. II, Class A Exercise Price $11.50, Expires 3/12/2030 | 1186 | 486 |
| &nbsp;&nbsp;&nbsp;GIBO Holdings Ltd. Exercise Price $11.50, Expires 5/8/2030 | 9967 | 250 |
| &nbsp;&nbsp;&nbsp;Globa Terra Acquisition Corp., Class A Exercise Price $11.50, Expires 4/17/2030 | 3240 | 407 |
| &nbsp;&nbsp;&nbsp;Goal Acquisitions Corp. Exercise Price $11.50, Expires 2/11/2026 | 2463 | 0 |
| &nbsp;&nbsp;&nbsp;Gores Holdings X, Inc. Exercise Price $11.50, Expires 6/20/2031 | 296 | 241 |
| &nbsp;&nbsp;&nbsp;GP-Act III Acquisition Corp., Class A Exercise Price $11.50, Expires 12/31/2027 | 8874 | 2393 |
| &nbsp;&nbsp;&nbsp;Graf Global Corp. Exercise Price $11.50, Expires 8/7/2029 | 10000 | 4520 |
| &nbsp;&nbsp;&nbsp;Haymaker Acquisition Corp. 4 Exercise Price $11.50, Expires 9/12/2028 | 2397 | 3715 |
| &nbsp;&nbsp;&nbsp;Horizon Space Acquisition I Corp. Exercise Price $11.50, Expires 1/26/2028 | 3101 | 62 |
| &nbsp;&nbsp;&nbsp;Israel Acquisitions Corp. Exercise Price $11.50, Expires 2/28/2028 | 4661 | 621 |
| &nbsp;&nbsp;&nbsp;Jaws Mustang Acquisition Corp. Exercise Price $11.50, Expires 1/30/2026 | 1780 | 98 |
| &nbsp;&nbsp;&nbsp;Keen Vision Acquisition Corp. Exercise Price $11.50, Expires 9/15/2028 | 10401 | 530 |
| &nbsp;&nbsp;&nbsp;Kodiak AI, Inc. Exercise Price $11.50, Expires 6/12/2028 | 10085 | 15430 |
| &nbsp;&nbsp;&nbsp;Launch One Acquisition Corp. Exercise Price $11.50, Expires 8/29/2029 | 2500 | 625 |
| &nbsp;&nbsp;&nbsp;Launch Two Acquisition Corp. Exercise Price $11.50, Expires 11/26/2029 | 5000 | 1578 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **WARRANTS - 1.65%<sup>(a)</sup> (continued)** | **WARRANTS - 1.65%<sup>(a)</sup> (continued)** | **WARRANTS - 1.65%<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Legato Merger Corp. III Exercise Price $11.50, Expires 3/28/2029 | 10026 | $4112 |
| &nbsp;&nbsp;&nbsp;Lionheart Holdings Exercise Price $11.50, Expires 8/9/2029 | 4168 | 629 |
| &nbsp;&nbsp;&nbsp;Live Oak Acquisition Corp. V Exercise Price $11.50, Expires 4/17/2030 | 1186 | 1168 |
| &nbsp;&nbsp;&nbsp;M3-Brigade Acquisition V Corp., Class A Exercise Price $11.50, Expires 9/23/2030 | 5000 | 4375 |
| &nbsp;&nbsp;&nbsp;Melar Acquisition Corp. I Exercise Price $11.50, Expires 6/1/2031 | 4397 | 616 |
| &nbsp;&nbsp;&nbsp;Namib Minerals Exercise Price $11.50, Expires 6/5/2030 | 3542 | 266 |
| &nbsp;&nbsp;&nbsp;New Providence Acquisition Corp. III, Class A Exercise Price $11.50, Expires 4/24/2030 | 790 | 399 |
| &nbsp;&nbsp;&nbsp;Newbury Street II Acquisition Corp., Class A Exercise Price $11.50, Expires 12/27/2029 | 2372 | 629 |
| &nbsp;&nbsp;&nbsp;NewHold Investment Corp. III, Class A Exercise Price $11.50, Expires 4/17/2030 | 1186 | 498 |
| &nbsp;&nbsp;&nbsp;Oak Woods Acquisition Corp. Exercise Price $11.50, Expires 5/17/2028 | 19934 | 590 |
| &nbsp;&nbsp;&nbsp;Plum Acquisition Corp. IV Exercise Price $11.50, Expires 1/30/2030 | 4150 | 1123 |
| &nbsp;&nbsp;&nbsp;Polibeli Group Ltd. Exercise Price $11.50, Expires 6/23/2030 | 4018 | 375 |
| &nbsp;&nbsp;&nbsp;ProCap Acquisition Corp. Exercise Price $11.50, Expires 5/13/2030 | 316 | 98 |
| &nbsp;&nbsp;&nbsp;Procap Financial, Inc. Exercise Price $11.50, Expires 12/31/2030 | 593 | 415 |
| &nbsp;&nbsp;&nbsp;Real Asset Acquisition Corp. Exercise Price $11.50, Expires 6/2/2030 | 1186 | 590 |
| &nbsp;&nbsp;&nbsp;Republic Digital Acquisition Co. Exercise Price $11.50, Expires 3/5/2026 | 593 | 356 |
| &nbsp;&nbsp;&nbsp;Rithm Acquisition Corp. Exercise Price $11.50, Expires 4/11/2030 | 395 | 253 |
| &nbsp;&nbsp;&nbsp;SIM Acquisition Corp. I, Class A Exercise Price $11.50, Expires 8/28/2029 | 2500 | 539 |
| &nbsp;&nbsp;&nbsp;Slam Corp. Exercise Price $11.50, Expires 2/23/2026 | 3115 | 0 |

---

See Notes to Financial Statements.

RiverNorth Enhanced Pre-Merger SPAC ETF

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **WARRANTS - 1.65%<sup>(a)</sup> (continued)** | **WARRANTS - 1.65%<sup>(a)</sup> (continued)** | **WARRANTS - 1.65%<sup>(a)</sup> (continued)** |
| &nbsp;&nbsp;&nbsp;Solarius Capital Acquisition Corp. Exercise Price $11.50, Expires 7/16/2030 | 8000 | $2241 |
| &nbsp;&nbsp;&nbsp;Spark I Acquisition Corp. Exercise Price $11.50, Expires 11/27/2028 | 9967 | 3140 |
| &nbsp;&nbsp;&nbsp;Stellar V Capital Corp. Exercise Price $11.50, Expires 3/24/2030 | 1186 | 368 |
| &nbsp;&nbsp;&nbsp;Texas Ventures Acquisition III Corp. Exercise Price $11.50, Expires 5/15/2031 | 1186 | 1067 |
| &nbsp;&nbsp;&nbsp;Titan Acquisition Corp. Exercise Price $11.50, Expires 6/2/2030 | 1186 | 415 |
| &nbsp;&nbsp;&nbsp;Youlife Group, Inc. Exercise Price $11.50, Expires 7/10/2030 | 8873 | 985 |
| **TOTAL WARRANTS <br> (Cost $40,897)** |  | 81864 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.96%** | **MONEY MARKET FUNDS - 0.96%** | **MONEY MARKET FUNDS - 0.96%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(c)</sup> | 47742 | 47742 |
| **TOTAL MONEY MARKET FUNDS <br> (Cost $47,742)** |  | 47742 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.86%**<br> **(Cost $4,724,423)** |  | $4964194 |
| **Other Assets in Excess of Liabilities - 0.14%** |  | 7008 |
| **NET ASSETS - 100.00%** |  | $4971202 |

---

*<sup>(a)</sup>* *Non-income producing security.* 

*<sup>(b)</sup>* *The Fund has tendered its investment in the security pursuant to a tender offer, which has not closed as of December 31, 2025, and the final settlement date had not been announced. Accordingly, the security continues to be reflected as an investment at its fair value as of period-end.* 

*<sup>(c)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.* 

*Percentages are stated as a percent of net assets.*

See Notes to Financial Statements.

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.53%** | **COMMON STOCKS - 96.53%** | **COMMON STOCKS - 96.53%** |
| *Banking - 7.01%* | *Banking - 7.01%* | *Banking - 7.01%* |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 65 | $4827 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 156 | 5507 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 103 | 4740 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | 63 | 7463 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 167 | 7154 |
| &nbsp;&nbsp;&nbsp;Central BanCo, Inc., Class A | 224 | 5403 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 116 | 6776 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 246 | 6876 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 133 | 6961 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 52 | 6585 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 64 | 7193 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 142 | 6647 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 3 | 6438 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 294 | 7027 |
| &nbsp;&nbsp;&nbsp;Flagstar Bank NA | 384 | 4835 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 400 | 6840 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 153 | 6740 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 77 | 4903 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 182 | 5056 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 425 | 7374 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 345 | 7121 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 39 | 7858 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 309 | 6894 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 64 | 6106 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 38 | 7932 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 103 | 7118 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 270 | 7317 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | 77 | 7246 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 130 | 6506 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 182 | 8956 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 65 | 7478 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 141 | 5414 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 167 | 8911 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 590 | 6891 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 118 | 7427 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 90 | 8388 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 78 | 6557 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 51 | 7131 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | 116 | 6791 |
|  |  | 263387 |
| *Consumer Discretionary Products - 2.55%* | *Consumer Discretionary Products - 2.55%* | *Consumer Discretionary Products - 2.55%* |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 89 | 12819 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | 126 | 12953 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.<sup>(a)</sup> | 2 | 14585 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 115 | 13485 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A<sup>(a)</sup> | 756 | 14901 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.<sup>(a)</sup> | 220 | 12951 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 103 | 13928 |
|  |  | 95622 |
| *Consumer Discretionary Services - 3.90%* | *Consumer Discretionary Services - 3.90%* | *Consumer Discretionary Services - 3.90%* |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 167 | 14235 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.<sup>(a)</sup> | 86 | 12343 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.<sup>(a)</sup> | 243 | 14262 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc., Class A<sup>(a)</sup> | 372 | 13764 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 117 | 13312 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 74 | 13617 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** |
| *Consumer Discretionary Services - 3.90% (continued)* | *Consumer Discretionary Services - 3.90% (continued)* | *Consumer Discretionary Services - 3.90% (continued)* |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A<sup>(a)</sup> | 404 | $13922 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A<sup>(a)</sup> | 209 | 12795 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A<sup>(a)</sup> | 129 | 13993 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 74 | 12284 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 50 | 11924 |
|  |  | 146451 |
| *Consumer Staple Products - 1.76%* | *Consumer Staple Products - 1.76%* | *Consumer Staple Products - 1.76%* |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 254 | 14646 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 90 | 13797 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | 93 | 12830 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 496 | 11368 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 482 | 13434 |
|  |  | 66075 |
| *Financial Services - 5.41%* | *Financial Services - 5.41%* | *Financial Services - 5.41%* |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | 677 | 7257 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 152 | 6884 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 14 | 6865 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 319 | 7133 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 40 | 6465 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc., Class A | 429 | 6409 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 39 | 9452 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 90 | 8992 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc.<sup>(a)</sup> | 92 | 7296 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.<sup>(a)</sup> | 14 | 6208 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 141 | 5589 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp.<sup>(a)</sup> | 728 | 7382 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association<sup>(a)</sup> | 672 | 7210 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 128 | 6987 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 39 | 7117 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 13 | 4643 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 255 | 7451 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 103 | 6958 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 51 | 6724 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 28 | 9512 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.<sup>(a)</sup> | 424 | 5372 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | 631 | 6878 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A<sup>(a)</sup> | 78 | 8822 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 197 | 5331 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.<sup>(a)</sup> | 256 | 6702 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 90 | 7509 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group, Inc. | 65 | 6655 |
| &nbsp;&nbsp;&nbsp;TPG, Inc., Class A | 105 | 6703 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 91 | 6779 |
|  |  | 203285 |
| *Health Care - 10.83%* | *Health Care - 10.83%* | *Health Care - 10.83%* |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 224 | 14871 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.<sup>(a)</sup> | 91 | 16620 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.<sup>(a)</sup> | 379 | 14194 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 64 | 13152 |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc.<sup>(a)</sup> | 488 | 13166 |
| &nbsp;&nbsp;&nbsp;Centene Corp.<sup>(a)</sup> | 348 | 14320 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 27 | 11552 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 53 | 14587 |

---

See Notes to Financial Statements.

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** |
| *Health Care - 10.83% (continued)* | *Health Care - 10.83% (continued)* | *Health Care - 10.83% (continued)* |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(a)</sup> | 168 | $5847 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 197 | 15634 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 40 | 14022 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 77 | 13413 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 38 | 17741 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>(a)</sup> | 143 | 13100 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 52 | 13319 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 185 | 14635 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.<sup>(a)</sup> | 77 | 13663 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.<sup>(a)</sup> | 54 | 13313 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 12 | 9844 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(a)</sup> | 91 | 15792 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.<sup>(a)</sup> | 66 | 15120 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.<sup>(a)</sup> | 96 | 13616 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.<sup>(a)</sup> | 370 | 11788 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.<sup>(a)</sup> | 342 | 13129 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.<sup>(a)</sup> | 137 | 11966 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 77 | 13362 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.<sup>(a)</sup> | 169 | 12058 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.<sup>(a)</sup> | 65 | 12917 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(a)</sup> | 25 | 12181 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 54 | 17826 |
|  |  | 406748 |
| *Industrial Products - 1.50%* | *Industrial Products - 1.50%* | *Industrial Products - 1.50%* |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 192 | 14640 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 39 | 13263 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.<sup>(a)</sup> | 199 | 14561 |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc., Class A<sup>(a)</sup> | 233 | 13863 |
|  |  | 56327 |
| *Industrial Services - 9.04%* | *Industrial Services - 9.04%* | *Industrial Services - 9.04%* |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | 1711 | 13808 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 105 | 11164 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A<sup>(a)</sup> | 142 | 13907 |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 14 | 13066 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A<sup>(a)</sup> | 107 | 11615 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A<sup>(a)</sup> | 261 | 13564 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 433 | 15696 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.<sup>(a)</sup> | 39 | 13178 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 27 | 16518 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 107 | 12342 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.<sup>(a)</sup> | 28 | 10892 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 52 | 13488 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 65 | 12632 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.<sup>(a)</sup> | 128 | 14103 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc., Class A | 264 | 13802 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(a)</sup> | 65 | 14129 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 51 | 14725 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 90 | 14112 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 105 | 13035 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | 77 | 16319 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.<sup>(a)</sup> | 40 | 13061 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 89 | 11086 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 331 | 13680 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(a)</sup> | 42 | 12862 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** |
| *Industrial Services - 9.04% (continued)* | *Industrial Services - 9.04% (continued)* | *Industrial Services - 9.04% (continued)* |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 77 | $16918 |
|  |  | 339702 |
| *Insurance - 3.27%* | *Insurance - 3.27%* | *Insurance - 3.27%* |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 38 | 7910 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 51 | 6971 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 38 | 6206 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 135 | 6433 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 26 | 7453 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 1 | 21 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 52 | 7273 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 40 | 7311 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | 64 | 6825 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 14 | 5476 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 154 | 6858 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 64 | 6740 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 53 | 4985 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 154 | 7028 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 40 | 9109 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 104 | 6654 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc., Class A | 270 | 13940 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 65 | 5438 |
|  |  | 122631 |
| *Materials - 1.52%* | *Materials - 1.52%* | *Materials - 1.52%* |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 66 | 13641 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 26 | 16189 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 134 | 12201 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 53 | 15116 |
|  |  | 57147 |
| *Media - 4.19%* | *Media - 4.19%* | *Media - 4.19%* |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A<sup>(a)</sup> | 66 | 13778 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | 192 | 14029 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C<sup>(a)</sup> | 287 | 13948 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A<sup>(a)</sup> | 706 | 13675 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.<sup>(a)</sup> | 302 | 13584 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | 199 | 13815 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | 64 | 12995 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.<sup>(a)</sup> | 1121 | 6535 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.<sup>(a)</sup> | 130 | 14104 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 655 | 13097 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A<sup>(a)</sup> | 373 | 14159 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C<sup>(a)</sup> | 198 | 13508 |
|  |  | 157227 |
| *Oil & Gas - 8.07%* | *Oil & Gas - 8.07%* | *Oil & Gas - 8.07%* |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 745 | 13253 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(a)</sup> | 404 | 13922 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 124 | 11495 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.<sup>(a)</sup> | 324 | 11913 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.<sup>(a)</sup> | 653 | 15136 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 540 | 14213 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 379 | 13883 |

---

See Notes to Financial Statements.

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** |
| *Oil & Gas - 8.07% (continued)* | *Oil & Gas - 8.07% (continued)* | *Oil & Gas - 8.07% (continued)* |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 90 | $13530 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 128 | 13441 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | 254 | 13614 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 128 | 14126 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 290 | 13363 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 590 | 16219 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 82 | 13336 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 284 | 12053 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 38 | 15334 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 192 | 14112 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 989 | 13876 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 387 | 13646 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 76 | 14022 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 18 | 5170 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | 184 | 7108 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 270 | 16230 |
|  |  | 302995 |
| *Real Estate - 7.47%* | *Real Estate - 7.47%* | *Real Estate - 7.47%* |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 103 | 7419 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 154 | 7537 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 142 | 6682 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | 226 | 7255 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 38 | 6890 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | 107 | 7220 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 270 | 7079 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 66 | 7265 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 195 | 7051 |
| &nbsp;&nbsp;&nbsp;Compass, Inc., Class A<sup>(a)</sup> | 649 | 6860 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 77 | 6843 |
| &nbsp;&nbsp;&nbsp;CubeSmart | 181 | 6525 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 40 | 7126 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 117 | 7091 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 119 | 7502 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 235 | 6970 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 27 | 7065 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 52 | 6771 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 63 | 6350 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 115 | 6586 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 153 | 6838 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 418 | 7085 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 398 | 6400 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 387 | 6861 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 254 | 7059 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 337 | 6831 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 219 | 5249 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | 51 | 6456 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 53 | 7362 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 181 | 7173 |
| &nbsp;&nbsp;&nbsp;Public Storage | 26 | 6747 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 102 | 7041 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 169 | 6544 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 79 | 7475 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 52 | 9626 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 209 | 7683 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 115 | 6752 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 197 | 7226 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 249 | 7002 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** |
| *Real Estate - 7.47% (continued)* | *Real Estate - 7.47% (continued)* | *Real Estate - 7.47% (continued)* |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 213 | $7089 |
|  |  | 280586 |
| *Retail & Wholesale - Discretionary - 6.41%* | *Retail & Wholesale - Discretionary - 6.41%* | *Retail & Wholesale - Discretionary - 6.41%* |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.<sup>(a)</sup> | 66 | 13628 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>(a)</sup> | 67 | 11823 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)</sup> | 126 | 12964 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.<sup>(a)</sup> | 51 | 14731 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | 336 | 12983 |
| &nbsp;&nbsp;&nbsp;Carvana Co.<sup>(a)</sup> | 39 | 16459 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A<sup>(a)</sup> | 430 | 14211 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 66 | 13066 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | 25 | 15159 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 218 | 13274 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 66 | 15917 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 588 | 12965 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(a)</sup> | 172 | 15688 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 90 | 16213 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 254 | 12703 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.<sup>(a)</sup> | 26 | 15730 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 75 | 13394 |
|  |  | 240908 |
| *Retail & Wholesale - Staples - 4.30%* | *Retail & Wholesale - Staples - 4.30%* | *Retail & Wholesale - Staples - 4.30%* |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | 790 | 13564 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 140 | 12604 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 25 | 13818 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 102 | 13543 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(a)</sup> | 76 | 14315 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.<sup>(a)</sup> | 395 | 12826 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 213 | 13308 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 132 | 14469 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.<sup>(a)</sup> | 141 | 12679 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(a)</sup> | 167 | 13305 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 138 | 13489 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(a)</sup> | 181 | 13633 |
|  |  | 161553 |
| *Software & Tech Services - 4.67%* | *Software & Tech Services - 4.67%* | *Software & Tech Services - 4.67%* |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc., Class A<sup>(a)</sup> | 87 | 6475 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A<sup>(a)</sup> | 27 | 6282 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.<sup>(a)</sup> | 219 | 11944 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp., Class A | 168 | 14173 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A<sup>(a)</sup> | 26 | 13853 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 649 | 5160 |
| &nbsp;&nbsp;&nbsp;Chime Financial, Inc., Class A<sup>(a)</sup> | 283 | 7123 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A<sup>(a)</sup> | 315 | 13948 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 120 | 13462 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 90 | 14342 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(a)</sup> | 94 | 14335 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc., Class A<sup>(a)</sup> | 126 | 13419 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.<sup>(a)</sup> | 222 | 13109 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A<sup>(a)</sup> | 395 | 14027 |

---

See Notes to Financial Statements.

RiverNorth Patriot ETF

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** | **COMMON STOCKS - 96.53% (continued)** |
| *Software & Tech Services - 4.67% (continued)* | *Software & Tech Services - 4.67% (continued)* | *Software & Tech Services - 4.67% (continued)* |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.<sup>(a)</sup> | 419 | $13722 |
|  |  | 175374 |
| *Telecommunications - 1.58%* | *Telecommunications - 1.58%* | *Telecommunications - 1.58%* |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 644 | 15997 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.<sup>(a)</sup> | 366 | 13934 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.<sup>(a)</sup> | 1789 | 13900 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 385 | 15681 |
|  |  | 59512 |
| *Utilities - 13.05%* | *Utilities - 13.05%* | *Utilities - 13.05%* |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 194 | 12612 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 129 | 12882 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 129 | 14875 |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 103 | 13442 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 77 | 12908 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 158 | 10968 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 337 | 12921 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 181 | 12657 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 129 | 12812 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 39 | 13778 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 219 | 12831 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 101 | 13027 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 127 | 14886 |
| &nbsp;&nbsp;&nbsp;Edison International | 216 | 12964 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 144 | 13310 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 335 | 12851 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 182 | 13193 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 197 | 13264 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 297 | 12946 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 298 | 13341 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 103 | 13036 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 168 | 13450 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 312 | 13029 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 80 | 12739 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 299 | 12767 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 836 | 13435 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 142 | 12595 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 234 | 11230 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 383 | 13413 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 167 | 13410 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 167 | 14562 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 170 | 13603 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(a)</sup> | 41 | 15368 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 221 | 13013 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 94 | 15165 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 126 | 13288 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 183 | 13516 |
|  |  | 490087 |
| **TOTAL COMMON STOCKS <br> (Cost $3,530,070)** |  | 3625617 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **LIMITED PARTNERSHIPS - 1.92%** | **LIMITED PARTNERSHIPS - 1.92%** | **LIMITED PARTNERSHIPS - 1.92%** |
| *Oil & Gas - 1.92%* | *Oil & Gas - 1.92%* | *Oil & Gas - 1.92%* |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | 852 | $14049 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 494 | 15838 |
| &nbsp;&nbsp;&nbsp;MPLX LP | 261 | 13930 |
| &nbsp;&nbsp;&nbsp;Sunoco LP | 260 | 13627 |
| &nbsp;&nbsp;&nbsp;Western Midstream Partners LP | 367 | 14496 |
|  |  | 71940 |
| **TOTAL LIMITED PARTNERSHIPS <br> (Cost $67,045)** |  | 71940 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.48%** | **MONEY MARKET FUNDS - 1.48%** | **MONEY MARKET FUNDS - 1.48%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 55705 | 55705 |
| **TOTAL MONEY MARKET FUNDS <br> (Cost $55,705)** |  | 55705 |
| **TOTAL INVESTMENTS - 99.93% <br> (Cost $3,652,820)** |  | $3753262 |
| **Other Assets in Excess of Liabilities - 0.07%** |  | 2619 |
| **NET ASSETS - 100.00%** |  | $3755881 |

---

*<sup>(a)</sup>* *Non-income producing security.* <br> *<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.* 

*Percentages are stated as a percent of net assets.*

Investment Abbreviations: <br> LP – Limited Partnership <br> NA - National Association

See Notes to Financial Statements.

