CLOUGH
HEDGED EQUITY ETF (NYSE ARCA, INC.: CBLS)
CLOUGH SELECT
EQUITY ETF (NYSE ARCA, INC.: CBSE)
Annual
Financial Statements
October
31, 2025
TABLE OF
CONTENTS
Clough Hedged
Equity ETF
SCHEDULE OF INVESTMENTS
October
31, 2025
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS - 97.36% |
|
|
|
|
|
|
|
|
| Consumer
Discretionary - 12.59% |
|
|
|
|
|
|
|
|
| Arcos Dorados Holdings, Inc., Class A |
|
|
108,728 |
|
|
$ |
779,580 |
|
| Chipotle
Mexican Grill, Inc., Class A(a) |
|
|
29,370 |
|
|
|
930,735 |
|
| Service
Corp. Intl.(b) |
|
|
15,597 |
|
|
|
1,302,505 |
|
| SharkNinja,
Inc.(a) |
|
|
11,036 |
|
|
|
943,578 |
|
| TJX Cos, Inc. |
|
|
8,957 |
|
|
|
1,255,234 |
|
| |
|
|
|
|
|
|
5,211,632 |
|
| |
|
|
|
|
|
|
|
|
| Consumer
Staples - 5.46% |
|
|
|
|
|
|
|
|
| Costco
Wholesale Corp.(b) |
|
|
1,111 |
|
|
|
1,012,621 |
|
| Estee Lauder Cos., Inc., Class A |
|
|
12,896 |
|
|
|
1,246,914 |
|
| |
|
|
|
|
|
|
2,259,535 |
|
| |
|
|
|
|
|
|
|
|
| Energy
- 10.45% |
|
|
|
|
|
|
|
|
| Expand
Energy Corp.(b) |
|
|
8,812 |
|
|
|
910,368 |
|
| Solaris Energy Infrastructure, Inc., Class
A |
|
|
27,164 |
|
|
|
1,445,940 |
|
| TechnipFMC PLC |
|
|
25,265 |
|
|
|
1,044,708 |
|
| Transocean
Ltd.(a) |
|
|
241,160 |
|
|
|
926,054 |
|
| |
|
|
|
|
|
|
4,327,070 |
|
| |
|
|
|
|
|
|
|
|
| Financials
- 6.18% |
|
|
|
|
|
|
|
|
| Charles
Schwab Corp.(b) |
|
|
13,754 |
|
|
|
1,300,028 |
|
| Mastercard, Inc., Class A |
|
|
2,275 |
|
|
|
1,255,777 |
|
| |
|
|
|
|
|
|
2,555,805 |
|
| |
|
|
|
|
|
|
|
|
| Health
Care - 7.67% |
|
|
|
|
|
|
|
|
| Exact
Sciences Corp.(a) |
|
|
18,375 |
|
|
|
1,188,679 |
|
| GeneDx
Holdings Corp., Class A(a) |
|
|
7,279 |
|
|
|
996,568 |
|
| UnitedHealth Group, Inc. |
|
|
2,897 |
|
|
|
989,499 |
|
| |
|
|
|
|
|
|
3,174,746 |
|
| |
|
|
|
|
|
|
|
|
| Industrials
- 16.64% |
|
|
|
|
|
|
|
|
| Amphenol Corp., Class A |
|
|
7,408 |
|
|
|
1,032,231 |
|
| BWX Technologies, Inc. |
|
|
6,424 |
|
|
|
1,372,231 |
|
| Huntington Ingalls Industries, Inc. |
|
|
2,960 |
|
|
|
953,179 |
|
| Quanta Services, Inc. |
|
|
2,877 |
|
|
|
1,292,147 |
|
| Rollins,
Inc.(b) |
|
|
21,604 |
|
|
|
1,244,606 |
|
| Sterling
Infrastructure, Inc.(a) |
|
|
2,630 |
|
|
|
993,877 |
|
| |
|
|
|
|
|
|
6,888,271 |
|
| |
|
|
|
|
|
|
|
|
| Materials
- 2.42% |
|
|
|
|
|
|
|
|
| Amrize
Ltd.(a) |
|
|
19,328 |
|
|
|
1,001,964 |
|
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS - 97.36%
(continued) |
| Technology
- 35.95% |
|
|
|
|
|
|
|
|
| Advanced
Micro Devices, Inc.(a) |
|
|
4,921 |
|
|
$ |
1,260,366 |
|
| Apple,
Inc.(b) |
|
|
4,568 |
|
|
|
1,235,050 |
|
| ASML Holding NV - Sponsored ADR |
|
|
982 |
|
|
|
1,040,164 |
|
| Broadcom, Inc. |
|
|
2,748 |
|
|
|
1,015,743 |
|
| Cadence
Design Systems, Inc.(a) |
|
|
3,062 |
|
|
|
1,037,069 |
|
| Dell
Technologies, Inc., Class C(b) |
|
|
7,332 |
|
|
|
1,187,857 |
|
| Lam Research Corp. |
|
|
6,504 |
|
|
|
1,024,120 |
|
| Marvell Technology, Inc. |
|
|
14,753 |
|
|
|
1,382,946 |
|
| Microsoft
Corp.(b) |
|
|
2,364 |
|
|
|
1,224,103 |
|
| NVIDIA
Corp.(b) |
|
|
6,104 |
|
|
|
1,235,999 |
|
| Schrodinger,
Inc.(a) |
|
|
40,022 |
|
|
|
842,063 |
|
| SiTime
Corp.(a) |
|
|
3,733 |
|
|
|
1,081,226 |
|
| Taiwan Semiconductor Manufacturing Co. Ltd. -
Sponsored ADR |
|
|
4,369 |
|
|
|
1,312,579 |
|
| |
|
|
|
|
|
|
14,879,285 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|
| (Cost $38,006,168) |
|
|
|
|
|
|
40,298,308 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| MONEY MARKET FUNDS - 1.81% |
|
| BlackRock Liquidity Funds, T-Fund |
|
|
|
|
|
|
|
|
| Portfolio, Institutional Class, 3.970% |
|
|
|
|
|
|
|
|
| (7-day yield) |
|
|
747,509 |
|
|
|
747,509 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
| (Cost $747,509) |
|
|
|
|
|
|
747,509 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 99.17% |
|
|
|
|
|
|
|
|
| (Cost $38,753,677) |
|
|
|
|
|
$ |
41,045,817 |
|
| |
|
|
|
|
|
|
|
|
| Other
Assets in Excess of Liabilities - 0.83%(c) |
|
|
|
|
|
|
345,037 |
|
| |
|
|
|
|
|
|
|
|
| NET ASSETS - 100.00% |
|
|
|
|
|
$ |
41,390,854 |
|
| |
|
|
|
|
|
|
|
|
| SCHEDULE OF SECURITIES SOLD |
|
|
|
|
|
|
|
|
| SHORT |
|
Shares |
|
|
Value |
|
| COMMON STOCKS - (38.85)% |
|
|
|
|
|
|
|
|
| Communications
- (1.17)% |
|
|
|
|
|
|
|
|
| Iridium Communications, Inc. |
|
|
(25,280 |
) |
|
|
(484,112 |
) |
See Notes to
Financial Statements
Clough Hedged
Equity ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025 (Continued)
| SCHEDULE
OF SECURITIES SOLD |
|
|
|
|
|
|
| SHORT
(continued) |
|
Shares |
|
|
Value |
|
| COMMON STOCKS - (38.85)%
(continued) |
| Consumer
Discretionary - (8.04)% |
|
|
|
|
|
|
|
|
| Brinker
International, Inc. |
|
|
(4,930 |
) |
|
$ |
(535,694 |
) |
| Cava
Group, Inc. |
|
|
(5,730 |
) |
|
|
(307,873 |
) |
| Floor
& Decor Holdings, Inc., Class A |
|
|
(8,880 |
) |
|
|
(554,822 |
) |
| Hilton
Worldwide Holdings, Inc. |
|
|
(2,320 |
) |
|
|
(596,147 |
) |
| On
Holding AG, Class A |
|
|
(19,150 |
) |
|
|
(711,423 |
) |
| Sweetgreen,
Inc., Class A |
|
|
(49,050 |
) |
|
|
(308,524 |
) |
| Wingstop,
Inc. |
|
|
(1,440 |
) |
|
|
(311,947 |
) |
| |
|
|
|
|
|
|
(3,326,430 |
) |
| |
|
|
|
|
|
|
|
|
| Consumer
Staples - (5.83)% |
|
|
|
|
|
|
|
|
| Anheuser-Busch
InBev SA/NV - Sponsored ADR |
|
|
(9,790 |
) |
|
|
(596,211 |
) |
| Helen
of Troy Ltd. |
|
|
(32,280 |
) |
|
|
(601,376 |
) |
| Kenvue,
Inc. |
|
|
(43,170 |
) |
|
|
(620,353 |
) |
| Molson
Coors Beverage Co., Class B |
|
|
(13,620 |
) |
|
|
(595,467 |
) |
| |
|
|
|
|
|
|
(2,413,407 |
) |
| |
|
|
|
|
|
|
|
|
| Financials
- (14.80)% |
|
|
|
|
|
|
|
|
| Affirm
Holdings, Inc., Class A |
|
|
(4,520 |
) |
|
|
(324,898 |
) |
| Apollo
Global Management, Inc. |
|
|
(4,840 |
) |
|
|
(601,660 |
) |
| Blackstone,
Inc. |
|
|
(3,992 |
) |
|
|
(585,387 |
) |
| Blue
Owl Capital, Inc., Class A |
|
|
(19,440 |
) |
|
|
(306,569 |
) |
| Capital
One Financial Corp. |
|
|
(3,316 |
) |
|
|
(729,487 |
) |
| Carlyle
Group, Inc. |
|
|
(10,520 |
) |
|
|
(560,926 |
) |
| East
West Bancorp, Inc. |
|
|
(5,220 |
) |
|
|
(530,352 |
) |
| KKR
& Co, Inc. |
|
|
(5,030 |
) |
|
|
(595,200 |
) |
| M&T
Bank Corp. |
|
|
(2,870 |
) |
|
|
(527,707 |
) |
| SoFi
Technologies, Inc. |
|
|
(10,540 |
) |
|
|
(312,827 |
) |
| Western
Alliance Bancorp |
|
|
(6,790 |
) |
|
|
(525,207 |
) |
| Zions
Bancorp NA |
|
|
(10,040 |
) |
|
|
(523,184 |
) |
| |
|
|
|
|
|
|
(6,123,404 |
) |
| |
|
|
|
|
|
|
|
|
| Industrials
- (4.24)% |
|
|
|
|
|
|
|
|
| Middleby
Corp. |
|
|
(4,655 |
) |
|
|
(578,291 |
) |
| Thomson
Reuters Corp. |
|
|
(3,750 |
) |
|
|
(573,975 |
) |
| Toro
Co. |
|
|
(8,078 |
) |
|
|
(603,669 |
) |
| |
|
|
|
|
|
|
(1,755,935 |
) |
| |
|
|
|
|
|
|
|
|
| Real
Estate - (1.42)% |
|
|
|
|
|
|
|
|
| Digital
Realty Trust, Inc. |
|
|
(3,453 |
) |
|
|
(588,426 |
) |
| SCHEDULE
OF SECURITIES SOLD |
|
|
|
|
|
|
|
|
| SHORT
(continued) |
|
Shares |
|
|
Value |
|
| COMMON STOCKS - (38.85)%
(continued) |
| Technology
- (3.35)% |
|
|
|
|
|
|
|
|
| Adobe,
Inc.(a) |
|
|
(2,130 |
) |
|
$ |
(724,860 |
) |
| Workday,
Inc., Class A |
|
|
(2,760 |
) |
|
|
(662,179 |
) |
| |
|
|
|
|
|
|
(1,387,039 |
) |
| |
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|
| (Proceeds $16,726,987) |
|
|
|
|
|
|
(16,078,753 |
) |
| |
|
|
|
|
|
|
|
|
| TOTAL SECURITIES SOLD SHORT - (38.85%) |
|
|
|
|
|
|
|
|
| (Proceeds $16,726,987) |
|
|
|
|
|
$ |
(16,078,753 |
) |
|
| (a) |
Non-income
producing security. |
|
| (b) |
Pledged
security; a portion or all of the security is pledged as collateral for
securities sold short or borrowings. As of October 31, 2025, the aggregate
value of those securities was $9,402,285, representing 22.72% of net
assets. |
|
| (c) |
Includes
cash which is being held as collateral for securities sold
short. |
Investment
Abbreviations:
ADR - American
Depositary Receipt
AG -
Aktiengesellschaft (German: Stock Corporation)
Ltd. –
Limited
NA - National
Association
NV - Naamloze
Vennootschap (Dutch: Public Limited Company)
PLC - Public
Limited Company
SA - Société
Anonyme (French: Public Limited Company)
For
compliance purposes, the ETF’s sector classifications refer to any one of the
sector sub-classifications used by one or more widely recognized market indexes,
and/or as defined by management. This definition may not apply for purposes of
this report, which may combine sector sub-classifications for reporting ease.
Sectors are shown as a percent of net assets. These sector classifications are
unaudited.
