# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-25-007674
**Filing Date:** 2025-6
**Character Count:** 33819
**Document Hash:** 4259c3b08d3754b65d2cc8389c7b0d34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007674.hdr.sgml**: 20250612

**ACCESSION NUMBER**: 0001999371-25-007674

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250612

**DATE AS OF CHANGE**: 20250612

**EFFECTIVENESS DATE**: 20250612

**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:** 251041946

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290

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

## Series and Classes Contracts Data

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

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

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

**Summary Prospectus**

**June 11, 2025**

**Trading Symbol: LRNZ**

**Listed on NYSE Arca, Inc.**

**www.True-Shares.com**

Before you invest, you may want to review the TrueShares Technology, AI & Deep Learning 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 June 11, 2025, 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 1.877.524.9155 or by sending an e-mail request to info@true-shares.com.

**Investment Objective**

The TrueShares Technology, AI & Deep Learning ETF (the "Fund") seeks total return.

**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.**

&nbsp;&nbsp;**Shareholder Fees** *(fees paid directly from your investment)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)* | &nbsp;&nbsp;**Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)* |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>\*</sup> | &nbsp;&nbsp;0.01% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;**0.69%** |

---

**<sup>\*</sup>** Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Predecessor Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Predecessor Fund and exclude AFFE.

**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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;$70 | &nbsp;&nbsp;$221 | $384 | $859 |

---

**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 the Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. For the fiscal year ended December 31, 2024, the Predecessor Fund's (defined below) portfolio turnover rate was 28% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

TrueShares Technology, AI & Deep Learning ETF

The Fund is an actively-managed exchange-traded fund ("ETF") that pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings made for investment purposes) in the common stock of technology, artificial intelligence and deep learning companies. The Fund generally considers a company to be a technology, artificial intelligence and/or deep learning company if it derives 50% or more of its revenues or profits from the development, advancement and/or use of technology, including artificial intelligence-and/or deep learning-related technologies, or if it has committed 50% or more of its research and development-dedicated capital to the development, advancement and/or use of such technology, each measured at the time of investment. In addition, Black Hill Capital Partners, LLC, the Fund's sub-adviser ("Black Hill" or the "Sub-Adviser"), seeks to select companies that have a competitive advantage with respect to the development and utilization of artificial intelligence, machine learning, or other deep learning technologies. "Artificial intelligence," or AI, refers to the development or use by a business of computer systems that perform tasks previously requiring human intelligence, such as decision-making or audio or visual identification or perception. "Machine learning" refers to technologies that enable a computer to "learn" from data it has processed to incorporate different assumptions or past experience into future computations or analyses. "Deep learning" refers to a more advanced level of "learning" and involves minimal human interference at the beginning of the learning process.

The Sub-Adviser selects companies for the Fund's portfolio by assessing whether the company's business is a secular growth business, a cyclical growth business, or a newly public company and then evaluates the value and growth prospects for each company using the following criteria.

● Secular Growth Companies - Companies that do not closely track a seasonal or cyclical trend. In selecting such companies for the Fund's portfolio, the Sub-Adviser seeks companies that it believes are in the best position to succeed in what is a very competitive technology space. Research on these companies is also continuously augmented with information from additional sources such as Wall Street sell-side investment banks (e.g., Merrill Lynch, Morgan Stanley, etc.) and other proprietary information sources from many parts of the technology sector. The Sub-Adviser has established buy-and-hold positions in these companies and does not expect significant turnover of these companies within the portfolio. The Sub-Adviser expects to let these investments grow over time from positive trends in their sector, market positioning and superior products. The Fund generally invests in secular growth companies to a greater extent than in cyclical growth or newly public companies.

● Cyclical Growth Companies - Companies that are known for following the cycles of an economy through expansion, peak, recession, and recovery. Most cyclical stocks belong to companies that sell non-essential items consumers can afford to buy more of during a booming economy. These stocks are also from companies that consumers choose to spend less with or cut back on during a recession. In selecting such companies for the Fund's portfolio, the Sub-Adviser utilizes fundamental analysis, with an emphasis on revenue growth, margins, and select balance sheet items which it believes are more consistent indicators of cyclical bottoms. The Fund seeks to sell its cyclical growth holdings when their margins peak in the economic cycle.

● Newly Public Companies - Companies that have recently gone through an initial public offering ("IPO") and are now publicly traded on a stock exchange. In selecting such companies for the Fund's portfolio, the Sub-Adviser follows developments in the private market to seek to identify companies that will fit the Fund's investment profile at the time of their IPO. When a new company that fits the Fund's investment profile enters the market via an IPO, the Sub-Adviser will generally seek to build the Fund's position in that company over the course of a four to six month period following the IPO.

The Fund's portfolio will be primarily composed of common stock of U.S. companies, although the portfolio may include common stock of non-U.S. companies from time to time. The Fund's portfolio is typically comprised of the 20 to 30 most attractive securities based on the Sub-Adviser's analysis.