TrueShares Active Yield ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 63.72%** |  |  |
| *Banking **-** 0.16%* |  |  |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | 3103 | $91600 |
| *Consumer Discretionary Products **-** 0.28%* |  |  |
| &nbsp;&nbsp;&nbsp;KB Home | 1617 | 91215 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co, Inc. | 2101 | 68598 |
|  |  | 159813 |
| *Consumer Discretionary Services **-** 0.78%* |  |  |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 421 | 175481 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 15541 | 272900 |
|  |  | 448381 |
| *Consumer Staple Products **-** 5.78%* |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 6147 | 354436 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC - Sponsored ADR | 2675 | 151458 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 4430 | 446677 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 36389 | 629894 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 21036 | 228872 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 12279 | 570973 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 2665 | 260664 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 1502 | 151537 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 1294 | 207558 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp., Class A | 9432 | 154213 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 6613 | 184304 |
|  |  | 3340586 |
| *Financial Services **-** 12.86%* |  |  |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 17057 | 381394 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. | 9685 | 75156 |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. | 6066 | 122715 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 2964 | 479071 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | 13113 | 231969 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. | 72205 | 1011592 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. | 61883 | 840371 |
| &nbsp;&nbsp;&nbsp;Fidus Investment Corp. | 30021 | 579405 |
| &nbsp;&nbsp;&nbsp;FS KKR Capital Corp. | 71743 | 1062514 |
| &nbsp;&nbsp;&nbsp;Gladstone Investment Corp. | 41678 | 582242 |
| &nbsp;&nbsp;&nbsp;Great Elm Capital Corp. | 20994 | 147903 |
| &nbsp;&nbsp;&nbsp;Hercules Capital, Inc. | 11717 | 220514 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc., Class A | 677 | 117927 |
| &nbsp;&nbsp;&nbsp;MidCap Financial Investment Corp. | 24108 | 275795 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust | 12001 | 150613 |
| &nbsp;&nbsp;&nbsp;Sixth Street Specialty Lending, Inc. | 30312 | 658377 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 1172 | 73941 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | 12563 | 418599 |
|  |  | 7430098 |
| *Health Care **-** 4.12%* |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 2694 | 615552 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 973 | 318473 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 3421 | 184529 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 2410 | 495255 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 63.72% (continued)** |  |  |
| *Health Care **-** 4.12% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 4675 | $573809 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 1808 | 190310 |
|  |  | 2377928 |
| *Industrial Products **-** 0.44%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 245 | 78035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc., Class B | 399 | 177200 |
|  |  | 255235 |
| *Industrial Services **-** 9.81%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 72960 | 890841 |
| &nbsp;&nbsp;&nbsp;&nbsp;FLEX LNG Ltd. | 62186 | 1551541 |
| &nbsp;&nbsp;&nbsp;&nbsp;H&R Block, Inc. | 2691 | 117274 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Seaways, Inc. | 28909 | 1403532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | 8019 | 481300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 10923 | 555216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | 1286 | 169610 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | 2583 | 256208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 706 | 237887 |
|  |  | 5663409 |
| *Insurance **-** 2.55%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Donegal Group, Inc., Class A | 14552 | 290749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | 790 | 226453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 3509 | 799069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tiptree, Inc., Class A | 8602 | 157159 |
|  |  | 1473430 |
| *Materials **-** 4.54%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 4090 | 178120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Caledonia Mining Corp. PLC | 47531 | 1243886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 2198 | 177511 |
| &nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | 6077 | 263134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 2749 | 274488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | 1567 | 224817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 1552 | 262986 |
|  |  | 2624942 |
| *Media **-** 0.99%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | 3246 | 446715 |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Times Co., Class A | 1763 | 122387 |
|  |  | 569102 |
| *Oil & Gas **-** 6.87%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 13099 | 443401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 14502 | 245374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 17176 | 452072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 547 | 88959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 22687 | 889104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sabine Royalty Trust | 6050 | 414848 |

---

See Notes to Financial Statements.

TrueShares Active Yield ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 63.72% (continued)** |  |  |
| *Oil & Gas **-** 6.87% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., Class A | 4087 | $187879 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 6082 | 1122129 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 1880 | 122990 |
|  |  | 3966756 |
| *Real Estate **-** 2.74%* |  |  |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | 24556 | 403210 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | 20743 | 982388 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 2383 | 197670 |
|  |  | 1583268 |
| *Retail & Wholesale - Discretionary **-** 6.83%* |  |  |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc., Class A | 63897 | 621718 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 4623 | 915215 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | 1417 | 859184 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 8375 | 191285 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 4035 | 638700 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 2139 | 106971 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 1818 | 324677 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | 706 | 285888 |
|  |  | 3943638 |
| *Retail & Wholesale - Staples **-** 0.86%* |  |  |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 4638 | 289782 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 3248 | 208165 |
|  |  | 497947 |
| *Telecommunications **-** 1.49%* |  |  |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 29662 | 639513 |
| &nbsp;&nbsp;&nbsp;TIM SA- Sponsored ADR | 11403 | 221788 |
|  |  | 861301 |
| *Utilities **-** 2.62%* |  |  |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | 25519 | 848762 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co. Ltd. | 13099 | 462264 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 736 | 117201 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 987 | 86066 |
|  |  | 1514293 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $38,840,028)** |  | 36801727 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **BUSINESS DEVELOPMENT COMPANIES - 6.69%** |  |  |
| &nbsp;&nbsp;&nbsp;Carlyle Secured Lending, Inc. | 73729 | $920875 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs BDC, Inc. | 97151 | 901561 |
| &nbsp;&nbsp;&nbsp;Golub Capital BDC, Inc. | 54280 | 736580 |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending Corp. | 68543 | 873238 |
| &nbsp;&nbsp;&nbsp;SLR Investment Corp. | 7733 | 119552 |
| &nbsp;&nbsp;&nbsp;Stellus Capital Investment Corp. | 24827 | 314806 |
| **TOTAL BUSINESS DEVELOPMENT COMPANIES** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,108,045)** |  | 3866612 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **CLOSED-END FUNDS - 11.52%** |  |  |
| &nbsp;&nbsp;&nbsp;Aberdeen Asia-Pacific Income Fund, Inc. | 22152 | 339812 |
| &nbsp;&nbsp;&nbsp;Abrdn Healthcare Opportunities Fund | 52306 | 1000614 |
| &nbsp;&nbsp;&nbsp;Abrdn World Healthcare Fund | 41032 | 524389 |
| &nbsp;&nbsp;&nbsp;Barings Global Short Duration High Yield Fund | 7476 | 112215 |
| &nbsp;&nbsp;&nbsp;BlackRock Debt Strategies Fund, Inc. | 81573 | 830413 |
| &nbsp;&nbsp;&nbsp;BlackRock Multi-Sector Income Trust | 19955 | 260612 |
| &nbsp;&nbsp;&nbsp;ClearBridge Energy Midstream Opportunity Fund, Inc. | 6319 | 282143 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategic Opportunities Fund | 109842 | 1414765 |
| &nbsp;&nbsp;&nbsp;KKR Income Opportunities Fund | 45255 | 524505 |
| &nbsp;&nbsp;&nbsp;Nuveen NASDAQ 100 Dynamic Overwrite Fund | 5798 | 165359 |
| &nbsp;&nbsp;&nbsp;PGIM Global High Yield Fund, Inc. | 8036 | 99164 |
| &nbsp;&nbsp;&nbsp;PIMCO Corporate & Income Opportunity Fund | 9431 | 121660 |
| &nbsp;&nbsp;&nbsp;PIMCO Dynamic Income Fund | 16472 | 291719 |
| &nbsp;&nbsp;&nbsp;RiverNorth Capital and Income Fund | 47966 | 688792 |
| **TOTAL CLOSED-END FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $6,760,908)** |  | 6656162 |

---

See Notes to Financial Statements.

TrueShares Active Yield ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 14.71%** |  |  |
| &nbsp;&nbsp;&nbsp;Alerian MLP ETF | 2112 | $99306 |
| &nbsp;&nbsp;&nbsp;Amplify CEF High Income ETF | 19017 | 218886 |
| &nbsp;&nbsp;&nbsp;Fidelity Low Duration Bond Factor ETF | 3547 | 178166 |
| &nbsp;&nbsp;&nbsp;FTHI/First Trust ETF VI First Trust BuyWrite Income ETF | 4677 | 110471 |
| &nbsp;&nbsp;&nbsp;First Trust ETF VI First Trust Nasdaq BuyWrite Income ETF | 57073 | 1188260 |
| &nbsp;&nbsp;&nbsp;Franklin Short Duration U.S. Government ETF | 2115 | 192486 |
| &nbsp;&nbsp;&nbsp;Global X Nasdaq 100 Covered Call ETF | 59045 | 1043325 |
| &nbsp;&nbsp;&nbsp;Global X Russell 2000 Covered Call ETF | 17716 | 271055 |
| &nbsp;&nbsp;&nbsp;Global X S&P 500 Covered Call ETF | 8313 | 337757 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Access Treasury 0-1 Year ETF | 2756 | 275435 |
| &nbsp;&nbsp;&nbsp;Invesco Short Term Treasury ETF | 3343 | 353188 |
| &nbsp;&nbsp;&nbsp;Invesco Ultra Short Duration ETF | 2670 | 134168 |
| &nbsp;&nbsp;&nbsp;Invesco Variable Rate Investment Grade ETF | 3821 | 95907 |
| &nbsp;&nbsp;&nbsp;iShares 20+ Year Treasury Bond ETF | 1359 | 118451 |
| &nbsp;&nbsp;&nbsp;iShares 3-7 Year Treasury Bond ETF | 986 | 117679 |
| &nbsp;&nbsp;&nbsp;iShares Short Duration Bond Active ETF | 3497 | 178697 |
| &nbsp;&nbsp;&nbsp;iShares Short Treasury Bond ETF | 1536 | 169190 |
| &nbsp;&nbsp;&nbsp;iShares 0-1 Year Treasury Floating Rate Bond ETF | 6844 | 345348 |
| &nbsp;&nbsp;&nbsp;iShares U.S. Treasury Bond ETF | 4258 | 98041 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Short Duration Income ETF | 9579 | 470712 |
| &nbsp;&nbsp;&nbsp;JPMorgan Ultra-Short Municipal Income ETF | 1983 | 101014 |
| &nbsp;&nbsp;&nbsp;PGIM Ultra Short Bond ETF | 2258 | 111974 |
| &nbsp;&nbsp;&nbsp;PIMCO Enhanced Short Maturity Active ETF | 1256 | 126027 |
| &nbsp;&nbsp;&nbsp;State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 1545 | 141182 |
| &nbsp;&nbsp;&nbsp;State Street SPDR Portfolio Short Term Treasury ETF | 6983 | 204462 |
| &nbsp;&nbsp;&nbsp;Vanguard Long-Term Treasury ETF | 2428 | 135482 |
| &nbsp;&nbsp;&nbsp;Vanguard Short-Term Treasury ETF | 2101 | 123392 |
| &nbsp;&nbsp;&nbsp;VictoryShares Short-Term Bond ETF | 1816 | 92325 |
| &nbsp;&nbsp;&nbsp;Virtus Seix Senior Loan ETF | 13691 | 319616 |
| &nbsp;&nbsp;&nbsp;WisdomTree Equity Premium Income | 34568 | 1141435 |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $8,542,924)** |  | 8493437 |
|  | **Shares** | **Value** |
| **LIMITED PARTNERSHIPS - 0.23%** |  |  |
| *Oil & Gas **-** 0.23%* |  |  |
| &nbsp;&nbsp;&nbsp;Plains GP Holdings LP, Class A | 6939 | 132813 |
| **TOTAL LIMITED PARTNERSHIPS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $122,790)** |  | 132813 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 2.72%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(a)</sup> | 1568463 | $1568463 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,568,463)** |  | 1568463 |
| **TOTAL INVESTMENTS - 99.59%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $59,943,158)** |  | $57519214 |
| **Other Assets in Excess of Liabilities - 0.41%** |  | 235006 |
| **NET ASSETS - 100.00%** |  | $57754220 |

---

*<sup>(a)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

Investment Abbreviations:

ADR - American Depositary Receipt

LP – Limited Partnership

Ltd. – Limited

NV - Naamloze Vennootschap (Dutch: Public Limited Company)

PLC - Public Limited Company

SA - Sociedad Anónima (Portuguese/Spanish: Public Limited Company)

SE - Société Européenne (French: European Society/Company)

See Notes to Financial Statements.

TrueShares Eagle Global Renewable Energy Income ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 95.89%** |  |  |
| *Financial Services **-** 6.03%* |  |  |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | 5277 | $165856 |
| *Industrial Services **-** 2.97%* |  |  |
| &nbsp;&nbsp;&nbsp;Acciona SA | 374 | 81708 |
| *Utilities **-** 86.89%<sup>(a)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 2371 | 273400 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 803 | 55744 |
| &nbsp;&nbsp;&nbsp;Boralex, Inc., Class A | 3826 | 70608 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | 5276 | 165772 |
| &nbsp;&nbsp;&nbsp;Drax Group PLC | 9780 | 110341 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 470 | 55089 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | 6373 | 90174 |
| &nbsp;&nbsp;&nbsp;EDP SA | 11056 | 50868 |
| &nbsp;&nbsp;&nbsp;Endesa SA | 3410 | 122747 |
| &nbsp;&nbsp;&nbsp;Enel SpA | 21252 | 221706 |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | 4692 | 100245 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 2388 | 191709 |
| &nbsp;&nbsp;&nbsp;Northland Power, Inc. | 6258 | 81385 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 520 | 82805 |
| &nbsp;&nbsp;&nbsp;Orsted A/S<sup>(b)(c)(d)</sup> | 5997 | 115446 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 658 | 53173 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 6894 | 110786 |
| &nbsp;&nbsp;&nbsp;RWE AG | 4153 | 220896 |
| &nbsp;&nbsp;&nbsp;SSE PLC | 3740 | 109850 |
| &nbsp;&nbsp;&nbsp;Verbund AG | 1492 | 108710 |
|  |  | 2391454 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,315,983)** |  | 2639018 |
|  | **Shares** | **Value** |
| **LIMITED PARTNERSHIPS - 2.46%** |  |  |
| *Utilities **-** 2.46%* |  |  |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Partners LP | 2505 | 67560 |
| **TOTAL LIMITED PARTNERSHIPS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $68,602)** |  | 67560 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.58%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(e)</sup> | 15889 | 15889 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $15,889)** |  | 15889 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 98.93%** | |
| &nbsp;&nbsp;&nbsp;**(Cost $2,400,474)** | $2722467 |
| **Other Assets in Excess of Liabilities - 1.07%** | 29566 |
| **NET ASSETS - 100.00%** | $2752033 |

---

*<sup>(a)</sup>* *To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.*

*<sup>(b)</sup>* *Non-income producing security.*

*<sup>(c)</sup>* *All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of December 31, 2025, these securities had an aggregate value of $115,446 or 4.19% of net assets.*

*<sup>(d)</sup>* *Security was issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of December 31, 2025, the aggregate market value of these securities was $115,446, representing 4.19% of net assets.*

*<sup>(e)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

Investment Abbreviations:

AG - Aktiengesellschaft (German: Stock Corporation)

A/S - Aktieselskab (Danish: Joint Stock Company)

LP – Limited Partnership

PLC - Public Limited Company

SA - Sociedad Anónima (Portuguese/Spanish: Public Limited Company)

SpA - Società per azioni (Italian: Joint Stock Company)

Oyj - Julkinen Osakeyhtiö (Finnish: Public Limited Company)

See Notes to Financial Statements.

TrueShares Technology, AI & Deep Learning ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 96.66%** |  |  |
| *Health Care **-** 15.96%* |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1405 | $1509926 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.<sup>(a)</sup> | 6359 | 1456783 |
| &nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc.<sup>(a)</sup> | 33893 | 2357258 |
|  |  | 5323967 |
| *Retail & Wholesale - Discretionary **-** 4.82%* |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 6965 | 1607662 |
| *Software & Tech Services **-** 58.80%<sup>(a)(b)</sup>* |  |  |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A | 19005 | 3746836 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A | 6642 | 3113504 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A | 8846 | 1202967 |
| &nbsp;&nbsp;&nbsp;Elastic NV | 10425 | 786462 |
| &nbsp;&nbsp;&nbsp;Figma, Inc., Class A | 20362 | 760928 |
| &nbsp;&nbsp;&nbsp;HeartFlow, Inc. | 26506 | 772650 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc. | 6085 | 2553814 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A | 44094 | 1563132 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc. | 29702 | 531072 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A | 22743 | 341145 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. | 5070 | 776673 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc. | 10302 | 2259847 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc. | 5358 | 1205121 |
|  |  | 19614151 |
| *Tech Hardware & Semiconductors **-** 17.08%* |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 6790 | 1454146 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC<sup>(a)</sup> | 7485 | 818185 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 18355 | 3423208 |
|  |  | 5695539 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $23,616,971)** |  | 32241319 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 3.38%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(c)</sup> | 1129083 | 1129083 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $1,129,083)** |  | 1129083 |
| **TOTAL INVESTMENTS - 100.04%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $24,746,054)** |  | $33370402 |
| **Liabilities in Excess of Other Assets - (0.04)%** |  | (13699) |
| **NET ASSETS - 100.00%** |  | $33356703 |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.*

*<sup>(c)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

Investment Abbreviations:

NV - Naamloze Vennootschap (Dutch: Public Limited Company)

PLC - Public Limited Company

See Notes to Financial Statements.

TrueShares Sub-Advised ETFs

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Polen Dividend Income ETF** | **RiverNorth Enhanced Pre- Merger SPAC ETF** | **RiverNorth Patriot ETF** | **TrueShares Active Yield ETF** | **TrueShares Eagle Global Renewable Energy Income ETF** | **TrueShares Technology, AI & Deep Learning ETF** |
| &nbsp;&nbsp;&nbsp;**ASSETS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $212274439 | $4964194 | $3753262 | $57519214 | $2722467 | $33370402 |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  | 15524 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currencies, at value |  |  |  |  | 23623 |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  | 10348 | 219 |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 354902 | 799 | 4591 | 273426 | 7685 | 5717 |
| &nbsp;&nbsp;&nbsp;Other assets | 185 |  |  |  |  | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 212629526 | 4975341 | 3758072 | 57808164 | 2753775 | 33376304 |
| &nbsp;&nbsp;&nbsp;**LIABILITIES:** | &nbsp;&nbsp;&nbsp;**LIABILITIES:** | &nbsp;&nbsp;&nbsp;**LIABILITIES:** | &nbsp;&nbsp;&nbsp;**LIABILITIES:** | &nbsp;&nbsp;&nbsp;**LIABILITIES:** | &nbsp;&nbsp;&nbsp;**LIABILITIES:** | &nbsp;&nbsp;&nbsp;**LIABILITIES:** |
| &nbsp;&nbsp;&nbsp;Payable to Investment Advisor | 115905 | 4139 | 2191 | 53944 | 1742 | 19601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 115905 | 4139 | 2191 | 53944 | 1742 | 19601 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $212513621 | $4971202 | $3755881 | $57754220 | $2752033 | $33356703 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** | &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** | &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** | &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** | &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** | &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** | &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** |
| &nbsp;&nbsp;&nbsp;Paid in capital | $206871469 | $4972735 | $4492783 | $88882330 | $2867309 | $39699523 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated deficit) | 5642152 | (1533) | (736902) | (31128110) | (115276) | (6342820) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $212513621 | $4971202 | $3755881 | $57754220 | $2752033 | $33356703 |
| &nbsp;&nbsp;&nbsp;**INVESTMENTS, AT COST** | $192380247 | $4724423 | $3652820 | $59943158 | $2400474 | $24746054 |
| &nbsp;&nbsp;&nbsp;**FOREIGN CURRENCIES, AT COST** | $— | $— | $— | $— | $23660 | $— |
| &nbsp;&nbsp;&nbsp;**Net asset value:** | &nbsp;&nbsp;&nbsp;**Net asset value:** | &nbsp;&nbsp;&nbsp;**Net asset value:** | &nbsp;&nbsp;&nbsp;**Net asset value:** | &nbsp;&nbsp;&nbsp;**Net asset value:** | &nbsp;&nbsp;&nbsp;**Net asset value:** | &nbsp;&nbsp;&nbsp;**Net asset value:** |
| &nbsp;&nbsp;&nbsp;Net assets | $212513621 | $4971202 | $3755881 | $57754220 | $2752033 | $33356703 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 5850000 | 195000 | 130000 | 2820000 | 100000 | 700000 |
| &nbsp;&nbsp;&nbsp;Net asset value, price per share | $36.33 | $25.49 | $28.89 | $20.48 | $27.52 | $47.65 |

---

See Notes to Financial Statements.

TrueShares Sub-Advised ETFs

---

| |
|:---|
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended December 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Polen Dividend Income ETF<sup>(a)</sup>** | **RiverNorth Enhanced Pre- Merger SPAC ETF<sup>(a)</sup>** | **RiverNorth Patriot ETF<sup>(a)</sup>** | **TrueShares Active Yield ETF<sup>(a)</sup>** | **TrueShares Eagle Global Renewable Energy Income ETF<sup>(a)</sup>** | **TrueShares Technology, AI & Deep Learning ETF<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $6383115 | $9345 | $77215 | $11135541 | $67341 | $39082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 6383115 | 9345 | 77215 | 11135541 | 67341 | 39082 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1138686 | 46765 | 27883 | 1061397 | 19243 | 225734 |
| &nbsp;&nbsp;&nbsp;Other expenses | – | 500 | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 1138686 | 47265 | 27883 | 1061397 | 19243 | 225734 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME/(LOSS)** | 5244429 | (37920) | 49332 | 10074144 | 48098 | (186652) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (4881050) | 501164 | (110077) | (19095989) | (176613) | (4085763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold in-kind | 9030305 | 26353 | 355936 | (1376734) | 158593 | 2640588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | 356 | – | – | 7 | 442 | – |
| &nbsp;&nbsp;&nbsp;Total Net Realized Gain/(Loss) | 4149611 | 527517 | 245859 | (20472716) | (17578) | (1445175) |
| &nbsp;&nbsp;&nbsp;Long-term capital gain distributions from other investment companies | – | – | – | 237301 | – | – |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/ depreciation on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 16265891 | 15177 | (18056) | 1639866 | 767021 | 8115431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related translations | – | – | – | 21 | 21 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Change in Unrealized Appreciation/Depreciation | 16265891 | 15177 | (18056) | 1639887 | 767042 | 8115431 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN/ (LOSS) ON INVESTMENTS** | 20415502 | 542694 | 227803 | (18595528) | 749464 | 6670256 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $25659931 | $504774 | $277135 | $(8521384) | $797562 | $6483604 |
| &nbsp;&nbsp;&nbsp;\*Foreign taxes withheld on dividends | $93345 | $– | $– | $16501 | $13620 | $2108 |

---

*<sup>(a)</sup>* *The Funds acquired all of the assets and liabilities of their respective series of Listed Funds Trust (the "Predecessor Funds"), in tax free reorganizations that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Funds have been adopted by the Funds and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Funds, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

Polen Dividend Income ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **For the Year <br> Ended December 31, <br> 2025<sup>(a)</sup>** | **For the Year <br> Ended December 31,<br> 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;Net investment income | $5244429 | $2881278 |
| &nbsp;&nbsp;Net realized gain | 4149611 | 9816029 |
| &nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 16265891 | 1845631 |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | 25659931 | 14542938 |
| &nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;From distributable earnings | (4830558) | (2917573) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (4830558) | (2917573) |
| &nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Shares sold | 96087963 | 141411377 |
| &nbsp;&nbsp;Shares redeemed | (38508889) | (80571218) |
| &nbsp;&nbsp;Net increase in net assets derived from beneficial interest transactions | 57579074 | 60840159 |
| &nbsp;&nbsp;Net increase in net assets | 78408447 | 72465524 |
| &nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;Beginning of period | 134105174 | 61639650 |
| &nbsp;&nbsp;End of period | $212513621 | $134105174 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of Polen Dividend Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

RiverNorth Enhanced Pre-Merger SPAC ETF

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
| | **For the Year** <br> **Ended December 31,** <br> **2025<sup>(a)</sup>** | **For the Year** <br> **Ended December 31,**<br> **2024<sup>(a)</sup>** |
| &nbsp;&nbsp;**OPERATIONS** | | |
| &nbsp;&nbsp;Net investment loss | $(37920) | $(22956) |
| &nbsp;&nbsp;Net realized gain | 527517 | 266904 |
| &nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 15177 | 37588 |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | 504774 | 281536 |
| &nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;From distributable earnings | (600770) | (214783) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (600770) | (214783) |
| &nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Shares sold | 572577 | 259410 |
| &nbsp;&nbsp;Shares redeemed | (561713) | (1038405) |
| &nbsp;&nbsp;Net increase/(decrease) in net assets derived from beneficial interest transactions | 10864 | (778995) |
| &nbsp;&nbsp;Net decrease in net assets | (85132) | (712242) |
| &nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;Beginning of period | 5056334 | 5768576 |
| &nbsp;&nbsp;End of period | $4971202 | $5056334 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of RiverNorth Enhanced Pre-Merger SPAC ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