See Notes to
Financial Statements
Clough Select
Equity ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025
| |
|
Shares |
|
|
Value |
|
| COMMON
STOCKS - 98.12% |
| Communications
- 2.50% |
|
|
|
|
|
|
|
|
| Spotify
Technology SA(a) |
|
|
1,290 |
|
|
$ |
845,363 |
|
| |
|
|
|
|
|
|
|
|
| Consumer
Discretionary - 13.53% |
|
|
|
|
|
|
|
|
| Chipotle
Mexican Grill, Inc., Class A(a) |
|
|
21,010 |
|
|
|
665,807 |
|
| Luckin
Coffee, Inc. - Sponsored ADR(a) |
|
|
21,700 |
|
|
|
870,170 |
|
| Service
Corp. Intl. |
|
|
11,651 |
|
|
|
972,975 |
|
| SharkNinja,
Inc.(a) |
|
|
9,873 |
|
|
|
844,141 |
|
| TJX Cos,
Inc. |
|
|
8,784 |
|
|
|
1,230,990 |
|
| |
|
|
|
|
|
|
4,584,083 |
|
| |
|
|
|
|
|
|
|
|
| Consumer
Staples - 2.52% |
|
|
|
|
|
|
|
|
| Costco
Wholesale Corp. |
|
|
936 |
|
|
|
853,117 |
|
| |
|
|
|
|
|
|
|
|
| Energy
- 17.05% |
|
|
|
|
|
|
|
|
| Expand
Energy Corp. |
|
|
9,806 |
|
|
|
1,013,058 |
|
| NextDecade
Corp.(a) |
|
|
171,065 |
|
|
|
1,014,415 |
|
| Select
Water Solutions, Inc., Class A |
|
|
86,412 |
|
|
|
998,923 |
|
| Solaris
Energy Infrastructure, Inc., Class A |
|
|
20,034 |
|
|
|
1,066,410 |
|
| TechnipFMC
PLC |
|
|
20,730 |
|
|
|
857,185 |
|
| Transocean
Ltd.(a) |
|
|
215,470 |
|
|
|
827,405 |
|
| |
|
|
|
|
|
|
5,777,396 |
|
| |
|
|
|
|
|
|
|
|
| Financials
- 2.85% |
|
|
|
|
|
|
|
|
| Mastercard,
Inc., Class A |
|
|
1,746 |
|
|
|
963,775 |
|
| |
|
|
|
|
|
|
|
|
| Health
Care - 11.42% |
|
|
|
|
|
|
|
|
| Exact
Sciences Corp.(a) |
|
|
16,040 |
|
|
|
1,037,628 |
|
| GeneDx
Holdings Corp., Class A(a) |
|
|
7,420 |
|
|
|
1,015,872 |
|
| GRAIL,
Inc.(a) |
|
|
9,569 |
|
|
|
879,678 |
|
| TransMedics
Group, Inc.(a) |
|
|
7,118 |
|
|
|
936,302 |
|
| |
|
|
|
|
|
|
3,869,480 |
|
| |
|
|
|
|
|
|
|
|
| Industrials
- 14.46% |
|
|
|
|
|
|
|
|
| Amphenol
Corp., Class A |
|
|
7,260 |
|
|
|
1,011,608 |
|
| BWX
Technologies, Inc. |
|
|
4,655 |
|
|
|
994,354 |
|
| Huntington
Ingalls Industries, Inc. |
|
|
3,150 |
|
|
|
1,014,363 |
|
| Siemens
AG - Sponsored ADR |
|
|
6,575 |
|
|
|
931,612 |
|
| Sterling
Infrastructure, Inc.(a) |
|
|
2,503 |
|
|
|
945,884 |
|
| |
|
|
|
|
|
|
4,897,821 |
|
| Materials
- 2.45% |
|
|
|
|
|
|
|
|
| Amrize
Ltd.(a) |
|
|
16,040 |
|
|
|
831,514 |
|
| |
|
Shares |
|
|
Value |
|
| COMMON
STOCKS - 98.12% (continued) |
| Technology
- 31.34% |
|
|
|
|
|
|
|
|
| Advanced
Micro Devices, Inc.(a) |
|
|
4,092 |
|
|
$ |
1,048,043 |
|
| Apple,
Inc. |
|
|
3,544 |
|
|
|
958,191 |
|
| ASML
Holding NV - Sponsored ADR |
|
|
800 |
|
|
|
847,384 |
|
| Broadcom,
Inc. |
|
|
2,270 |
|
|
|
839,060 |
|
| Cadence
Design Systems, Inc.(a) |
|
|
2,988 |
|
|
|
1,012,006 |
|
| CoreWeave,
Inc., Class A(a) |
|
|
6,940 |
|
|
|
927,947 |
|
| Lam
Research Corp. |
|
|
5,330 |
|
|
|
839,262 |
|
| Marvell
Technology, Inc. |
|
|
10,732 |
|
|
|
1,006,018 |
|
| NVIDIA
Corp. |
|
|
5,572 |
|
|
|
1,128,274 |
|
| Planet
Labs PBC(a) |
|
|
73,734 |
|
|
|
991,722 |
|
| Schrodinger,
Inc.(a) |
|
|
48,392 |
|
|
|
1,018,168 |
|
| |
|
|
|
|
|
|
10,616,075 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
COMMON STOCKS |
|
|
|
|
|
|
|
|
| (Cost
$31,079,275) |
|
|
|
|
|
|
33,238,624 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| MONEY
MARKET FUNDS - 5.11% |
| BlackRock
Liquidity Funds, T-Fund |
|
|
|
|
|
|
|
|
| Portfolio,
Institutional Class, 3.970% |
|
|
|
|
|
|
|
|
| (7-day
yield) |
|
|
1,729,824 |
|
|
|
1,729,824 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
| (Cost
$1,729,824) |
|
|
|
|
|
|
1,729,824 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
INVESTMENTS - 103.23% |
|
|
|
|
|
|
|
|
| (Cost
$32,809,099) |
|
|
|
|
|
$ |
34,968,448 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities
in Excess of Other Assets - (3.23)% |
|
|
|
|
|
|
(1,092,881 |
) |
| |
|
|
|
|
|
|
|
|
| NET
ASSETS - 100.00% |
|
|
|
|
|
$ |
33,875,567 |
|
|
| (a) |
Non-income
producing security. |
Investment
Abbreviations:
ADR - American
Depositary Receipt
AG -
Aktiengesellschaft (German: Stock Corporation)
Ltd. –
Limited
NV - Naamloze
Vennootschap (Dutch: Public Limited Company)
PBC - Public
Benefit Corporation
PLC - Public
Limited Company
SA - Société
Anonyme (French: Public Limited Company)
For
compliance purposes, the ETF’s sector classifications refer to any one of the
sector sub-classifications used by one or more widely recognized market indexes,
and/or as defined by management. This definition may not apply for purposes of
this report, which may combine sector sub-classifications for reporting ease.
Sectors are shown as a percent of net assets. These sector classifications are
unaudited.
See Notes to
Financial Statements
Clough
Capital ETFs
STATEMENTS OF ASSETS AND LIABILITIES
October
31, 2025
| |
|
Clough Hedged |
|
|
Clough Select |
|
| |
|
Equity ETF |
|
|
Equity ETF |
|
| |
|
|
|
|
|
|
|
|
| ASSETS: |
|
|
|
|
|
|
|
|
| Investments, at value |
|
$ |
41,045,817 |
|
|
$ |
34,968,448 |
|
| Cash |
|
|
79,570 |
|
|
|
— |
|
| Deposit with broker for
securities sold short |
|
|
17,829,760 |
|
|
|
— |
|
| Dividends receivable |
|
|
26,623 |
|
|
|
19,080 |
|
| Receivable
for investments sold |
|
|
— |
|
|
|
1,860,171 |
|
| Total
Assets |
|
|
58,981,770 |
|
|
|
36,847,699 |
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
| Overdraft due to
custodian |
|
|
— |
|
|
|
778,475 |
|
| Securities sold short, at
value |
|
|
16,078,753 |
|
|
|
— |
|
| Payable for investments
purchased |
|
|
1,462,500 |
|
|
|
2,169,444 |
|
| Accrued
investment advisory fee |
|
|
49,663 |
|
|
|
24,213 |
|
| Total
Liabilities |
|
|
17,590,916 |
|
|
|
2,972,132 |
|
| NET
ASSETS |
|
$ |
41,390,854 |
|
|
$ |
33,875,567 |
|
| |
|
|
|
|
|
|
|
|
| COMPOSITION OF NET ASSETS: |
|
|
|
|
|
|
|
|
| Paid in capital |
|
$ |
42,246,014 |
|
|
$ |
32,573,840 |
|
| Distributable
earnings/(accumulated loss) |
|
|
(855,160 |
) |
|
|
1,301,727 |
|
| NET
ASSETS |
|
$ |
41,390,854 |
|
|
$ |
33,875,567 |
|
| |
|
|
|
|
|
|
|
|
| Shares of beneficial interest outstanding
(unlimited number of shares authorized, no par value) |
|
|
1,460,000 |
|
|
|
840,000 |
|
| Net asset value, price per share |
|
$ |
28.35 |
|
|
$ |
40.33 |
|
| |
|
|
|
|
|
|
|
|
| Investments, at cost |
|
$ |
38,753,677 |
|
|
$ |
32,809,099 |
|
| Proceeds of securities
sold short |
|
|
16,726,987 |
|
|
|
— |
|
See Notes to
Financial Statements
Clough
Capital ETFs
STATEMENTS OF OPERATIONS
For the
Year Ended October 31, 2025
| |
|
Clough Hedged |
|
|
Clough Select |
|
| |
|
Equity
ETF(a) |
|
|
Equity
ETF(a) |
|
| INVESTMENT INCOME: |
|
|
|
|
|
|
| Dividends* |
|
$ |
571,009 |
|
|
$ |
257,630 |
|
| Interest
on deposits with broker |
|
|
573,738 |
|
|
|
– |
|
| Total
Income |
|
|
1,144,747 |
|
|
|
257,630 |
|
| EXPENSES: |
|
|
|
|
|
|
|
|
| Investment advisory fee |
|
|
574,977 |
|
|
|
219,663 |
|
| Dividend
expense - short sales |
|
|
231,145 |
|
|
|
– |
|
| Total
Expenses |
|
|
806,122 |
|
|
|
219,663 |
|
| NET
INVESTMENT INCOME |
|
|
338,625 |
|
|
|
37,967 |
|
| Net realized gain/(loss)
on: |
|
|
|
|
|
|
|
|
| Investment securities |
|
|
1,402,112 |
|
|
|
(472,367 |
) |
| Securities sold short |
|
|
(3,577,945 |
) |
|
|
– |
|
| Investments
sold in-kind |
|
|
6,012,912 |
|
|
|
6,571,320 |
|
| Net
Realized Gain |
|
|
3,837,079 |
|
|
|
6,098,953 |
|
| Net change in unrealized
appreciation/depreciation on: |
|
|
|
|
|
|
|
|
| Investment securities |
|
|
56,495 |
|
|
|
354,034 |
|
| Securities
sold short |
|
|
646,992 |
|
|
|
– |
|
| Net
Change In Unrealized Appreciation/Depreciation |
|
|
703,487 |
|
|
|
354,034 |
|
| NET
REALIZED AND UNREALIZED GAIN ON INVESTMENTS |
|
|
4,540,566 |
|
|
|
6,452,987 |
|
| NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
4,879,191 |
|
|
$ |
6,490,954 |
|
| *Foreign taxes withheld on
dividends |
|
$ |
18,158 |
|
|
$ |
11,179 |
|
| (a) |
The
ETFs 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 January 17,
2025. Performance and financial history of the Predecessor ETFs have been
adopted by the ETFs and will be used going forward. As a result, the
information for the period prior to the close of business on January 17,
2025, reflects that of the Predecessor ETFs, which ceased operations as of
the date of the reorganization. |
See Notes to
Financial Statements
Clough Hedged
Equity ETF
STATEMENTS OF CHANGES IN NET ASSETS
| |
|
For the Year Ended
October
31, 2025(a) |
|
|
For the Year Ended
October
31, 2024(a) |
|
| OPERATIONS |
|
|
|
|
|
|
| Net investment income |
|
$ |
338,625 |
|
|
$ |
214,604 |
|
| Net realized gain |
|
|
3,837,079 |
|
|
|
271,676 |
|
| Net change in unrealized
appreciation/depreciation |
|
|
703,487 |
|
|
|
2,040,380 |
|
| Net increase in net assets resulting from
operations |
|
|
4,879,191 |
|
|
|
2,526,660 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
| From distributable earnings |
|
|
(294,372 |
) |
|
|
(35,104 |
) |
| Net decrease in net assets for
distributions |
|
|
(294,372 |
) |
|
|
(35,104 |
) |
| |
|
|
|
|
|
|
|
|
| BENEFICIAL INTEREST
TRANSACTIONS |
| Shares
sold |
|
|
25,206,925 |
|
|
|
29,861,533 |
|
| Shares redeemed |
|
|
(23,456,589 |
) |
|
|
(4,064,712 |
) |
| Net increase in net assets derived from beneficial
interest transactions |
|
|
1,750,336 |
|
|
|
25,796,821 |
|
| Net increase in net assets |
|
|
6,335,155 |
|
|
|
28,288,377 |
|
| |
|
|
|
|
|
|
|
|
| NET ASSETS |
| Beginning of period |
|
|
35,055,699 |
|
|
|
6,767,322 |
|
| End of period |
|
$ |
41,390,854 |
|
|
$ |
35,055,699 |
|
| (a) |
The
ETF acquired all of the assets and liabilities of Clough Hedged Equity
ETF, a series of Listed Funds Trust (the “Predecessor ETF”), in a tax free
reorganization that occurred as of the close of business on January 17,
2025. Performance and financial history of the Predecessor ETF has been
adopted by the ETF and will be used going forward. As a result, the
information for the periods prior to the close of business on January 17,
2025, reflects that of the Predecessor ETF, which ceased operations as of
the date of the reorganization. |
See Notes to
Financial Statements
Clough Select
Equity ETF
STATEMENTS
OF CHANGES IN NET ASSETS
| |
|
For the Year Ended
October
31, 2025(a) |
|
|
For the Year Ended
October
31, 2024(a) |
|
| OPERATIONS |
|
|
|
|
|
|
| Net investment income |
|
$ |
37,967 |
|
|
$ |
73,336 |
|
| Net realized gain |
|
|
6,098,953 |
|
|
|
1,829,677 |
|
| Net change in unrealized
appreciation/depreciation |
|
|
354,034 |
|
|
|
1,989,792 |
|
| Net increase in net assets resulting from
operations |
|
|
6,490,954 |
|
|
|
3,892,805 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS TO SHAREHOLDERS |
| From distributable earnings |
|
|
(79,339 |
) |
|
|
(97,722 |
) |
| Net decrease in net assets for
distributions |
|
|
(79,339 |
) |
|
|
(97,722 |
) |
| |
|
|
|
|
|
|
|
|
| BENEFICIAL INTEREST
TRANSACTIONS |
| Shares
sold |
|
|
27,659,007 |
|
|
|
14,250,136 |
|
| Shares redeemed |
|
|
(19,155,788 |
) |
|
|
(4,580,235 |
) |
| Net increase in net assets derived from beneficial
interest transactions |
|
|
8,503,219 |
|
|
|
9,669,901 |
|
| Net increase in net assets |
|
|
14,914,834 |
|
|
|
13,464,984 |
|
| |
|
|
|
|
|
|
|
|
| NET ASSETS |
| Beginning of period |
|
|
18,960,733 |
|
|
|
5,495,749 |
|
| End of period |
|
$ |
33,875,567 |
|
|
$ |
18,960,733 |
|
|
| (a) |
The
ETF acquired all of the assets and liabilities of Clough Select Equity
ETF, a series of Listed Funds Trust (the “Predecessor ETF”), in a tax free
reorganization that occurred as of the close of business on January 17,
2025. Performance and financial history of the Predecessor ETF has been
adopted by the ETF and will be used going forward. As a result, the
information for the periods prior to the close of business on January 17,
2025, reflects that of the Predecessor ETF, which ceased operations as of
the date of the reorganization. |
See Notes to
Financial Statements
Clough Hedged
Equity ETF
STATEMENT OF CASH FLOWS
For the
Year Ended October 31, 2025*
| CASH FLOWS FROM OPERATING
ACTIVITIES: |
| Net increase in net assets from
operations |
|
$ |
4,879,191 |
|
| |
|
|
|
|
| Adjustments to reconcile net increase in net assets
from operations to net cash provided by operating activities: |
| Purchase of investment securities |
|
|
(315,290,005 |
) |
| Net sales of short-term investment
securities |
|
|
986,304 |
|
| Proceeds from disposition of investment
securities |
|
|
303,975,812 |
|
| Proceeds from securities sold short
transactions |
|
|
187,161,943 |
|
| Cover securities sold short transactions |
|
|
(184,177,248 |
) |
| Net realized (gain)/loss on: |
|
|
|
|
| Investments |
|
|
(1,402,112 |
) |
| Securities sold short |
|
|
3,577,945 |
|
| Investments sold in-kind |
|
|
(6,012,912 |
) |
| Net change in unrealized appreciation/depreciation
on: |
| Investments |
|
|
(56,495 |
) |
| Securities sold short |
|
|
(646,992 |
) |
| (Increase)/Decrease in assets: |
| Dividends receivable |
|
|
(18,846 |
) |
| Interest receivable |
|
|
7,146 |
|
| Increase/(Decrease) in liabilities: |
| Accrued investment advisory fee |
|
|
8,987 |
|
| Interest payable |
|
|
(1,163 |
) |
| Dividends payable - short sales |
|
|
(3,112 |
) |
| Net Cash Used in Operating Activities |
|
|
(7,011,557 |
) |
| |
| CASH FLOWS FROM FINANCING
ACTIVITIES: |
| Shares sold |
|
|
15,737,530 |
|
| Shares redeemed |
|
|
(884,412 |
) |
| Cash distributions paid |
|
|
(294,372 |
) |
| Net Cash Provided by Financing Activities |
|
|
14,558,746 |
|
| |
|
|
|
|
| Net increase in cash and restricted cash |
|
|
7,547,189 |
|
| Cash and restricted cash, beginning
balance |
|
|
10,362,141 |
|
| Cash and restricted cash, ending balance |
|
$ |
17,909,330 |
|
| |
|
|
|
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION |
| Cash paid for interest expense |
|
$ |
1,163 |
|
| Purchase of investment securities and proceeds from
shares sold in-kind |
|
|
9,469,395 |
|
| Sales of investment securities and payment on
shares redeemed in-kind |
|
|
22,572,177 |
|
| |
|
|
|
|
| RECONCILIAITION OF BEGINNING BALANCE OF
RESTRICTED AND UNRESTRICTED CASH TO STATEMENT OF ASSETS AND
LIABILITIES |
| Cash held as collateral for securities sold
short |
|
$ |
27,505 |
|
| Deposits with broker for securities sold
short |
|
|
10,334,636 |
|
| |
|
|
|
|
| RECONCILIAITION OF ENDING BALANCE OF RESTRICTED
AND UNRESTRICTED CASH TO STATEMENT OF ASSETS AND
LIABILITIES |
| Cash |
|
$ |
79,570 |
|
| Deposits with broker for securities sold
short |
|
|
17,829,760 |
|
|
| * |
The
ETF acquired all of the assets and liabilities of Clough Hedged Equity
ETF, a series of Listed Funds Trust (the “Predecessor ETF”), in a tax free
reorganization that occurred as of the close of business on January 17,
2025. Performance and financial history of the Predecessor ETF has been
adopted by the ETF and will be used going forward. As a result, the
information for the periods prior to the close of business on January 17,
2025, reflects that of the Predecessor ETF, which ceased operations as of
the date of the reorganization. |
See Notes to
Financial Statements.