The Sub-Adviser anticipates keeping a significant portion of the Fund's portfolio in cash (up to 20%) during periods when the Sub-Adviser believes it is merited. These cash positions will be utilized to purchase securities when the Sub-Adviser identifies an event-based investment opportunity in a secular growth company that has driven down share prices but will not, in the Sub-Adviser's opinion, impact the secular nature of the company. The cash positions also may be used in the event of a bear market or an instance in which the Sub-Adviser believes that the market is experiencing a valuation correction (*i.e.,* a move that is not reflected in overall economic data).

After initial purchase, company weightings typically fluctuate with the market. The Sub-Adviser will manage inflows and outflows (*i.e.*, fluctuations in Fund assets from creations and redemptions of Fund shares) by referencing existing stock weights coupled with its view of a company's forward rate of return potential.

While many portfolio holdings have a larger capitalization, the Fund may also invest in small and medium capitalized companies, as TrueMark Investments, LLC (the "Adviser"), the Fund's investment adviser, believes these relatively smaller companies may provide above average capital appreciation and dividend yield.

The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer than a diversified fund.

The Fund concentrates (*i.e.*, invests at least 25% of its assets) investments in one or more industries in the Information Technology Sector. While the Fund's exposure to the industries within the Information Technology Sector may vary over time, as of March 31, 2025, the Fund's holdings were concentrated within the Software Industry. For purposes of this policy, each sector and industry is defined by the Global Industry Classification Standard, a widely recognized industry classification methodology developed by MSCI, Inc. and S&P Dow Jones Indices.

**Principal Risks of Investing in the Fund**

The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with the risks of other funds. 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 net asset value per share ("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;● **Artificial Intelligence, Machine Learning and Deep Learning Investment Risk.** Companies across a wide variety of industries,
primarily in the technology sector, are exploring the possible applications of artificial intelligence, machine learning and other
deep learning technologies. The extent of such technologies' versatility has not yet been fully explored. Consequently, the
Fund's holdings may include equity securities of operating companies that focus on or have exposure to a wide variety of
activities in addition to their AI, machine learning and deep learning activities, and the economic fortunes of such companies
may be tied to such other activities. Currently, there are few public companies for which artificial intelligence, machine learning
and deep learning technologies represent an attributable and significant revenue or profit stream, and such technologies may not
ultimately have a material effect on the economic returns of companies in which the Fund invests. Companies that do have a focus
on such technologies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect
their proprietary rights in their products and technologies. These companies also tend to engage in significant amounts of spending
on research and development, and there is no guarantee that these products or services will be successful. The securities of such
companies, especially smaller, start-up companies, are also typically more volatile than those of companies that do not rely heavily
on technology.

&nbsp;&nbsp;&nbsp;&nbsp;● **Concentration Risk.** The Fund intends to concentrate
 its investments in one or more industries within the Information Technology Sector and,
 as of March 31, 2025, the Fund's investments were concentrated in the Software Industry.

○ *Software Industry Risk.* Computer software companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by computer software companies is characterized by rapidly changing technology, rapid product obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer's products or in the market for products based on a particular technology could have a material adverse effect on a participant's operating results.

Many computer software companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by computer software companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Investing Risk.** Growth stocks can be volatile
 for several reasons. Since those companies usually invest a high portion of earnings in
 their businesses, they may lack the dividends of value stocks that can cushion stock prices
 in a falling market. The prices of growth stocks are based largely on projections of the
 issuer's future earnings and revenues. If a company's earnings or revenues fall
 short of expectations, its stock price may fall dramatically.

&nbsp;&nbsp;&nbsp;&nbsp;● **Cash and Cash Equivalents Risk.** Holding cash or cash equivalents rather than securities or other instruments, even strategically,
may cause the Fund to risk losing opportunities to participate in market appreciation, and may cause the Fund to experience potentially
lower returns than other funds that remain fully invested.

&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, the Adviser, the Sub-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, the Adviser, the Sub-Adviser or 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;● **Equity Market Risk.** The equity securities held in the Fund's portfolio may experience sudden, unpredictable drops
in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors
affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to
greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally
have inferior rights to receive payment from issuers.

&nbsp;&nbsp;&nbsp;&nbsp;● **ETF Risks.** The Fund is an ETF and, as a result of its structure, it 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. Shares may trade at a material discount to NAV and possibly face delisting if either: (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 Risk.* 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 Risk.* 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. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund's primary listing exchange is open, the Fund is likely to experience premiums or discounts greater than those of ETFs that invest in and hold only securities and other investments that are listed and trade in the U.S.

○ *Trading Risk.* Although Shares are listed for trading on the NYSE Arca, 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 the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Securities Risk.** Investments in non-U.S. securities involve certain risks that may not be present with investments
in U.S. securities. These include risks of adverse changes in foreign economic, political, regulatory and other conditions, or
changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges).
The securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies.
There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to
different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. Investments in non-U.S.
securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and
operational risks. With respect to certain countries, there is the possibility of government intervention and expropriation or
nationalization of assets. Because legal systems differ, there also is the possibility that it will be difficult to obtain or enforce
legal judgments in certain countries. Since foreign exchanges may be open on days when the Fund does not price its shares, the
value of the securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell
the Fund's shares. Conversely, Shares may trade on days when foreign exchanges are closed. Each of these factors can make
investments in the Fund more volatile and potentially less liquid than other types of investments.

