# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-26-000549
**Filing Date:** 2026-1
**Character Count:** 28391
**Document Hash:** f915874c2ba5ef6c41e16f265df92dcd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000549.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001999371-26-000549

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265972
- **FILM NUMBER:** 26521793

**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 Equity Hedge ETF (ONEH) (Series ID: S000097888)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000267393 | TrueShares Equity Hedge ETF (ONEH) |  |

**TrueShares Equity Hedge ETF** 

**Summary Prospectus**

**January 8, 2026**

**Trading Symbol: **ONEH**

**Listed on Cboe BZX Exchange, Inc.**

**www.true-shares.com**

Before you invest, you may want to review the TrueShares Equity Hedge ETF (the "Fund") statutory prospectus and statement of additional information, which contain more information about the Fund and its risks. The current statutory prospectus and statement of additional information dated January 8, 2026, are incorporated by reference into this Summary Prospectus. You can find the Fund's statutory prospectus, statement of additional information, reports to shareholders, and other information about the Fund online at www.true-shares.com. You can also get this information at no cost by calling 1.877.875-TRUE (8783) or by sending an e-mail request to info@true-shares.com.

**Investment Objective**

The investment objective of TrueShares Equity Hedge ETF (the "Fund") is to profit from equity market declines and subsequent reversals, with income as a secondary objective.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses<sup>1</sup>** |  |
| (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fees | 0.79% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses<sup>2</sup> | 0.00% |
| Acquired Fund Fees and Expenses<sup>3</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.79% |

---

<sup>1</sup> The Fund's adviser has agreed to pay substantially all expenses of the Fund out of its unitary management fee, including the cost of transfer agency, custody, fund administration, and other non-distribution related services necessary for the Fund to operate, except for: the fee paid to the Fund's 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, extraordinary expenses, and distribution (12b-1) fees and expenses.

<sup>2</sup> Estimated amounts for the initial fiscal year.

<sup>3</sup> Acquired Fund Fees and Expenses ("AFFE"), which are estimated for the Fund's initial fiscal year, are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $81 | $252 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. Because the Fund has not yet commenced operations, the portfolio turnover rate is not available. In the future, the portfolio turnover rate for the most recent fiscal year will be provided here.

**Principal Investment Strategies of the Fund** 

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its primary investment objective by purchasing put options on the S&P 500 (the "long put strategy") and purchasing call options on the S&P 500 (the "long call strategy") under normal market conditions. The Fund expects to obtain exposure to the long put strategy through total return swaps designed to increase in value under various market decline scenarios, similar to a "long put" position. Similarly, the Fund expects to obtain exposure to the long call strategy through total return swaps designed to increase in value under various positive equity return scenarios, similar to a "long call" position.

The Fund intends to have 100% exposure to the long put strategy and to align its notional exposure equivalent to that of the Fund's net asset value ("NAV"). Any gains from the long put strategy will generally be measured intraday. If the Fund's gains from the long put strategy equal 1% or greater, the Fund's adviser re-allocates half of any such gains to the long call strategy. The Fund will review and adjust such notional exposure on a daily basis to maintain a minimum one-to-one exposure ratio to the Fund's NAV. Under normal market conditions, if the Fund's long call strategy has gained between 10-15%, the Fund reallocates half of such gain to the income component and, as appropriate, the long put strategy to align the Fund's notional exposure with its NAV.

Accordingly, the Fund seeks to both monetize market downturns (through the long put strategy) and reallocate gains from such strategy to participate in a market reversal through the combination of the defensive and upside capture swaps as part of the Fund's overall defensive strategy.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. The Fund defines equity securities as common stock, preferred stock, options on common or preferred stock, ETFs that invest primarily in the preceding, options or swaps on these ETFs, and options or swaps linked to an equity index.

The Fund is classified as a "non-diversified" investment company under the 1940 Act, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a "diversified" fund.

*Income Component*

The Fund seeks income through a strategy focused primarily on a variety of income-producing securities. The Fund invests primarily in: (i) U.S. Treasuries; (ii) U.S. government and corporate bonds; (iii) AAA rated tranches of collateralized loan obligations ("CLOs"); (iv) preferred stock; (v) pre-merger special purpose acquisition companies ("SPACs"); (vi) investment company debt; and (vii) income producing ETFs. CLOs are a type of special purpose vehicle that issue securities generally backed by an asset or a pool of assets that serve as collateral. Most CLOs are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their degree of risk. The Fund invests in only the highest-rated AAA senior tranches of CLOs. A SPAC is a "blank check" company with no commercial operations that is designed to raise capital via an initial public offering for the purpose of engaging in a merger, acquisition, reorganization, or similar business combination with one or more operating companies. Pre-merger SPACs are SPACs that are either seeking a target for a business combination or have not yet completed a combination with an identified target. However, pre-merger SPACs do not typically pay dividends or other forms of income, rather they are purchased at a discount and accrue interest much like a zero coupon bond.