Clough Hedged
Equity ETF
FINANCIAL HIGHLIGHTS
| |
|
For the Year Ended October 31,
2025(a) |
|
|
For the Year Ended October 31,
2024(a) |
|
|
For the Year Ended October 31,
2023(a) |
|
|
For the Year Ended October 31,
2022(a) |
|
|
For the Period Ended October 31,
2021(a)(b) |
|
| PER SHARE OPERATING PERFORMANCE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value - Beginning of Period |
|
$ |
25.22 |
|
|
$ |
18.80 |
|
|
$ |
23.34 |
|
|
$ |
26.21 |
|
|
$ |
20.00 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME FROM INVESTMENT OPERATIONS: |
| Net investment
income/(loss)(c) |
|
|
0.22 |
|
|
|
0.26 |
|
|
|
0.04 |
|
|
|
(0.41 |
) |
|
|
(0.39 |
) |
| Net realized and unrealized gain/(loss) on
investments |
|
|
3.10 |
|
|
|
6.25 |
|
|
|
(4.58 |
) |
|
|
(2.46 |
) |
|
|
6.60 |
|
| Total from Investment Operations |
|
|
3.32 |
|
|
|
6.51 |
|
|
|
(4.54 |
) |
|
|
(2.87 |
) |
|
|
6.21 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS FROM: |
| Distributable earnings |
|
|
(0.19 |
) |
|
|
(0.09 |
) |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Total Distributions |
|
|
(0.19 |
) |
|
|
(0.09 |
) |
|
|
– |
|
|
|
– |
|
|
|
– |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Increase/(Decrease) in net asset
value |
|
|
3.13 |
|
|
|
6.42 |
|
|
|
(4.54 |
) |
|
|
(2.87 |
) |
|
|
6.21 |
|
| Net Asset Value - End of Period |
|
$ |
28.35 |
|
|
$ |
25.22 |
|
|
$ |
18.80 |
|
|
$ |
23.34 |
|
|
$ |
26.21 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return - Net Asset
Value(d) |
|
|
13.21 |
% |
|
|
34.77 |
% |
|
|
(19.46 |
%) |
|
|
(10.95 |
%) |
|
|
31.06 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RATIOS AND SUPPLEMENTAL
DATA:(e) |
| Net Assets, end of period (000s) |
|
$ |
41,391 |
|
|
$ |
35,056 |
|
|
$ |
6,767 |
|
|
$ |
5,602 |
|
|
$ |
7,863 |
|
| Total expense ratio |
|
|
1.89 |
% |
|
|
1.94 |
% |
|
|
2.93 |
% |
|
|
2.48 |
% |
|
|
2.14 |
%(f) |
| Ratio of dividends, interest and borrowing expense
on securities sold short |
|
|
0.54 |
% |
|
|
0.54 |
% |
|
|
1.23 |
% |
|
|
0.78 |
% |
|
|
0.44 |
%(f) |
| Expense ratio excluding dividends, interest, and
borrowing expense on securities sold short |
|
|
1.35 |
% |
|
|
1.40 |
%(g) |
|
|
1.70 |
% |
|
|
1.70 |
% |
|
|
1.70 |
%(f) |
| Ratio of net investment income/(loss) |
|
|
0.80 |
% |
|
|
1.08 |
% |
|
|
0.19 |
% |
|
|
(1.80 |
%) |
|
|
(1.58 |
%)(f) |
| Portfolio turnover rate(h)(i) |
|
|
719 |
%(j) |
|
|
509 |
% |
|
|
784 |
%(j) |
|
|
379 |
% |
|
|
160 |
% |
| (a)
|
The
ETF acquired all of the assets and liabilities of Clough Hedged Equity
ETF, a series of Listed Funds Trust (the “Predecessor ETF”), in a tax free
reorganization that occurred as of the close of business on January 17,
2025. Performance and financial history of the Predecessor ETF has been
adopted by the ETF and will be used going forward. As a result, the
information for the periods prior to the close of business on January 17,
2025, reflects that of the Predecessor ETF, which ceased operations as of
the date of the reorganization. |
| (b)
|
The
Predecessor ETF commenced operations on November 12, 2020.
|
| (c)
|
Calculated
based on the average number of Fund shares outstanding during each fiscal
period. |
| (d)
|
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. |
| (e)
|
The
ratios exclude the impact of expenses of the underlying funds in which the
ETF invests as represented on the Schedule of Investments.
|
| (f)
|
Annualized.
|
| (g)
|
Effective
February 29, 2024, the Predecessor ETF’s advisory fee was reduced from
1.70% of the Predecessor ETF’s average daily net assets to 1.35% of the
Predecessor ETF’s average daily net assets. |
| (h)
|
Portfolio
turnover rate for periods less than one full year have not been
annualized. |
| (i)
|
Portfolio
turnover rate excludes in-kind transactions. |
| (j)
|
The
change in portfolio turnover is related to the trade activity executed
during the ETF’s and Predecessor ETF’s fiscal
years. |
See Notes to
Financial Statements
Clough Select
Equity ETF
FINANCIAL
HIGHLIGHTS
| |
|
For the Year Ended October 31,
2025(a) |
|
|
For the Year Ended October 31,
2024(a) |
|
|
For the Year Ended October 31,
2023(a) |
|
|
For the Year Ended October 31,
2022(a) |
|
|
For the Period Ended October 31,
2021(a)(b) |
|
| PER SHARE OPERATING PERFORMANCE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Asset Value - Beginning of Period |
|
$ |
31.08 |
|
|
$ |
21.14 |
|
|
$ |
23.94 |
|
|
$ |
29.54 |
|
|
$ |
20.00 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME FROM INVESTMENT
OPERATIONS: |
| Net investment
income/(loss)(c) |
|
|
0.05 |
|
|
|
0.16 |
|
|
|
0.17 |
|
|
|
(0.05 |
) |
|
|
(0.07 |
) |
| Net realized and unrealized gain/(loss) on
investments |
|
|
9.32 |
|
|
|
10.16 |
|
|
|
(2.86 |
) |
|
|
(5.55 |
) |
|
|
9.61 |
|
| Total from Investment Operations |
|
|
9.37 |
|
|
|
10.32 |
|
|
|
(2.69 |
) |
|
|
(5.60 |
) |
|
|
9.54 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS FROM: |
| Distributable earnings |
|
|
(0.12 |
) |
|
|
(0.38 |
) |
|
|
(0.11 |
) |
|
|
– |
|
|
|
– |
|
| Total Distributions |
|
|
(0.12 |
) |
|
|
(0.38 |
) |
|
|
(0.11 |
) |
|
|
– |
|
|
|
– |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Increase/(Decrease) in net asset
value |
|
|
9.25 |
|
|
|
9.94 |
|
|
|
(2.80 |
) |
|
|
(5.60 |
) |
|
|
9.54 |
|
| Net Asset Value - End of Period |
|
$ |
40.33 |
|
|
$ |
31.08 |
|
|
$ |
21.14 |
|
|
$ |
23.94 |
|
|
$ |
29.54 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Return - Net Asset
Value(d) |
|
|
30.15 |
% |
|
|
49.28 |
% |
|
|
(11.25 |
%) |
|
|
(18.97 |
%) |
|
|
47.72 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RATIOS AND SUPPLEMENTAL
DATA:(e) |
| Net Assets, end of period (000s) |
|
$ |
33,876 |
|
|
$ |
18,961 |
|
|
$ |
5,496 |
|
|
$ |
6,465 |
|
|
$ |
10,045 |
|
| Total expense ratio |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.85 |
%(f) |
| Ratio of net investment income/(loss) |
|
|
0.15 |
% |
|
|
0.56 |
% |
|
|
0.74 |
% |
|
|
(0.20 |
%) |
|
|
(0.25 |
%)(f) |
| Portfolio turnover rate(g)(h) |
|
|
767 |
%(i) |
|
|
428 |
% |
|
|
465 |
%(i) |
|
|
222 |
% |
|
|
105 |
% |
| (a)
|
The
ETF acquired all of the assets and liabilities of Clough Select Equity
ETF, a series of Listed Funds Trust (the “Predecessor ETF”), in a tax free
reorganization that occurred as of the close of business on January 17,
2025. Performance and financial history of the Predecessor ETF has been
adopted by the ETF and will be used going forward. As a result, the
information for the periods prior to the close of business on January 17,
2025, reflects that of the Predecessor ETF, which ceased operations as of
the date of the reorganization. |
| (b)
|
The
Predecessor ETF commenced operations on November 12, 2020.
|
| (c)
|
Calculated
based on the average number of Fund shares outstanding during each fiscal
period. |
| (d)
|
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. |
| (e)
|
The
ratios exclude the impact of expenses of the underlying funds in which the
ETF invests as represented on the Schedule of Investments.
|
| (f)
|
Annualized.
|
| (g)
|
Portfolio
turnover rate for periods less than one full year have not been
annualized. |
| (h)
|
Portfolio
turnover rate excludes in-kind transactions. |
| (i)
|
The
change in portfolio turnover is related to the trade activity executed
during the ETF’s and Predecessor ETF’s fiscal
years. |
See Notes to
Financial Statements
Clough
Capital ETFs
NOTES TO FINANCIAL
STATEMENTS
October
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 two series
of the Trust, Clough Hedged Equity ETF (“CBLS”) and Clough Select Equity ETF
(“CBSE”) (each an “ETF” and collectively the “ETFs”). Each ETF is diversified
within the meaning of the 1940 Act.
The ETFs both
commenced operations on November 11, 2020, as series of Listed Funds Trust (the
"Predecessor ETFs"). On October 21, 2024, the Board of Trustees of Listed Funds
Trust approved a tax-free reorganization wherein all of the assets and
liabilities of each Predecessor ETF were acquired by its respective ETF. In
connection with this acquisition, as of the close of business on January 17,
2025, shares of each Predecessor ETFs were exchanged for an equivalent number of
shares of the corresponding ETF. CBLS’s and CBSE’s net assets of $45,438,437 and
$23,422,377, respectively, net asset value per share of $28.05 and $35.49,
respectively, shares outstanding of 1,620,000 and 660,000, respectively, net
unrealized appreciation/depreciation of $3,900,718 and $2,221,576, respectively,
and the results of operations of the ETFs were unchanged from that of the
Predecessor ETFs as a result of the reorganization. The Predecessor ETFs had
investment objectives that were, in all material respects, the same as those of
the ETFs as described below. The ETFs are a continuation of the
Predecessor ETFs, and therefore, the performance and financial history of
the Predecessor ETFs have been adopted by the ETFs 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
January 17, 2025, reflects that of the Predecessor ETFs, which ceased operations
as of the date of the reorganization.
CBLS is an
actively-managed exchange-traded fund (“ETF”) that seeks to achieve its
investment objective by purchasing securities Clough Capital Partners
L.P. (“Clough Capital” or the “Adviser”), the ETF’s investment adviser,
believes to have above-average financial characteristics, be undervalued and/or
have growth potential, and by taking short positions in securities the Adviser
believes will decline in price. The ETF will generally have net long exposure of
between 30%-70% of net assets. CBSE is an actively-managed ETF that seeks to
achieve its investment objective by purchasing securities the Adviser believes
to have above-average financial characteristics, be undervalued and/or have
growth potential.
The ETFs
currently offer an unlimited number of one class of shares, without par value,
which are listed and traded on the NYSE Arca, Inc. (the “Exchange”).
During the
year ended October 31, 2025, the ETFs adopted FASB Update 2023-07, Segment
Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU
2023-07”). An operating segment is a component of an ETF that engages in
business activities from which it may recognize revenues and incur expenses, has
operating results that are regularly reviewed by the ETFs’ 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 Portfolio Manager acts as the ETFs’ CODM. The financial
information provided to and reviewed by the CODM is presented within the ETFs’
financial statements.
NOTE 2 -
SIGNIFICANT ACCOUNTING POLICIES
The following
is a summary of significant accounting policies consistently followed by the
ETFs 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. Each ETF is an
investment company and follows accounting and reporting guidance in the
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
Topic 946, Financial Services – Investment Companies, including FASB Accounting
Standard update 2013-08.
Portfolio
Valuation: The net asset value (“NAV”) per share of each ETF is determined
no less frequently than daily, on each day that the New York Stock Exchange
(“NYSE” or the “Exchange”) is open for trading, as of the close of regular
trading on the Exchange (normally 4:00 p.m. New York time). Trading may take
place in foreign issues held by the ETF at times when the ETFs are not open for
business. As a result, each ETF’s NAV may change at times when it is not
possible to purchase or sell shares of that ETF.
Securities and
securities sold short, held by each ETF, for which exchange quotations are
readily available, are valued at the last sale price, or if no sale price or if
traded on the over-the-counter market, at the mean of the bid and asked prices
on such day. Money market funds are valued based on the closing NAV. 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 ETFs
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 by the
Board-appointed fair valuation designee.
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.
If the price
of a security is unavailable, or the price of a security is unreliable, e.g.,
due to the occurrence of a significant event, the security may be valued at its
fair value determined by the valuation designee. 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 ETF's portfolio securities, subject to
oversight by and periodic reporting to the Board. For this purpose, fair value
is the price that an ETF reasonably expects to receive on a current sale of the
security. Due to the number of variables affecting the price of a security,
however; it is possible that the fair value of a security may not accurately
reflect the price that an ETF could actually receive on a sale of the
security.