RiverNorth Patriot ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **For the Year <br> Ended December 31, <br> 2025<sup>(a)</sup>** | **For the Year <br> Ended December 31,<br> 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;Net investment income | $49332 | $46042 |
| &nbsp;&nbsp;Net realized gain | 245859 | 494555 |
| &nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (18056) | (9318) |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | 277135 | 531279 |
| &nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;From distributable earnings | (57853) | (45051) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (57853) | (45051) |
| &nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Shares sold | 1460546 | 3200524 |
| &nbsp;&nbsp;Shares redeemed | (1780002) | (3192378) |
| &nbsp;&nbsp;Net increase/(decrease) in net assets derived from beneficial interest transactions | (319456) | 8146 |
| &nbsp;&nbsp;Net increase/(decrease) in net assets | (100174) | 494374 |
| &nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;Beginning of period | 3856055 | 3361681 |
| &nbsp;&nbsp;End of period | $3755881 | $3856055 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of RiverNorth Patriot ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Active Yield ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| |<br>**For the Year**<br>**Ended December 31,**<br>**2025<sup>(a)</sup>** | **For the Period**<br>**April 30, 2024**<br>**(Commencement of**<br>**Operations) through**<br>**December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;Net investment income | $10074144 | $7413429 |
| &nbsp;&nbsp;Net realized loss | (20472716) | (2812864) |
| &nbsp;&nbsp;Long-term capital gain from other investment companies | 237301 |  |
| &nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 1639887 | (4063810) |
| &nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | (8521384) | 536755 |
| &nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;From distributable earnings | (11102331) | (7435244) |
| &nbsp;&nbsp;Return of capital | (1213479) | (595316) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (12315810) | (8030560) |
| &nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Shares sold | 7954850 | 280779830 |
| &nbsp;&nbsp;Shares redeemed | (83783501) | (118865960) |
| &nbsp;&nbsp;Net increase/(decrease) in net assets derived from beneficial interest transactions | (75828651) | 161913870 |
| &nbsp;&nbsp;Net increase/(decrease) in net assets | (96665845) | 154420065 |
| &nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;Beginning of period | 154420065 | – |
| &nbsp;&nbsp;End of period | $57754220 | $154420065 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Active Yield ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Eagle Global Renewable Energy Income ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **For the Year <br> Ended December 31, <br> 2025<sup>(a)</sup>** | **For the Year** **<br> Ended December 31,<br> 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;Net investment income | $48098 | $53916 |
| &nbsp;&nbsp;Net realized gain/(loss) | (17578) | 34431 |
| &nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 767042 | (261502) |
| &nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 797562 | (173155) |
| &nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;From distributable earnings | (50802) | (53703) |
| &nbsp;&nbsp;Return of capital | (7593) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (58395) | (53703) |
| &nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Shares sold | 1096127 | 1997744 |
| &nbsp;&nbsp;Shares redeemed | (1359340) | (2002808) |
| &nbsp;&nbsp;Net decrease in net assets derived from beneficial interest transactions | (263213) | (5064) |
| &nbsp;&nbsp;Net increase/(decrease) in net assets | 475954 | (231922) |
| &nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;Beginning of period | 2276079 | 2508001 |
| &nbsp;&nbsp;End of period | $2752033 | $2276079 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Eagle Global Renewable Energy Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Technology, AI & Deep Learning ETF

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
| | **For the Year <br> Ended December 31, <br> 2025<sup>(a)</sup>** | **For the Year** **<br> Ended December 31,<br> 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;Net investment loss | $(186652) | $(166494) |
| &nbsp;&nbsp;Net realized gain/(loss) | (1445175) | 830627 |
| &nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 8115431 | 112046 |
| &nbsp;&nbsp;Net increase in net assets resulting from operations | 6483604 | 776179 |
| &nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Shares sold | 955570 | 9217412 |
| &nbsp;&nbsp;Shares redeemed | (7999409) | (13922893) |
| &nbsp;&nbsp;Net decrease in net assets derived from beneficial interest transactions | (7043839) | (4705481) |
| &nbsp;&nbsp;Net decrease in net assets | (560235) | (3929302) |
| &nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;Beginning of period | 33916938 | 37846240 |
| &nbsp;&nbsp;End of period | $33356703 | $33916938 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Technology, AI & Deep Learning ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

Polen Dividend Income ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** | **For the Year Ended December 31, 2023<sup>(a)</sup>** | **For the Year Ended December 31, 2022<sup>(a)</sup>** | **For the Period January 27, 2021 (Commencement of Operations) through December 31, 2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $32.01 | $27.77 | $28.99 | $28.89 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 1.04 | 0.90 | 0.94 | 0.99 | 0.81 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 4.23 | 4.18 <sup>(c)</sup> | (1.18)<sup>(c)</sup> | 0.04 <sup>(c)</sup> | 4.19 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.27 | 5.08 | (0.24) | 1.03 | 5.00 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.95) | (0.84) | (0.98) | (0.93) | (0.69) |
| &nbsp;&nbsp;&nbsp;Net realized gains | – | – | – | – | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.95) | (0.84) | (0.98) | (0.93) | (1.11) |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 4.32 | 4.24 | (1.22) | 0.10 | 3.89 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $36.33 | $32.01 | $27.77 | $28.99 | $28.89 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(d)</sup>** | 16.63% | 18.39% | (0.73 %) | 3.65% | 20.10% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $212514 | $134105 | $61640 | $78271 | $46225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.65 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.99% | 2.90% | 3.39% | 3.42% | 3.08 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> | 52% | 80% | 81% | 41% | 55% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of Polen Dividend Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.* 

*<sup>(d)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(e)</sup>* *Annualized.* 

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements.

RiverNorth Enhanced Pre-Merger SPAC ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** | **For the Year Ended December 31, 2023<sup>(a)</sup>** | **For the Period July 11, 2022 (Commencement of Operations) through December 31, 2022<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $25.93 | $25.64 | $25.45 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.20) | (0.12) | (0.14) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | 2.84 | 1.51 <sup>(c)</sup> | 1.62 <sup>(c)</sup> | 0.60 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.64 | 1.39 | 1.48 | 0.51 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.51) | (0.83) | (0.73) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.57) | (0.27) | (0.56) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (3.08) | (1.10) | (1.29) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | (0.44) | 0.29 | 0.19 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $25.49 | $25.93 | $25.64 | $25.45 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(d)</sup>** | 10.18% | 5.51% | 5.71% | 2.02% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $4971 | $5056 | $5769 | $3818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.89% | 0.89% | 0.89% | 0.89 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment (loss) to average net assets | (0.72%) | (0.44 %) | (0.55 %) | (0.76 %)<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> | 77% | 64% | 132% | 43% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of RiverNorth Enhanced Pre-Merger SPAC ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.* 

*<sup>(d)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(e)</sup>* *Annualized.* 

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements.

RiverNorth Patriot ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** | **For the Year Ended December 31, 2023<sup>(a)</sup>** | **For the Year Ended December 31, 2022<sup>(a)</sup>** | **For the Period December 31, 2021 (Commencement of Operations) through December 31, 2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $27.54 | $24.01 | $21.70 | $25.00 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.35 | 0.33 | 0.32 | 0.34 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 1.45 | 3.52 <sup>(c)</sup> | 2.32 <sup>(c)</sup> | (3.31)<sup>(c)</sup> | – <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.80 | 3.85 | 2.64 | (2.97) | – |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.45) | (0.32) | (0.33) | (0.33) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.45) | (0.32) | (0.33) | (0.33) | – |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 1.35 | 3.53 | 2.31 | (3.30) | – |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $28.89 | $27.54 | $24.01 | $21.70 | $25.00 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(d)</sup>** | 6.48% | 16.04% | 12.18% | (11.89 %) |  |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $3756 | $3856 | $3362 | $3255 | $1250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.70% | 0.70% | 0.70% | 0.70% | 0.70 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.24% | 1.25% | 1.43% | 1.50% | – <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> | 40% | 33% | 46% | 31% |  |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of RiverNorth Patriot ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.* 

*<sup>(d)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(e)</sup>* *Annualized.* 

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements.

TrueShares Active Yield ETF

**FINANCIAL HIGHLIGHTS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Period April 30, 2024 (Commencement of Operations) through December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $23.94 | $24.33 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 1.61 | 1.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (3.04) | (0.38)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (1.43) | 0.93 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.83) | (1.23) |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (0.20) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (2.03) | (1.32) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share | – | – |
| &nbsp;&nbsp;&nbsp;Net Decrease in net asset value | (3.46) | (0.39) |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $20.48 | $23.94 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(d)</sup>** | (6.32 %) | 3.77% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $57754 | $154420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.75% | 0.75 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 7.14% | 7.84 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> | 845 %<sup>(h)</sup> | 138% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Active Yield ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.* 

*<sup>(d)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(e)</sup>* *Annualized.* 

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.* 

*<sup>(h)</sup>* *The change in portfolio turnover is related to the trade activity executed during the Fund's and Predecessor Fund's fiscal years.*

See Notes to Financial Statements.

TrueShares Eagle Global Renewable Energy Income ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** | **For the Year Ended December 31, 2023<sup>(a)</sup>** | **For the Period December 8, 2022 (Commencement of Operations) through December 31, 2022<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $20.69 | $22.80 | $24.55 | $24.76 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.45 | 0.49 | 0.62 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 6.96 | (2.11)<sup>(c)</sup> | (1.78)<sup>(c)</sup> | (0.21)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 7.41 | (1.62) | (1.16) | (0.21) |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.50) | (0.49) | (0.59) |  |
| &nbsp;&nbsp;&nbsp;From tax return of capital | (0.08) | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.58) | (0.49) | (0.59) | – |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 6.83 | (2.11) | (1.75) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $27.52 | $20.69 | $22.80 | $24.55 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(d)</sup>** | 36.19% | (7.30 %)<sup>(e)</sup> | (4.65 %) | (0.83 %) |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $2752 | $2276 | $2508 | $2455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.75% | 0.75% | 0.75% | 0.75 %(f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 1.88% | 2.19% | 2.66% | (0.22 %)<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)(h)</sup> | 76% | 43% | 52% | 2% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Eagle Global Renewable Energy Income ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.* 

*<sup>(d)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(e)</sup>* *Before payment from the Adviser for the loss resulting from a trade error, the total return for the period would have been 1.67%.* 

*<sup>(f)</sup>* *Annualized.* 

*<sup>(g)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(h)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements.

TrueShares Technology, AI & Deep Learning ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** | **For the Year Ended December 31, 2023<sup>(a)</sup>** | **For the Year Ended December 31, 2022<sup>(a)</sup>** | **For the Year Ended December 31, 2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $38.98 | $38.23 | $22.88 | $47.12 | $47.61 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** | &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(b)</sup> | (0.24) | (0.17) | (0.08) | (0.19) | (0.31) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 8.91 | 0.92 <sup>(c)</sup> | 15.43 <sup>(c)</sup> | (24.05)<sup>(c)</sup> | (0.12)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 8.67 | 0.75 | 15.35 | (24.24) | (0.43) |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | – | – | – | – | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | – | – | – | – | (0.06) |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 8.67 | 0.75 | 15.35 | (24.24) | (0.49) |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $47.65 | $38.98 | $38.23 | $22.88 | $47.12 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(d)</sup>** | 22.23% | 1.98% | 67.08% | (51.44 %) | (0.90 %) |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** | &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $33357 | $33917 | $37846 | $14300 | $37694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.56%) | (0.43 %) | (0.29 %) | (0.60 %) | (0.67 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 16% | 28% | 18% | 25% | 14% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Technology, AI & Deep Learning ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on June 13, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on June 13, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.* 

*<sup>(d)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

*<sup>(e)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(f)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements.

TrueShares Sub-Advised ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025**

**NOTE 1 - ORGANIZATION**

Elevation Series Trust (the "Trust") was organized on March 7, 2022, as a Delaware statutory trust, and is authorized to issue multiple investment series. The Trust is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. These financial statements relate to six series of the Trust, Polen Dividend Income ETF ("DIVZ"), (formerly known as The Opal Dividend Income ETF), RiverNorth Enhanced Pre-Merger SPAC ETF ("SPCZ"), RiverNorth Patriot ETF ("FLDZ"), TrueShares Active Yield ETF ("ERNZ"), TrueShares Eagle Global Renewable Energy Income ETF ("RNWZ") and TrueShares Technology, AI & Deep Learning ETF ("LRNZ"), (each a "Fund" and collectively the "Funds"). Each Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its following investment objective:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Investment Objective** |
| &nbsp;&nbsp;Polen Dividend Income ETF | &nbsp;&nbsp;Provide capital appreciation with lower volatility and a higher dividend yield compared to the S&P 500 Index. |
| &nbsp;&nbsp;RiverNorth Enhanced Pre-Merger SPAC ETF | &nbsp;&nbsp;Preserve capital and provide incremental total return. |
| &nbsp;&nbsp;RiverNorth Patriot ETF | &nbsp;&nbsp;Capital growth. |
| &nbsp;&nbsp;TrueShares Active Yield ETF | &nbsp;&nbsp;Deliver a meaningfully higher yield compared to the S&P 500 Index, with a secondary focus on capital preservation and the opportunity for long-term growth of capital. |
| &nbsp;&nbsp;TrueShares Eagle Global Renewal Energy Income ETF | &nbsp;&nbsp;Long-term growth of capital. |
| &nbsp;&nbsp;TrueShares Technology, AI & Deep Learning ETF | &nbsp;&nbsp;Total return. |

---

The Funds commenced operations on the dates listed below, as series of Listed Funds Trust (the "Predecessor Funds"):

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | **Diversified/**<br> **Non-Diversified** | **Commencement of Operations** |
| &nbsp;&nbsp;Polen Dividend Income ETF | Diversified | January 27, 2021 |
| &nbsp;&nbsp;RiverNorth Enhanced Pre-Merger SPAC ETF | Non-Diversified | July 11, 2022 |
| &nbsp;&nbsp;RiverNorth Patriot ETF | Diversified | December 31, 2021 |
| &nbsp;&nbsp;TrueShares Active Yield ETF | Non-diversified | April 30, 2024 |
| &nbsp;&nbsp;TrueShares Eagle Global Renewal Energy Income ETF | Non-Diversified | December 8, 2022 |
| &nbsp;&nbsp;TrueShares Technology, AI & Deep Learning ETF | Non-Diversified | February 28, 2020 |

---

On March 5, 2025, the Board of Trustees of Listed Funds Trust approved a tax-free reorganization wherein all of the assets and liabilities of each Predecessor Fund were acquired by its respective Fund. In connection with this acquisition as of the close of business on June 13, 2025, shares of each Predecessor Funds were exchanged for an equivalent number of shares of the corresponding Funds. The Funds' net assets, net asset value per share, shares outstanding, net unrealized appreciation/depreciation and the results of operations of the Funds were unchanged from that of the Predecessor Funds as a result of the reorganization and were as listed below. The Predecessor Funds had investment objectives that were, in all material respects, the same as those of the Funds as described above. The Funds are a continuation of the Predecessor Funds, and therefore, the performance and financial history of the Predecessor Funds have been adopted by the Funds and will be used going forward. As a result, the information in these financial statements and notes to the financial statements for the periods prior to the close of business on June 13, 2025, reflects that of the Predecessor Funds, which ceased operations as of the date of the reorganization.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Net Assets, as <br> a result of the <br> reorganization** | **Net asset value**<br> **per share, as**<br> **a result of the**<br> **reorganization** | **Shares**<br> **outstanding, as**<br> **a result of the**<br> **reorganization** | **Net unrealized**<br> **appreciation/**<br> **depreciation, as**<br> **a result of the**<br> **reorganization** |
| Polen Dividend Income ETF | $172418598 | $34.76 | 4960000 | $11967189 |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 5455952 | 27.98 | 195000 | 465095 |
| RiverNorth Patriot ETF | 4221461 | 28.14 | 150000 | 203175 |
| TrueShares Active Yield ETF | 147768753 | 22.32 | 6620000 | 196415 |
| TrueShares Eagle Global Renewal Energy Income ETF | 2419402 | 24.19 | 100000 | 66268 |
| TrueShares Technology, AI & Deep Learning ETF | 32772712 | 42.02 | 780000 | 3326629 |

---

The Funds currently offer an unlimited number of one class of shares, without par value, which are listed and traded on various exchanges. Shares of DIVZ, RNWZ and LRNZ are listed and traded on the NYSE Arca, Inc. Shares of SPCZ and FLDZ are listed and traded on the CBOE BZX Exchange, Inc. Shares of ERNZ are traded on the NASDAQ Stock Market, LLC. The Funds issue and redeem shares only in creation units ("Creation Units") which are offered on a continuous basis through Paralel Distributors LLC (the "Distributor"), without a sales load (but subject to transaction fees, if applicable), at the net asset value per share next determined after receipt of an order in proper form pursuant to the terms of the Authorized Participant Agreement, calculated as of the scheduled close of regular trading on the Exchange on any day on which the Exchange is open for business. The Funds do not issue fractional Creation Units. The offerings of the Funds' shares are registered under the Securities Act of 1933, as amended.

During the year ended December 31, 2025, the Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is a component of a Fund that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the Fund's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Operations and Risk Committee of the Advisor acts as

TrueShares Sub-Advised ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

the Funds' CODM. Each Fund is considered an operating segment, and their performance and operating results are reviewed to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their Financial Statements. The accompanying Financial Statements were prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). This requires management to make estimates and assumptions that affect the reported amounts in the Financial Statements. Actual results could differ from those estimates. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Topic 946 "Financial Services – Investment Companies, including Accounting Standard Update 2013-08."

During the year ended December 31, 2025, the Funds adopted FASB Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhanced income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. ASU 2023-09 had no material impact to the Funds financial statements during the year.

**Portfolio Valuation** – The net asset value per share ("NAV") of the Funds is determined no less frequently than daily, on each day that the New York Stock Exchange ("NYSE") is open for trading, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The NAV is determined by dividing the value of each Fund's total assets less its liabilities by the number of shares outstanding.

Equity securities, including common stocks, closed-end funds, exchange-traded funds, business development companies, rights and warrants, traded on any exchange other than the NASDAQ Stock Market LLC ("NASDAQ") are valued at the last sale price on that business day. If there has been no sale that business day, those securities are valued at the mean of the most recent bid and ask prices on that business day. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price as determined by NASDAQ. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day. Portfolio securities traded in the over-the-counter market, but excluding NASDAQ, are valued at the last quoted sale price in such market. Investments in mutual funds, including short-term investments and open-end funds, are generally priced at the ending NAV provided by the service agent of the funds.

U.S. government bonds and notes are valued at the mean of the most recent bid and asked prices on the business day. Options are valued at the mean of the highest bid and lowest ask prices on the principal exchange on which the option trades. If no quotations are available, fair value procedures will be used. Debt obligations with maturities of 60 days or less are valued at amortized cost. Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is primarily traded. In certain countries market maker prices are used since they are the most representative of the daily trading activity. Market maker prices are usually the mean between the bid and ask prices. Certain markets are not closed at the time that the Funds price their portfolio securities. In these situations, snapshot prices are provided by the individual pricing services or other alternate sources at the close of the NYSE as appropriate. Securities not traded on a particular day are valued at the mean between the last reported bid and the asked quotes, or the last sale price when appropriate; otherwise fair value will be determined.

Investments in money market funds, including short-term investments, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as level 1 securities.

Securities for which market quotations are not readily available, including circumstances under which TrueMark Investments, LLC (the "Adviser") determines that prices received are unreliable, are valued at fair value according to procedures established and adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee with respect to the fair valuation of each Fund's portfolio securities, subject to oversight by and periodic reporting to the Board.

The Funds disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Funds' investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Funds' own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

TrueShares Sub-Advised ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

The following is a summary of the Funds' investments in the fair value hierarchy as of December 31, 2025:

**Polen Dividend Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted <br> Prices** | **Level 2 - Other Significant<br> Observable Inputs** | **Level 3 - Significant<br> Unobservable Inputs** | **Total** |
| Common Stocks | $197916215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $197916215 |
| Limited Partnerships | 11622439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 11622439 |
| Money Market Funds | 2735785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 2735785 |
| Total | $212274439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $212274439 |

---

**RiverNorth Enhanced Pre-Merger SPAC ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** <br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Special Purpose Acquisition Companies (SPACS) | $4270243 | $499385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $4769628 |
| Rights | 63966 | 994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 64960 |
| Warrants | 79398 | 2466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 81864 |
| Money Market Funds | 47742 | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 47742 |
| Total | $4461349 | $502845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $4964194 |

---

**RiverNorth Patriot ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** <br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stocks | $3625617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $3625617 |
| Limited Partnerships | 71940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 71940 |
| Money Market Funds | 55705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 55705 |
| Total | $3753262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $3753262 |

---

**TrueShares Active Yield ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** <br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stocks | $36801727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $36801727 |
| Business Development Companies | 3866612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 3866612 |
| Closed-End Funds | 6656162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 6656162 |
| Exchange-Traded Funds | 8493437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 8493437 |
| Limited Partnerships | 132813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 132813 |
| Money Market Funds | 1568463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 1568463 |
| Total | $57519214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $57519214 |

---

**TrueShares Eagle Global Renewable Energy Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** <br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stocks | $2639018 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $2639018 |
| Limited Partnerships | 67560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 67560 |
| Money Market Funds | 15889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 15889 |
| Total | $2722467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $2722467 |

---

**TrueShares Technology, AI & Deep Learning ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted** <br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stocks | $32241319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $32241319 |
| Money Market Funds | 1129083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 1129083 |
| Total | $33370402 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $33370402 |

---

*<sup>(a)</sup>* *For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.*

**Cash and Cash Equivalents** – Cash and cash equivalents may include demand deposits and highly liquid investments, typically with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value.

**Securities Transactions and Investment Income**: Securities transactions are recorded as of the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded as of the ex-dividend date or for certain foreign securities when the information becomes available to a Fund. Certain dividend income from foreign securities will be recorded, in the exercise of reasonable diligence, as soon as the Funds are informed of

TrueShares Sub-Advised ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

the dividend if such information is obtained subsequent to the ex-dividend date and may be subject to withholding taxes in these jurisdictions. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis using the effective yield method.

**Foreign Securities** – The Funds may invest a portion of its assets in foreign securities. In the event that the Fund executes a foreign security transaction, the Fund will generally enter into a foreign currency spot contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks.

The accounting records of each Fund are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions. Although the net assets and the values are presented at the foreign exchange rates at market close, the Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in prices of securities held.

A foreign currency spot contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency spot contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to a Fund include the potential inability of the counterparty to meet the terms of the contract.

**Distributions to Shareholders**: SPCZ, FLDZ and LRNZ generally pay out dividends from net investment income, if any, at least annually. RNWZ intends to pay out dividends from net investment income, if any, quarterly. DIVZ and ERNZ intend to pay out dividends from net investment income, if any, monthly. All Funds will declare and pay capital gain distributions, if any, in cash at least annually. The Funds may also pay a special distribution at the end of the calendar year to comply with Federal tax requirements.

**Federal Income Tax**: For federal income tax purposes, the Funds currently intend to qualify, as regulated investment companies under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of their earnings to their stockholders. Accordingly, no provision for federal income or excise taxes has been made.

Income and capital gain distributions are determined and characterized in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund as a whole.

As of and during the year ended December 31, 2025, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. As of December 31, 2025, there were no interest or penalties incurred by the Funds. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. There are no uncertain tax positions that require a provision for income taxes.

**NOTE 3 - DERIVATIVE FINANCIAL INSTRUMENTS**

As a part of their investment strategy, the Funds may invest to a lesser extent in derivatives contracts. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent in derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

**Risk of Investing in Derivatives**: The Funds' use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected, resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allow the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds' performance.

Associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that a Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell or close out the derivative in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. In addition, use of derivatives may increase or decrease exposure to the following risk factors:

Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

**Total Return Swaps**: SPCZ ETF may enter into total return swap agreements. The Fund may utilize swap agreements in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other

TrueShares Sub-Advised ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

underlying assets. Swap agreements will usually be done on a net basis, i.e., where the two parties make net payments with a fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount of the excess, if any, of a fund's obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Fund.

The total return swap contracts are subject to master netting agreements, which are agreements between the Fund and its counterparties that provide for the net settlement of all transactions and collateral with the Fund through a single payment, in the event of default or termination.

The Fund did not hold any total return swap agreements as of or during the year ended December 31, 2025.

