div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing substantially all of its assets in options on the Samp;P 500 Price Index. The Fund’s investment adviser, TrueMark Investments, LLC (“TrueMark” or the “Adviser”), will employ a “buffer protect” options strategy that uses such options to seek to achieve exposure to the performance of the Samp;P 500 Price Index while mitigating the first 8% to 12% decline in the performance of the Samp;P 500 Price Index (the “Buffer”) over a 12-month period beginning on a specified day each October (each, a “Roll Date”). The period from one Roll Date to the next Roll Date is referred to as the “Investment Period,” and the first day of the Investment Period is referred to as the “Initial Investment Day.” /span/divdiv style="margin-bottom:6pt;margin-top:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"The Fund will purchase call options and sell (write) put options on the Samp;P 500 Price Index or an ETF that seeks to track the performance of the Samp;P 500 Price Index (each, a “Samp;P 500 Price Index ETF”) on each Initial Investment Day with an expiration on the next Roll Date. An option gives the purchaser of the option the right to purchase (for a call option) or sell (for a put option) the reference asset (or deliver cash equal to the value of the reference asset) at a specified price (“strike price”). In the event the reference asset declines in value, the value of a put option generally will increase and the value of a call option generally will decrease and may become worthless. In the event the reference asset appreciates in value, the value of a put option generally will decrease and become worthless and the value of a call option generally will increase. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"On each Initial Investment Day, the Fund will sell (write) put options on the Samp;P 500 Price Index or an ETF that tracks the Samp;P 500 Price Index with a strike price within a range of approximately 8% to 12% lower than the current value of the Samp;P 500 Price Index or a Samp;P 500 Price Index ETF. As the seller of these options, the Fund receives a premium from the buyer of the options, which the Fund invests in at-the-money call options on the Samp;P 500 Price Index or a Samp;P 500 Price Index ETF (/spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"i.e./spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%", call options having a strike price roughly equal to the current value of the Samp;P 500 Price Index or a Samp;P 500 Price Index ETF). The relative price of the put /span/divdiv style="margin-bottom:6pt;margin-top:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"options sold (written) by the Fund to the price of the call options purchased by the Fund will determine the Fund’s exposure to the performance of the Samp;P 500 Price Index during the Investment Period. /spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"Due to the cost of the options used by the Fund, the correlation of the Fund’s performance to that of the Samp;P 500 Price Index/spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%" /spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"is expected to be less than if the Fund invested directly in the constituents of the Samp;P 500 Price Index (/spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"i.e./spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%", without using options), and could be substantially less./spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%" This means that if the Samp;P 500 Price Index experiences gains for an Investment Period, the Fund may not realize gains to the same extent. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"The Fund’s strategy also seeks to protect investors from a decline of up to 8% to 12% in the performance of the Samp;P 500 Price Index from one Roll Date to the next Roll Date. When the Adviser sells puts on the Samp;P 500 Price Index to create the buffer range, the proceeds are used to purchase calls at the money. However, not all puts generate the same premium relative to the downside exposure of the Fund. The Adviser will seek to deliver a buffer of 10% from the reference price of the Samp;P 500 Price Index on the first trading day of the month. However, the market could fluctuate on or after the buffer is set and this range allows for market condition volatility. /spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"The Fund is not designed to protect against declines of more than 8% to 12% in the performance of the Samp;P 500 Price Index, and there can be no guarantee that the Fund will be successful in implementing the buffer protect options strategy to protect against the first 8% to 12% decline. /spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"Additionally, even if the Fund mitigates a decline in the performance of the Samp;P 500 Price Index from one Roll Date to the next Roll Date, the Fund’s returns during the Investment Period (prior to the next Roll Date) may not reflect the buffer protect options strategy. /span/divdiv style="text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"The Fund will invest in either standardized exchange-listed options or in exchange-traded FLexible EXchange Options (“FLEX Options”). FLEX Options are customized exchange-traded option contracts available through the Chicago Board Option Exchange (“Cboe”) that are guaranteed for settlement by The Options Clearing Corporation (“OCC”). FLEX Options provide investors with the ability to customize exercise prices, exercise styles, and expiration dates, while achieving price discovery in competitive, transparent, auction markets and avoiding the counterparty exposure of