A three-tier
hierarchy has been established to classify fair value measurements for
disclosure purposes. 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 are
inputs that 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 are inputs that 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.
Clough
Capital ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
Various inputs
are used in determining the value of the ETF’s 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 ETFs 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 ETFs’ 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.
The following
is a summary of the ETFs’ investments in the fair value hierarchy as of October
31, 2025:
Clough
Hedged Equity ETF
| Investments
in Securities at Value(a) |
|
|
Level
1 - Unadjusted Quoted
Prices |
|
|
Level 2 - Other
Significant
Observable
Inputs |
|
|
Level 3 -
Significant
Unobservable
Inputs |
|
|
Total |
|
| Common Stocks |
|
$ |
40,298,308 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
40,298,308 |
|
| Money Market
Funds |
|
|
747,509 |
|
|
|
– |
|
|
|
– |
|
|
|
747,509 |
|
| Total |
|
$ |
41,045,817 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
41,045,817 |
|
| Other Financial
Instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities Sold
Short |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
| (16,078,753 |
) |
|
| – |
|
|
| – |
|
|
| (16,078,753 |
) |
| Total |
|
$ |
(16,078,753 |
) |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
(16,078,753 |
) |
Clough
Select Equity ETF
| Investments
in Securities at Value(a) |
|
Level 1 - Unadjusted
Quoted
Prices |
|
|
Level 2 - Other
Significant
Observable
Inputs |
|
|
Level 3 -
Significant
Unobservable
Inputs |
|
|
Total |
|
| Common Stocks |
|
$ |
33,238,624 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
33,238,624 |
|
| Money Market
Funds |
|
|
1,729,824 |
|
|
|
– |
|
|
|
– |
|
|
|
1,729,824 |
|
| Total |
|
$ |
34,968,448 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
34,968,448 |
|
| (a) |
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.
Foreign
Securities: Each ETF may invest a portion of its assets in foreign
securities. In the event that an ETF executes a foreign security transaction,
the ETF 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 ETF 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 ETFs 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. Each ETF 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 an ETF include the potential inability of the counterparty to meet the
terms of the contract.
Exchange
Traded Funds: Each ETF may invest in Exchange Traded Funds (“ETFs”), which
are funds whose shares are traded on a national exchange. ETFs may be based on
underlying equity or fixed income securities, as well as commodities or
currencies. ETFs do not sell individual shares directly to investors and only
issue their shares in large blocks known as “creation units.” The investor
purchasing a creation unit then sells the individual shares on a secondary
market. Although similar diversification benefits may be achieved through an
investment in another investment company, ETFs generally offer greater liquidity
and lower expenses. Because an ETF incurs its own fees and expenses,
shareholders of a fund investing in an ETF will indirectly bear those costs.
Such funds will also incur brokerage commissions and related charges when
purchasing or selling shares of an ETF. Unlike typical investment company
shares, which are valued once daily, shares in an ETF may be purchased or sold
on a securities exchange throughout the trading day at market prices that are
generally close to the NAV of the ETF.
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
the ETF. Certain dividend income from foreign securities will be recorded, in
the exercise of reasonable diligence, as soon as the ETFs 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 ETF’s
understanding of the applicable country's tax rules and rates. Non-cash
dividends included
Clough
Capital ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
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: Each ETF intends to pay out dividends in cash, if any, and
distribute any net realized capital gains to its shareholders at least
annually.
Federal
Income Tax: For federal income tax purposes, each ETF intends to qualify
each year for treatment as a regulated investment company under the provisions
of Subchapter M of the Internal Revenue Code of 1986, as amended, by
distributing substantially all of the ETFs’ 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 ETF, timing differences and differing characterization
of distributions made by each ETF as a whole.
As of and
during the year ended October 31, 2025, the ETFs did not have liabilities for
any unrecognized tax benefits. The ETFs recognize interest and penalties, if
any, related to unrecognized tax benefits as income tax expenses, in the
Statements of Operations. As of October 31, 2025, there were no interest or
penalties incurred by the ETFs. The ETFs file U.S. federal, state, and local tax
returns as required. The ETFs’ 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.
Short
Sales: CBLS engages in short sales and CBSE may engage in short sales. Short
sales are transactions in which a fund sells an instrument it does not own in
anticipation of a decline in the market value of that instrument. To complete a
short sale transaction, a fund must borrow the instrument to make delivery to
the buyer. A fund then is obligated to replace the instrument borrowed by
purchasing it at the market price at the time of replacement. The price at such
time may be more or less than the price at which the instrument was sold by a
fund. Until the instrument is replaced, a fund is required to pay to the lender
amounts equal to any interest or dividends which accrue during the period of the
loan. To borrow the instrument, a fund also may be required to pay a premium,
which would increase the cost of the instrument sold. There will also be other
costs associated with short sales.
Dividends
declared on open short positions are recorded on ex-date and shown as an expense
for financial reporting purposes. To borrow the security, a fund also may be
required to pay fees, which is shown as an expense for financial reporting
purposes.
A fund will
incur a loss as a result of the short sale if the price of the instrument
increases between the date of the short sale and the date on which a fund
replaces the borrowed instrument. Unlike taking a long position in an instrument
by purchasing the instrument, where potential losses are limited to the purchase
price, short sales have unlimited potential losses. A fund will realize a gain
if the instrument declines in price between the date of the short sale and the
date on which a fund replaces the borrowed instrument. This result is the
opposite of what one would expect from a cash purchase of a long position in an
instrument. Gains or losses from closed positions of securities sold short are
presented as net realized gain or loss on securities sold short on the
Statements of Operations.
Until a fund
replaces a borrowed instrument in connection with a short sale, a fund will (a)
designate on its records as collateral cash or liquid assets at such a level
that the designated assets plus any amount deposited with the broker as
collateral will equal the current value of the instrument sold short or (b)
otherwise cover its short position in accordance with applicable law. The amount
designated on a fund’s records will be marked to market daily. This may limit a
fund’s investment flexibility, as well as its ability to meet redemption
requests or other current obligations.
There is no
guarantee that a fund will be able to close out a short position at any
particular time or at an acceptable price. During the time that a fund is short
an instrument, it is subject to the risk that the lender of the instrument will
terminate the loan at a time when a fund is unable to borrow the same instrument
from another lender. If that occurs, a fund may be “bought in” at the price
required to purchase the instrument needed to close out the short position,
which may be a disadvantageous price. Thus, there is a risk that a fund may be
unable to fully implement its investment strategy due to a lack of available
instruments or for some other reason. It is possible that the market value of
the instruments a fund holds in long positions will decline at the same time
that the market value of the instruments a fund has sold short increases,
thereby increasing a fund’s potential volatility. Short sales also involve other
costs. A fund must normally repay to the lender an amount equal to any dividends
or interest that accrues while the loan is outstanding. In addition, to borrow
the instrument, a fund may be required to pay a premium. A fund also will incur
transaction costs in effecting short sales. The amount of any ultimate gain for
a fund resulting from a short sale will be decreased, and the amount of any
ultimate loss will be increased, by the amount of premiums, dividends, interest
or expenses a fund may be required to pay in connection with the short
sale.
As of October
31, 2025, CBLS had cash on deposit with broker for securities sold short of
$17,829,760 and securities held as collateral in the amount of
$9,402,285.
NOTE 3 -
INVESTMENT ADVISORY AND OTHER AGREEMENTS
Pursuant to
the Investment Advisory Agreement, each ETF pays the Adviser a Unitary
Management Fee, which is calculated daily and paid monthly, at an annual rate of
1.35% of CBLS’s average daily net assets and at an annual rate of 0.85% of
CBSE’s average daily net assets. Out of the Unitary Management Fees, the Adviser
has agreed to pay substantially all of the expenses of the ETFs, including the
cost of transfer agency, custody, fund administration, trustees and other
non-distribution related services necessary for the ETFs 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 an ETF under any
distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and
litigation expenses and other non-routine or extraordinary expenses.
Clough
Capital ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
Paralel
Technologies LLC (the “Administrator”), the parent company of the Distributor,
serves as the ETFs’ administrator and fund accountant pursuant to an
Administration and Fund Accounting Agreement. The Administrator provides the
ETFs 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 ETFs’
administrator.
Paralel
Distributors LLC, a wholly owned subsidiary of the Administrator, acts as the
principal underwriter for the ETFs 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. Vigilant Distributors,
LLC served as the Predecessor ETFs’ distributor.
State Street
Bank and Trust Company (“State Street”) serves as the custodian of the ETFs’
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 ETFs’ custodian and transfer agent.
The officers
and the Interested Trustee of the Trust are officers 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 Fee.
NOTE 4 -
PURCHASES AND SALES OF SECURITIES
For the year
ended October 31, 2025, the cost of purchases and proceeds from sales of
investment securities, excluding short-term investments and in-kind transactions
were as follows:
| ETF |
|
Purchases |
|
|
Sales |
|
| Clough Hedged Equity
ETF |
|
$ |
314,947,575 |
|
|
$ |
301,615,084 |
|
| Clough Select Equity
ETF |
|
|
206,673,624 |
|
|
|
188,575,522 |
|
For the year
ended October 31, 2025, in-kind transactions associated with creations and
redemptions for the Funds were as follows:
| ETF |
|
In-Kind
Purchases |
|
|
In-Kind
Sales |
|
| Clough Hedged Equity
ETF |
|
$ |
9,469,395 |
|
|
$ |
22,572,177 |
|
| Clough Select Equity
ETF |
|
|
9,083,527 |
|
|
|
19,227,874 |
|
NOTE 5 -
BENEFICIAL INTEREST TRANSACTIONS
Shares are
purchased from or redeemed by the ETFs 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 the ETF on the
transaction date. The ETF 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 reflect the
tax free reorganization from the Predecessor ETF's shares outstanding on January
17, 2025.
Beneficial
Interest transactions were as follows:
| |
|
For the Year
Ended
October 31,
2025 |
|
|
For the Year
Ended
October 31,
2024 |
|
| Clough
Hedged Equity ETF |
|
|
|
|
|
|
|
|
| Shares sold |
|
|
900,000 |
|
|
|
1,190,000 |
|
| Shares
redeemed |
|
|
(830,000 |
) |
|
|
(160,000 |
) |
| Net increase in shares
outstanding |
|
|
70,000 |
|
|
|
1,030,000 |
|
| Clough
Select Equity ETF |
|
|
|
|
|
|
|
|
| Shares sold |
|
|
730,000 |
|
|
|
500,000 |
|
| Shares
redeemed |
|
|
(500,000 |
) |
|
|
(150,000 |
) |
| Net increase in shares
outstanding |
|
|
230,000 |
|
|
|
350,000 |
|
NOTE 6 -
TAX BASIS DISTRIBUTIONS AND TAX BASIS INFORMATION
As determined
on October 31, 2025, permanent differences resulting primarily from in-kind
redemptions 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 stockholder or net asset value per common share
outstanding. Permanent book and tax differences were reclassified at October 31,
2025 among paid in capital and total distributable earnings for the ETFs as
follows:
Clough
Capital ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
| Fund |
|
Paid-in
Capital |
|
Total
Distributable
Earnings/(Accumulated
Losses) |
|
| Clough Hedged Equity
ETF |
|
$ |
5,371,728 |
|
$ |
(5,371,728) |
|
| Clough Select Equity
ETF |
|
|
6,062,358 |
|
|
(6,062,358) |
|
The tax
character of distributions paid for the year ended October 31, 2025 were as
follows:
| Fund |
|
|
|
|
Ordinary
Income |
|
| Clough Hedged Equity
ETF |
|
|
|
|
$ |
294,372 |
|
| Clough Select Equity
ETF |
|
|
|
|
|
79,339 |
|
The tax
character of distributions paid for the year ended October 31, 2024 were as
follows:
| Fund |
|
|
|
|
Ordinary
Income |
|
| Clough Hedged Equity
ETF |
|
|
|
|
$ |
35,104 |
|
| Clough Select Equity
ETF |
|
|
|
|
|
97,722 |
|
The amount of
net unrealized appreciation/depreciation and the costs of investment securities
for tax purposes at October 31, 2025 were as follows:
| |
|
Gross
Appreciation
(excess
of value
over
tax cost)(a)(b) |
|
Gross
Depreciation
(excess
of tax
cost
over
value)(a)(b) |
|
|
Net
Appreciation/
(Depreciation)
of
Foreign Currency |
|
|
Net
Unrealized
Appreciation/
(Depreciation) |
|
|
Cost
of
Investments
for
Income
Tax
Purposes(b) |
|
| Clough Hedged Equity
ETF |
|
$ |
2,964,542 |
|
$ |
(542,000 |
) |
|
$ |
– |
|
|
$ |
2,422,542 |
|
|
$ |
39,271,509 |
|
| Clough Select Equity
ETF |
|
|
2,428,927 |
|
|
(366,985 |
) |
|
|
– |
|
|
|
2,061,942 |
|
|
|
32,906,506 |
|
|
| (a) |
Includes
appreciation/(depreciation) on securities sold short.
|
|
| (b) |
Represents
cost and unrealized appreciation/(depreciation) 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 October
31, 2025, the components of distributable earnings/(accumulated deficit) on a
tax basis were as follows:
| |
|
Undistributed
Net
Investment
Income/(Loss) |
|
|
Accumulated
Net
Realized
Gain/(Loss) |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
Other Accumulated
Gain/(Loss) |
|
|
Total |
|
| Clough Hedged Equity
ETF |
|
$ |
332,827 |
|
$ |
|
(3,584,872 |
) |
|
$ |
2,422,542 |
|
$ |
(25,657 |
) |
|
$ |
(855,160 |
) |
| Clough Select Equity
ETF |
|
|
96,291 |
|
|
|
(856,506 |
) |
|
|
2,061,942 |
|
|
– |
|
|
|
1,301,727 |
|
CBSE and CBLS
did not utilize any capital loss carryovers during the year ended October 31,
2025. As of October 31, 2025, the following amount is available as capital loss
carry forwards to the next year:
| Fund |
|
Short-Term |
|
| Clough Hedged Equity
ETF |
|
$ |
(3,584,872 |
) |
| Clough Select Equity
ETF |
|
|
(856,506 |
) |
NOTE 7 -
INDEMNIFICATIONS
In the normal
course of business, the Trust or ETFs 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 ETFs’
maximum exposure under these arrangements is unknown, however, the ETFs expect
the risk of loss to be remote.
NOTE 8 -
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.
Clough
Capital ETFs
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
To the
Shareholders of Clough Hedged Equity ETF and Clough Select Equity ETF
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 Clough Hedged Equity ETF and Clough
Select
Equity ETF
(the “Funds”), each a series of Elevation Series Trust, as of October 31, 2025,
the related statements of operations and cash flows (as applicable) for the year
then ended, the statements of changes in net assets for each of the two years in
the period then ended, the financial highlights for each of the four years in
the period ended October 31, 2025 and for the period November 12, 2020
(commencement of operations) through October 31, 2021, 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 October 31, 2025, the results of their
operations and cash flows (as applicable) for the year then ended, the changes
in net assets for each of the two years in the period then ended, and the
financial highlights for each of the four years in the period ended October 31,
2025 and for the period November 12, 2020 (commencement of operations) through
October 31, 2021, in conformity with accounting principles generally accepted in
the United States of America.