**NOTE 4 - ADVISORY FEES AND OTHER AFFILIATED TRANSACTIONS**

On December 31, 2025, RiverNorth Strategic Holdings, an affiliate of the RiverNorth ETFs Sub-Adviser, exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of the Adviser, and became the Adviser's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board and the Funds approved the continuance of the Adviser and the RiverNorth ETFs Sub-Adviser, prior to the close of the change in control. Pursuant to the Investment Advisory Agreements, each Fund pays the Adviser a Unitary Management Fee, which is calculated daily and paid monthly, at an annual rate of each Fund's average daily net assets as follows:

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| | |
|:---|:---|
| Polen Dividend Income ETF | 0.65% |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 0.89% |
| RiverNorth Patriot ETF | 0.70% |
| TrueShares Active Yield ETF | 0.75% |
| TrueShares Eagle Global Renewable Energy Income ETF | 0.75% |
| TrueShares Technology, AI & Deep Learning ETF | 0.68% |

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Out of the Unitary Management Fees, the Adviser has agreed to pay substantially all of the expenses of the Funds, including the cost of transfer agency, custody, fund administration, trustees and other non-distribution related services necessary for the Funds to operate, except for: the fees paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes and other services, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, any distribution fees and expenses paid by a Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses, and other non-routine or extraordinary expenses. Each Sub-Adviser is entitled to a sub-advisory fee paid by the Adviser, not the Fund.

Opal Capital LLC (the "DIVZ Sub-Adviser"), a Florida limited liability company, serves as sub-adviser to DIVZ. Pursuant to a Sub-Advisory Agreement between the Adviser and DIVZ Sub- Adviser, the Adviser is responsible for trading portfolio securities on behalf of DIVZ, including selecting broker-dealers to execute purchase and sale transactions and the DIVZ Sub-Adviser is responsible for security selection.

RiverNorth Capital Management, LLC (the "RiverNorth ETF's Sub-Adviser"), a Delaware limited liability company serves as the sub-adviser to FLDZ and SPCZ. Pursuant to a Sub-Advisory Agreement between the Adviser and the RiverNorth ETF's Sub-Adviser, the RiverNorth ETF's Sub-Adviser is responsible for security selection for each Fund and trading securities on behalf of SPCZ, subject to the supervision of the Adviser and the Board, including the Independent Trustees. The RiverNorth ETF's Sub-Adviser will donate a majority of its sub-advisory fee from FLDZ or 100% of the profit derived from its management of the Fund, whichever is greater, to the Folds of Honor Foundation, a charity focused on providing scholarships to families of veterans.

Wealth Builder Funds LLC (the "ERNZ Sub-Advisor"), an Illinois limited liability company serves as sub-adviser to ERNZ. Pursuant to a Sub-Advisory Agreement between the Adviser and the ERNZ Sub-Adviser, the ERNZ Sub-Adviser is responsible for security selection, subject to the supervision of the Adviser and the Board, including the Independent Trustees.

Eagle Global Advisors LLC (the "RNWZ Sub-Advisor"), a Texas limited liability company serves as sub-adviser to RNWZ. Pursuant to a Sub- Advisory Agreement between the Adviser and the RNWZ Sub-Adviser, the RNWZ Sub-Adviser is responsible for security selection, subject to the supervision of the Adviser and the Board, including the Independent Trustees.

Black Hill Capital Partners, LLC (the "LRNZ Sub-Adviser"), a Delaware limited liability company serves as the sub-adviser to LRNZ. Pursuant to a Sub-Advisory Agreement between the Adviser and the LRNZ Sub-Adviser, the LRNZ Sub-Adviser is responsible for security selection and trading portfolio securities on behalf of the Fund, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board, including the Independent Trustees.

Paralel Technologies LLC (the "Administrator"), the parent company of the Distributor, serves as the Fund's administrator and fund accountant pursuant to an Administration and Fund Accounting Agreement. The Administrator provides the Fund with certain administrative, tax and accounting services. Fees for these services are paid by the Adviser out of its Unitary Management Fees. U.S. Bancorp Fund Services, LLC served as the Predecessor Fund's administrator.

Paralel Distributors LLC, a wholly owned subsidiary of the Administrator, acts as the principal underwriter for the Funds and distributes shares pursuant to a Distribution Agreement. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. Foreside Fund Services, LLC served as the Predecessor Fund's distributor.

State Street Bank and Trust Company ("State Street") serves as the custodian of the Funds' assets pursuant to a Custody Agreement and as the transfer agent pursuant to a Transfer Agent Agreement. Fees for these services are paid by the Adviser out of its Unitary Management Fee. U.S. Bancorp Fund Services, LLC served as the Predecessor Funds' custodian and transfer agent.

TrueShares Sub-Advised ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

The officers and the Interested Trustee of the Trust are officers and/or employees of the Administrator, and/or Distributor. No persons (other than the Independent Trustees) receive compensation for acting as a trustee or officer. For their services, Independent Trustees receive a quarterly retainer, meeting fees, as well as reimbursement for reasonable travel, lodging and other expenses in connection with attendance at meetings. Trustee fees and expenses are paid by the Adviser out of its Unitary Management Fees.

**NOTE 5 - PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 2025, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments), and in-kind transactions associated with creations and redemptions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **In-Kind Purchases** | **In-Kind Sales** |
| Polen Dividend Income ETF | $89717494 | $89841080 | $94055388 | $37258807 |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 3808906 | 3804901 |  | 465434 |
| RiverNorth Patriot ETF | 1567080 | 1703166 | 1419851 | 1605331 |
| TrueShares Active Yield ETF | 1141339924 | 1143836591 | 7358394 | 78681395 |
| TrueShares Eagle Global Renewable Energy Income ETF | 1904708 | 1950671 | 1020645 | 1237844 |
| TrueShares Technology, AI & Deep Learning ETF | 5359582 | 5803035 | 951785 | 7866405 |

---

**NOTE 6 - BENEFICIAL INTEREST TRANSACTIONS**

Shares are purchased from or redeemed by the Funds only in Creation Unit size aggregations generally of 10,000 Shares with Authorized Participants. Authorized Participants must be either broker-dealers or other participants in the clearing process through the Continuous Net Settlement System of the NSCC, clearing agencies registered with the SEC, or DTC Participants and must execute a Participant Agreement with the Distributor and accepted by State Street. Transactions of Creation Units generally consist of an in-kind designated portfolio of securities ("Deposit Securities"), with a cash component equal to the difference between the Deposit Securities and the NAV per unit of a Fund on the transaction date. The Fund may require cash to replace Deposit Securities if such securities are not available in sufficient quantities for delivery, are not eligible to be transferred or traded, are restricted under securities laws, or as a result of other situations.

Beneficial Interest transactions were as follows:

---

| | | |
|:---|:---|:---|
| <br>**Polen Dividend Income ETF** | **For the Year Ended**<br>**December 31, 2025** | **For the Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2780000 | &nbsp;&nbsp;&nbsp;&nbsp;4600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1120000) | (2630000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;1660000 | 1970000 |

---

---

| | | |
|:---|:---|:---|
| <br>**RiverNorth Enhanced Pre-Merger SPAC ETF** | **For the Year Ended**<br>**December 31, 2025** | **For the Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (20000) | (40000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | (30000) |

---

---

| | | |
|:---|:---|:---|
| <br>**RiverNorth Patriot ETF** | **For the Year Ended**<br>**December 31, 2025** | **For the Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;50000 | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (60000) | (120000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (10000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |

---

---

| | | |
|:---|:---|:---|
| <br>**TrueShares Active Yield ETF** | <br>**For the Year Ended**<br>**December 31, 2025** | **For the Period April 30,**<br>**2024 (Commencement of**<br>**Operations) through**<br>**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | 11190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3970000) | (4740000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (3630000) | &nbsp;&nbsp;&nbsp;&nbsp;6450000 |

---

---

| | | |
|:---|:---|:---|
| <br>**TrueShares Eagle Global Renewable Energy Income ETF** | **For the Year Ended**<br>**December 31, 2025** | **For the Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 50000 | 80000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (60000) | (80000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (10000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – |

---

TrueShares Sub-Advised ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| <br>**TrueShares Technology, AI & Deep Learning ETF** | **For the Year Ended**<br>**December 31, 2025** | **For the Year Ended**<br>**December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | 240000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (190000) | (360000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (170000) | (120000) |

---

**NOTE 7 - TAX BASIS DISTRIBUTIONS AND TAX BASIS INFORMATION**

As determined on December 31, 2025, permanent differences resulting primarily from in-kind redemptions, non-deductible expenses, net operating losses, and the utilization of earnings and profits distributed to shareholders on redemption of shares were reclassified at fiscal year-end. These reclassifications had no effect on net increase in net assets resulting from operations, net assets applicable to common stockholders or net asset value per common share outstanding. Permanent book and tax basis differences of the below were reclassified at December 31, 2025 among paid-in capital and total distributable earnings/(accumulated deficit) for the Funds.

---

| | | |
|:---|:---|:---|
| <br>**Fund** |<br>**Paid-in Capital** | **Total Distributable**<br>**Earnings/(Accumulated**<br>**Deficit)** |
| Polen Dividend Income ETF | $8627863 | $(8627863) |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 47016 | (47016) |
| RiverNorth Patriot ETF | 311840 | (311840) |
| TrueShares Active Yield ETF | (2175910) | 2175910 |
| TrueShares Eagle Global Renewable Energy Income ETF | 143619 | (143619) |
| TrueShares Technology, AI & Deep Learning ETF | 2394616 | (2394616) |

---

The character of distributions paid on a tax basis during the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary**<br> **Income** | **Long-Term**<br> **Capital**<br> **Gain** | **Return of Capital** |
| Polen Dividend Income ETF | $4830558 | $– | $– |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 476970 | 123800 |  |
| RiverNorth Patriot ETF | 57853 |  |  |
| TrueShares Active Yield ETF | 11102331 |  | 1213479 |
| TrueShares Eagle Global Renewable Energy Income ETF | 50802 |  | 7593 |
| TrueShares Technology, AI & Deep Learning ETF |  |  |  |

---

The character of distributions paid on a tax basis during the year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary**<br> **Income** | **Long-Term**<br> **Capital**<br> **Gain** | **Return of Capit**al |
| Polen Dividend Income ETF | $2917573 | $– | $– |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 186432 | 28351 |  |
| RiverNorth Patriot ETF | 45051 |  |  |
| TrueShares Active Yield ETF | 7435244 |  | 595316 |
| TrueShares Eagle Global Renewable Energy Income ETF | 53703 |  |  |
| TrueShares Technology, AI & Deep Learning ETF |  |  |  |

---

TrueShares Sub-Advised ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

The amounts of net unrealized appreciation/depreciation and the costs of investment securities for tax purposes at December 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |<br>**Gross**<br>**Appreciation**<br>**(excess of value**<br>**over tax cost)** |<br>**Gross**<br>**Depreciation**<br>**(excess of tax**<br>**cost over value)** | **Net**<br>**Appreciation/**<br>**(Depreciation)**<br>**of Foreign**<br>**Currency** |<br>**Net Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |<br>**Cost of**<br>**Investments for**<br>**Income Tax**<br>**Purposes<sup>(a)</sup>** |
| Polen Dividend Income ETF | $23621662 | $(4932092) | $– | $18689570 | $193584869 |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 33439 | (7176) |  | 26263 | 4937931 |
| RiverNorth Patriot ETF | 250327 | (230050) |  | 20277 | 3732985 |
| TrueShares Active Yield ETF | 1082757 | (3574557) | 21 | (2491779) | 60011014 |
| TrueShares Eagle Global Renewable Energy Income ETF | 325546 | (52726) | 12 | 272832 | 2449647 |
| TrueShares Technology, AI & Deep Learning ETF | 11031071 | (2630226) |  | 8400845 | 24969557 |

---

<sup>(a)</sup> Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to various book-to-tax differences. Those differences primarily relate to wash sales and investments in partnerships, passive foreign investment companies, and grantor trusts for the Funds.

As of December 31, 2025, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary Income** | **Accumulated Capital Gains/**<br> **(Losses)** | **Net Appreciation/ (Depreciation)** | **Other Book to Tax**<br> **Differences** |
| Polen Dividend Income ETF | $945 | $(13048363) | $18689570 | $– |
| RiverNorth Enhanced Pre-Merger SPAC ETF |  | (403) | 26263 | (27393) |
| RiverNorth Patriot ETF |  | (757179) | 20277 |  |
| TrueShares Active Yield ETF |  | (28689943) | (2491779) | 53612 |
| TrueShares Eagle Global Renewable Energy Income ETF |  | (388108) | 272832 |  |
| TrueShares Technology, AI & Deep Learning ETF |  | (14743665) | 8400845 |  |

---

As of December 31, 2025, the following amount is available as capital loss carry forwards to the next year:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **No Expiration**<br>**Short-Term** | **No Expiration**<br>**Long-Term** |
| Polen Dividend Income ETF | $(8017113) | $(5031250) |
| RiverNorth Enhanced Pre-Merger SPAC ETF |  |  |
| RiverNorth Patriot ETF | (435577) | (321602) |
| TrueShares Active Yield ETF | (28480711) | (209232) |
| TrueShares Eagle Global Renewable Energy Income ETF | (142564) | (245544) |
| TrueShares Technology, AI & Deep Learning ETF | (1498883) | (13244782) |

---

SPCZ has elected to defer to the period ending December 31, 2026 post-October capital losses in the amount of $403 and late-year ordinary losses in the amount of $27,393.

**NOTE 8 - INDEMNIFICATIONS**

In the normal course of business, the Trust or Funds enter into contracts that contain a variety of representations which provide general indemnifications. Additionally, the Declaration of Trust provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust against certain liabilities arising out of the performance of their duties. The Funds' maximum exposure under these arrangements is unknown, however, the Funds expect the risk of loss to be remote.

**NOTE 9 - SUBSEQUENT EVENTS**

On January 30, 2026, Polen Dividend Income ETF paid a distribution of $0.03206 per share and TrueShares Active Yield ETF paid a distribution of $0.08029 per share to shareholders of record on January 29, 2026.

On February 19, 2026, the Board of Trustees of Elevation Series Trust approved a plan of liquidation and dissolution of TrueShares Active Yield ETF. Under the plan, the Fund is expected to cease accepting creation orders, while secondary market trading may continue until the shares are delisted, at which time Fund will liquidate its investments, settle liabilities, and distribute the remaining net assets to shareholders on a pro rata basis. The liquidation is expected to be completed in April, 2026.

TrueShares Sub-Advised ETFs

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of TrueShares Sub-Advised ETFs

And Board of Trustees of Elevation Series Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Elevation Series Trust comprising the funds listed below (the "Funds") as of December 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations** | **Statement(s) of Changes**<br> **in Net Assets** | **Financial Highlights** |
| Polen Dividend Income ETF (formerly Opal Dividend Income ETF) | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended December 31, 2025, 2024, 2023, 2022 and for the period January 27, 2021 (commencement of operations) through December 31, 2021 |
| RiverNorth Enhanced Pre-Merger SPAC ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended December 31, 2025, 2024, 2023 and for the period July 11, 2022 (commencement of operations) through December 31, 2022 |
| RiverNorth Patriot ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended December 31, 2025, 2024, 2023, 2022 and for the one day ended December 31, 2021 (commencement of operations) |
| TrueShares Active Yield ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For the year ended December 31, 2025 and for the period April 30, 2024 (commencement of operations) through December 31, 2024 |
| TrueShares Eagle Global Renewal Energy Income ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended December 31, 2025, 2024, 2023 and for the period December 8, 2022 (commencement of operations) through December 31, 2022 |
| TrueShares Technology, AI & Deep Learning ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp;For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |

---

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2019.

TrueShares Sub-Advised ETFs

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

![](tmisancsr123125001.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

February 27, 2026

TrueShares Sub-Advised ETFs

**UNAUDITED TAX DESIGNATIONS AND ADDITIONAL INFORMATION**

**December 31, 2025 (Unaudited)**

The Funds designate the following as percentages of taxable ordinary income distributions, up to the maximum amount allowable, for the calendar year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Dividends Received**<br>**Deduction** | **Qualified Dividend Income**<br>**Percentage** |
| Polen Dividend Income ETF | 91.74% | 100.00% |
| RiverNorth Enhanced Pre-Merger SPAC ETF | 0.00% | 0.00% |
| RiverNorth Patriot ETF | 89.75% | 89.75% |
| TrueShares Active Yield ETF | 0.27% | 2.75% |
| TrueShares Eagle Global Renewable Energy Income ETF | 20.76% | 100.00% |
| TrueShares Technology, AI & Deep Learning ETF | 0.00% | 0.00% |

---

RNWZ designated the following for federal income tax purposes for the year ended December 31, 2025: Foreign Taxes Paid $11,117, Foreign Source Income $60,190

Pursuant to Section 852 (b)(3) of the Internal Revenue Code, SPCZ designated $144,463 as long-term capital gain distribution for the year ended December 31, 2025.

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2025 via Form 1099. The Fund will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

**PROXY VOTING**

The policies and procedures used by the Funds to determine how to vote proxies relating to portfolio securities held by the Funds are available, without charge, (i) on the SEC's website at www.sec.gov or (ii) by calling toll-free (877) 774-TRUE (8783). Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available without charge at www.sec.gov or by calling toll-free (877) 774-TRUE (8783).

**TrueShares Structured Outcome ETFs**

TrueShares Structured Outcome (January) ETF (CBOE BZX Exchange, Inc.: JANZ)

TrueShares Structured Outcome (February) ETF (CBOE BZX Exchange, Inc.: FEBZ)

TrueShares Structured Outcome (March) ETF (CBOE BZX Exchange, Inc.: MARZ)

TrueShares Structured Outcome (April) ETF (CBOE BZX Exchange, Inc.: APRZ)

TrueShares Structured Outcome (May) ETF (CBOE BZX Exchange, Inc.: MAYZ)

TrueShares Structured Outcome (June) ETF (CBOE BZX Exchange, Inc.: JUNZ)

TrueShares Structured Outcome (July) ETF (CBOE BZX Exchange, Inc.: JULZ)

TrueShares Structured Outcome (August) ETF (CBOE BZX Exchange, Inc.: AUGZ)

TrueShares Structured Outcome (September) ETF (CBOE BZX Exchange, Inc.: SEPZ)

TrueShares Structured Outcome (October) ETF (CBOE BZX Exchange, Inc.: OCTZ)

TrueShares Structured Outcome (November) ETF (CBOE BZX Exchange, Inc.: NOVZ)

TrueShares Structured Outcome (December) ETF (CBOE BZX Exchange, Inc.: DECZ)

Annual Financial Statements

December 31, 2025

**TABLE OF CONTENTS**

[Schedules of Investments](#tmisofinancialsa001)<sub>3</sub>

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#tmisofinancialsa002) | 15 |

---

---

| | |
|:---|:---|
| [Statements of Operations](#tmisofinancialsa003) | 17 |

---

---

| | |
|:---|:---|
| [Statements of Changes in Net Assets](#tmisofinancialsa004) | 19 |

---

---

| | |
|:---|:---|
| [Financial Highlights](#tmisofinancialsa005) | 31 |

---

---

| | |
|:---|:---|
| [Notes to Financial Statements](#tmisofinancialsa006) | 43 |

---

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#tmisofinancialsa007) | 58 |

---

---

| | |
|:---|:---|
| [Unaudited Tax Designations and Additional Information](#tmisofinancialsa008) | 60 |

---

TrueShares Structured Outcome (January) ETF

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/ Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 6.87%** | **PURCHASED OPTIONS - 6.87%** | **PURCHASED OPTIONS - 6.87%** |
| *Call Options Purchased - 6.87%* | *Call Options Purchased - 6.87%* | *Call Options Purchased - 6.87%* |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 12/31/2026, $681.92, $62,395,680 | 915 | $5235874 |
| **TOTAL PURCHASED OPTIONS <br> (Cost $5,235,874)** |  | **5235874** |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal <br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 12.69%** | **U.S. TREASURY OBLIGATIONS - 12.69%** | **U.S. TREASURY OBLIGATIONS - 12.69%** |
| Treasury Bills | Treasury Bills | Treasury Bills |
| &nbsp;&nbsp;&nbsp;12/24/2026, 3.49% | $10000000 | 9669673 |
| **TOTAL U.S. TREASURY OBLIGATIONS <br> (Cost $9,669,329)** |  | 9669673 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 54.59%<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 41588957 | 41588957 |
| **TOTAL MONEY MARKET FUNDS <br> (Cost $41,588,957)** |  | 41588957 |
| **TOTAL INVESTMENTS - 74.15% <br> (Cost $56,494,160)** |  | $56494504 |
| **Other Assets in Excess of Liabilities - 25.85%** |  | 19694803 |
| **NET ASSETS - 100.00%** |  | $76189307 |

---

*<sup>(a)</sup>* *As of December 31, 2025, the Fund's investment in the security represented more than 25% of the Fund's net assets. The Fund's financial condition and the results of operations may be significantly impacted by changes in the performance of the security. The financial statements and other information about the security are available in SEC filings at www.sec.gov.* 

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.* 

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums <br> Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 12/31/2026 | $613.73 | (1241) | $2660370 | $(84626272) | $(2660370) |
|  |  |  |  |  | $2660370 | $(84626272) | $(2660370) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome (February) ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/ <br> Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 10.83%** | **PURCHASED OPTIONS - 10.83%** | **PURCHASED OPTIONS - 10.83%** |
| *Call Options Purchased - 10.83%* | *Call Options Purchased - 10.83%* | *Call Options Purchased - 10.83%* |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 1/30/2026, $601.82, $12,751,904 | 187 | $1549932 |
| **TOTAL PURCHASED OPTIONS <br> (Cost $961,756)** |  | 1549932 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal <br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 77.99%** | **U.S. TREASURY OBLIGATIONS - 77.99%** | **U.S. TREASURY OBLIGATIONS - 77.99%** |
| Treasury Bills | Treasury Bills | Treasury Bills |
| &nbsp;&nbsp;&nbsp;1/22/2026, 4.17%<sup>(a)</sup> | $11182000 | 11159957 |
| **TOTAL U.S. TREASURY OBLIGATIONS <br> (Cost $11,155,908)** |  | 11159957 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 8.03%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 1148673 | 1148673 |
| **TOTAL MONEY MARKET FUNDS <br> (Cost $1,148,673)** |  | 1148673 |
| **TOTAL INVESTMENTS - 96.85% <br> (Cost $13,266,337)** |  | $13858562 |
| **Other Assets in Excess of Liabilities - 3.15%** |  | 451021 |
| **NET ASSETS - 100.00%** |  | $14309583 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $3,992,115, representing 27.90% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums <br> Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 1/30/2026 | $541.64 | (247) | $284515 | $(16843424) | $(5278) |
|  |  |  |  |  | $284515 | $(16843424) | $(5278) |

---

See notes to financial statements.