The Fund invests without restriction as to the maturity of any individual debt instrument but anticipates a typical average maturity of less than five years for the debt instrument portion of its income portfolio. The Fund restricts credit quality to investment grade debt instruments, at the time of purchase. The Fund defines investment grade debt as that rated BBB- or higher by S&P Global Ratings (formerly known as Standard & Poor's Ratings Services) or similarly by another nationally recognized statistical rating organization, or, if unrated, determined by the Adviser to be of equivalent quality. Generally, the Adviser constructs this portion of the Fund's portfolio to maximize yield within the constraints described above. The Adviser focuses on a buy and hold approach but may sell a security when a more attractive security becomes available.

To generate higher income, the Fund may also employ an option box spread strategy. While gains from options are capital gains, this options strategy is commonly referred to as an income producer and, therefore, is included in the Fund's income component description. A box spread is a four-part, same expiration date, option portfolio with a maturity payout that does not vary and is considered a form of synthetic money market instrument. For example, the four parts of a box spread could be composed of (i) a long $5 in-the-money call option position paired with (ii) a written $5 out-of-the-money call option position; and (iii) a long $5 in-the-money put option position paired with (iv) a written $5 out-of-the-money put option position. At expiration of the options, no matter what the price of the underlying reference asset is, the payout to the Fund will be $10. If the Fund can construct this portfolio for less than $10 it will be profitable at expiration.

The chart below illustrates the $10 payout that results from the example above. As the call leg increases in value, the put leg decreases in value such that, in total, the payoff is always $10.

![](oneh485bpos001.jpg)

**Principal Risks of Investing in the Fund**

The principal risks of investing in the Fund are summarized below. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's NAV, trading price, yield, total return and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund."

&nbsp;&nbsp;&nbsp;&nbsp;● **Active Management Risk.** The Fund's judgments about an investment may prove to be incorrect or fail to have the intended
 results, which could adversely impact the Fund's performance and cause it to underperform relative to its benchmark,
 or not to achieve its investment goal. The Fund may fail to provide reduced downside risk and/or monthly income.

&nbsp;&nbsp;&nbsp;&nbsp;● **Options Risk.** Buying and selling (writing) options are speculative activities and entail greater than ordinary investment risks. The
 buyer of a call option risks losing the entire premium invested in the option if the buyer does not exercise the option. The
 seller of a put option will lose money if the value of the reference index or security falls below the strike price and the
 buyer exercises the option; however, such loss will be partially offset by any premium received from the sale of the option.

&nbsp;&nbsp;&nbsp;&nbsp;● **Derivatives Risk.** Options are a derivative investment. The Fund's use of derivatives involves risks different from, or possibly greater
 than, the risks associated with investing directly in securities and other traditional investments. These risks include (i)
 the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing
 or improper valuation; and (iii) the risk that changes in the value of a derivative may not correlate perfectly with the underlying
 asset or index. Derivative prices may be highly volatile at times and may fluctuate substantially during a short period of
 time.

&nbsp;&nbsp;&nbsp;&nbsp;● **Swap Risk.** Swaps
 are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or
 replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives
 will tend to magnify the Fund's losses.

&nbsp;&nbsp;&nbsp;&nbsp;● **Counterparty Risk.** The Fund invests in total return swaps with counterparties that are privately negotiated in the over-the-counter
 market. These contracts involve exposure to credit risk because contract performance depends, in part, on the financial condition
 of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the
 contract, or such payments may be delayed and the value of agreements with the counterparty can be expected to decline, potentially
 resulting in losses to the Fund. The Fund may have substantial exposure to a single counterparty, which could result in the
 Fund being more susceptible to the single counterparty's ability to perform its obligations and/or to regulatory or
 economic occurrence affecting the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;● **Cash or Cash Equivalents Risk.** At any time, the Fund may have significant investments in cash or cash equivalents. When
 a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash
 account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally,
 in rising markets, holding cash or cash equivalents may adversely affect the Fund's performance and the Fund may
 not achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income Securities Risk.** When the Fund invests in fixed income securities, the value of your investment in the Fund
 will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed
 income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will
 increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include
 credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate
 obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
 the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly
 causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

&nbsp;&nbsp;&nbsp;&nbsp;● **Non-Diversification Risk.** Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified
 fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund's share
 price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance
 of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund's
 performance.