over-the-counter (“OTC”) options positions. The Fund will invest in European-style FLEX Options (/spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%"i.e./spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%", they can only be exercised at the expiration date of the option) based on the performance of the Samp;P 500 Price Index or a Samp;P 500 Price Index ETF and which have an expiration date that is the last day of the Investment Period only. In general, the Fund intends to invest to the greatest extent possible in FLEX Options, as these options provide the best combination of OCC guarantees, price discovery, customization, and European-style settlement that is ideal for the Fund. However, the Fund may use listed options to provide an additional source of desired market exposure when the Adviser believes doing so will be beneficial to the Fund. The Fund also expects to invest in U.S. Treasury bonds or money market funds that invest in U.S. Treasury bonds. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"The Fund is designed to provide the following outcomes during each individual Investment Period:/span/divdiv style="margin-bottom:6pt;margin-top:6pt;text-align:justify"table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"trtd style="width:1.0%"/tdtd style="width:40.566%"/tdtd style="width:0.1%"/tdtd style="width:1.0%"/tdtd style="width:57.234%"/tdtd style="width:0.1%"/td/trtrtd colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"Change in the Returns of the Samp;P 500 Price Index/span/tdtd colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%"Expected Change in the Returns of the Fund/span/td/trtrtd colspan="3" style="background-color:#d9d9d9;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"Declines between -8% and ‑12% (or more)/span/tdtd colspan="3" style="background-color:#d9d9d9;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"div style="text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"Declines 8% to 12% percentage points less than the Samp;P 500 Price Index (/spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%"e.g./spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%", if the Samp;P 500 Price Index returns -35%, the Fund is designed to return -23% to -27%)/span/div/td/trtrtd colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"Declines between 0% and ‑8%/span/tdtd colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"No change/span/td/trtrtd colspan="3" style="background-color:#d9d9d9;padding:2px 1pt;text-align:left;vertical-align:top"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"Appreciates /span/tdtd colspan="3" style="background-color:#d9d9d9;padding:2px 1pt;text-align:justify;vertical-align:top"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"The Fund’s returns will appreciate to a similar extent as the Samp;P 500 Price Index, but will be less than those of the Samp;P 500 Price Index due to the cost of the options used by the Fund/span/td/tr/table/divdiv style="margin-bottom:6pt;margin-top:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"The charts below illustrate the hypothetical returns that the Fund seeks to provide in certain illustrative scenarios for a shareholder that purchases Shares on the Initial Investment Day and holds such Shares for the entire Investment Period. These charts do not take into account payment by the Fund of Total Annual Fund Operating Expenses and assume a buffer of 10%. /spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"There is no guarantee that the Fund will be successful in providing these investment outcomes for any Investment Period. /span/divdiv style="margin-bottom:12pt;text-align:center"img alt="TrueShares SO Line Graph Image v2.jpg" src="ck0001683471-20231231_g1.jpg" style="height:446px;margin-bottom:5pt;vertical-align:text-bottom;width:700px"//divdiv style="text-align:center"img alt="TrueShares SO Bar Chart Image v2.jpg" src="ck0001683471-20231231_g2.jpg" style="height:362px;margin-bottom:5pt;vertical-align:text-bottom;width:700px"//divdiv style="margin-bottom:6pt;margin-top:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"The Fund includes a mix of purchased and written (sold) put and call options structured to seek to achieve the results described above. The Fund is designed to seek to achieve the results described above for investments made on the Initial Investment Day and held until the last day of the Investment Period./spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%" Investments made on any day other than the Initial Investment Day may differ significantly, positively or negatively, from the results described above. /spanspan style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"The Fund’s website, www.true-shares.com, contains information about the Fund’s holdings, and the performance of the Samp;P 500 Price Index as of the Initial Investment Day and the prior business day to assist an investor in understanding the range of results such investor can expect for investments made at times other than on the Initial Investment Day. /span/divdiv style="margin-bottom:6pt;margin-top:6pt;text-align:justify"span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"Additionally, the Fund’s website provides information relating to the returns of the Fund, including the Fund’s Buffer and its position relative to the performance of the Samp;P 500 Price Index on a daily basis. /span/divThe Fund’s operations are intended to be continuous. It will not terminate and distribute its assets at the conclusion of an Investment Period. On each Roll Date, another Investment Period will commence and the Fund will invest in a new set of options.
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