&nbsp;&nbsp;&nbsp;&nbsp;● **Information Technology Sector Risk.** Information technology companies face intense competition, both domestically and
internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product
lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to
rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for
the services of qualified personnel. Companies in the Information Technology Sector are heavily dependent on patent and intellectual
property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

&nbsp;&nbsp;&nbsp;&nbsp;● **IPO Risk.** The Fund may at times have the opportunity to invest in IPO shares. The market value of IPO shares can have
significant volatility due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares
available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs and
the Fund may lose money on an investment in such securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Management Risk.** Your investment in the Fund varies with the success and failure of the Fund management team's
investment strategies and the Fund management team's research, analysis, and determination of portfolio securities. If the
Adviser's and Sub-Adviser's investment strategies, including their stop loss and goal setting process, do not produce
the expected results, the value of the Fund would decrease.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market Capitalization Risk.** 

○ *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 also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

○ *Mid-Capitalization Investing Risk.* The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

○ *Small-Capitalization Investing Risk.* The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market Risk.** The trading prices of securities
 and other instruments fluctuate in response to a variety of factors. These factors include
 events impacting the entire market or specific market segments, such as political, market
 and economic developments, as well as events that impact specific issuers. The Fund's
 NAV and market price, like security and commodity prices generally, may fluctuate significantly
 in response to these and other factors. As a result, an investor could lose money over short
 or long periods of time. U.S. and international markets have experienced significant periods
 of volatility in recent years due to a number of these factors, including the impact of
 the COVID-19 pandemic and related public health issues, growth concerns in the U.S. and
 overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or
 actual imposition of tariffs by the U.S. and other countries. In addition, local, regional
 or global events such as war, including Russia's invasion of Ukraine, acts of terrorism,
 recessions, rising inflation, or other events could have a significant negative impact on
 the Fund and its investments. These developments as well as other events could result in
 further market volatility and negatively affect financial asset prices, the liquidity of
 certain securities and the normal operations of securities exchanges and other markets.

&nbsp;&nbsp;&nbsp;&nbsp;● **New Issuer Risk.** The market value of shares of newly-public companies may fluctuate considerably due to limited information
about a company's business model, quality of management, earnings growth potential, and other criteria used to evaluate its
investment prospects. Accordingly, investments in shares of new issuers involve greater risks than investments in shares of companies
that have traded publicly on an exchange for extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;● **Non-Diversification Risk.** Because the Fund is "non-diversified," it may invest a greater percentage of its
assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, the Fund
may be more exposed to the risks associated with and developments affecting an individual issuer or a lesser number of issuers
than a fund that invests more widely. This may increase the Fund's volatility and cause the performance of a relatively small
number of issuers to have a greater impact on the Fund's performance.

**Performance**

The Fund acquired all of the assets and liabilities of the TrueShares Technology, AI & Deep Learning ETF, a series of Listed Funds Trust (the "Predecessor Fund"), in a tax-free reorganization on June 13, 2025. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund.

The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Predecessor Fund's performance can change from year to year and over time. The bar chart below shows the Predecessor Fund's performance for calendar years ended December 31. The table illustrates how the Predecessor Fund's average annual returns for the one year and since inception periods compare with those of a broad-based securities market index intended to represent the overall domestic and international equity market. The Predecessor Fund's past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund's website at <u>www.True-Shares.com</u>.

![](tmi485baos001.jpg)

The calendar year-to-date total return of the Predecessor Fund as of March 31, 2025 was —11.76%. During the period of time shown in the bar chart, the highest quarterly return was 28.34% for the quarter ended December 31, 2023, and the lowest quarterly return was -30.13% for the quarter ended June 30, 2022.

---

| | | |
|:---|:---|:---|
|  **Average Annual Total Returns (for the Periods Ended December 31, 2024)**  |  |  |
| **TrueShares Technology, AI & Deep Learning ETF** | **<u>One Year</u>** | **<u>Since Inception</u>** <br> **<u>(2/28/2020)</u>** |
| Return Before Taxes | 1.98% | 9.64% |
| Return After Taxes on Distributions | 1.98% | 9.63% |
| Return After Taxes on Distributions and Sale of Fund Shares | 1.17% | 7.63% |
| **NASDAQ Composite Total Return Index**<br> (reflects no deductions for fees, expenses, or taxes) | 29.57% | &nbsp;&nbsp;19.21% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account ("IRA") or other tax-advantaged accounts. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Management**

*Adviser:* TrueMark Investments, LLC

*Sub-Adviser:* Black Hill Capital Partners, LLC

*Portfolio Manager:* Sangbum Kim, CEO of the Sub-Adviser, has been portfolio manager of the Fund since July 2020

**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 <u>www.True-Shares.com</u>.

**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.