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
October 31, 2025, by correspondence with the custodian and brokers; when replies
were not received from brokers, we performed other auditing procedures. 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 auditor for one or more investment companies advised by Clough Capital
Partners, LP since 2012.
COHEN &
COMPANY, LTD.
Greenwood
Village, Colorado
December 23,
2025
Clough
Capital ETFs
UNAUDITED TAX
DESIGNATIONS AND ADDITIONAL INFORMATION
October
31, 2025 (Unaudited)
The ETFs
designate the following as percentages of taxable ordinary income distributions,
up to the maximum amount allowable, for the calendar year ended December 31,
2024.
| |
|
QDI |
|
|
DRD |
|
| Clough Hedged Equity
ETF |
|
|
83.32 |
% |
|
|
0.00 |
% |
| Clough Select Equity
ETF |
|
|
100.00 |
% |
|
|
0.00 |
% |
In early 2025,
if applicable, shareholders of record received this information for the
distributions paid to them by the ETFs during the calendar year 2024 via Form
1099. The ETF will notify shareholders in early 2026 of amounts paid to them by
the ETFs, if any, during the calendar year 2025.
PROXY
VOTING
The policies
and procedures used by the ETFs to determine how to vote proxies relating to
portfolio securities held by the ETFs are available, without charge, (i) on the
SEC’s website at www.sec.gov or (ii) by calling toll-free 1-855-393-0559.
Information regarding how the ETFs voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge at www.sec.gov or by calling toll-free 1-855-393-0559.
SRH
Funds
SRH REIT
Covered Call ETF (NYSE Arca, Inc.: SRHR)
SRH U.S.
Quality GARP ETF* (NYSE Arca, Inc.: SRHQ)
Annual
Financial Statements
October
31, 2025
* Effective
February 28, 2025, the name of the Fund was changed from SRH U.S. Quality ETF to
SRH U.S. Quality GARP ETF.
TABLE OF
CONTENTS
SRH REIT
Covered Call ETF
SCHEDULE OF INVESTMENTS
October
31, 2025
| |
|
Shares |
|
|
Value |
|
| COMMON STOCKS - 99.78% |
|
|
|
|
|
|
|
|
| Data
Center REIT - 9.58% |
|
|
|
|
|
|
|
|
| Digital
Realty Trust, Inc.(a) |
|
|
27,000 |
|
|
$ |
4,601,070 |
|
| |
|
|
|
|
|
|
|
|
| Gaming
REIT - 3.23% |
|
|
|
|
|
|
|
|
| VICI Properties, Inc. |
|
|
51,763 |
|
|
|
1,552,372 |
|
| |
|
|
|
|
|
|
|
|
| Health
Care REIT - 13.99% |
|
|
|
|
|
|
|
|
| Alexandria Real Estate Equities, Inc. |
|
|
22,600 |
|
|
|
1,315,772 |
|
| Healthpeak Properties, Inc. |
|
|
74,763 |
|
|
|
1,341,996 |
|
| Ventas, Inc. |
|
|
55,000 |
|
|
|
4,058,450 |
|
| |
|
|
|
|
|
|
6,716,218 |
|
| |
|
|
|
|
|
|
|
|
| Hotel
REIT - 5.20% |
|
|
|
|
|
|
|
|
| Apple Hospitality REIT, Inc. |
|
|
75,000 |
|
|
|
839,250 |
|
| Host
Hotels & Resorts, Inc.(a) |
|
|
103,525 |
|
|
|
1,658,471 |
|
| |
|
|
|
|
|
|
2,497,721 |
|
| |
|
|
|
|
|
|
|
|
| Industrial
REIT - 12.93% |
|
|
|
|
|
|
|
|
| Eastgroup Properties, Inc. |
|
|
7,395 |
|
|
|
1,290,649 |
|
| First Industrial Realty Trust, Inc. |
|
|
41,260 |
|
|
|
2,280,853 |
|
| Lineage,
Inc.(a) |
|
|
25,000 |
|
|
|
985,000 |
|
| Rexford
Industrial Realty, Inc.(a) |
|
|
40,000 |
|
|
|
1,652,800 |
|
| |
|
|
|
|
|
|
6,209,302 |
|
| |
|
|
|
|
|
|
|
|
| Infrastructure
REIT - 5.64% |
|
|
|
|
|
|
|
|
| Crown
Castle, Inc.(a) |
|
|
30,000 |
|
|
|
2,706,600 |
|
| |
|
|
|
|
|
|
|
|
| Multi
Asset Class REIT - 7.18% |
|
|
|
|
|
|
|
|
| Global Net Lease, Inc. |
|
|
295,500 |
|
|
|
2,251,710 |
|
| Safehold,
Inc.(a) |
|
|
82,800 |
|
|
|
1,194,804 |
|
| |
|
|
|
|
|
|
3,446,514 |
|
| |
|
|
|
|
|
|
|
|
| Office
REIT - 8.69% |
|
|
|
|
|
|
|
|
| Cousins Properties, Inc. |
|
|
72,500 |
|
|
|
1,879,925 |
|
| Highwoods
Properties, Inc.(a) |
|
|
80,000 |
|
|
|
2,290,400 |
|
| |
|
|
|
|
|
|
4,170,325 |
|
| |
|
|
|
|
|
|
|
|
|
Residential REIT -
12.20% |
|
|
|
|
|
|
| Invitation Homes, Inc. |
|
|
20,628 |
|
|
|
580,678 |
|
| Mid-America Apartment Communities, Inc.(a) |
|
|
8,000 |
|
|
|
1,025,840 |
|
| NexPoint Residential Trust, Inc. |
|
|
72,082 |
|
|
|
2,210,755 |
|
| Sun Communities, Inc. |
|
|
16,094 |
|
|
|
2,037,501 |
|
| |
|
|
|
|
|
|
5,854,774 |
|
| |
|
Shares |
|
|
Value |
|
| Retail
REIT - 6.38% |
|
|
|
|
|
|
|
|
| Brixmor Property Group Inc. |
|
|
64,200 |
|
|
$ |
1,679,472 |
|
| Curbline Properties Corp. |
|
|
60,000 |
|
|
|
1,383,600 |
|
| |
|
|
|
|
|
|
3,063,072 |
|
| |
|
|
|
|
|
|
|
|
| Self-storage
REIT - 5.58% |
|
|
|
|
|
|
|
|
| Extra
Space Storage, Inc.(a) |
|
|
12,350 |
|
|
|
1,649,219 |
|
| Public
Storage(a) |
|
|
3,700 |
|
|
|
1,030,672 |
|
| |
|
|
|
|
|
|
2,679,891 |
|
| |
|
|
|
|
|
|
|
|
| Specialty
REIT - 9.18% |
|
|
|
|
|
|
|
|
| Lamar
Advertising Co., Class A(a) |
|
|
37,168 |
|
|
|
4,407,753 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
|
| (Cost $46,911,555) |
|
|
|
|
|
|
47,905,612 |
|
| |
|
|
|
|
|
|
|
|
| MONEY MARKET FUNDS - 1.13% |
|
|
|
|
|
|
|
|
| Invesco
Government & Agency Portfolio, Institutional Class, 7-Day Yield -
4.06%(b) |
|
|
542,123 |
|
|
|
542,123 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL MONEY MARKET FUNDS |
|
|
|
|
|
|
| |
| (Cost $542,123) |
|
|
|
|
|
|
542,123 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 100.91% |
|
|
|
|
|
|
| |
| (Cost $47,453,678) |
|
|
|
|
|
$ |
48,447,735 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities in Excess of Other Assets -
(0.91%) |
|
|
|
|
|
|
(436,924 |
) |
| |
|
|
|
|
|
|
|
|
| NET ASSETS - 100.00% |
|
|
|
|
|
$ |
48,010,811 |
|
|
| (a) |
Pledged
security; a portion or all of the security is pledged as collateral for
written options in the amount of $23,116,013 as of October 31, 2025.
|
|
| (b) |
Rate
disclosed is 7-Day Yield as of October 31, 2025.
|
Percentages
are stated as a percent of net assets.
See Notes to
Financial Statements
SRH REIT
Covered Call ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025 (Continued)
| Call Options
Written |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Premiums |
|
|
|
|
|
|
|
| Underlying Security |
|
Expiration Date |
|
Strike Price |
|
|
Contracts |
|
|
Received |
|
|
Notional Value |
|
|
Value |
|
| Crown Castle, Inc. |
|
11/21/2025 |
|
$ |
105.00 |
|
|
|
(300) |
|
|
$ |
23,093 |
|
|
$ |
(2,706,600 |
) |
|
$ |
(1,500 |
) |
| Digital Realty Trust, Inc. |
|
3/20/2026 |
|
|
190.00 |
|
|
|
(270) |
|
|
|
171,985 |
|
|
|
(4,601,070 |
) |
|
|
(148,500 |
) |
| Extra Space Storage, Inc. |
|
11/21/2025 |
|
|
155.00 |
|
|
|
(120) |
|
|
|
14,037 |
|
|
|
(1,602,481 |
) |
|
|
(2,400 |
) |
| Highwoods Properties, Inc. |
|
11/21/2025 |
|
|
35.00 |
|
|
|
(800) |
|
|
|
47,945 |
|
|
|
(2,290,400 |
) |
|
|
(6,000 |
) |
| Host Hotels & Resorts, Inc. |
|
12/19/2025 |
|
|
18.00 |
|
|
|
(1,030) |
|
|
|
20,581 |
|
|
|
(1,650,060 |
) |
|
|
(18,025 |
) |
| Lamar Advertising Co. |
|
1/16/2026 |
|
|
135.00 |
|
|
|
(370) |
|
|
|
87,681 |
|
|
|
(4,387,830 |
) |
|
|
(40,700 |
) |
| Lineage, Inc. |
|
4/17/2026 |
|
|
45.00 |
|
|
|
(250) |
|
|
|
84,245 |
|
|
|
(985,000 |
) |
|
|
(61,250 |
) |
| Mid-America Apartment Communities, Inc. |
|
12/19/2025 |
|
|
160.00 |
|
|
|
(80) |
|
|
|
35,758 |
|
|
|
(1,025,840 |
) |
|
|
(3,000 |
) |
| Public Storage |
|
12/19/2025 |
|
|
300.00 |
|
|
|
(37) |
|
|
|
24,160 |
|
|
|
(1,030,672 |
) |
|
|
(8,140 |
) |
| Rexford Industrial Realty, Inc. |
|
12/19/2025 |
|
|
40.00 |
|
|
|
(400) |
|
|
|
56,793 |
|
|
|
(1,652,800 |
) |
|
|
(88,000 |
) |
| Safehold, Inc. |
|
4/17/2026 |
|
|
17.50 |
|
|
|
(820) |
|
|
|
57,745 |
|
|
|
(1,183,260 |
) |
|
|
(36,900 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
$ |
624,023 |
|
|
$ |
(23,116,013 |
) |
|
$ |
(414,415 |
) |
See Notes to
Financial Statements
SRH U.S.
Quality GARP ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025
| |
|
Shares |
|
Value |
| COMMON STOCKS - 99.90% |
|
|
|
|
| Consumer
Discretionary Products - 5.66% |
|
|
|
|
|
|
|
|
| NIKE, Inc., Class B |
|
|
42,141 |
|
|
$ |
2,721,887 |
|
| NVR,
Inc.(a) |
|
|
369 |
|
|
|
2,660,793 |
|
| Polaris, Inc. |
|
|
65,343 |
|
|
|
4,319,172 |
|
| |
|
|
|
|
|
|
9,701,852 |
|
| |
|
|
|
|
|
|
|
|
| Consumer
Staple Products - 2.51% |
|
|
|
|
|
|
|
|
| Coca-Cola Consolidated, Inc. |
|
|
19,816 |
|
|
|
2,583,610 |
|
| Conagra Brands, Inc. |
|
|
100,305 |
|
|
|
1,724,243 |
|
| |
|
|
|
|
|
|
4,307,853 |
|
| |
|
|
|
|
|
|
|
|
| Financial
Services - 10.37% |
|
|
|
|
|
|
|
|
| Cboe Global Markets, Inc. |
|
|
11,821 |
|
|
|
2,903,710 |
|
| Corpay,
Inc.(a) |
|
|
7,671 |
|
|
|
1,997,145 |
|
| Credit
Acceptance Corp.(a) |
|
|
5,180 |
|
|
|
2,317,221 |
|
| Essent Group Ltd. |
|
|
46,347 |
|
|
|
2,807,238 |
|
| Euronet
Worldwide, Inc.(a) |
|
|
25,036 |
|
|
|
1,899,231 |
|
| Nasdaq, Inc. |
|
|
35,264 |
|
|
|
3,014,719 |
|
| PayPal
Holdings, Inc.(a) |
|
|
40,995 |
|
|
|
2,839,724 |
|
| |
|
|
|
|
|
|
17,778,988 |
|
| |
|
|
|
|
|
|
|
|
| Health
Care - 13.03% |
|
|
|
|
|
|
|
|
| Amgen, Inc. |
|
|
8,585 |
|
|
|
2,562,022 |
|
| Cardinal Health, Inc. |
|
|
19,417 |
|
|
|
3,704,181 |
|
| Cencora, Inc. |
|
|
9,619 |
|
|
|
3,249,394 |
|
| CVS Health Corp. |
|
|
39,485 |
|
|
|
3,085,753 |
|
| Elevance Health, Inc. |
|
|
6,150 |
|
|
|
1,950,780 |
|
| Humana, Inc. |
|
|
10,110 |
|
|
|
2,812,501 |
|
| McKesson Corp. |
|
|
3,975 |
|
|
|
3,225,076 |
|
| UnitedHealth Group, Inc. |
|
|
5,105 |
|
|
|
1,743,664 |
|
| |
|
|
|
|
|
|
22,333,371 |
|
| |
|
|
|
|
|
|
|
|
| Industrial
Products - 6.98% |
|
|
|
|
|
|
|
|
| Fortive Corp. |
|
|
36,555 |
|
|
|
1,840,179 |
|
| Keysight
Technologies, Inc.(a) |
|
|
17,861 |
|
|
|
3,267,848 |
|
| Ralliant Corp. |
|
|
12,184 |
|
|
|
535,121 |
|
| The Toro Co. |
|
|
36,771 |
|
|
|
2,747,897 |
|
| Watts Water Technologies, Inc. |
|
|
13,118 |
|
|
|
3,575,967 |
|
| |
|
|
|
|
|
|
11,967,012 |
|
| |
|
|
|
|
|
|
|
|
| Industrial
Services - 12.92% |
|
|
|
|
|
|
|
|
| Applied Industrial Technologies, Inc. |
|
|
11,871 |
|
|
|
3,051,915 |
|
| Arcosa, Inc. |
|
|
34,688 |
|
|
|
3,538,176 |
|
| EMCOR Group, Inc. |
|
|
7,237 |
|
|
|
4,890,620 |
|
| Frontdoor,
Inc.(a) |
|
|
69,629 |
|
|
|
4,625,454 |
|
| FTI
Consulting, Inc.(a) |
|
|
16,304 |
|
|
|
2,690,323 |
|
| Insperity, Inc. |
|
|
29,963 |
|
|
|
1,321,968 |
|
| TriNet Group, Inc. |
|
|
33,760 |
|
|
|
2,025,600 |
|
| |
|
|
|
|
|
|
22,144,056 |
|
| |
|
Shares |
|
Value |
| Materials
- 2.88% |
|
|
|
|
|
|
|
|
| Eagle Materials, Inc. |
|
|
12,054 |
|
|
$ |
2,559,305 |
|
| Owens Corning |
|
|
18,730 |
|
|
|
2,384,517 |
|
| |
|
|
|
|
|
|
4,943,822 |
|
| |
|
|
|
|
|
|
|
|
| Media
- 6.23% |
|
|
|
|
|
|
|
|
| Fox Corp., Class A |
|
|
47,264 |
|
|
|
3,055,618 |
|
| GoDaddy,
Inc., Class A(a) |
|
|
14,850 |
|
|
|
1,976,980 |
|
| New York Times Co., Class A |
|
|
53,934 |
|
|
|
3,073,699 |
|
| Sirius XM Holdings, Inc. |
|
|
118,658 |
|
|
|
2,573,692 |
|
| |
|
|
|
|
|
|
10,679,989 |
|
| |
|
|
|
|
|
|
|
|
| Renewable
Energy - 2.15% |
|
|
|
|
|
|
|
|
| EnerSys |
|
|
29,211 |
|
|
|
3,685,260 |
|
| |
|
|
|
|
|
|
|
|
| Retail
& Wholesale - Discretionary - 1.61% |
|
|
|
|
|
|
|
|
| The Home Depot, Inc. |
|
|
7,298 |
|
|
|
2,770,248 |
|
| |
|
|
|
|
|
|
|
|
| Retail
& Wholesale - Staples - 1.39% |
|
|
|
|
|
|
|
|
| Target Corp. |
|
|
25,633 |
|
|
|
2,376,692 |
|
| |
|
|
|
|
|
|
|
|
| Software
& Tech Services - 21.44% |
|
|
|
|
|
|
|
|
| ACI
Worldwide, Inc.(a) |
|
|
48,897 |
|
|
|
2,328,964 |
|
| Akamai
Technologies, Inc.(a) |
|
|
33,231 |
|
|
|
2,495,648 |
|
| Autodesk,
Inc.(a) |
|
|
10,218 |
|
|
|
3,079,092 |
|
| Booz Allen Hamilton Holding Co., Class A |
|
|
25,580 |
|
|
|
2,229,553 |
|
| Box,
Inc., Class A(a) |
|
|
86,687 |
|
|
|
2,781,786 |
|
| Dropbox,
Inc., Class A(a) |
|
|
100,155 |
|
|
|
2,904,495 |
|
| Gen Digital, Inc. |
|
|
100,797 |
|
|
|
2,657,009 |
|
| Genpact Ltd. |
|
|
53,099 |
|
|
|
2,025,727 |
|
| Leidos Holdings, Inc. |
|
|
19,824 |
|
|
|
3,775,877 |
|
| Nutanix,
Inc.(a) |
|
|
38,317 |
|
|
|
2,729,703 |
|
| Pegasystems, Inc. |
|
|
76,960 |
|
|
|
4,898,504 |
|
| Qualys,
Inc.(a) |
|
|
21,243 |
|
|
|
2,618,412 |
|
| Science Applications International Corp. |
|
|
23,827 |
|
|
|
2,232,828 |
|
| |
|
|
|
|
|
|
36,757,598 |
|
| |
|
|
|
|
|
|
|
|
| Tech
Hardware & Semiconductors - 9.14% |
|
|
|
|
|
|
|
|
| Ciena
Corp.(a) |
|
|
44,268 |
|
|
|
8,407,379 |
|
| Jabil, Inc. |
|
|
19,660 |
|
|
|
4,342,697 |
|
| Plexus
Corp.(a) |
|
|
20,878 |
|
|
|
2,920,832 |
|
| |
|
|
|
|
|
|
15,670,908 |
|
| |
|
|
|
|
|
|
|
|
| Telecommunications
- 1.09% |
|
|
|
|
|
|
|
|
| Iridium Communications, Inc. |
|
|
97,919 |
|
|
|
1,875,149 |
|
See Notes to
Financial Statements
SRH U.S.