TrueShares Structured Outcome (March) ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/ Strike Price/Notional Value** | **Contracts** | **Value** |
| PURCHASED OPTIONS - 12.24% | PURCHASED OPTIONS - 12.24% | PURCHASED OPTIONS - 12.24% |
| *Call Options Purchased - 12.24%* | *Call Options Purchased - 12.24%* | *Call Options Purchased - 12.24%* |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 2/27/2026, $594.18, $15,002,240 | 220 | $2055775 |
| **TOTAL PURCHASED OPTIONS <br> (Cost $1,135,450)** |  | 2055775 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal <br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 86.46%** | **U.S. TREASURY OBLIGATIONS - 86.46%** | **U.S. TREASURY OBLIGATIONS - 86.46%** |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;2/19/2026, 4.20%<sup>(a)</sup> | $14596000 | 14526833 |
| **TOTAL U.S. TREASURY OBLIGATIONS <br> (Cost $14,516,765)** |  | 14526833 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.08%** | **MONEY MARKET FUNDS - 0.08%** | **MONEY MARKET FUNDS - 0.08%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 13630 | 13630 |
| **TOTAL MONEY MARKET FUNDS <br> (Cost $13,630)** |  | 13630 |
| **TOTAL INVESTMENTS - 98.78% <br> (Cost $15,665,845)** |  | $16596238 |
| **Other Assets in Excess of Liabilities - 1.22%** |  | 205820 |
| **NET ASSETS - 100.00%** |  | $16802058 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $7,962,090, representing 47.39% of net assets.* 

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.* 

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums <br> Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 2/27/2026 | $534.76 | (291) | $425667 | $(19843872) | $(19968) |
|  |  |  |  |  | $425667 | $(19843872) | $(19968) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome (April) ETF

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 16.87%** |  |  |
| *Call Options Purchased - 16.87%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 3/31/2026, $559.39, $14,729,472 | 216 | $2777088 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,442,507)** |  | 2777088 |
| **Description/Maturity Date/Rate** | **Principal**<br> **Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 82.52%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3/19/2026, 4.09%<sup>(a)</sup> | $13682000 | 13580858 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $13,567,217)** |  | 13580858 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 12885 | 12885 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $12,885)** |  | 12885 |
| **TOTAL INVESTMENTS - 99.47%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $15,022,609)** |  | $16370831 |
| **Other Assets in Excess of Liabilities - 0.53%** |  | 86667 |
| **NET ASSETS - 100.00%** |  | $16457498 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $3,970,431, representing 24.13% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 3/31/2026 | $503.45 | (288) | $384864 | $(19639296) | $(32112) |
|  |  |  |  |  | $384864 | $(19639296) | $(32112) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome (May) ETF

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 17.88%** |  |  |
| *Call Options Purchased - 17.88%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust 4/30/2026, $554.54, $13,774,784 | 202 | $2754617 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,647,491)** |  | 2754617 |
| **Description/Maturity Date/Rate** | **Principal Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 82.37%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4/16/2026, 4.12%<sup>(a)</sup> | $12818000 | 12687760 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $12,673,848)** |  | 12687760 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 12459 | 12459 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $12,459)** |  | 12459 |
| **TOTAL INVESTMENTS - 100.33%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $14,333,798)** |  | $15454836 |
| **Liabilities in Excess of Other Assets - (0.33)%** |  | (51485) |
| **NET ASSETS - 100.00%** |  | $15403351 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $4,949,196, representing 32.13% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums <br> Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 4/30/2026 | $499.09 | (266) | $381090 | $(18139072) | $(46744) |
|  |  |  |  |  | $381090 | $(18139072) | $(46744) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome (June) ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 13.91%** |  |  |
| *Call Options Purchased - 13.91%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 5/29/2026, $589.39, $11,115,296 | 163 | $1751435 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $986,248)** |  | 1751435 |
| **Description/Maturity Date/Rate** | **Principal** **<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 84.50%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;5/14/2026, 4.13%<sup>(a)</sup> | $10773000 | 10635922 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $10,616,517)** |  | 10635922 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.08%** |  |  |
| State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 9720 | 9720 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $9,720)** |  | 9720 |
| **TOTAL INVESTMENTS - 98.49%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $11,612,485)** |  | $12397077 |
| **Other Assets in Excess of Liabilities - 1.51%** |  | 189742 |
| **NET ASSETS - 100.00%** |  | $12586819 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $2,961,827, representing 23.53% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 5/29/2026 | $530.45 | (216) | $362152 | $(14729472) | $(71591) |
|  |  |  |  |  | $362152 | $(14729472) | $(71591) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome (July) ETF

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 12.23%** |  |  |
| *Call Options Purchased - 12.23%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 6/30/2026, $617.85, $19,025,568 | 279 | $2367566 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,432,122)** |  | 2367566 |
| **Description/Maturity Date/Rate** | **Principal Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 77.26%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;6/11/2026, 4.09%<sup>(a)</sup> | $15199000 | 14964384 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $14,933,110)** |  | 14964384 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.61%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 117491 | 117491 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $117,491)** |  | 117491 |
| **TOTAL INVESTMENTS - 90.10%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $16,482,723)** |  | $17449441 |
| **Other Assets in Excess of Liabilities - 9.90%** |  | 1917948 |
| **NET ASSETS - 100.00%** |  | $19367389 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $4,922,819, representing 25.42% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 6/30/2026 | $556.07 | (360) | $659859 | $(24549120) | $(210319) |
|  |  |  |  |  | $659859 | $(24549120) | $(210319) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome (August) ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 9.97%** |  |  |
| *Call Options Purchased - 9.97%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 7/31/2026, $632.08, $21,344,096 | 313 | $2421831 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,691,781)** |  | 2421831 |
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 89.31%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;7/9/2026, 4.09%<sup>(a)</sup> | $22093000 | 21701330 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $21,642,209)** |  | 21701330 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 19130 | 19130 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $19,130)** |  | 19130 |
| **TOTAL INVESTMENTS - 99.36%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $23,353,120)** |  | $24142291 |
| **Other Assets in Excess of Liabilities - 0.64%** |  | 156586 |
| **NET ASSETS - 100.00%** |  | $24298877 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $5,402,495, representing 22.23% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 7/31/2026 | $568.87 | (419) | $730714 | $(28572448) | $(339390) |
|  |  |  |  |  | $730714 | $(28572448) | $(339390) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome (September) ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 8.99%** |  |  |
| *Call Options Purchased - 8.99%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 8/31/2026, $645.05, $94,241,344 | 1382 | $9850647 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $7,402,646)** |  | 9850647 |
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 92.00%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;8/6/2026, 3.93%<sup>(a)</sup> | $102879000 | 100792325 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $100,584,089)** |  | 100792325 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.07%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 80222 | 80222 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $80,222)** |  | 80222 |
| **TOTAL INVESTMENTS - 101.06%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $108,066,957)** |  | $110723194 |
| **Liabilities in Excess of Other Assets - (1.06)%** |  | (1165490) |
| **NET ASSETS - 100.00%** |  | $109557704 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $48,986,839, representing 44.71% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 8/31/2026 | $580.55 | (1841) | $3398892 | $(125541472) | $(1969262) |
|  |  |  |  |  | $3398892 | $(125541472) | $(1969262) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome (October) ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 7.26%** |  |  |
| *Call Options Purchased - 7.26%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 9/30/2026, $666.18, $30,413,632 | 446 | $2594516 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,447,039)** |  | 2594516 |
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 94.38%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;9/3/2026, 3.66%<sup>(a)</sup> | $34525000 | 33743930 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $33,716,484)** |  | 33743930 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.08%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 27851 | 27851 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $27,851)** |  | 27851 |
| **TOTAL INVESTMENTS - 101.72%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $36,191,374)** |  | $36366297 |
| **Liabilities in Excess of Other Assets - (1.72)%** |  | (616268) |
| **NET ASSETS - 100.00%** |  | $35750029 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $7,330,325, representing 20.50% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 9/30/2026 | $599.56 | (609) | $1318723 | $(41528928) | $(901972) |
|  |  |  |  |  | $1318723 | $(41528928) | $(901972) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome (November) ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 6.38%** |  |  |
| *Call Options Purchased - 6.38%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 10/30/2026, $682.06, $15,275,008 | 224 | $1147581 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,358,998)** |  | 1147581 |
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 82.71%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;10/29/2026, 3.71%<sup>(a)</sup> | $15318000 | 14889971 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $14,868,504)** |  | 14889971 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.35%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 62887 | 62887 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $62,887)** |  | 62887 |
| **TOTAL INVESTMENTS - 89.44%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $16,290,389)** |  | $16100439 |
| **Other Assets in Excess of Liabilities - 10.56%** |  | 1901603 |
| **NET ASSETS - 100.00%** |  | $18002042 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $4,860,285, representing 27.00% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 10/30/2026 | $613.85 | (305) | $693440 | $(20798560) | $(559873) |
|  |  |  |  |  | $693440 | $(20798560) | $(559873) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome (December) ETF

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 6.74%** |  |  |
| *Call Options Purchased - 6.74%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <br> 11/30/2026, $683.39, $49,166,432 | 721 | $3908786 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $4,327,654)** |  | 3908786 |
| **Description/Maturity Date/Rate** | **Principal<br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 95.27%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;11/27/2026, 3.59%<sup>(a)</sup> | $56987000 | 55241621 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $55,186,914)** |  | 55241621 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.11%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.48% (7-day yield)<sup>(b)</sup> | 61524 | 61524 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $61,524)** |  | 61524 |
| **TOTAL INVESTMENTS - 102.12%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $59,576,092)** |  | $59211931 |
| **Liabilities in Excess of Other Assets - (2.12)%** |  | (1231854) |
| **NET ASSETS - 100.00%** |  | $57980077 |

---

*<sup>(a)</sup>* *Pledged security; a portion or all of the security is pledged as collateral for securities sold short or borrowings. As of December 31, 2025, the aggregate value of those securities was $16,964,016, representing 29.26% of net assets.*

*<sup>(b)</sup>* *Rate disclosed is a 7-Day Yield as of December 31, 2025.*

*Percentages are stated as a percent of net assets.*

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Morgan Stanley | 11/30/2026 | $615.05 | (974) | $2227252 | $(66419008) | $(1953688) |
|  |  |  |  |  | $2227252 | $(66419008) | $(1953688) |

---

See Notes to Financial Statements.

TrueShares Structured Outcome ETFs

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TrueShares Structured Outcome (January) ETF** | **TrueShares Structured Outcome (February) ETF** | **TrueShares Structured Outcome (March) ETF** | **TrueShares Structured Outcome (April) ETF** | **TrueShares Structured Outcome (May) ETF** | **TrueShares Structured Outcome (June) ETF** |
| &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** |
| &nbsp;&nbsp;&nbsp;Investments, at value | $56494504 | $13858562 | $16596238 | $16370831 | $15454836 | $12397077 |
| &nbsp;&nbsp;&nbsp;Cash | 4979425 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposits with broker for purchased options | 10704925 | 465233 | 237196 | 129817 | 4872 | 270251 |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold | 11928073 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 33803 | 260 | 195 | 271 | 881 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 84140730 | 14324055 | 16833629 | 16500919 | 15460589 | 12667529 |
| &nbsp;&nbsp;&nbsp;**LIABILITIES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank overdraft |  | 100 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Investment Advisor | 55179 | 9094 | 11603 | 11309 | 10494 | 9119 |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | 5235874 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options, at value | 2660370 | 5278 | 19968 | 32112 | 46744 | 71591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 7951423 | 14472 | 31571 | 43421 | 57238 | 80710 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $76189307 | $14309583 | $16802058 | $16457498 | $15403351 | $12586819 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $77409625 | $13612768 | $16139437 | $15091053 | $14532555 | $11506988 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated deficit) | (1220318) | 696815 | 662621 | 1366445 | 870796 | 1079831 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $76189307 | $14309583 | $16802058 | $16457498 | $15403351 | $12586819 |
| &nbsp;&nbsp;&nbsp;**INVESTMENTS, AT COST** | $56494160 | $13266337 | $15665845 | $15022609 | $14333798 | $11612485 |
| &nbsp;&nbsp;&nbsp;**PREMIUMS RECEIVED ON WRITTEN OPTIONS** | $2660370 | $284515 | $425667 | $384864 | $381090 | $362152 |
| &nbsp;&nbsp;&nbsp;**Net asset value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $76189307 | $14309583 | $16802058 | $16457498 | $15403351 | $12586819 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 2000000 | 380000 | 490000 | 440000 | 460000 | 385000 |
| &nbsp;&nbsp;&nbsp;Net asset value, price per share | $38.09 | $37.66 | $34.29 | $37.40 | $33.49 | $32.69 |

---

See Notes to Financial Statements.

TrueShares Structured Outcome ETFs

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2025 (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TrueShares Structured Outcome (July) ETF** | **TrueShares Structured Outcome (August) ETF** | **TrueShares Structured Outcome (September) ETF** | **TrueShares Structured Outcome (October) ETF** | **TrueShares Structured Outcome (November) ETF** | **TrueShares Structured Outcome (December) ETF** |
| &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** | &nbsp;&nbsp;&nbsp;**ASSETS:** |
| &nbsp;&nbsp;&nbsp;Investments, at value | $17449441 | $24142291 | $110723194 | $36366297 | $16100439 | $59211931 |
| &nbsp;&nbsp;&nbsp;Deposits with broker for purchased options | 2142703 | 512488 | 877627 | 310015 | 2474529 | 755068 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 898 | 305 | 1517 | 487 | 245 | 7015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 19593042 | 24655084 | 111602338 | 36676799 | 18575213 | 59974014 |
| &nbsp;&nbsp;&nbsp;**LIABILITIES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bank overdraft | 100 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Investment Advisor | 15234 | 16817 | 75372 | 24798 | 13298 | 40249 |
| &nbsp;&nbsp;&nbsp;Written options, at value | 210319 | 339390 | 1969262 | 901972 | 559873 | 1953688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 225653 | 356207 | 2044634 | 926770 | 573171 | 1993937 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $19367389 | $24298877 | $109557704 | $35750029 | $18002042 | $57980077 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $17521295 | $23629439 | $105522157 | $35168037 | $19107679 | $60719971 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated deficit) | 1846094 | 669438 | 4035547 | 581992 | (1105637) | (2739894) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $19367389 | $24298877 | $109557704 | $35750029 | $18002042 | $57980077 |
| &nbsp;&nbsp;&nbsp;**INVESTMENTS, AT COST** | $16482723 | $23353120 | $108066957 | $36191374 | $16290389 | $59576092 |
| &nbsp;&nbsp;&nbsp;**PREMIUMS RECEIVED ON WRITTEN OPTIONS** | $659859 | $730714 | $3398892 | $1318723 | $693440 | $2227252 |
| &nbsp;&nbsp;&nbsp;**Net asset value:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $19367389 | $24298877 | $109557704 | $35750029 | $18002042 | $57980077 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 460000 | 575000 | 2595000 | 840000 | 410000 | 1440000 |
| &nbsp;&nbsp;&nbsp;Net asset value, price per share | $42.10 | $42.26 | $42.22 | $42.56 | $43.91 | $40.26 |

---

See Notes to Financial Statements.

TrueShares Structured Outcome ETFs

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TrueShares Structured Outcome (January) ETF<sup>(a)</sup>** | **TrueShares Structured Outcome (February) ETF<sup>(a)</sup>** | **TrueShares Structured Outcome (March) ETF<sup>(a)</sup>** | **TrueShares Structured Outcome (April) ETF<sup>(a)</sup>** | **TrueShares Structured Outcome (May) ETF<sup>(a)</sup>** | **TrueShares Structured Outcome (June) ETF<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $78064 | $8517 | $16448 | $17735 | $13322 | $7771 |
| &nbsp;&nbsp;&nbsp;Interest and other income | 1262313 | 370053 | 668542 | 665198 | 399595 | 348226 |
| &nbsp;&nbsp;&nbsp;Interest on deposits with broker | 12496 | 5866 | 5120 | 10913 | 8331 | 6667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 1352873 | 384436 | 690110 | 693846 | 421248 | 362664 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 283243 | 78291 | 138575 | 144756 | 91186 | 74861 |
| &nbsp;&nbsp;&nbsp;Other expenses | 12 | 24 | 12 | 12 | 36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 283255 | 78315 | 138587 | 144768 | 91222 | 74861 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 1069618 | 306121 | 551523 | 549078 | 330026 | 287803 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (587549) | 26134 | (465095) | (266161) | (401787) | 6318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold in-kind | 2778185 | 599728 | 1241776 | (184101) |  | 85101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 113089 | (40776) | (198320) | (67205) | 143004 | 31817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options in-kind | 727041 | 123625 | 451680 | 705680 |  | 93171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Realized Gain/(Loss) | 3030766 | 708711 | 1030041 | 188213 | (258783) | 216407 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/ depreciation on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (5888) | 21551 | (280557) | 355100 | 853028 | 585894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 1072 | 138484 | (31107) | (297954) | 240386 | 229466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Change in Unrealized Appreciation/Depreciation | (4816) | 160035 | (311664) | 57146 | 1093414 | 815360 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 3025950 | 868746 | 718377 | 245359 | 834631 | 1031767 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4095568 | $1174867 | $1269900 | $794437 | $1164657 | $1319570 |

---

*<sup>(a)</sup>* *The Funds acquired all of the assets and liabilities of their respective series of Listed Funds Trust (the "Predecessor ETFs"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Funds have been adopted by the Funds and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Funds, which ceased operations as of the date of the reorganization.* 

See Notes to Financial Statements.

TrueShares Structured Outcome ETFs

**STATEMENTS OF OPERATIONS**

**For the Year Ended December 31, 2025 (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TrueShares Structured Outcome (July) ETF<sup>(a)</sup>** | **TrueShares Structured Outcome (August) ETF<sup>(a)</sup>** | **TrueShares Structured Outcome (September) ETF<sup>(b)</sup>** | **TrueShares Structured Outcome (October) ETF<sup>(b)</sup>** | **TrueShares Structured Outcome (November) ETF<sup>(b)</sup>** | **TrueShares Structured Outcome (December) ETF<sup>(b)</sup>** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $43666 | $25542 | $234961 | $56735 | $9552 | $24282 |
| &nbsp;&nbsp;&nbsp;Interest and other income | 1375325 | 1012546 | 2777219 | 881251 | 832813 | 2227181 |
| &nbsp;&nbsp;&nbsp;Interest on deposits with broker | 25195 | 24808 | 29193 | 14649 | 23834 | 21212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 1444186 | 1062896 | 3041373 | 952635 | 866199 | 2272675 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 277885 | 209679 | 636533 | 196629 | 181364 | 447481 |
| &nbsp;&nbsp;&nbsp;Other expenses | 12 |  | 12 |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 277897 | 209679 | 636545 | 196629 | 181376 | 447481 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 1166289 | 853217 | 2404828 | 756006 | 684823 | 1825194 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1606348 | (397631) | 74702 | 446732 | 122894 | (1454249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold in-kind | 995862 | 1666764 | 8212994 | 866512 | 1716099 | 1164629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 317973 | 8787 | 81995 | 355274 | 204180 | (1465401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options in-kind | 807019 | 524074 | 2336965 | 362560 | 547314 | 834865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Realized Gain/(Loss) | 3727202 | 1801994 | 10706656 | 2031078 | 2590487 | (920156) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/ depreciation on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (107806) | 296582 | 2239833 | 193210 | (398597) | 858590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (31588) | 144689 | 1139043 | 305323 | (91374) | 641320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Change in Unrealized Appreciation/Depreciation | (139394) | 441271 | 3378876 | 498533 | (489971) | 1499910 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 3587808 | 2243265 | 14085532 | 2529611 | 2100516 | 579754 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $4754097 | $3096482 | $16490360 | $3285617 | $2785339 | $2404948 |

---

*<sup>(a)</sup>* *The Funds acquired all of the assets and liabilities of their respective series of Listed Funds Trust (the "Predecessor ETFs"), in a tax free reorganization that occurred as of the close of business on September 9, 2025. Performance and financial history of the Predecessor Funds have been adopted by the Funds and will be used going forward. As a result, the information for the period prior to the close of business on September 9, 2025, reflects that of the Predecessor Funds, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *The Funds acquired all of the assets and liabilities of their respective series of Listed Funds Trust (the "Predecessor ETFs"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Funds have been adopted by the Funds and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Funds, which ceased operations as of the date of the reorganization.* 

See Notes to Financial Statements.

TrueShares Structured Outcome (January) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year** <br> **Ended <br> December 31,** <br> **2025<sup>(a)</sup>** | **For the Year** <br> **Ended <br> December 31,** <br> **2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1069618 | $637105 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3030766 | 2604247 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (4816) | 5437 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 4095568 | 3246789 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1082700) | (731620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (1082700) | (731620) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 153269131 | 68166267 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (107237652) | (48926323) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 12142 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from beneficial interest transactions | 46031479 | 19252086 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 49044347 | 21767255 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 27144960 | 5377705 |
| &nbsp;&nbsp;&nbsp;End of period | $76189307 | $27144960 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (January) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (February) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $306121 | $213513 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 708711 | 308542 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 160035 | 436927 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1174867 | 958982 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (421481) | (253412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (421481) | (253412) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 18177438 | 5897048 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (11168563) | (3721188) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 438 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from beneficial interest transactions | 7008875 | 2176298 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 7762261 | 2881868 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 6547322 | 3665454 |
| &nbsp;&nbsp;&nbsp;End of period | $14309583 | $6547322 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (February) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (March) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $551523 | $817938 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1030041 | 1571591 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (311664) | 1298819 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1269900 | 3688348 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (553916) | (899328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (553916) | (899328) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 40755587 | 52256786 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (44451939) | (39168156) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 12301 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets derived from beneficial interest transactions | (3696352) | 13100931 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (2980368) | 15889951 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 19782426 | 3892475 |
| &nbsp;&nbsp;&nbsp;End of period | $16802058 | $19782426 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (March) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (April) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $549078 | $658363 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 188213 | 1499929 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 57146 | 1188188 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 794437 | 3346480 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (552002) | (655696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (552002) | (655696) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 38919996 | 43342628 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (46350532) | (27450054) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 12239 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets derived from beneficial interest transactions | (7430536) | 15904813 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (7188101) | 18595597 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 23645599 | 5050002 |
| &nbsp;&nbsp;&nbsp;End of period | $16457498 | $23645599 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (April) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (May) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $330026 | $188837 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (258783) | 505647 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 1093414 | 1005 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1164657 | 695489 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (331347) | (187684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (331347) | (187684) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 16159746 | 9352858 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (11232949) | (4652501) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 1048 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from beneficial interest transactions | 4926797 | 4701405 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 5760107 | 5209210 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 9643244 | 4434034 |
| &nbsp;&nbsp;&nbsp;End of period | $15403351 | $9643244 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (May) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (June) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $287803 | $159817 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 216407 | 489075 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 815360 | 5202 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1319570 | 654094 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (289150) | (182184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (289150) | (182184) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 22120976 | 5750511 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (15168971) | (4899811) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 878 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from beneficial interest transactions | 6952005 | 851578 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 7982425 | 1323488 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 4604394 | 3280906 |
| &nbsp;&nbsp;&nbsp;End of period | $12586819 | $4604394 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (June) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (July) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1166289 | $1105067 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3727202 | 1851537 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (139394) | 1021992 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 4754097 | 3978596 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (2418518) | (1097643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (2418518) | (1097643) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 64568252 | 70884014 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (80882404) | (53471501) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 16268 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets derived from beneficial interest transactions | (16314152) | 17428781 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (13978573) | 20309734 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 33345962 | 13036228 |
| &nbsp;&nbsp;&nbsp;End of period | $19367389 | $33345962 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (July) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 9, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on September 9, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (August) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $853217 | $655347 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 1801994 | 1557443 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 441271 | 440650 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 3096482 | 2653440 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (881935) | (653147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (881935) | (653147) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 83285965 | 28815758 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (77276111) | (30235960) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 5457 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets derived from beneficial interest transactions | 6009854 | (1414745) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 8224401 | 585548 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 16074476 | 15488928 |
| &nbsp;&nbsp;&nbsp;End of period | $24298877 | $16074476 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (August) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 9, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on September 9, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

See Notes to Financial Statements.