&nbsp;&nbsp;&nbsp;&nbsp;● **Cybersecurity Risk.** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary information,
 or cause the Fund, its adviser, and/or other service providers (including custodians and financial intermediaries) to suffer
 data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund,
 its adviser, the Fund's other service providers, market makers, Authorized Participants ("APs"), the Fund's
 primary listing exchange, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively
 affect the Fund's business operations, including the ability to purchase and sell Shares, potentially resulting in financial
 losses to the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● **Early Close/Trading Halt Risk.** An exchange or market may close or issue trading halts on specific securities, or the ability
 to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or
 selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio,
 may be unable to accurately price its investments and may incur substantial trading losses.

&nbsp;&nbsp;&nbsp;&nbsp;● **Equity Market Risk.** The Fund invests in options on equity securities with an investment strategy significantly exposed to the performance
 of such securities, which include common stocks. Common stocks are susceptible to general stock market fluctuations and to
 volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor
 perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary
 and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic,
 public health, and banking crises. Holdings in common stock, or common stock equivalents, of any given issuer, would generally
 be exposed to greater risk than holdings of preferred stocks and debt obligations of the same issuer because common stockholders,
 or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the
 rights of preferred stockholders, bondholders, and other creditors of such issuers.

&nbsp;&nbsp;&nbsp;&nbsp;● **ETF Structure Risks.** The Fund is an ETF, and, as a result of an ETF's structure, the Fund is exposed to the following risks:

○ *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

○ *Costs of Buying or Selling Shares.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

○ *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

○ *Trading*. Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;● **Large-Capitalization Investing Risk.** The securities of large-capitalization companies may be relatively mature compared to smaller companies
 and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable
 to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

&nbsp;&nbsp;&nbsp;&nbsp;● **Limited History Risk**. The Fund is a new ETF and has a limited history of operations for investors to evaluate. Investors in
 the Fund bear the risk that the Fund may not be successful in implementing its investment strategies, may be unable to
 implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in
 the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable
 for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders
 to incur expenses of liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events
 or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities
 in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand
 for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics,
 terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
 of global events similar to those in recent years may result in market volatility and may have long term effects on both the
 U.S. and global financial markets.

&nbsp;&nbsp;&nbsp;&nbsp;● **Valuation.** The
 price the Fund could receive upon the sale of a security or other asset may differ from the Fund's valuation of the
 security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that
 are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of
 the securities or other assets in the Fund's portfolio may change on days or during time periods when shareholders will
 not be able to purchase or sell the Fund's shares. APs who purchase or redeem Fund shares on days when the Fund is holding
 fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received
 had the Fund not fair-valued securities or used a different valuation methodology. The Fund's ability to value investments
 may be impacted by technological issues or errors by pricing services or other third- party service providers.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Risk.** U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government and generally
 have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored
 instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.

**Performance**

As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not report its performance information. Once available, the Fund's performance information will be accessible on the Fund's website at www.True-Shares.com (the website does not form a part of this prospectus) and will provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance and by showing how the Fund's returns compare with those of a broad measure of market performance. Past performance may not indicate future results.

**Management**

---

| | |
|:---|:---|
| *Adviser:* | TrueMark Investments, LLC (the "Adviser") |
| *Portfolio Manager:* | Jeffrey Feldman, Portfolio Manager of TrueMark Investments, LLC and Quantitative Risk Manager of RiverNorth Capital Management, LLC, has served the Fund as portfolio manager since it commenced operations in January 2026. |

---

**Purchase and Sale of Shares**

Shares are listed on the Exchange, and individual Shares may only be bought and sold in the secondary market through brokers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount).

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities and/ or a designated amount of U.S. cash.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the secondary market (the "bid-ask spread"). Recent information about the Fund, including its NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at www.True-Shares.com.

**Tax Information**

Fund distributions are generally taxable as ordinary income or capital gains (or a combination), unless your investment is in an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.