Quality GARP ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025 (Continued)
| |
|
Shares |
|
Value |
| Utilities
- 2.50% |
|
|
|
|
|
|
|
|
| Vistra Corp. |
|
|
22,778 |
|
|
$ |
4,289,097 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL COMMON STOCKS |
|
|
|
|
|
|
| |
| (Cost $140,709,319) |
|
|
|
|
|
|
171,281,895 |
|
| |
|
|
|
|
|
|
|
|
| MONEY MARKET FUNDS - 0.08% |
|
|
|
|
|
|
|
|
| Invesco
Government & Agency Portfolio, Institutional Class, 7-Day Yield -
4.06%(b) |
|
|
136,720 |
|
|
|
136,720 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL MONEY MARKET FUNDS |
|
|
|
|
|
|
| |
| (Cost $136,720) |
|
|
|
|
|
|
136,720 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL INVESTMENTS - 99.98% |
|
|
|
|
|
|
| |
| (Cost $140,846,039) |
|
|
|
|
|
$ |
171,418,615 |
|
| |
|
|
|
|
|
|
|
|
| Other Assets in Excess of Liabilities -
0.02% |
|
|
|
|
|
|
28,780 |
|
| |
|
|
|
|
|
|
|
|
| NET ASSETS - 100.00% |
|
|
|
|
|
$ |
171,447,395 |
|
|
| (a) |
Non-income
producing security. |
|
| (b) |
Rate
disclosed is 7-Day Yield as of October 31, 2025.
|
Percentages
are stated as a percent of net assets.
See Notes to
Financial Statements
SRH
Funds
STATEMENTS OF ASSETS AND
LIABILITIES
October
31, 2025
| |
|
SRH
REIT |
|
|
SRH U.S.
Quality |
|
| |
|
Covered
Call ETF |
|
|
GARP
ETF |
|
| ASSETS: |
|
|
|
|
|
|
|
|
| Investments,
at value |
|
$ |
48,447,735 |
|
|
$ |
171,418,615 |
|
| Dividends
receivable |
|
|
8,897 |
|
|
|
79,574 |
|
| Total
Assets |
|
|
48,456,632 |
|
|
|
171,498,189 |
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
| Written
options, at value |
|
|
414,415 |
|
|
|
— |
|
| Payable
to Investment Advisor |
|
|
31,406 |
|
|
|
50,794 |
|
| Total
Liabilities |
|
|
445,821 |
|
|
|
50,794 |
|
| NET
ASSETS |
|
$ |
48,010,811 |
|
|
$ |
171,447,395 |
|
| |
|
|
|
|
|
|
|
|
| NET
ASSETS CONSIST OF |
|
|
|
|
|
|
|
|
| Paid in
capital |
|
$ |
47,185,919 |
|
|
$ |
151,981,016 |
|
| Total
distributable earnings |
|
|
824,892 |
|
|
|
19,466,379 |
|
| NET
ASSETS |
|
$ |
48,010,811 |
|
|
$ |
171,447,395 |
|
| |
|
|
|
|
|
|
|
|
| INVESTMENTS,
AT COST |
|
$ |
47,453,678 |
|
|
$ |
140,846,039 |
|
| PREMIUMS
RECEIVED ON WRITTEN OPTIONS |
|
$ |
(624,023 |
) |
|
$ |
– |
|
| |
|
|
|
|
|
|
|
|
| Net
asset value: |
|
|
|
|
|
|
|
|
| Net
assets |
|
$ |
48,010,811 |
|
|
$ |
171,447,395 |
|
| Shares
of beneficial interest outstanding (unlimited number of shares authorized,
no par value) |
|
|
900,000 |
|
|
|
4,404,000 |
|
| Net
asset value, price per share |
|
$ |
53.35 |
|
|
$ |
38.93 |
|
See Notes to
Financial Statements
SRH
Funds
STATEMENTS OF OPERATIONS
For the
Year Ended October 31, 2025
| |
|
SRH REIT Covered Call ETF |
|
|
SRH U.S. Quality GARP ETF |
|
| INVESTMENT INCOME: |
|
|
|
|
|
|
|
|
| Dividends |
|
$ |
1,830,071 |
|
|
$ |
1,826,973 |
|
| Total Investment Income |
|
|
1,830,071 |
|
|
|
1,826,973 |
|
| EXPENSES: |
|
|
|
|
|
|
|
|
| Investment advisory fees |
|
|
377,623 |
|
|
|
572,978 |
|
| Total Expenses |
|
|
377,623 |
|
|
|
572,978 |
|
| NET INVESTMENT INCOME |
|
|
1,452,448 |
|
|
|
1,253,995 |
|
| Net realized gain/(loss) on: |
|
|
|
|
|
|
|
|
| Investments |
|
|
(1,905,623 |
) |
|
|
(6,893,622 |
) |
| Written options |
|
|
1,510,861 |
|
|
|
– |
|
| Investments sold in-kind |
|
|
1,172,069 |
|
|
|
13,866,977 |
|
| Total Net Realized Gain |
|
|
777,307 |
|
|
|
6,973,355 |
|
| Net change in unrealized appreciation/depreciation
on: |
|
|
|
|
|
|
|
|
| Investments |
|
|
(4,307,690 |
) |
|
|
1,417,512 |
|
| Written options |
|
|
(14,996 |
) |
|
|
– |
|
| Total Net Change in Unrealized
Appreciation/Depreciation |
|
|
(4,322,686 |
) |
|
|
1,417,512 |
|
| NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS |
|
|
(3,545,379 |
) |
|
|
8,390,867 |
|
| NET INCREASE/(DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS |
|
$ |
(2,092,931 |
) |
|
$ |
9,644,862 |
|
See Notes to
Financial Statements
SRH REIT
Covered Call ETF
STATEMENTS OF CHANGES IN NET ASSETS
| |
|
|
|
|
For the
Period |
|
| |
|
|
|
|
November
1, 2023 |
|
| |
|
|
|
|
(Commencement
of |
|
| |
|
For the
Year |
|
|
Operations)
through |
|
| |
|
Ended
October 31, 2025 |
|
|
October
31, 2024 |
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net
investment income |
|
$ |
1,452,448 |
|
|
$ |
1,346,483 |
|
| Net
realized gain |
|
|
777,307 |
|
|
|
3,063,638 |
|
| Net
change in unrealized appreciation/depreciation |
|
|
(4,322,686 |
) |
|
|
5,526,351 |
|
| Net
increase/(decrease) in net assets resulting from operations |
|
|
(2,092,931 |
) |
|
|
9,936,472 |
|
| DISTRIBUTIONS
TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
| From
distributable earnings |
|
|
(2,577,715 |
) |
|
|
(3,173,667 |
) |
| Return
of Capital |
|
|
(767,162 |
) |
|
|
(349,239 |
) |
| Net
decrease in net assets from distributions |
|
|
(3,344,877 |
) |
|
|
(3,522,906 |
) |
| BENEFICIAL
INTEREST TRANSACTIONS |
|
|
|
|
|
|
|
|
| Shares
sold |
|
|
8,654,775 |
|
|
|
57,436,058 |
|
| Shares
redeemed |
|
|
(8,622,740 |
) |
|
|
(10,433,040 |
) |
| Net
increase in net assets derived from share transactions |
|
|
32,035 |
|
|
|
47,003,018 |
|
| Net
increase/(decrease) in net assets |
|
|
(5,405,773 |
) |
|
|
53,416,584 |
|
| NET
ASSETS |
|
|
|
|
|
|
|
|
| Beginning
of period |
|
|
53,416,584 |
|
|
|
– |
|
| End of
period |
|
$ |
48,010,811 |
|
|
$ |
53,416,584 |
|
See Notes to
Financial Statements
SRH U.S.
Quality GARP ETF
STATEMENTS
OF CHANGES IN NET ASSETS
| |
|
For the
Year |
|
|
For the
Year |
|
| |
|
Ended
October 31, 2025 |
|
|
Ended
October 31, 2024 |
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net
investment income |
|
$ |
1,253,995 |
|
|
$ |
1,008,117 |
|
| Net
realized gain |
|
|
6,973,355 |
|
|
|
11,581,309 |
|
| Net
change in unrealized appreciation/depreciation |
|
|
1,417,512 |
|
|
|
24,991,136 |
|
| Net
increase in net assets resulting from operations |
|
|
9,644,862 |
|
|
|
37,580,562 |
|
| DISTRIBUTIONS
TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
| From
distributable earnings |
|
|
(1,196,214 |
) |
|
|
(1,044,283 |
) |
| Net
decrease in net assets from distributions |
|
|
(1,196,214 |
) |
|
|
(1,044,283 |
) |
| BENEFICIAL
INTEREST TRANSACTIONS |
|
|
|
|
|
|
|
|
| Shares
sold |
|
|
69,472,733 |
|
|
|
51,349,485 |
|
| Shares
redeemed |
|
|
(54,018,010 |
) |
|
|
(51,302,055 |
) |
| Net
increase in net assets derived from share transactions |
|
|
15,454,723 |
|
|
|
47,430 |
|
| Net
increase in net assets |
|
|
23,903,371 |
|
|
|
36,583,709 |
|
| NET
ASSETS |
|
|
|
|
|
|
|
|
| Beginning
of period |
|
|
147,544,024 |
|
|
|
110,960,315 |
|
| End of
period |
|
$ |
171,447,395 |
|
|
$ |
147,544,024 |
|
See Notes to
Financial Statements
SRH REIT
Covered Call ETF
FINANCIAL HIGHLIGHTS
| |
|
|
|
|
For the
Period |
| |
|
|
|
|
November
1, 2023 |
| |
|
For the
Year |
|
(Commencement
of |
| |
|
Ended |
|
Operations)
through |
| |
|
October
31, 2025 |
|
October
31, 2024(a) |
| Net
Asset Value - Beginning of Period |
|
$ |
59.35 |
|
|
$ |
50.23 |
|
| |
|
|
|
|
|
|
|
|
| INCOME
FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| Net
investment income(b) |
|
|
1.61 |
|
|
|
1.50 |
|
| Net
realized and unrealized gain/(loss) on investments |
|
|
(3.89 |
) |
|
|
11.52 |
|
| Total
from Investment Operations |
|
|
(2.28 |
) |
|
|
13.02 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
| From
distributable earnings |
|
|
(2.87 |
) |
|
|
(3.51 |
) |
| From tax
return of capital |
|
|
(0.85 |
) |
|
|
(0.39 |
) |
| Total
Distributions |
|
|
(3.72 |
) |
|
|
(3.90 |
) |
| |
|
|
|
|
|
|
|
|
| Net
Increase/(Decrease) in net asset value |
|
|
(6.00 |
) |
|
|
9.12 |
|
| Net
Asset Value - End of Period |
|
$ |
53.35 |
|
|
$ |
59.35 |
|
| TOTAL
RETURN(c) |
|
|
(3.91 |
%) |
|
|
26.42 |
% |
| |
|
|
|
|
|
|
|
|
| RATIOS
AND SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
| Net
Assets, end of period (000s) |
|
$ |
48,011 |
|
|
$ |
53,417 |
|
| Ratio of
net operating expenses to average net assets |
|
|
0.75 |
% |
|
|
0.75 |
%(d) |
| Ratio of
net investment income to average net assets |
|
|
2.88 |
% |
|
|
2.61 |
%(d) |
| Portfolio
turnover rate(e)(f) |
|
|
38 |
% |
|
|
44 |
% |
|
| (a) |
The
net asset value at the beginning of the period represents the initial
shares outstanding on November 1, 2023 (Commencement of
Operations). |
|
| (b) |
Calculated
based on the average number of Fund shares outstanding during each fiscal
period. |
|
| (c) |
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. |
|
| (e) |
Excludes
the impact of in-kind transactions. |
|
| (f) |
Portfolio
turnover rate for periods less than one full year have not been
annualized. |
See Notes to
Financial Statements
SRH U.S.