TrueShares Structured Outcome (September) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2404828 | $700186 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 10706656 | 2613036 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 3378876 | 144613 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 16490360 | 3457835 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (2407641) | (698133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (2407641) | (698133) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 211014792 | 31516005 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (134859350) | (32190918) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 5092 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets derived from beneficial interest transactions | 76155442 | (669821) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 90238161 | 2089881 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 19319543 | 17229662 |
| &nbsp;&nbsp;&nbsp;End of period | $109557704 | $19319543 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (September) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (October) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $756006 | $206376 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 2031078 | 1210247 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 498533 | (167955) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 3285617 | 1248668 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1426984) | (192856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (1426984) | (192856) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 59638700 | 26172866 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (41060263) | (15597202) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 6682 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from beneficial interest transactions | 18578437 | 10582346 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets | 20437070 | 11638158 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 15312959 | 3674801 |
| &nbsp;&nbsp;&nbsp;End of period | $35750029 | $15312959 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (October) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (November) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $684823 | $651823 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 2590487 | 3811893 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (489971) | (1171442) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2785339 | 3292274 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (691645) | (649213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (691645) | (649213) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 29461640 | 26258436 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (36098835) | (24429865) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 1075 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets derived from beneficial interest transactions | (6637195) | 1829646 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (4543501) | 4472707 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 22545543 | 18072836 |
| &nbsp;&nbsp;&nbsp;End of period | $18002042 | $22545543 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (November) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (December) ETF

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31, 2025<sup>(a)</sup>** | **For the Year Ended December 31, 2024<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1825194 | $1876821 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (920156) | 9803821 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 1499910 | (2694546) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 2404948 | 8986096 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (1913348) | (1869389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (1913348) | (1869389) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 113114137 | 96864661 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (130010884) | (69778537) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  | 7786 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets derived from beneficial interest transactions | (16896747) | 27093910 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | (16405147) | 34210617 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 74385224 | 40174607 |
| &nbsp;&nbsp;&nbsp;End of period | $57980077 | $74385224 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (December) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

TrueShares Structured Outcome (January) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Period**<br> **January 4, 2021**<br> **(Commencement**<br> **of Operations)**<br> **through**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $34.36 | $29.88 | $25.77 | $29.10 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 1.08 | 1.19 | 0.95 | (0.08) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.19 | 4.20 <sup>(c)</sup> | 3.92 <sup>(c)</sup> | (3.20)<sup>(c)</sup> | 5.61 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.27 | 5.39 | 4.87 | (3.28) | 5.42 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.54) | (0.81) | (0.77) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.12) |  | (0.05) | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.54) | (0.93) | (0.77) | (0.05) | (1.32) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.02 | 0.01 | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 3.73 | 4.48 | 4.11 | (3.33) | 4.10 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $38.09 | $34.36 | $29.88 | $25.77 | $29.10 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 12.40% | 18.10% | 18.91% | (11.29 %) | 21.65% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $76189 | $27145 | $5378 | $3866 | $2182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 2.99% | 3.58% | 3.40% | (0.32 %) | (0.77 %)<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)(h)</sup> |  |  |  | 2899% |  |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (January) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(h)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (February) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Period**<br> **February 1, 2021**<br> **(Commencement of**<br> **Operations) through**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $34.46 | $30.55 | $27.04 | $30.15 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 1.12 | 1.17 | 1.01 | (0.02) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.28 | 4.07 <sup>(c)</sup> | 4.58 <sup>(c)</sup> | (3.09)<sup>(c)</sup> | 5.35 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.40 | 5.24 | 5.59 | (3.11) | 5.15 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.91) | (1.05) | (0.92) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.29) | (0.28) | (1.16) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.20) | (1.33) | (2.08) |  |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 3.20 | 3.91 | 3.51 | (3.11) | 5.15 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $37.66 | $34.46 | $30.55 | $27.04 | $30.15 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 12.74% | 17.12% | 20.64% | (10.30 %) | 20.58% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $14310 | $6547 | $3665 | $2704 | $3768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 3.09% | 3.48% | 3.38% | (0.09 %) | (0.77 %)<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)(h)</sup> |  |  |  | 1309% |  |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (February) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(h)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (March) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025 <sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024 <sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023 <sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022 <sup>(a)</sup>** | **For the Period**<br> **March 1, 2021**<br> **(Commencement**<br> **of**<br> **Operations)**<br> **through**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $31.40 | $27.80 | $24.77 | $28.62 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 1.02 | 1.16 | 0.88 | 0.01 | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.00 | 3.84 <sup>(c)</sup> | 4.19 <sup>(c)</sup> | (3.67)<sup>(c)</sup> | 4.48 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.02 | 5.00 | 5.07 | (3.66) | 4.31 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.13) | (1.29) | (0.91) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.13) | (1.13) | (0.18) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.13) | (1.42) | (2.04) | (0.19) | (0.70) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.02 | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net Increase in net asset value | 2.89 | 3.60 | 3.03 | 3.85 | 3.62 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $34.29 | $31.40 | $27.80 | $24.77 | $28.62 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 12.76% | 18.00% | 20.45% | (12.76 %) | 17.24% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $16802 | $19782 | $3892 | $3716 | $5724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 3.15% | 3.76% | 3.25% | 0.03% | (0.76 %)<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)(h)</sup> |  |  | 67% | 1280% |  |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (March) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(h)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (April) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Period**<br> **April 1, 2021**<br> **(Commencement of**<br> **Operations) through**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $34.27 | $29.71 | $24.99 | $28.40 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 1.06 | 1.25 | 0.80 | 0.14 | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.32 | 4.24 <sup>(c)</sup> | 4.78 <sup>(c)</sup> | (3.40)<sup>(c)</sup> | 3.56 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.38 | 5.49 | 5.58 | (3.26) | 3.40 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.25) | (0.95) | (0.86) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.25) | (0.95) | (0.86) | (0.15) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.02 | 0.00 <sup>(c)</sup> | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 3.13 | 4.56 | 4.72 | (3.41) | 3.40 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $37.40 | $34.27 | $29.71 | $24.99 | $28.40 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 12.76% | 18.52% | 22.28% | (11.47 %) | 13.59% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $16457 | $23646 | $5050 | $5624 | $6389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 2.99% | 3.73% | 2.88% | 0.55% | (0.77 %)<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)(h)</sup> |  | 741% |  | 1153% |  |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (April) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(h)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (May) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Period**<br> **May 3, 2021**<br> **(Commencement of**<br> **Operations) through**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $30.14 | $26.08 | $23.13 | $27.09 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.90 | 1.03 | 0.75 | 0.13 | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.17 | 3.61 <sup>(c)</sup> | 2.92 <sup>(c)</sup> | (3.93)<sup>(c)</sup> | 2.72 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.07 | 4.64 | 3.67 | (3.80) | 2.59 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.72) | (0.59) | (0.72) | (0.16) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.72) | (0.59) | (0.72) | (0.16) | (0.51) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.01 | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 3.35 | 4.06 | 2.95 | (3.96) | 2.09 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $33.49 | $30.14 | $26.08 | $23.13 | $27.09 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 13.50% | 17.76% | 15.87% | (14.03 %) | 10.39% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $15403 | $9643 | $4434 | $3469 | $5417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 2.86% | 3.56% | 3.02% | 0.54% | (0.77 %)<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)(h)</sup> |  |  |  |  |  |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (May) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

*<sup>(h)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (June) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Period**<br> **June 1, 2021**<br> **(Commencement of**<br> **Operations) through**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $29.71 | $26.25 | $23.78 | $27.45 | $25.00 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.95 | 1.09 | 0.82 | 0.11 | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 2.78 | 3.54 <sup>(c)</sup> | 3.21 <sup>(c)</sup> | (3.65)<sup>(c)</sup> | 2.66 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 3.73 | 4.63 | 4.03 | (3.54) | 2.54 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.75) | (1.03) | (1.10) | (0.13) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.15) | (0.48) |  | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.75) | (1.18) | (1.58) | (0.13) | (0.09) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.01 | 0.02 | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 2.98 | 3.46 | 2.47 | (3.67) | 2.45 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $32.69 | $29.71 | $26.25 | $23.78 | $27.45 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 12.55% | 17.60% | 17.02% | (12.87 %) | 10.13% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $12587 | $4604 | $3281 | $2972 | $4117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 3.04% | 3.75% | 3.22% | 0.46% | (0.77 %)<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)(h)</sup> |  |  | 637% |  |  |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (June) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Annualized.*

*<sup>(g)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(h)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (July) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025 <sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024 <sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023 <sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022 <sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2021 <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $41.68 | $36.21 | $31.84 | $35.21 | $29.20 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 1.44 | 1.58 | 1.15 | 0.16 | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 4.02 | 5.24 <sup>(c)</sup> | 4.51 <sup>(c)</sup> | (3.51)<sup>(c)</sup> | 6.25 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.46 | 6.82 | 5.66 | (3.35) | 6.00 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (2.56) | (1.37) | (1.30) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.48) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (5.04) | (1.37) | (1.30) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.02 | 0.01 | 0.00 <sup>(d)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 0.42 | 5.47 | 4.37 | (3.37) | 6.01 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $42.10 | $41.68 | $36.21 | $31.84 | $35.21 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 12.95% | 18.85% | 17.81% | (9.50 %) | 20.56% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $19367 | $33346 | $13036 | $11939 | $14963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 3.31% | 3.87% | 3.31% | 0.49% | (0.76 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> |  |  |  |  | 1307% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (July) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 9, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on September 9, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (August) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $38.73 | $34.04 | $30.02 | $33.70 | $27.89 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 1.28 | 1.44 | 1.14 | 0.16 | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.78 | 4.81 <sup>(c)</sup> | 4.03 <sup>(c)</sup> | (3.72)<sup>(c)</sup> | 6.04 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.06 | 6.25 | 5.17 | (3.56) | 5.80 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.53) | (1.57) | (1.16) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.53) | (1.57) | (1.16) | (0.12) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.01 | 0.01 | 0.00 <sup>(d)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 3.53 | 4.69 | 4.02 | (3.68) | 5.81 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $42.26 | $38.73 | $34.04 | $30.02 | $33.70 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 13.02% | 18.35% | 17.25% | (10.55 %) | 20.83% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $24299 | $16074 | $15489 | $12761 | $18536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.80% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 3.21% | 3.82% | 3.51% | 0.51% | (0.77 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> |  |  | 228% | 134% | 1297% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (August) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 9, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on September 9, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (September) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $38.26 | $33.46 | $29.43 | $32.33 | $26.63 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 1.22 | 1.34 | 1.00 | 0.18 | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.67 | 4.83 <sup>(c)</sup> | 4.22 <sup>(c)</sup> | (2.88)<sup>(c)</sup> | 5.94 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.89 | 6.17 | 5.22 | (2.70) | 5.71 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.93) | (1.38) | (1.19) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.93) | (1.38) | (1.19) | (0.20) | (0.02) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.01 | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 3.96 | 4.80 | 4.03 | (2.90) | 5.70 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $42.22 | $38.26 | $33.46 | $29.43 | $32.33 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 12.76% | 18.43% | 17.72% | (8.34 %) | 20.83% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $109558 | $19320 | $17230 | $20598 | $25861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 2.98% | 3.61% | 3.15% | 0.60% | (0.76 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> |  |  |  |  | 1301% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (September) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (October) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $39.26 | $33.41 | $29.18 | $32.75 | $27.21 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 1.24 | 1.28 | 1.00 | 0.14 | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.76 | 5.02 <sup>(c)</sup> | 4.31 <sup>(c)</sup> | (3.51)<sup>(c)</sup> | 5.77 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.00 | 6.30 | 5.31 | (3.37) | 5.54 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (0.93) | (0.49) | (1.09) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.77) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.70) | (0.49) | (1.09) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.04 | 0.01 | 0.00 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 3.30 | 5.85 | 4.23 | (3.57) | 5.54 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $42.56 | $39.26 | $33.41 | $29.18 | $32.75 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 12.68% | 18.99% | 18.23% | (10.31 %) | 20.37% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $35750 | $15313 | $3675 | $4377 | $8189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 3.03% | 3.38% | 3.19% | 0.48% | (0.77 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> |  |  | 3% |  | 1021% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (October) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (November) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $40.26 | $34.76 | $30.07 | $33.37 | $27.62 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 1.24 | 1.31 | 1.20 | 0.07 | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.98 | 5.37 <sup>(c)</sup> | 4.27 <sup>(c)</sup> | (3.30)<sup>(c)</sup> | 6.14 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 5.22 | 6.68 | 5.47 | (3.23) | 5.90 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.57) | (1.18) | (0.79) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.57) | (1.18) | (0.79) | (0.07) | (0.17) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.00 <sup>(d)</sup> | 0.01 | 0.00 <sup>(d)</sup> | 0.02 |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 3.65 | 5.50 | 4.69 | (3.30) | 5.75 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $43.91 | $40.26 | $34.76 | $30.07 | $33.37 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 12.93% | 19.19% | 18.21% | (9.66 %) | 21.40% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $18002 | $22546 | $18073 | $9772 | $14181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 2.98% | 3.39% | 3.65% | 0.23% | (0.76 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> |  |  |  |  | 1302% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (November) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome (December) ETF

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year**<br> **Ended**<br> **December 31,**<br> **2025<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2023<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2022<sup>(a)</sup>** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $37.01 | $31.88 | $27.36 | $30.43 | $25.44 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 1.23 | 1.25 | 1.22 | (0.05) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 3.34 | 4.81 <sup>(c)</sup> | 3.68 <sup>(c)</sup> | (2.63)<sup>(c)</sup> | 5.33 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.57 | 6.06 | 4.90 | (2.68) | 5.12 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income | (1.32) | (0.94) | (0.39) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.39) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (1.32) | (0.94) | (0.39) | (0.39) | (0.14) |
| &nbsp;&nbsp;&nbsp;ETF transaction fees per share |  | 0.01 | 0.01 | 0.00 <sup>(d)</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 3.25 | 5.13 | 4.52 | (3.07) | 4.99 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $40.26 | $37.01 | $31.88 | $27.36 | $30.43 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 12.32% | 19.00% | 17.97% | (8.80 %) | 20.17% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $57980 | $74385 | $40175 | $5472 | $6086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.79% | 0.79% | 0.79% | 0.80% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets | 3.22% | 3.52% | 4.02% | (0.17 %) | (0.77 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(f)(g)</sup> |  |  |  |  | 1286% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of TrueShares Structured Outcome (December) ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on August 8, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the period prior to the close of business on August 8, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.*

*<sup>(d)</sup>* *Less than $0.005.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.*

*<sup>(f)</sup>* *Portfolio turnover rate for periods less than one full year have not been annualized.*

*<sup>(g)</sup>* *Excludes the impact of in-kind transactions.*

See Notes to Financial Statements

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025**

**NOTE 1 - ORGANIZATION**

Elevation Series Trust (the "Trust") was organized on March 7, 2022, as a Delaware statutory trust, and is authorized to issue multiple investment series. The Trust is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. These financial statements relate to twelve series of the Trust, TrueShares Structured Outcome (January) ETF ("JANZ"), TrueShares Structured Outcome (February) ETF ("FEBZ"), TrueShares Structured Outcome (March) ETF ("MARZ"), TrueShares Structured Outcome (April) ETF ("APRZ"), TrueShares Structured Outcome (May) ETF ("MAYZ"), TrueShares Structured Outcome (June) ETF ("JUNZ"), TrueShares Structured Outcome (July) ETF ("JULZ"), TrueShares Structured Outcome (August) ETF ("AUGZ"), TrueShares Structured Outcome (September) ETF ("SEPZ"), TrueShares Structured Outcome (October) ETF ("OCTZ"), TrueShares Structured Outcome (November) ETF ("NOVZ") and TrueShares Structured Outcome (December) ETF ("DECZ"), (each a "Fund" and collectively the "Funds" or "Structured Outcome ETFs"). Each Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its total return investment objective by investing in options that reference the S&P 500<sup>®</sup> Price Index, employing a "buffer protect" options strategies that uses such options to seek to achieve exposure to the S&P 500<sup>®</sup> Price Index while mitigating the first 8% to 12% decline in the S&P 500<sup>®</sup> Price Index over a 12-month period.

Each Fund is a diversified open-end management company registered under the 1940 Act and commenced operations as listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Commencement of Operations** |
| &nbsp;&nbsp;TrueShares Structured Outcome (January) ETF | January 4, 2021 |
| &nbsp;&nbsp;TrueShares Structured Outcome (February) ETF | February 1, 2021 |
| &nbsp;&nbsp;TrueShares Structured Outcome (March) ETF | March 1, 2021 |
| &nbsp;&nbsp;TrueShares Structured Outcome (April) ETF | April 1, 2021 |
| &nbsp;&nbsp;TrueShares Structured Outcome (May) ETF | May 3, 2021 |
| &nbsp;&nbsp;TrueShares Structured Outcome (June) ETF | June 1, 2021 |
| &nbsp;&nbsp;TrueShares Structured Outcome (July) ETF | July 1, 2020 |
| &nbsp;&nbsp;TrueShares Structured Outcome (August) ETF | August 3, 2020 |
| &nbsp;&nbsp;TrueShares Structured Outcome (September) ETF | September 1, 2020 |
| &nbsp;&nbsp;TrueShares Structured Outcome (October) ETF | October 1, 2020 |
| &nbsp;&nbsp;TrueShares Structured Outcome (November) ETF | November 2, 2020 |
| &nbsp;&nbsp;TrueShares Structured Outcome (December) ETF | December 1, 2020 |

---

On March 5, 2025, the Board of Trustees of Listed Funds Trust approved a tax-free reorganization wherein all of the assets and liabilities of each Predecessor Fund were acquired by its respective Fund. In connection with this acquisition as of the close of business on August 8, 2025, shares of JANZ, FEBZ, MARZ, APRZ, MAYZ, JUNZ, SEPZ, OCTZ, NOVZ and DECZ were exchanged for an equivalent number of shares of the corresponding Funds. The Funds' net assets, net asset value per share, shares outstanding, net unrealized appreciation/depreciation and the results of operations of the Funds were unchanged from that of the Predecessor Funds as a result of the reorganization and were as listed below. Also in connection with this acquisition as of the close of business on September 9, 2025, shares of JULZ and AUGZ were exchanged for an equivalent number of shares of the Funds, and the Funds' net assets, net asset value per share, shares outstanding, net unrealized appreciation/depreciation and the results of operations of the Funds were unchanged from that of the Predecessor Funds as a result of the reorganization and were as listed below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Net assets, as a result of the reorganization** | &nbsp;&nbsp;&nbsp;**Net asset value per share, as a result of the reorganization** | &nbsp;&nbsp;&nbsp;**Shares outstanding, as a result of the reorganization** | &nbsp;&nbsp;**Net unrealized appreciation/depreciation, as a result of the reorganization** |
| &nbsp;&nbsp;TrueShares Structured Outcome (January) ETF | &nbsp;&nbsp;&nbsp;$28197958 | &nbsp;&nbsp;&nbsp;$36.62 | &nbsp;&nbsp;&nbsp;770000 | &nbsp;&nbsp;$1269978 |
| &nbsp;&nbsp;TrueShares Structured Outcome (February) ETF | &nbsp;&nbsp;&nbsp;12530425 | &nbsp;&nbsp;&nbsp;36.85 | &nbsp;&nbsp;&nbsp;340000 | &nbsp;&nbsp;358582 |
| &nbsp;&nbsp;TrueShares Structured Outcome (March) ETF | &nbsp;&nbsp;&nbsp;19473929 | &nbsp;&nbsp;&nbsp;33.58 | &nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp;709684 |
| &nbsp;&nbsp;TrueShares Structured Outcome (April) ETF | &nbsp;&nbsp;&nbsp;13893988 | &nbsp;&nbsp;&nbsp;36.56 | &nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;1023994 |
| &nbsp;&nbsp;TrueShares Structured Outcome (May) ETF | &nbsp;&nbsp;&nbsp;10345010 | &nbsp;&nbsp;&nbsp;32.33 | &nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;853693 |
| &nbsp;&nbsp;TrueShares Structured Outcome (June) ETF | &nbsp;&nbsp;&nbsp;13767396 | &nbsp;&nbsp;&nbsp;31.65 | &nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;575325 |
| &nbsp;&nbsp;TrueShares Structured Outcome (July) ETF | &nbsp;&nbsp;&nbsp;36296625 | &nbsp;&nbsp;&nbsp;45.37 | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;1366326 |
| &nbsp;&nbsp;TrueShares Structured Outcome (August) ETF | &nbsp;&nbsp;&nbsp;24650427 | &nbsp;&nbsp;&nbsp;42.14 | &nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;459191 |
| &nbsp;&nbsp;TrueShares Structured Outcome (September) ETF | &nbsp;&nbsp;&nbsp;111261768 | &nbsp;&nbsp;&nbsp;40.83 | &nbsp;&nbsp;&nbsp;2725000 | &nbsp;&nbsp;9489081 |
| &nbsp;&nbsp;TrueShares Structured Outcome (October) ETF | &nbsp;&nbsp;&nbsp;17188954 | &nbsp;&nbsp;&nbsp;41.92 | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;1010876 |
| &nbsp;&nbsp;TrueShares Structured Outcome (November) ETF | &nbsp;&nbsp;&nbsp;20630832 | &nbsp;&nbsp;&nbsp;42.98 | &nbsp;&nbsp;&nbsp;480000 | &nbsp;&nbsp;1336388 |
| &nbsp;&nbsp;TrueShares Structured Outcome (December) ETF | &nbsp;&nbsp;&nbsp;61445451 | &nbsp;&nbsp;&nbsp;39.39 | &nbsp;&nbsp;&nbsp;1560000 | &nbsp;&nbsp;1058016 |

---

The Predecessor Funds had investment objectives that were, in all material respects, the same as those of the Funds as described above. The Funds are a continuation of the Predecessor Funds, and therefore, the performance and financial history of the Predecessor Funds have been adopted by the Funds and will be used going forward. As a result, the information in these financial statements and notes to the financial statements for the periods prior to the close of business on the dates listed above, reflects that of the Predecessor Funds, which ceased operations as of the date of the reorganization.

The Funds currently offer an unlimited number of one class of shares, without par value, which are listed and traded on the CBOE BZX Exchange. The Funds issue and redeem shares only in creation units ("Creation Units") which are offered on a continuous basis through Paralel Distributors LLC (the "Distributor"), without a

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

sales load (but subject to transaction fees, if applicable), at the net asset value per share next determined after receipt of an order in proper form pursuant to the terms of the Authorized Participant Agreement, calculated as of the scheduled close of regular trading on the Exchange on any day on which the Exchange is open for business. The Funds do not issue fractional Creation Units. The offerings of the Funds' shares are registered under the Securities Act of 1933, as amended.

During the year ended December 31, 2025, the Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is a component of a Fund that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the Fund's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Operations and Risk Committee of the Advisor acts as the Funds' CODM. Each Fund is considered an operating segment, and their performance and operating results are reviewed to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their Financial Statements. The accompanying Financial Statements were prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). This requires management to make estimates and assumptions that affect the reported amounts in the Financial Statements. Actual results could differ from those estimates. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Topic 946 "Financial Services – Investment Companies, including Accounting Standard Update 2013-08."

During the year ended December 31, 2025, the Funds adopted FASB Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhanced income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. ASU 2023-09 had no material impact to the Funds financial statements during the year.

**Portfolio Valuation** – The net asset value per share ("NAV") of the Funds is determined no less frequently than daily, on each day that the New York Stock Exchange ("NYSE") is open for trading, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time). The NAV is determined by dividing the value of each Fund's total assets less its liabilities by the number of shares outstanding.

Equity securities, including exchange traded funds, are valued at the last reported official closing or last trading price on the exchange or market on which the security is primarily traded at the time of valuation. Exchange traded funds listed on the NASDAQ Stock Market, Inc. are valued at the NASDAQ official closing price. U.S. government bonds and notes are valued at the mean of the most recent bid and asked prices on the business day. Options are valued at the mean of the highest bid and lowest ask prices on the principal exchange on which the option trades. If no quotations are available, fair value procedures will be used. Debt obligations with maturities of 60 days or less are valued at amortized cost. Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is primarily traded. In certain countries market maker prices are used since they are the most representative of the daily trading activity. Market maker prices are usually the mean between the bid and ask prices. Certain markets are not closed at the time that the Funds price their portfolio securities. In these situations, snapshot prices are provided by the individual pricing services or other alternate sources at the close of the NYSE as appropriate. Securities not traded on a particular day are valued at the mean between the last reported bid and the asked quotes, or the last sale price when appropriate; otherwise fair value will be determined.

Investments in money market funds, including short-term investments, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as level 1 securities.

Securities for which market quotations are not readily available, including circumstances under which TrueMark Investments, LLC (the "Adviser") determines that prices received are unreliable, are valued at fair value according to procedures established and adopted by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee with respect to the fair valuation of each Fund's portfolio securities, subject to oversight by and periodic reporting to the Board.