Quality GARP ETF
FINANCIAL
HIGHLIGHTS
| |
|
|
|
|
|
|
|
|
|
|
For the
Period |
| |
|
|
|
|
|
|
|
|
|
|
October
4, 2022 |
| |
|
For the
Year |
|
For the
Year |
|
For the
Period |
|
(Commencement
of |
| |
|
Ended |
|
Ended |
|
Ended |
|
Operations)
through |
| |
|
October
31, 2025 |
|
October
31, 2024 |
|
October
31, 2023(a) |
|
August
31, 2023(b) |
| Net
Asset Value - Beginning of Period |
|
$ |
36.85 |
|
|
$ |
27.71 |
|
|
$ |
29.87 |
|
|
$ |
25.66 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME
FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
investment income(c) |
|
|
0.29 |
|
|
|
0.25 |
|
|
|
0.05 |
|
|
|
0.25 |
|
| Net
realized and unrealized gain/(loss) on investments |
|
|
2.06 |
|
|
|
9.15 |
|
|
|
(2.14 |
) |
|
|
4.17 |
|
| Total
from Investment Operations |
|
|
2.35 |
|
|
|
9.40 |
|
|
|
(2.09 |
) |
|
|
4.42 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| From
distributable earnings |
|
|
(0.27 |
) |
|
|
(0.26 |
) |
|
|
(0.07 |
) |
|
|
(0.21 |
) |
| Total
Distributions |
|
|
(0.27 |
) |
|
|
(0.26 |
) |
|
|
(0.07 |
) |
|
|
(0.21 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
Increase/(Decrease) in net asset value |
|
|
2.08 |
|
|
|
9.14 |
|
|
|
(2.16 |
) |
|
|
4.21 |
|
| Net
Asset Value - End of Period |
|
$ |
38.93 |
|
|
$ |
36.85 |
|
|
$ |
27.71 |
|
|
$ |
29.87 |
|
| TOTAL
RETURN(d) |
|
|
6.42 |
% |
|
|
34.00 |
% |
|
|
(7.00 |
%) |
|
|
17.29 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| RATIOS
AND SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
Assets, end of period (000s) |
|
$ |
171,447 |
|
|
$ |
147,544 |
|
|
$ |
110,960 |
|
|
$ |
119,598 |
|
| Ratio of
net operating expenses to average net assets |
|
|
0.35 |
% |
|
|
0.35 |
% |
|
|
0.35 |
%(e) |
|
|
0.35 |
%(e) |
| Ratio of
net investment income to average net assets |
|
|
0.76 |
% |
|
|
0.74 |
% |
|
|
1.01 |
%(e) |
|
|
0.98 |
%(e) |
| Portfolio
turnover rate(f)(g) |
|
|
35 |
% |
|
|
40 |
% |
|
|
0 |
% |
|
|
41 |
% |
|
| (a) |
Effective
September 1, 2023, the Board approved changing the fiscal year-end of the
Fund from August 31 to October 31. |
|
| (b) |
The
net asset value at the beginning of the period represents the initial
shares outstanding on October 4, 2022 (Commencement of
Operations). |
|
| (c) |
Calculated
based on the average number of Fund shares outstanding during each fiscal
period. |
|
| (d) |
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. |
|
| (f) |
Excludes
the impact of in-kind transactions. |
|
| (g) |
Portfolio
turnover rate for periods less than one full year have not been
annualized. |
See Notes to
Financial Statements
SRH
Funds
NOTES TO FINANCIAL
STATEMENTS
October
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 two series
of the Trust, SRH REIT Covered Call ETF and SRH U.S. Quality GARP ETF (formerly
known as SRH U.S. Quality ETF) (each a “Fund” and collectively the “Funds”). SRH
REIT Covered Call ETF’s investment objective is to provide total return. Under
normal circumstances, the Fund invests at least 80% of its net assets in Real
Estate Investment Trusts (“REITs”) that are publicly traded on domestic stock
exchanges. In addition, the Fund strategically implements an option strategy
consisting of writing (selling) U.S. exchange-traded covered call options on the
REITs in the Fund’s portfolio. The Fund commenced operations on November 1, 2023
and is a non-diversified, open-end management investment company registered
under the 1940 Act. SRH U.S. Quality GARP ETF’s investment objective is to
provide investment results (before fees and expenses) that correspond to the SRH
U.S. Quality GARP Index (formerly known as the SRH U.S. Quality Index) (the
“Index”). The Index is intended to capture the performance of U.S. companies
that exhibit consistent and moderate revenue growth but do not trade at
excessive valuations. The creator of the Index, SRH Advisors, LLC (formerly
known as “Rocky Mountain Advisors, LLC) (“SRH”), has designed the Index to
provide exposure to a diversified portfolio of U.S. companies featuring value,
growth, and quality characteristics while maintaining overall market exposure
close to that of widely followed, broad-based U.S. equity benchmarks. The Fund
commenced operations on October 4, 2022 and is a diversified, open-end
management investment company registered under the 1940 Act.
The Funds
currently offer an unlimited number of one class of shares, without par value,
which are listed and traded on the NYSE Arca, Inc. (the “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 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 October 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 Funds’ 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. Each Fund’s Portfolio Manager acts as the Funds’ CODM. 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 accounting principles
generally accepted 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 Codification
Topic 946 “Financial Services – Investment Companies,” including FASB Accounting
Standard Update 2013-08.
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 the Funds’ total assets less its liabilities by the number of shares
outstanding.
Domestic
equity securities traded on any exchange other than the NASDAQ Stock Market LLC
(“NASDAQ”) are valued at the last sale price on the business day. If there has
been no sale that business day, the securities are valued at the mean of the
most recent bid and ask prices on the 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. 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.
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 Paralel Advisors LLC (the “Adviser”) determines that prices received are
unreliable, are valued at fair value according to procedures established and
adopted by the Funds’ Board of Trustees (the “Board”). Pursuant to Rule 2a-5
under the 1940 Act, the Board has designated the Adviser as the Funds’ valuation
designee with respect to the fair valuation of the Funds’ 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:
SRH
Funds
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
Level 1 –
Unadjusted quoted prices in active markets for identical investments,
unrestricted assets or liabilities that a Fund has 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 Fund’s 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.
The following
is a summary of the Funds’ investments in the fair value hierarchy as of October
31, 2025:
| SRH REIT
Covered Call ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
in Securities at Value(a) |
|
|
Level
1 |
|
|
|
Level
2 |
|
|
|
Level
3 |
|
|
|
Total |
|
| Common
Stocks |
|
$ |
47,905,612 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
47,905,612 |
|
| Money
Market Funds |
|
|
542,123 |
|
|
|
– |
|
|
|
– |
|
|
|
542,123 |
|
| Total |
|
$ |
48,447,735 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
48,447,735 |
|
| Other
Financial Instruments(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
(414,415 |
) |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
(414,415 |
) |
| Total |
|
$ |
(414,415 |
) |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
(414,415 |
) |
| SRH U.S.
Quality GARP ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
in Securities at Value(a) |
|
|
Level
1 |
|
|
|
Level
2 |
|
|
|
Level
3 |
|
|
|
Total |
|
| Common
Stocks |
|
$ |
171,281,895 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
171,281,895 |
|
| Money
Market Funds |
|
|
136,720 |
|
|
|
– |
|
|
|
– |
|
|
|
136,720 |
|
| Total |
|
$ |
171,418,615 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
171,418,615 |
|
|
| (a) |
For
detailed descriptions and other security classifications, see the
accompanying Schedule of Investments. |
|
| (b) |
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
the Funds. 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 Funds’
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.
REITs:
The SRH REIT Covered Call ETF may invest in REITs and is subject to certain
risks associated with those investments. The value of investments in REIT shares
may decline because of adverse developments affecting the real estate industry
and real property values. Real estate values can be affected by a variety of
factors, including supply and demand for properties, the economic health of the
country or of different regions, and the strength of specific industries that
rent properties. Also, qualification as a REIT under the Internal Revenue Code
of 1986, as amended, in any particular year is a complex analysis that depends
on a number of factors. There can be no assurance that an entity in which the
Fund invests with the expectation that it will be taxed as a REIT will, in fact,
qualify as a REIT. An entity that fails to qualify as a REIT would be subject to
a corporate level tax, would not be entitled to a deduction for dividends paid
to its shareholders and would not pass through to its shareholders the character
of income earned by the entity.
Distributions
received by the Fund from REITs may consist of dividends, capital gains and/or
return of capital. Dividend income from REITs is recognized on the ex-dividend
date. The calendar year-end amounts of ordinary income, capital gains, and
return of capital included in distributions received from the Fund’s investments
in REITs are reported to the Fund after the end of the calendar year, and the
Fund estimates these amounts for accounting purposes until the characterization
of REIT distributions is reported to the Fund after the end of the calendar
year. Estimates are based on the most recent REIT distribution information
available.
Distributions
to Shareholders: Dividends from net investment income of the Funds, if any,
are declared and paid monthly for SRH REIT Covered Call ETF and quarterly for
SRH U.S. Quality GARP ETF, or as the Board may determine from time to time.
Distributions of net realized capital gains earned by the Funds, if any, are
declared and distributed at least annually.
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 October 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 October 31, 2025, there were no interest or
penalties
SRH
Funds
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
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
SRH REIT Covered Call ETF’s investment strategy, the Fund may invest to a lesser
extent in derivatives contracts. In doing so, the Fund 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 Fund 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 Fund’s use of derivatives can result in losses
due to unanticipated changes in the market risk factors and the overall market.
In instances where the Fund is using derivatives to decrease, or hedge,
exposures to market risk factors for securities held by the Fund, 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 allows the Fund to increase its market
value exposure relative to its net assets and can substantially increase the
volatility of the Fund’s performance.
Associated
risks from investing in derivatives also exist and potentially could have
significant effects on the valuation of the derivative and the Fund. Typically,
the associated risks are not the risks that the 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 Fund 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 Fund. 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
Contracts: The Fund may enter into
options transactions for hedging purposes and for non-hedging purposes such as
seeking to enhance return. The Fund may write U.S. exchange-traded covered call
options on REITs held by the Fund. A call option on an asset written by the Fund
obligates the Fund to sell the specified asset to the holder (purchaser) at a
stated price (the exercise price) if the option is exercised before a specified
date (the expiration date). Premiums received when writing options are recorded
as liabilities and are subsequently adjusted to the current value of the options
written. Premiums received from writing options that expire are treated as
realized gains. Premiums received from writing options, which are either
exercised or closed, are offset against the proceeds received or amount paid on
the transaction to determine realized gains or losses.
As of October
31, 2025, the effects of derivative instruments on the Statement of Assets and
Liabilities were as follows:
| |
|
Liability
Derivatives Statement |
|
| |
|
of
Assets and Liabilities |
|
| |
|
Location |
|
| |
|
Location |
|
|
Value |
|
| SRH REIT
Covered Call ETF |
|
|
|
|
|
|
| Equity
Contracts (Written Options) |
|
Written
Options, at value |
|
$ |
414,415 |
|
| Total |
|
|
|
$ |
414,415 |
|
For the year
ending October 31, 2025, the effects of derivative instruments on the Statement
of Operations were as follows:
| |
|
|
|
|
|
|
Change
in |
|
| |
|
|
|
|
|
|
Unrealized |
|
| |
|
|
|
|
|
|
Appreciation/ |
|
| |
|
|
|
Realized
Gain on |
|
|
Depreciation
on |
|
| Risk
Exposure |
|
Statement
of Operations Location |
|
Derivatives |
|
|
Derivatives |
|
| SRH REIT
Covered Call ETF |
|
|
|
|
|
|
|
|
| Equity
Contracts (Written Options) |
|
Net
realized gain on written options/Net change in unrealized
appreciation/depreciation on written options |
|
$ |
1,510,861 |
|
|
$ |
(14,996 |
) |
| Total |
|
|
|
$ |
1,510,861 |
|
|
$ |
(14,996 |
) |
The average
monthly notional value of written option contracts for the Fund was $21,650,902
during the year ending October 31, 2025.
SRH
Funds
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
NOTE 4 -
ADVISORY FEES AND OTHER AFFILIATED TRANSACTIONS
Pursuant to
the Investment Advisory Agreements, the Funds pay the Adviser a Unitary
Management Fee, which is calculated daily and paid monthly, at an annual rate of
0.75% for the SRH REIT Covered Call ETF and 0.35% for the SRH U.S. Quality GARP
ETF of the respective Funds’ average daily net assets. Out of the Unitary
Management Fees, the Adviser has agreed to pay substantially all of the expenses
of each Fund, 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 the 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.
SRH has served
as the primary sub-adviser to SRH REIT Covered Call ETF since inception.
Pursuant to a Sub-Advisory Agreement between the Trust, the Adviser, and SRH,
SRH is responsible for the day-to-day management of the Fund’s portfolio and
determining the portfolio securities to be bought and sold.
Vident Asset
Management (“Vident”) has served as the trading sub-adviser to SRH REIT Covered
Call ETF since inception and has served as the sub-adviser to SRH U.S. Quality
GARP ETF since July 14, 2023. Pursuant to a Sub-Advisory Agreement between the
Trust, the Adviser, and Vident, Vident is responsible for trading portfolio
securities on behalf of the Funds, including selecting broker-dealers to execute
purchase and sale transactions as instructed by the Adviser or in connection
with any rebalancing or reconstitution of SRH U.S. Quality GARP ETF’s
Index.
Paralel
Technologies LLC (the “Administrator”), the parent company of the Adviser and
the Distributor, serves as the Funds’ 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.
The
Distributor, a wholly owned subsidiary of the Administrator and affiliate of the
Adviser, 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 as described in Note 1. 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.
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.
The officers
and the Interested Trustee of the Trust are officers or employees of the
Adviser, 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 Fee for each Fund.
NOTE 5 -
PURCHASES AND SALES OF SECURITIES
For the year
ended October 31, 2025, the cost of purchases and proceeds from sales of
investment securities, excluding short-term investments and in-kind
transactions, were as follows:
| Fund |
|
Purchases |
|
|
Sales |
|
| SRH REIT
Covered Call ETF |
|
$ |
19,604,431 |
|
|
$ |
19,380,170 |
|
| SRH U.S.
Quality GARP ETF |
|
|
57,031,801 |
|
|
|
56,813,794 |
|
For the year
ended October 31, 2025, in-kind transactions associated with creations and
redemptions for the Funds were as follows:
| Fund |
|
In-Kind
Purchases |
|
|
In-Kind
Sales |
|
| SRH REIT
Covered Call ETF |
|
$ |
8,599,920 |
|
|
$ |
8,735,985 |
|
| SRH U.S.
Quality GARP ETF |
|
|
69,524,188 |
|
|
|
54,271,950 |
|
NOTE 6 -
BENEFICIAL INTEREST TRANSACTIONS
Shares are
purchased from or redeemed by the Funds only in Creation Unit size aggregations
generally of 25,000 and 50,000 Shares for SRH REIT Covered Call ETF and SRH U.S.
Quality GARP ETF, respectively 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 the Fund
on the transaction date. The Funds 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.