The Funds disclose the classification of their fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Funds' investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments. These inputs are categorized in the following hierarchy under applicable financial accounting standards:

Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

Level 3 – Significant unobservable prices or inputs (including the Funds' own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

The following is a summary of the Funds' investments in the fair value hierarchy as of December 31, 2025:

**TrueShares Structured Outcome (January) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $5235874 | $— | $5235874 |
| U.S. Treasury Obligations |  | 9669673 |  | 9669673 |
| Money Market Funds | 41588957 |  |  | 41588957 |
| Total | $41588957 | $14905547 | $— | $56494504 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(2660370) | $— | $(2660370) |
| Total | $— | $(2660370) | $— | $(2660370) |

---

**TrueShares Structured Outcome (February) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $1549932 | $— | $1549932 |
| U.S. Treasury Obligations |  | 11159957 |  | 11159957 |
| Money Market Funds | 1148673 |  |  | 1148673 |
| Total | $1148673 | $12709889 | $— | $13858562 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(5278) | $— | $(5278) |
| Total | $— | $(5278) | $— | $(5278) |

---

**TrueShares Structured Outcome (March) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $2055775 | $— | $2055775 |
| U.S. Treasury Obligations |  | 14526833 |  | 14526833 |
| Money Market Funds | 13630 |  |  | 13630 |
| Total | $13630 | $16582608 | $— | $16596238 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(19968) | $— | $(19968) |
| Total | $— | $(19968) | $— | $(19968) |

---

**TrueShares Structured Outcome (April) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $2777088 | $— | $2777088 |
| U.S. Treasury Obligations |  | 13580858 |  | 13580858 |
| Money Market Funds | 12885 |  |  | 12885 |
| Total | $12885 | $16357946 | $— | $16370831 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(32112) | $— | $(32112) |
| Total | $— | $(32112) | $— | $(32112) |

---

**TrueShares Structured Outcome (May) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $2754617 | $— | $2754617 |
| U.S. Treasury Obligations |  | 12687760 |  | 12687760 |
| Money Market Funds | 12459 |  |  | 12459 |
| Total | $12459 | $15442377 | $— | $15454836 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(46744) | $— | $(46744) |
| Total | $— | $(46744) | $— | $(46744) |

---

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

**TrueShares Structured Outcome (June) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $1751435 | $— | $1751435 |
| U.S. Treasury Obligations |  | 10635922 |  | 10635922 |
| Money Market Funds | 9720 |  |  | 9720 |
| Total | $9720 | $12387357 | $— | $12397077 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(71591) | $— | $(71591) |
| Total | $— | $(71591) | $— | $(71591) |

---

**TrueShares Structured Outcome (July) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $2367566 | $— | $2367566 |
| U.S. Treasury Obligations |  | 14964384 |  | 14964384 |
| Money Market Funds | 117491 |  |  | 117491 |
| Total | $117491 | $17331950 | $— | $17449441 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(210319) | $— | $(210319) |
| Total | $— | $(210319) | $— | $(210319) |

---

**TrueShares Structured Outcome (August) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $2421831 | $— | $2421831 |
| U.S. Treasury Obligations |  | 21701330 |  | 21701330 |
| Money Market Funds | 19130 |  |  | 19130 |
| Total | $19130 | $24123161 | $— | $24142291 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(339390) | $— | $(339390) |
| Total | $— | $(339390) | $— | $(339390) |

---

**TrueShares Structured Outcome (September) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $9850647 | $— | $9850647 |
| U.S. Treasury Obligations |  | 100792325 |  | 100792325 |
| Money Market Funds | 80222 |  |  | 80222 |
| Total | $80222 | $110642972 | $— | $110723194 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(1969262) | $— | $(1969262) |
| Total | $— | $(1969262) | $— | $(1969262) |

---

**TrueShares Structured Outcome (October) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $2594516 | $— | $2594516 |
| U.S. Treasury Obligations |  | 33743930 |  | 33743930 |
| Money Market Funds | 27851 |  |  | 27851 |
| Total | $27851 | $36338446 | $— | $36366297 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(901972) | $— | $(901972) |
| Total | $— | $(901972) | $— | $(901972) |

---

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

**TrueShares Structured Outcome (November) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $1147581 | $— | $1147581 |
| U.S. Treasury Obligations |  | 14889971 |  | 14889971 |
| Money Market Funds | 62887 |  |  | 62887 |
| Total | $62887 | $16037552 | $— | $16100439 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(559873) | $— | $(559873) |
| Total | $— | $(559873) | $— | $(559873) |

---

**TrueShares Structured Outcome (December) ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted Prices** | **Level 2 - Other Significant Observable Inputs** | **Level 3 - Significant <br> Unobservable Inputs** | **Total** |
| Purchased Options | $— | $3908786 | $— | $3908786 |
| U.S. Treasury Obligations |  | 55241621 |  | 55241621 |
| Money Market Funds | 61524 |  |  | 61524 |
| Total | $61524 | $59150407 | $— | $59211931 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $— | $(1953688) | $— | $(1953688) |
| Total | $— | $(1953688) | $— | $(1953688) |

---

*<sup>(a)</sup>* *For detailed descriptions and other security classifications, see the accompanying Schedule of Investments.* 

*<sup>(b)</sup>* *Other financial instruments are derivative instruments reflected in the Schedule of Investments.* 

**Cash and Cash Equivalents** – Cash and cash equivalents may include demand deposits and highly liquid investments, typically with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value.

**Securities Transactions and Investment Income**: Securities transactions are recorded as of the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded as of the ex-dividend date or for certain foreign securities when the information becomes available to a Fund. Certain dividend income from foreign securities will be recorded, in the exercise of reasonable diligence, as soon as the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date and may be subject to withholding taxes in these jurisdictions. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis using the effective yield method.

**Distributions to Shareholders:** Dividends and distributions from net investment income and net realized capital gains and losses of the Funds, if any, are declared and paid annually or as the Board may determine from time to time.

**Federal Income Tax:** For federal income tax purposes, the Funds currently intend to qualify, as regulated investment companies under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of their earnings to their stockholders. Accordingly, no provision for federal income or excise taxes has been made.

Income and capital gain distributions are determined and characterized in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund as a whole.

As of and during the year ended December 31, 2025, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statements of Operations. As of December 31, 2025, there were no interest or penalties incurred by the Funds. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. There are no uncertain tax positions that require a provision for income taxes.

**NOTE 3 - DERIVATIVE FINANCIAL INSTRUMENTS**

As a part of their investment strategy, the Funds may invest to a lesser extent in derivatives contracts. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent in derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue its objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

**Risk of Investing in Derivatives**: The Funds' use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. In instances where the Funds are using derivatives to decrease, or hedge, exposures to market risk factors for securities held by the Funds, there are also risks that those derivatives may not perform as expected, resulting in losses for the combined or hedged positions.

Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allow the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds' performance.

Associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that a Fund is attempting to increase or decrease exposure to, per its investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell or close out the derivative in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. In addition, use of derivatives may increase or decrease exposure to the following risk factors:

Equity Risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market. Associated risks can be different for each type of derivative and are discussed by each derivative type in the notes that follow.

**Option Writing/Purchasing**: Each Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option among others, is that a Fund pays a premium whether or not the option is exercised. Additionally, a Fund bears the risk of loss of premium and change in value should the counterparty not perform under the contract. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. Each Fund is obligated to pay interest to the broker for any debit balance of the margin account relating to options. Each Fund pledges cash or liquid assets as collateral to satisfy the current obligations with respect to written options. The cash amount, if any, is reported on the Statements of Assets and Liabilities as Deposit with broker for written or purchased options, which is held with one counterparty. The interest incurred, if any, on the Funds is reported on the Statements of Operations as Interest on deposits with broker. Interest amounts payable by the Funds, if any, are reported on the Statements of Assets and Liabilities as Interest payable on deposits with broker.

When a Fund writes an option, an amount equal to the premium received by a Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is recorded as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether a Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by a Fund. Each Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.

As of December 31, 2025, the effects of derivatives instruments on each Fund's Statement of Assets and Liabilities were as follows:

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (January) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $5235874 |
| Total |  | $5235874 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(2660370) |
| Total |  | $(2660370) |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (February) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $1549932 |
| Total |  | $1549932 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(5278) |
| Total |  | $(5278) |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (March) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $2055775 |
| Total |  | $2055775 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(19968) |
| Total |  | $(19968) |

---

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (April) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $2777088 |
| Total |  | $2777088 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(32112) |
| Total |  | $(32112) |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (May) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $2754617 |
| Total |  | $2754617 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(46744) |
| Total |  | $(46744) |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (June) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $1751435 |
| Total |  | $1751435 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(71591) |
| Total |  | $(71591) |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (July) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $2367566 |
| Total |  | $2367566 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(210319) |
| Total |  | $(210319) |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (August) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $2421831 |
| Total |  | $2421831 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(339390) |
| Total |  | $(339390) |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (September) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $9850647 |
| Total |  | $9850647 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(1969262) |
| Total |  | $(1969262) |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (October) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $2594516 |
| Total |  | $2594516 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(901972) |
| Total |  | $(901972) |

---

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (November) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $1147581 |
| Total |  | $1147581 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(559873) |
| Total |  | $(559873) |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (December) ETF**<br>**Risk Exposure** | <br>**Statements of Assets and Liabilities Location** |<br>**Value** |
| **Asset Derivatives** |  |  |
| Equity (Purchased Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value | $3908786 |
| Total |  | $3908786 |
| **Liability Derivatives** |  |  |
| Equity (Written Options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options, at value | $(1953688) |
| Total |  | $(1953688) |

---

For the period ended December 31, 2025, the effects of derivative instruments on each Fund's Statement of Operations were as follows:

**TrueShares Structured Outcome (January) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $2209672 | $779 |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 840130 | 1072 |
| Total |  | $3049802 | $1851 |

---

**TrueShares Structured Outcome (February) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $624740 | $19421 |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 82849 | 138484 |
| Total |  | $707589 | $157905 |

---

**TrueShares Structured Outcome (March) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $778689 | $(273894) |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 253360 | (31107) |
| Total |  | $1032049 | $(305001) |

---

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

**TrueShares Structured Outcome (April) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $(441394) | $362033 |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 638474 | (297954) |
| Total |  | $197080 | $64079 |

---

**TrueShares Structured Outcome (May) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $(397328) | $851001 |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 143004 | 240386 |
| Total |  | $(254324) | $1091387 |

---

**TrueShares Structured Outcome (June) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $87988 | $578056 |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 124988 | 229466 |
| Total |  | $212976 | $807522 |

---

**TrueShares Structured Outcome (July) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $2569116 | $(38468) |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 1124992 | (31588) |
| Total |  | $3694108 | $(70056) |

---

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

**TrueShares Structured Outcome (August) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investment securities | $1263731 | $277377 |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 532861 | 144689 |
| Total |  | $1796592 | $422066 |

---

**TrueShares Structured Outcome (September) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $8290099 | $2037961 |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 2418960 | 1139043 |
| Total |  | $10709059 | $3177004 |

---

**TrueShares Structured Outcome (October) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $1320701 | $166667 |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 717835 | 305323 |
| Total |  | $2038536 | $471990 |

---

**TrueShares Structured Outcome (November) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $1851414 | $(426932) |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | 751494 | (91374) |
| Total |  | $2602908 | $(518306) |

---

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

**TrueShares Structured Outcome (December) ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Risk Exposure** | **Statements of Operations Location** | **Realized Gain/ (Loss) on Derivatives** | **Change in Unrealized Appreciation/Depreciation on Derivatives** |
| Equity (Purchased Options) | Net realized gain/(loss) on investments and investments sold in-kind/Net change in unrealized appreciation/depreciation on investments | $(312702) | $889144 |
| Equity (Written Options) | Net realized gain/(loss) on written options and written options in-kind/Net change in unrealized appreciation/depreciation on written options | (630536) | 641320 |
| Total |  | $(943238) | $1530464 |

---

The average monthly notional value of purchased and written option contracts for the Structured Outcome ETFs was the following for the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| Fund | Purchased Options | Written Options |
| TrueShares Structured Outcome (January) ETF | $30865220 | $41651159 |
| TrueShares Structured Outcome (February) ETF | 8658136 | 11427018 |
| TrueShares Structured Outcome (March) ETF | 14910721 | 19849520 |
| TrueShares Structured Outcome (April) ETF | 15141849 | 20644502 |
| TrueShares Structured Outcome (May) ETF | 9988014 | 13489387 |
| TrueShares Structured Outcome (June) ETF | 8258000 | 11088163 |
| TrueShares Structured Outcome (July) ETF | 30404725 | 39703957 |
| TrueShares Structured Outcome (August) ETF | 24585362 | 33125830 |
| TrueShares Structured Outcome (September) ETF | 69880309 | 82974766 |
| TrueShares Structured Outcome (October) ETF | 21207501 | 28600716 |
| TrueShares Structured Outcome (November) ETF | 19015701 | 25946458 |
| TrueShares Structured Outcome (December) ETF | 46922196 | 58108153 |

---

**NOTE 4 - ADVISORY FEES AND OTHER AFFILIATED TRANSACTIONS**

On December 31, 2025, RiverNorth Strategic Holdings exercised an option to convert an outstanding note into equity of TrueMark Group, LLC ("TMG"), the controlling shareholder of the Adviser, and became the Adviser's controlling shareholder by virtue of its acquisition of a majority of the voting securities in TMG. The Board and the Funds approved the continuance of the Adviser prior to the close of the change in control.

Pursuant to the Investment Advisory Agreements, each Fund pays the Adviser a Unitary Management Fee, which is calculated daily and paid monthly, at an annual rate of 0.79% of each Fund's average daily net assets.

Out of the Unitary Management Fees, the Adviser has agreed to pay substantially all of the expenses of the Funds, including the cost of transfer agency, custody, fund administration, trustees and other non-distribution related services necessary for the Funds to operate, except for: the fees paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes and related services, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, any distribution fees and expenses paid by a Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, litigation expenses, and other non-routine or extraordinary expenses.

Paralel Technologies LLC (the "Administrator"), the parent company of the Distributor, serves as the Fund's administrator and fund accountant pursuant to an Administration and Fund Accounting Agreement. The Administrator provides the Funds with certain administrative, tax and accounting services. Fees for these services are paid by the Adviser out of its Unitary Management Fees. U.S. Bancorp Fund Services, LLC served as the Predecessor Fund's administrator.

Paralel Distributors LLC, a wholly owned subsidiary of the Administrator, acts as the principal underwriter for the Funds and distributes shares pursuant to a Distribution Agreement. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. Foreside Fund Services, LLC served as the Predecessor Fund's distributor.

State Street Bank and Trust Company ("State Street") serves as the custodian of the Funds' assets pursuant to a Custody Agreement and as the transfer agent pursuant to a Transfer Agent Agreement. Fees for these services are paid by the Adviser out of its Unitary Management Fee. U.S. Bancorp Fund Services, LLC served as the Predecessor Funds' custodian and transfer agent.

The officers and the Interested Trustee of the Trust are officers and/or employees of the Administrator and/or Distributor. No persons (other than the Independent Trustees) receive compensation for acting as a trustee or officer. For their services, Independent Trustees receive a quarterly retainer, meeting fees, as well as reimbursement for reasonable travel, lodging and other expenses in connection with attendance at meetings. Trustee fees and expenses are paid by the Adviser out of its Unitary Management Fees.

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

**NOTE 5 - PURCHASES AND SALES OF SECURITIES**

For the year ended December 31, 2025, there were no purchases or sales of investments, excluding short-term investments and in-kind transactions.

**NOTE 6 - BENEFICIAL INTEREST TRANSACTIONS**

Shares are purchased from or redeemed by the Funds only in Creation Unit size aggregations generally of 10,000 Shares with Authorized Participants. Authorized Participants must be either broker-dealers or other participants in the clearing process through the Continuous Net Settlement System of the NSCC, clearing agencies registered with the SEC, or DTC Participants and must execute a Participant Agreement with the Distributor and accepted by State Street. Transactions of Creation Units generally consist of an in-kind designated portfolio of securities ("Deposit Securities"), with a cash component equal to the difference between the Deposit Securities and the NAV per unit of a Fund on the transaction date. The Fund may require cash to replace Deposit Securities if such securities are not available in sufficient quantities for delivery, are not eligible to be transferred or traded, are restricted under securities laws, or as a result of other situations.

Beneficial Interest transactions were as follows:

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (January) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4050000 | 2050000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2840000) | (1440000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 1210000 | 610000 |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (February) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 510000 | 190000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (320000) | (120000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 190000 | 70000 |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (March) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1270000 | 1800000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1410000) | (1310000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (140000) | 490000 |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (April) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1150000 | 1350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1400000) | (830000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (250000) | 520000 |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (May) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 510000 | 320000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (370000) | (170000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 140000 | 150000 |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (June) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 730000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (500000) | (170000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 230000 | 30000 |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (July) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1530000 | 1760000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1870000) | (1320000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (340000) | 440000 |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (August) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2140000 | 760000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1980000) | (800000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 160000 | (40000) |

---

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2025 (Continued)**

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (September) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5360000 | 830000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3270000) | (840000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | 2090000 | (10000) |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (October) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1430000 | 670000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (980000) | (390000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 450000 | 280000 |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (November) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 670000 | 640000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (820000) | (600000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (150000) | 40000 |

---

---

| | | |
|:---|:---|:---|
| **TrueShares Structured Outcome (December) ETF** | **For the Year Ended <br> December 31, 2025** | **For the Year Ended <br> December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 2850000 | 2560000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3420000) | (1810000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (570000) | 750000 |

---

**NOTE 7 - TAX BASIS DISTRIBUTIONS AND TAX BASIS INFORMATION**

As determined on December 31, 2025, permanent differences resulting primarily from in-kind redemptions and the utilization of earnings and profits distributed to shareholders on redemption of shares were reclassified at fiscal year-end. These reclassifications had no effect on net increase in net assets resulting from operations, net assets applicable to common stockholders or net asset value per common share outstanding. Permanent book and tax basis differences of the below were reclassified at December 31, 2025 among paid-in capital and total distributable earnings/(accumulated deficit) for the Funds.

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-in Capital** | **Total Distributable <br> Earnings/(Accumulated <br> Deficit)** |
| TrueShares Structured Outcome (January) ETF | $3463152 | $(3463152) |
| TrueShares Structured Outcome (February) ETF | 768728 | (768728) |
| TrueShares Structured Outcome (March) ETF | 1684632 | (1684632) |
| TrueShares Structured Outcome (April) ETF | 521322 | (521322) |
| TrueShares Structured Outcome (May) ETF | (168) | 168 |
| TrueShares Structured Outcome (June) ETF | 210904 | (210904) |
| TrueShares Structured Outcome (July) ETF | 1924577 | (1924577) |
| TrueShares Structured Outcome (August) ETF | 2138369 | (2138369) |
| TrueShares Structured Outcome (September) ETF | 10516739 | (10516739) |
| TrueShares Structured Outcome (October) ETF | 1350682 | (1350682) |
| TrueShares Structured Outcome (November) ETF | 2214944 | (2214944) |
| TrueShares Structured Outcome (December) ETF | 1726831 | (1726831) |

---

The character of distributions paid on a tax basis during the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Fund** | **Ordinary <br> Income** |
| TrueShares Structured Outcome (January) ETF | $1082700 |
| TrueShares Structured Outcome (February) ETF | 421481 |
| TrueShares Structured Outcome (March) ETF | 553916 |
| TrueShares Structured Outcome (April) ETF | 552002 |
| TrueShares Structured Outcome (May) ETF | 331347 |
| TrueShares Structured Outcome (June) ETF | 289150 |
| TrueShares Structured Outcome (July) ETF | 2418518 |
| TrueShares Structured Outcome (August) ETF | 881935 |
| TrueShares Structured Outcome (September) ETF | 2407641 |
| TrueShares Structured Outcome (October) ETF | 1426984 |
| TrueShares Structured Outcome (November) ETF | 691645 |
| TrueShares Structured Outcome (December) ETF | 1913348 |

---

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

The character of distributions paid on a tax basis during the year ended December 31, 2024 were as follows:

---

| | |
|:---|:---|
| **Fund** | **Ordinary <br> Income** |
| TrueShares Structured Outcome (January) ETF | $731620 |
| TrueShares Structured Outcome (February) ETF | 253412 |
| TrueShares Structured Outcome (March) ETF | 899328 |
| TrueShares Structured Outcome (April) ETF | 655696 |
| TrueShares Structured Outcome (May) ETF | 187684 |
| TrueShares Structured Outcome (June) ETF | 182184 |
| TrueShares Structured Outcome (July) ETF | 1097643 |
| TrueShares Structured Outcome (August) ETF | 653147 |
| TrueShares Structured Outcome (September) ETF | 698133 |
| TrueShares Structured Outcome (October) ETF | 192856 |
| TrueShares Structured Outcome (November) ETF | 649213 |
| TrueShares Structured Outcome (December) ETF | 1869389 |

---

The amounts of net unrealized appreciation/depreciation and the costs of investment securities for tax purposes at December 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Gross <br> Appreciation <br> (excess of value <br> over tax cost)<sup>(a)</sup>** | **Gross <br> Depreciation <br> (excess of tax <br> cost over value)** | **Net <br> Appreciation/ <br> (Depreciation)<br> of Derivative <br> Investments** | **Net Unrealized <br> Appreciation/ <br> (Depreciation)** | **Cost of <br> Investments for <br> Income Tax <br> Purposes<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (January) ETF | $345 | $– | $– | $345 | $56494160 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (February) ETF | 426029 | (8451) | 279237 | 696815 | 13440984 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (March) ETF | 692997 |  | 405699 | 1098696 | 15903241 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (April) ETF | 1330627 | (2766) | 352751 | 1680612 | 15042970 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (May) ETF | 1119165 | (3327) | 334345 | 1450183 | 14338998 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (June) ETF | 786007 | (1792) | 290563 | 1074778 | 11612862 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (July) ETF | 952705 |  | 449541 | 1402246 | 16496736 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (August) ETF | 789067 |  | 391323 | 1180390 | 23353224 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (September) ETF | 2656134 | (11) | 1429631 | 4085754 | 108067071 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (October) ETF | 166693 | (1453) | 416752 | 581992 | 36201057 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (November) ETF | 21346 | (211416) | 133567 | (56503) | 16290509 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (December) ETF | 51602 | (418868) | 273565 | (93701) | 59579197 |

---

*<sup>(a)</sup>* *Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to various book-to-tax differences. Those differences primarily relate to wash sale loss deferrals.* 

As of December 31, 2025, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Undistributed Net <br> Investment <br> Income/(Loss)** | **Accumulated Net <br> Realized <br> Gain/(Loss)** | **Unrealized <br> Appreciation/<br> (Depreciation)** | **Total** |
| TrueShares Structured Outcome (January) ETF | $— | $(1220663) | $345 | $(1220318) |
| TrueShares Structured Outcome (February) ETF |  |  | 696815 | 696815 |
| TrueShares Structured Outcome (March) ETF |  | (436075) | 1098696 | 662621 |
| TrueShares Structured Outcome (April) ETF |  | (314167) | 1680612 | 1366445 |
| TrueShares Structured Outcome (May) ETF |  | (579387) | 1450183 | 870796 |
| TrueShares Structured Outcome (June) ETF | 5053 |  | 1074778 | 1079831 |
| TrueShares Structured Outcome (July) ETF | 443848 |  | 1402246 | 1846094 |
| TrueShares Structured Outcome (August) ETF |  | (510952) | 1180390 | 669438 |
| TrueShares Structured Outcome (September) ETF |  | (50207) | 4085754 | 4035547 |
| TrueShares Structured Outcome (October) ETF |  |  | 581992 | 581992 |
| TrueShares Structured Outcome (November) ETF |  | (1049134) | (56503) | (1105637) |
| TrueShares Structured Outcome (December) ETF |  | (2646193) | (93701) | (2739894) |

---

TrueShares Structured Outcome ETFs

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2025 (Continued)**

As of December 31, 2025, the following amount is available as capital loss carry forwards to the next year:

---

| | | |
|:---|:---|:---|
| **Fund** | **No Expiration <br> Short-Term** | **No Expiration <br> Long-Term** |
| TrueShares Structured Outcome (January) ETF | $(1220573) | $(90) |
| TrueShares Structured Outcome (February) ETF |  |  |
| TrueShares Structured Outcome (March) ETF | (431942) | (4133) |
| TrueShares Structured Outcome (April) ETF | (313532) | (635) |
| TrueShares Structured Outcome (May) ETF | (579360) | (27) |
| TrueShares Structured Outcome (June) ETF |  |  |
| TrueShares Structured Outcome (July) ETF |  |  |
| TrueShares Structured Outcome (August) ETF | (510952) |  |
| TrueShares Structured Outcome (September) ETF | (50166) | (41) |
| TrueShares Structured Outcome (October) ETF |  |  |
| TrueShares Structured Outcome (November) ETF | (1045205) | (3929) |
| TrueShares Structured Outcome (December) ETF | (2645559) | (634) |

---

Capital loss carryovers utilized during the period ended December 31, 2025 were the below:

---

| | |
|:---|:---|
| **Fund** | **Capital Loss <br> Carryover Utilized** |
| TrueShares Structured Outcome (January) ETF | $— |
| TrueShares Structured Outcome (February) ETF | 12350 |
| TrueShares Structured Outcome (March) ETF |  |
| TrueShares Structured Outcome (April) ETF |  |
| TrueShares Structured Outcome (May) ETF |  |
| TrueShares Structured Outcome (June) ETF |  |
| TrueShares Structured Outcome (July) ETF |  |
| TrueShares Structured Outcome (August) ETF |  |
| TrueShares Structured Outcome (September) ETF | 156811 |
| TrueShares Structured Outcome (October) ETF |  |
| TrueShares Structured Outcome (November) ETF | 374216 |
| TrueShares Structured Outcome (December) ETF |  |

---

**NOTE 8 - INDEMNIFICATIONS**

In the normal course of business, the Trust or Funds enter into contracts that contain a variety of representations which provide general indemnifications. Additionally, the Declaration of Trust provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust against certain liabilities arising out of the performance of their duties. The Funds' maximum exposure under these arrangements is unknown, however, the Funds expect the risk of loss to be remote.

**NOTE 9 - SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the date these financial statements were issued and has determined that there were no subsequent events to report through the issuance of these financial statements.

TrueShares Structured Outcome ETFs

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of TrueShares Structured Outcome ETFs

And Board of Trustees of Elevation Series Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Elevation Series Trust comprising the funds listed below (the "Funds") as of December 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | &nbsp;&nbsp; **Statements of Operations**  | &nbsp;&nbsp; **Statement(s) of Changes**<br> **in Net Assets**  | &nbsp;&nbsp;&nbsp;&nbsp; **Financial Highlights**  |
| TrueShares Structured Outcome (January) ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended December 31, 2025, 2024, 2023 and 2022 and for the period from January 4, 2021 (commencement of operations) through December 31, 2021  |
| TrueShares Structured Outcome (February) ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended December 31, 2025, 2024, 2023 and 2022 and for the period from February 1, 2021 (commencement of operations) through December 31, 2021  |
| TrueShares Structured Outcome (March) ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended December 31, 2025, 2024, 2023 and 2022 and for the period from March 1, 2021 (commencement of operations) through December 31, 2021  |
| TrueShares Structured Outcome (April) ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended December 31, 2025, 2024, 2023 and 2022 and for the period from April 1, 2021 (commencement of operations) through December 31, 2021  |
| TrueShares Structured Outcome (May) ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended December 31, 2025, 2024, 2023 and 2022 and for the period from May 3, 2021 (commencement of operations) through December 31, 2021  |
| TrueShares Structured Outcome (June) ETF | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended December 31, 2025, 2024, 2023 and 2022 and for the period from June 1, 2021 (commencement of operations) through December 31, 2021  |
| TrueShares Structured Outcome (July) ETF, TrueShares Structured Outcome (August) ETF, TrueShares Structured Outcome (September) ETF, TrueShares Structured Outcome (October) ETF, TrueShares Structured Outcome (November) ETF, TrueShares Structured Outcome (December) ETF  | &nbsp;&nbsp;For the year ended December 31, 2025 | &nbsp;&nbsp;For the years ended December 31, 2025 and 2024 | &nbsp;&nbsp; For the years ended December 31, 2025, 2024, 2023, 2022 and 2021  |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be

TrueShares Structured Outcome ETFs

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2019.

![](tmisofinancials001.jpg)

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

February 27, 2026

TrueShares Structured Outcome ETFs

**UNAUDITED TAX DESIGNATIONS AND ADDITIONAL INFORMATION**

**December 31, 2025 (Unaudited)**

The Funds designate the following as percentages of taxable ordinary income distributions, up to the maximum amount allowable, for the calendar year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Dividends Received** <br> **Deduction** | &nbsp;&nbsp;**Qualified Dividend** <br> **Income Percentage** |
| TrueShares Structured Outcome (January) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (February) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (March) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (April) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (May) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (June) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (July) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (August) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (September) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (October) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (November) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |
| TrueShares Structured Outcome (December) ETF | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% |

---

The percentage of the total ordinary distributions paid during the calendar year ended December 31, 2025, that qualify as 163(j) interest dividends are shown in the table below:

---

| | |
|:---|:---|
| **Fund** | **163(j) Interest Dividends** <br> **Percentage** |
| TrueShares Structured Outcome (January) ETF | 100.00% |
| TrueShares Structured Outcome (February) ETF | 81.46% |
| TrueShares Structured Outcome (March) ETF | 100.00% |
| TrueShares Structured Outcome (April) ETF | 100.00% |
| TrueShares Structured Outcome (May) ETF | 93.63% |
| TrueShares Structured Outcome (June) ETF | 100.00% |
| TrueShares Structured Outcome (July) ETF | 53.80% |
| TrueShares Structured Outcome (August) ETF | 100.00% |
| TrueShares Structured Outcome (September) ETF | 100.00% |
| TrueShares Structured Outcome (October) ETF | 57.61% |
| TrueShares Structured Outcome (November) ETF | 100.00% |
| TrueShares Structured Outcome (December) ETF | 93.24% |

---

In early 2026, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2025 via Form 1099. The Fund will notify shareholders in early 2027 of amounts paid to them by the Funds, if any, during the calendar year 2026.

**PROXY VOTING**

The policies and procedures used by the Funds to determine how to vote proxies relating to portfolio securities held by the Funds are available, without charge, (i) on the SEC's website at www.sec.gov or (ii) by calling toll-free (877) 524-9155. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available without charge at www.sec.gov or by calling toll-free (877) 524-9155.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants on accounting and financial disclosure during the period covered by this report.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

A special meeting of shareholders was held on May 15, 2025, the results of votes taken among shareholders on the proposal before them are reported below.

Proposal 1:

To approve an Agreement and Plan of Reorganization providing for the reorganization of:

TrueShares Structured Outcome (February) ETF, a series of Listed Funds Trust ("LiFT"), into TrueShares Structured Outcome (February) ETF, a series of Elevation Series Trust ("EST");

TrueShares Structured Outcome (May) ETF, a series of LiFT, into TrueShares Structured Outcome (May) ETF, a series of EST;

TrueShares Structured Outcome (June) ETF, a series of LiFT, into TrueShares Structured Outcome (June) ETF, a series of EST;

TrueShares Structured Outcome (September) ETF, a series of LiFT, into TrueShares Structured Outcome (September) ETF, a series of EST;

---

| | | |
|:---|:---|:---|
|  | # of Votes | % of Votes |
| TrueShares Structured Outcome (February) ETF |  |  |
| Vote For | 92203 | 100.00 |
| Vote Against | 0 | 0 |
| Abstain | 0 | 0 |
| TOTAL | 92203 | 100.00 |
| TrueShares Structured Outcome (May) ETF |  |  |
| Vote For | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133169 | 96.11 |
| Vote Against | 517 | 0.37 |
| Abstain | 4874 | 3.52 |
| TOTAL | 138560 | 100.00 |
| TrueShares Structured Outcome (June) ETF |  |  |
| Vote For | 70396 | 98.16 |
| Vote Against | 0 | 0 |
| Abstain | 1322 | 1.84 |
| TOTAL | 71718 | 100.00 |
| TrueShares Structured Outcome (September) ETF |  |  |
| Vote For | 193595 | 95.46<br>|
| Vote Against | 2315 | 1.14 |
| Abstain | 6896 | 3.40 |
| TOTAL | 202806 | 100.00 |

---

A special meeting of shareholders was held on June 6, 2025, the results of votes taken among shareholders on the proposal before them are reported below.

Proposal 1:

To approve an Agreement and Plan of Reorganization providing for the reorganization of:

TrueShares Structured Outcome (March) ETF, a series of LiFT, into TrueShares Structured Outcome (March) ETF, a series of EST;

---

| | | |
|:---|:---|:---|
| TrueShares Structured Outcome (March) ETF |  |  |
| Vote For | 244027.0 | 97.52 |
| Vote Against | 2897.0 | 1.16 |
| Abstain | 3320.0 | 1.33 |
| TOTAL | 250244.0 | 100.0 |

---

A special meeting of shareholders was held on June 25, 2025, the results of votes taken among shareholders on the proposal before them are reported below.

Proposal 1:

To approve an Agreement and Plan of Reorganization providing for the reorganization of:

TrueShares Structured Outcome (April) ETF, a series of LiFT, into TrueShares Structured Outcome (April) ETF, a series of EST;

---

| | | |
|:---|:---|:---|
| TrueShares Structured Outcome (April) ETF | # of Votes | % of Votes |
| Vote For | 248653 | 97.42 |
| Vote Against | 2084 | 0.82 |
| Abstain | 4498 | 1.76 |
| TOTAL | 255235 | 100.00 |

---

A special meeting of shareholders was held on July 23, 2025, the results of votes taken among shareholders on the proposal before them are reported below.

Proposal 1:

To approve an Agreement and Plan of Reorganization providing for the reorganization of:

TrueShares Structured Outcome (January) ETF, a series of LiFT, into TrueShares Structured Outcome (January) ETF, a series of EST;

TrueShares Structured Outcome (November) ETF, a series of LiFT, into TrueShares Structured Outcome (November) ETF, a series of EST;

TrueShares Structured Outcome (December) ETF, a series of Listed Funds Trust LiFT, into TrueShares Structured Outcome (December) ETF, a series of EST;

---

| | | |
|:---|:---|:---|
| TrueShares Structured Outcome (January) ETF |  |  |
| Vote For | 342792 | 79.95 |
| Vote Against | 7864 | 1.83 |
| Abstain | 78098 | 18.22 |
| TOTAL | 428754 | 100.00 |
| TrueShares Structured Outcome (November) ETF |  |  |
| <br> Vote For  | 246324 | 94.78 |
| Vote Against | 2416 | 0.93 |
| Abstain | 11160 | 4.29 |
| TOTAL | 259900 | 100.00 |
| TrueShares Structured Outcome (December) ETF |  |  |
| Vote For | 624780 | 87.22<br>|
| Vote Against | 9027 | 1.26 |
| Abstain | 82514 | 11.52 |
| TOTAL | 716321 | 100.00 |

---

A special meeting of shareholders was held on July 29, 2025, the results of votes taken among shareholders on the proposal before them are reported below.

Proposal 1:

To approve an Agreement and Plan of Reorganization providing for the reorganization of:

TrueShares Structured Outcome (October) ETF, a series of LiFT, into TrueShares Structured Outcome (October) ETF, a series of EST;

---

| | | |
|:---|:---|:---|
| TrueShares Structured Outcome (October) ETF | # of Votes | % of Votes |
| Vote For | 228670 | 87.03 |
| Vote Against | 2238 | 0.85 |
| Abstain | 31850 | 12.12 |
| TOTAL | 262760 | 100.00 |

---

A special meeting of shareholders was held on September 2, 2025, the results of votes taken among shareholders on the proposal before them are reported below.

Proposal 1:

To approve an Agreement and Plan of Reorganization providing for the reorganization of:

TrueShares Structured Outcome (July) ETF, a series of LiFT, into TrueShares Structured Outcome (July) ETF, a series of EST;

TrueShares Structured Outcome (August) ETF, a series of LiFT, into TrueShares Structured Outcome (August) ETF, a series of EST;

---

| | | |
|:---|:---|:---|
| TrueShares Structured Outcome (July) ETF |  |  |
| <br>Vote For  | 310994 | 78.56 |
| Vote Against | 4020 | 1.02 |
| Abstain | 80859 | 20.43 |
| TOTAL | 395873 | 100.00 |
| TrueShares Structured Outcome (August) ETF |  |  |
| Vote For | 553150<br>| 89.70 |
| Vote Against | 2906 | 0.47 |
| Abstain | 60637 | 9.83 |
| TOTAL | 616693 | 100.00 |

---

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

The aggregate remuneration paid by the Registrant is included in the financial statements as part of the report to shareholders filed under Item 7 of this Form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

*TrueShares Structured Outcome (January) ETF ("JANZ"), TrueShares Structured Outcome (February) ETF (FEBZ), TrueShares Structured Outcome (March) ETF ("MARZ"), TrueShares Structured Outcome (April) ETF ("APRZ"), TrueShares Structured Outcome (May) ETF ("MAYZ"), TrueShares Structured Outcome (June) ETF ("JUNZ"), TrueShares Structured Outcome (July) ETF ("JULZ"), TrueShares Structured Outcome (August) ETF ("AUGZ), TrueShares Structured Outcome (September) ETF ("SEPZ"), TrueShares Structured Outcome (October) ETF ("OCTZ"), TrueShares Structured Outcome (November) ETF ("NOVZ"), and TrueShares Structured Outcome (December) ETF ("DECZ") (collectively, the "TMI Funds") Advisory Agreements Approval* 

At a meeting held on March 11, 2025 (the "Meeting"), the Board of Trustees (the "Board") of Elevation Series Trust (the "Trust") considered the approval of an Investment Advisory Agreement (the "Advisory Agreement") between the Trust and TrueMark Investments, LLC ("TMI") on behalf of the TMI Funds.

The Board was assisted by independent legal counsel throughout the Advisory Agreement review process. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each factor considered. The Board's conclusions were based on a comprehensive evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee might have afforded different weights to the various factors in reaching his or her conclusions with respect to the approval of the Advisory Agreement

<u>Nature, Extent, and Quality of Services Provided</u>. The Trustees considered the scope of services to be provided under the Advisory Agreement, noting that TMI currently provided advisory services to the predecessor TMI Funds in another series trust and would provide substantially identical services to the TMI Funds in the Trust. The Board further considered that TMI currently provided advisory services to twenty-one registered funds, including three series of the Trust. The Board noted the depth of TMI's experience in the management of registered funds, specifically ETFs, and that TMI managed approximately $900 million of total assets. The Board reviewed TMI's best execution practices and its process for evaluating broker-dealers to ensure best execution and efficient bid-ask spreads. The Board reviewed the background information of key investment personnel who would continue servicing the TMI Funds, considering their educational backgrounds and years of financial industry experience.

The Board confirmed it had received and reviewed a copy of TMI's Form ADV, as well as TMI's responses to a detailed series of questions that included, among other things, information about the firm's key personnel, the compliance program, and the services to be provided by TMI. The Board noted that TMI represented that it had no material regulatory, compliance or litigation issues over the past 36 months. The Board determined that TMI could be expected to continue to provide quality service to the TMI Funds and their respective shareholders.

<u>Performance.</u> The Board considered the information provided by TMI related to each TMI Fund's strategy and observed that the proposed strategies for the TMI Funds are identical to their corresponding predecessor TMI Fund. The Board reviewed the performance of the predecessor TMI Funds over various periods ended December 31, 2024.

The Board discussed the performance of each predecessor TMI Fund, observing that each predecessor fund outperformed the FUSE Peer Group over the one-year period and underperformed its benchmark, the S&P 500 Price Index, over the same period. The Board remarked that over the three-year period, each predecessor fund outperformed its benchmark except for MAYZ and JUNZ, which underperformed their benchmark over the period. The Board further observed that each predecessor fund underperformed the FUSE Peer Group over the three-year period. The Board also acknowledged that each predecessor fund underperformed its benchmark and FUSE Peer Group since inception, except that JULZ, SEPZ, OCTZ, and NOVZ outperformed their respective FUSE Peer Group since inception.

The Board recalled TMI's explanation for relative underperformance over various periods, acknowledging that the strategy of each TMI Fund was designed to only partially participate in the upside of U.S. equity markets. The Board considered that the performance of a TMI Fund was highly dependent on its reset date, and that intermediate periods of performance were not necessarily indicative of whether a fund achieved its mandate. In conclusion, the Trustees concurred that TMI could be expected to provide satisfactory performance for each TMI Fund and their respective shareholders.

<u>Cost of Services Provided</u>. The Board reviewed the proposed management fee for each TMI Fund, which were each proposed as a "unitary fee" under which TMI would pay all expenses of the TMI Funds except for the management fee and certain other costs such as interest, brokerage, acquired fund fees and expenses, and extraordinary expenses. Accordingly, the Board agreed that a comparison of each TMI Fund's unitary fee to the total expense ratios of the funds in their respective FUSE Peer Group was appropriate. The Board considered that the proposed management fee for each TMI Fund was identical to the fee charged by TMI to its respective predecessor fund. The Board also discussed that as all fees were paid from the unitary fee, the proposed arrangement reflected a not-unreasonable allocation of the fees paid to TMI given the work performed by it.

The Board observed that the proposed management fee for each TMI Fund was generally in line with the median of the FUSE Peer Group. The Board recalled that TMI believed the proposed fee to be reasonable given the actively managed nature of the strategies and the expertise required to effectively implement the options strategy. The Board considered TMI's position that the uncapped upside offered by the TMI Funds distinguished the funds from those funds in the FUSE Peer Group, which typically capped upside exposure of the underlying index to a certain extent. Given these and other considerations, the Board concluded that the proposed management fee for each TMI Fund was not unreasonable.

<u>Economies of Scale and Profitability.</u> The Board evaluated the compensation and benefits to be received by TMI from its relationship with each TMI Fund and reviewed an analysis of TMI's anticipated profitability with respect to the work to be completed for each TMI Fund. The Board considered the profits anticipated with respect to each, if any, were not unreasonable across the initial term of the Advisory Agreements. The Board agreed that the unitary fee structure provided certainty of fees to shareholders regardless of whether TMI was benefitting from economies of scale.

<u>Conclusion</u>. Having requested and received information from TMI as it believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice and guidance of legal counsel, the Board concluded that approval of the respective Advisory Agreement was in the best interests of each TMI Fund and its shareholders.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** 

No material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees have been implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16.** **Controls and Procedures.** 

(a) The
 Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that
 the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended
 (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes
 the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under
 the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b)
 or 240.15d-15(b)).

(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
 affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not
 applicable.

(b) Not
 applicable.

**Item 19.** **Exhibits.**

[(a)(1)](ex99-coe.htm) [Code of Ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](ex99-coe.htm) <br>

(a)(2) Not applicable. <br>

---

| | |
|:---|:---|
| [(a)(3)](ex99-cert.htm) | [Certifications as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached hereto.](ex99-cert.htm) |
| (a)(4)<br>| Not applicable to open-end investment companies. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| [(b)](ex99-906cert.htm) | [Certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto.](ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| ELEVATION SERIES TRUST | ELEVATION SERIES TRUST |
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President<br>(Principal Executive Officer)  |

---

Date: <u>March 9, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President<br>(Principal Executive Officer)  |

---

Date: <u>March 9, 2026</u> <br>

---

| | |
|:---|:---|
| By: | /s/ Nicholas Austin |
|  | Nicholas Austin, Treasurer<br>(Principal Financial Officer)  |

---

Date: <u>March 9, 2026</u>

## Ex-99.Code

[Elevation Series Trust N-CSR](tmisa-ncsr_123125.htm)

**Exhibit 99.CODE ETH**

Code of Ethics for Principal Executive and Senior Financial Officers

------

**POLICY AND PROCEDURE**

------

1. **Introduction.** 

a. **General Principles.** This Code of Ethics ()"**Code**") establishes rules of
 conduct for "Principal Executive" and "Senior Financial" officers
 ()"**Covered Officers**") of the Elevation Series Trust ()"**EST** ")
 (the "**Trust** "), and is designed to implement a high standard of business
 ethics and sensitivity to situations that may give rise to actual as well as apparent
 conflicts of interest.

b. **Applicability**.
 For purposes of this Code, the term "Covered Officer" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 Principal Executive Officer and Senior Financial Officer of the Trust, each of whom are
 set forth in **Exhibit A** (as amended from time to time) for the purpose of
 promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. full,
 fair, accurate, timely and understandable disclosure in reports and documents that a
 registrant files with, or submits to, the Securities and Exchange Commission ("SEC")
 and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the
 prompt internal reporting of violations of the Code to an appropriate person or persons
 identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. accountability
 for adherence to the Code.

2. **Actual and Apparent Conflicts of Interest.** 

c. **Overview**.
 A "conflict of interest" occurs when a Covered Officer's private interest
 interferes with the interests of, or his or her service to, the Trust. For example, a
 conflict of interest would arise if a Covered Officer, or a member of his or her family,
 receives improper or undisclosed personal benefits as a result of his or her position
 with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions contained in the Investment Company Act of 1940 ("**Investment Company Act**") and the Investment Advisers Act of 1940 ("**Investment Advisers Act**"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The Trust and the Trust's investment advisers' (collectively, the "**Advisers**") compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code, however, does not and is not intended to repeat or replace these other programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Advisers of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Advisers, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Advisers and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Advisers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("**Boards**") that the Covered Officers may also be officers of employees of one or more other registered investment companies ("**RICs**") covered by this or other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The fundamental principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust:

Each Covered Officer:

Shall not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust.

Shall not cause the Trust to take actions, or fail to take actions, for the individual personal benefit of the Covered Officer rather than for the benefit of the Trust.

Shall not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Shall not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be discussed with or approved by the General Counsel (defined below) or the Committee (defined below) if material. Examples of these include:

service as a director on the board of any public or private company (other than the Trust);

the receipt from any company with which the Trust has current or prospective business dealings of any non-nominal gifts in excess of $500.00;

the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its Advisers, administrator or any affiliated person thereof;

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**3.** **Disclosure and Compliance**. Each Covered Officer is subject to each of the following disclosure
 and compliance obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each
 Covered Officer should familiarize himself with all disclosure requirements generally
 applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the Trust to others, whether within or outside the Trust, including to the Trust's
 trustees and auditors, and to governmental regulators and self- regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the Trust and the Advisers with the goal
 of promoting full, fair, accurate, timely and understandable disclosure in the reports
 and documents the Trust files with, or submit to, the SEC and in other public communications
 made by the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. It
 is the responsibility of each Covered Officer to promote compliance with the standards
 and restrictions imposed by applicable laws, rules and regulations.

4. **Reporting and Accountability. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. upon
 adoption of the Code (or as soon thereafter as applicable, upon becoming a Covered Officer),
 affirm in writing to the Boards that he or she has received, read and understands the
 Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. annually
 thereafter affirm to the Boards that he or she has complied with the requirements of
 the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. notify
 the General Counsel promptly of any violations of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. report
 to the Board at least annually the listed categories of affiliations or other relationships
 related to conflicts of interest contemplated in the Trust's Trustees and Officers
 Questionnaire.

The general counsel or other designated senior legal officer of the Trust's Advisers or administrator (the "**General Counsel**") is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer or the Senior Financial Officer must be considered by the Legal Compliance Committees of the Trust's Board (the "**Committee**").

The Trust will follow these procedures in investigating and enforcing this Code:

The General Counsel will take all appropriate action to investigate any potential violations reported to him.

If, after such investigation, the General Counsel believes that no violation has occurred, the

General Counsel is not required to take any further action;

Any matter that the General Counsel believes is a violation will be reported to the Committee;

If the General Counsel and the Principal Executive Officer are the same person, any violations concerning such person shall be reported directly to the Committee and the Committee shall take such action as required by this Code;

If the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Advisers or their boards/members; or a recommendation to dismiss the Covered Officer;

The Committee will be responsible for granting waivers, as appropriate; and

Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

5. **Other Policies and Procedures.** This Code shall be the sole code of ethics adopted by the
 Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable
 to registered investment companies thereunder. Insofar as other policies or procedures
 of the Trust, the Advisers or other service providers govern or purport to govern the
 behavior or activities of the Covered Officers who are subject to this Code, they are
 superseded by this Code to the extent that they overlap or conflict with the provisions
 of this Code. The Trust's and the Advisers' codes of ethics under Rule 17j-1
 of the Investment Company Act and the Advisers' more detailed policies and procedures
 set forth in the Trust's compliance manuals are separate requirements applying
 to the Covered Officers and others and are not part of this Code.

6. **Amendments.** Any amendments to this Code, other than amendments to Exhibit A, must be approved
 or ratified by a majority vote of the Board, including a majority of independent trustees.

7. **Confidentiality.** All reports and records prepared or maintained pursuant to this Code will be considered
 confidential and shall be maintained and protected accordingly. Except as otherwise required
 by law or this Code, such matters shall not be disclosed to anyone other than the Board
 of Trustees and its counsel, the Trust and its Advisers.

8. **Internal Use.** The Code is intended solely for the internal use by the Trust and does not constitute
 an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Adopted: May 18, 2022

**EXHIBIT A**

**Covered Officers**

Principal Executive Officer Bradley Swenson <br>Senior Financial Officer Nicholas Austin

**Legal Compliance Committee**

Kim Storms

Steve Norgaard

## Ex-99.Cert

[Elevation Series Trust N-CSR](tmisa-ncsr_123125.htm)

**Exhibit 99.CERT**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Bradley Swenson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Elevation Series Trust.

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
 Investment Company Act of 1940) and internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of the financial
 statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's Board of Trustees (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President |
|  | (Principal Executive Officer) |

---

Date: <u> March 9, 2026</u>

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Nicholas Austin, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
have reviewed this report on Form N-CSR of Elevation Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are
required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of the financial
 statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of
the Registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Nicholas Austin |
|  | Nicholas Austin, Treasurer |
|  | (Principal Financial Officer) |

---

Date: <u>March 9, 2026</u>

## Exhibit 99.906

[Elevation Series Trust N-CSR](tmisa-ncsr_123125.htm)

**Exhibit 99.906 CERT**

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Bradley Swenson, President of Elevation Series Trust (the "**Registrant**"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "**Report**") fully complies with the
 requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
 and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

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| | |
|:---|:---|
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President<br>(Principal Executive Officer)  |

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Date: <u>March 9, 2026</u>

I, Nicholas Austin, Treasurer of Elevation Series Trust (the "**Registrant**"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "**Report**") fully complies with the
 requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
 and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | /s/ Nicholas Austin |
|  | Nicholas Austin, Treasurer |
|  | (Principal Financial Officer) |

---

Date: <u>March 9, 2026</u>