SRH
Funds
NOTES TO FINANCIAL
STATEMENTS
October 31, 2025
(Continued)
Beneficial
Interest transactions were as follows:
| |
|
For
the Year Ended
October 31, 2025
|
|
|
For
the Period November 1, 2023 (Commencement of Operations)
through
October
31, 2024
|
|
| SRH REIT
Covered Call ETF |
|
|
|
|
|
|
|
|
| Shares
sold |
|
|
150,000 |
|
|
|
1,075,000 |
|
| Shares
redeemed |
|
|
(150,000 |
) |
|
|
(175,000 |
) |
| Net
increase in shares outstanding |
|
|
– |
|
|
|
900,000 |
|
| |
|
For
the Year Ended
October
31, 2025
|
|
|
For
the Year Ended
October
31, 2024 |
|
| SRH U.S.
Quality GARP ETF |
|
|
|
|
|
|
|
|
| Shares
sold |
|
|
2,000,000 |
|
|
|
1,550,000 |
|
| Shares
redeemed |
|
|
(1,600,000 |
) |
|
|
(1,550,000 |
) |
| Net
increase in shares outstanding |
|
|
400,000 |
|
|
|
– |
|
NOTE 7 -
TAX BASIS DISTRIBUTIONS AND TAX BASIS INFORMATION
As determined
on October 31, 2025, permanent differences resulting primarily from in-kind
redemptions, taxable overdistributions, and return of capital from underlying
investments 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 stockholder or net asset value per common share
outstanding. Permanent book and tax differences were reclassified at October 31,
2025 among paid in capital and total distributable earnings for the Funds as
follows:
|
Fund
|
|
Paid-in
Capital |
|
|
Total
Distributable
Earnings
|
|
| SRH REIT
Covered Call ETF |
|
$ |
(20,200 |
) |
|
$ |
20,200 |
|
| SRH U.S.
Quality GARP ETF |
|
|
13,864,802 |
|
|
|
(13,864,802 |
) |
The
character of distributions paid on a tax basis during the year ended October 31,
2025 was as follows:
|
Fund
|
|
Ordinary
Income
|
|
|
Tax
Return of
Capital
|
|
| SRH REIT
Covered Call ETF |
|
$ |
2,577,715 |
|
|
$ |
767,162 |
|
| SRH U.S.
Quality GARP ETF |
|
|
1,196,214 |
|
|
|
– |
|
The character
of distributions paid on a tax basis during the year ended October 31, 2024 was
as follows:
|
Fund |
|
Ordinary
Income |
|
|
Long-Term
Capital
Gain
|
|
|
Return
of Capital |
|
| SRH REIT
Covered Call ETF |
|
$ |
2,991,424 |
|
|
$ |
182,243 |
|
|
$ |
349,239 |
|
| SRH U.S.
Quality GARP ETF |
|
|
1,044,283 |
|
|
|
– |
|
|
|
– |
|
SRH
Funds
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
The amounts of
net unrealized appreciation/depreciation and the cost of investment securities
for tax purposes at October 31, 2025 were as follows:
| |
|
Gross
Appreciation
(excess of value
over tax
cost)(a) |
|
|
Gross
Depreciation
(excess of tax
cost
over
value)(a)
|
|
|
Net
Appreciation/
(Depreciation)
of written call
options
|
|
|
Net
Unrealized
Appreciation/
(Depreciation |
|
|
Cost of
Investments
for Income Tax Purposes(a) |
|
| SRH REIT
Covered Call ETF |
|
$ |
3,749,782 |
|
|
$ |
(3,120,722 |
) |
|
$ |
209,608 |
|
|
$ |
838,668 |
|
|
$ |
47,818,675 |
|
| SRH U.S.
Quality GARP ETF |
|
|
42,392,313 |
|
|
|
(11,822,464 |
) |
|
|
– |
|
|
|
30,569,849 |
|
|
|
140,848,766 |
|
(a) Represents
cost and unrealized appreciation/(depreciation) 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
adjustments for the Funds.
As of October
31, 2025, the components of distributable earnings on a tax basis were as
follows:
| |
|
Undistributed
Net
Investment
Income/(Loss)
|
|
|
Accumulated
Net
Realized Gain/(Loss) |
|
|
Unrealized
Appreciation/ (Depreciation) |
|
|
Other
Accumulated Gain/(Loss) |
|
|
Total |
|
| SRH REIT
Covered Call ETF |
|
$ |
– |
|
|
$ |
(13,776 |
) |
|
$ |
838,668 |
|
|
$ |
– |
|
|
$ |
824,892 |
|
| SRH U.S.
Quality GARP ETF |
|
|
86,303 |
|
|
|
(11,189,773 |
) |
|
|
30,569,849 |
|
|
|
– |
|
|
|
19,466,379 |
|
As of October
31, 2025, the following amounts are available as capital loss carry forwards to
the next tax year:
|
Fund |
|
No
Expiration
Short-Term
|
|
|
No
Expiration
Long-Term
|
|
| SRH REIT
Covered Call ETF |
|
$ |
– |
|
|
$ |
(13,776 |
) |
| SRH U.S.
Quality GARP ETF |
|
|
(8,876,295 |
) |
|
|
(2,313,478 |
) |
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 December 1,
2025, the SRH REIT Covered Call ETF paid a distribution of $0.32901 per share to
shareholders of record on November 28, 2025.
SRH
Funds
REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
To the
Shareholders of SRH REIT Covered Call ETF and SRH U.S. Quality GARP ETF
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 October 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 October 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
in
Net Assets |
Financial
Highlights |
| SRH REIT
Covered Call ETF |
For the
year ended October 31, 2025 |
For the
year ended October 31, 2025 and for the period from November 1,
2023
(commencement
of operations) through October 31, 2024 |
|
SRH U.S.
Quality GARP ETF
(formerly,
SRH U.S. Quality ETF)
|
For the
year ended October 31, 2025 |
For the
years ended October 31, 2025 and 2024 |
For each
of the two years in the period ended October 31, 2025, for the period
September 1, 2023 through October 31, 2023 and for the period from October
4, 2022 (commencement of operations) through August 31,
2023 |
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
October 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 auditor of one or more investment companies advised by Paralel Advisors,
LLC since 2021.
COHEN &
COMPANY, LTD.
Greenwood
Village, Colorado
December 23,
2025
SRH
Funds
UNAUDITED TAX
DESIGNATIONS AND ADDITIONAL INFORMATION
October
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,
2024:
| |
|
Dividends
Received Deduction |
|
Qualified
Dividend
Income
Percentage
|
| SRH REIT
Covered Call ETF |
|
3.67% |
|
2.98% |
| SRH U.S.
Quality GARP ETF |
|
100.00% |
|
100.00% |
In early 2025,
if applicable, shareholders of record received this information for the
distributions paid to them by the Funds during the calendar year 2024 via Form
1099. The Fund will notify shareholders in early 2026 of amounts paid to them by
the Funds, if any, during the calendar year 2025.
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 is available
without charge at www.sec.gov or by calling toll-free 877-524-9155.
Must be
accompanied or preceded by a prospectus.
Paralel
Distributors LLC is the Distributor for SRH REIT Covered Call ETF and SRH U.S.
Quality GARP ETF.
TrueShares
ETFs
The Opal
International Dividend Income ETF (Cboe BZX Exchange, Inc.: IDVZ)
TrueShares
ConVex Protect ETF (Cboe BZX Exchange, Inc.: PVEX)
TrueShares
Quarterly Bear Hedge ETF (Cboe BZX Exchange, Inc.: QBER)
TrueShares
Quarterly Bull Hedge ETF (Cboe BZX Exchange, Inc.: QBUL)
TrueShares
Seasonality Laddered Buffered ETF (Cboe BZX Exchange, Inc.: ONEZ)
Annual
Financial Statements
October
31, 2025
TABLE OF
CONTENTS
The Opal
International Dividend Income ETF
SCHEDULE OF INVESTMENTS
October
31, 2025
| |
|
Shares |
|
Value |
| COMMON
STOCKS - 99.61% |
|
|
|
|
|
|
|
|
| Banking
- 13.51% |
|
|
|
|
|
|
|
|
| Banco do
Brasil SA - Sponsored ADR |
|
|
222,893 |
|
|
$ |
911,632 |
|
| Banco
Santander SA - Sponsored ADR |
|
|
231,229 |
|
|
|
2,346,974 |
|
| Bank
Rakyat Indonesia Persero Tbk PT - ADR |
|
|
206,058 |
|
|
|
2,443,848 |
|
| Barclays
PLC - Sponsored ADR |
|
|
55,282 |
|
|
|
1,188,010 |
|
| BNP
Paribas SA - Sponsored ADR |
|
|
54,919 |
|
|
|
2,114,931 |
|
| China
Construction Bank Corp. - ADR |
|
|
112,042 |
|
|
|
2,216,191 |
|
| HSBC
Holdings PLC - Sponsored ADR |
|
|
34,341 |
|
|
|
2,406,274 |
|
| Intesa
Sanpaolo SpA - Sponsored ADR |
|
|
36,965 |
|
|
|
1,432,394 |
|
| |
|
|
|
|
|
|
15,060,254 |
|
| |
|
|
|
|
|
|
|
|
| Consumer
Discretionary Products - 0.60% |
|
|
|
|
|
|
|
|
| BYD Co
Ltd. - ADR |
|
|
51,982 |
|
|
|
672,647 |
|
| |
|
|
|
|
|
|
|
|
| Consumer
Staple Products - 18.67% |
|
|
|
|
|
|
|
|
| British
American Tobacco PLC -Sponsored ADR |
|
|
65,035 |
|
|
|
3,329,142 |
|
| Coca-Cola
Femsa SAB de CV -Sponsored ADR |
|
|
27,326 |
|
|
|
2,348,670 |
|
| Imperial
Brands PLC - Sponsored ADR |
|
|
81,286 |
|
|
|
3,229,493 |
|
| Kimberly-Clark
de Mexico SAB de CV -Sponsored ADR |
|
|
244,853 |
|
|
|
2,379,971 |
|
| Nestle
SA - Sponsored ADR |
|
|
17,122 |
|
|
|
1,635,493 |
|
| Philip
Morris International, Inc. |
|
|
13,087 |
|
|
|
1,888,847 |
|
| Reckitt
Benckiser Group PLC -Sponsored ADR |
|
|
278,537 |
|
|
|
4,269,972 |
|
| Unilever
PLC - Sponsored ADR |
|
|
28,877 |
|
|
|
1,738,106 |
|
| |
|
|
|
|
|
|
20,819,694 |
|
| |
|
|
|
|
|
|
|
|
| Financial
Services - 2.63% |
|
|
|
|
|
|
|
|
| UBS
Group AG |
|
|
76,358 |
|
|
|
2,929,093 |
|
| |
|
|
|
|
|
|
|
|
| Health
Care - 9.32% |
|
|
|
|
|
|
|
|
| GSK PLC
- Sponsored ADR |
|
|
94,424 |
|
|
|
4,424,709 |
|
| Novartis
AG - Sponsored ADR |
|
|
9,150 |
|
|
|
1,132,679 |
|
| Novo
Nordisk A/S - Sponsored ADR |
|
|
76,859 |
|
|
|
3,801,446 |
|
| Roche
Holding AG - Sponsored ADR |
|
|
25,620 |
|
|
|
1,035,048 |
|
| |
|
|
|
|
|
|
10,393,882 |
|
| |
|
|
|
|
|
|
|
|
| Industrial
Services - 2.18% |
|
|
|
|
|
|
|
|
| Grupo
Aeroportuario del Centro Norte SAB de CV - Sponsored ADR |
|
|
12,382 |
|
|
|
1,221,113 |
|
| International
Container Terminal Services, Inc. |
|
|
134,054 |
|
|
|
1,207,283 |
|
| |
|
|
|
|
|
|
2,428,396 |
|
| |
|
Shares |
|
Value |
| COMMON
STOCKS - 99.61% (continued) |
|
|
|
|
|
|
|
|
| Insurance
- 7.21% |
|
|
|
|
|
|
|
|
| BB
Seguridade Participacoes SA - Sponsored ADR |
|
|
503,661 |
|
|
$ |
3,107,589 |
|
| Tokio
Marine Holdings, Inc. - Sponsored ADR |
|
|
49,776 |
|
|
|
1,852,165 |
|
| Zurich
Insurance Group AG - Sponsored ADR |
|
|
88,206 |
|
|
|
3,083,682 |
|
| |
|
|
|
|
|
|
8,043,436 |
|
| |
|
|
|
|
|
|
|
|
| Materials
- 2.42% |
|
|
|
|
|
|
|
|
| Rio
Tinto PLC - Sponsored ADR |
|
|
37,698 |
|
|
|
2,704,454 |
|
| |
|
|
|
|
|
|
|
|
| Media
- 2.66% |
|
|
|
|
|
|
|
|
| Universal
Music Group NV - ADR |
|
|
221,431 |
|
|
|
2,962,747 |
|
| |
|
|
|
|
|
|
|
|
| Oil
& Gas - 5.96% |
|
|
|
|
|
|
|
|
| Petroleo
Brasileiro SA - Sponsored ADR |
|
|
272,336 |
|
|
|
3,169,991 |
|
| Suncor
Energy, Inc. |
|
|
40,007 |
|
|
|
1,592,679 |
|
| TotalEnergies
SE - Sponsored ADR |
|
|
30,334 |
|
|
|
1,887,988 |
|
| |
|
|
|
|
|
|
6,650,658 |
|
| |
|
|
|
|
|
|
|
|
| Retail
& Wholesale - Discretionary - 4.88% |
|
|
|
|
|
|
|
|
| Alibaba
Group Holding Ltd. - Sponsored ADR |
|
|
19,140 |
|
|
|
3,262,030 |
|
| JD.com,
Inc. - ADR |
|
|
65,931 |
|
|
|
2,178,360 |
|
| |
|
|
|
|
|
|
5,440,390 |
|
| |
|
|
|
|
|
|
|
|
| Retail
& Wholesale - Staples - 3.13% |
|
|
|
|
|
|
|
|
| Wal-Mart
de Mexico SAB de CV - Sponsored ADR |
|
|
105,385 |
|
|
|
3,488,243 |
|
| |
|
|
|
|
|
|
|
|
| Tech
Hardware & Semiconductors - 10.14% |
|
|
|
|
|
|
|
|
| ASML
Holding NV - Sponsored ADR |
|
|
2,996 |
|
|
|
3,173,453 |
|
| Lenovo
Group Ltd. - ADR |
|
|
28,833 |
|
|
|
843,077 |
|
| Nokia
Oyj - Sponsored ADR |
|
|
322,828 |
|
|
|
2,230,741 |
|
| Taiwan
Semiconductor Manufacturing Co. Ltd. - Sponsored ADR |
|
|
16,800 |
|
|
|
5,047,224 |
|
| |
|
|
|
|
|
|
11,294,495 |
|
| |
|
|
|
|
|
|
|
|
| Telecommunications
- 9.88% |
|
|
|
|
|
|
|
|
| America
Movil SAB de CV |
|
|
120,096 |
|
|
|
2,734,586 |
|
| Koninklijke
KPN NV - Sponsored ADR |
|
|
816,940 |
|
|
|
3,749,754 |
|
| Orange
SA - Sponsored ADR |
|
|
277,331 |
|
|
|
4,534,362 |
|
| |
|
|
|
|
|
|
11,018,702 |
|
See Notes to
Financial Statements
The Opal
International Dividend Income ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025 (Continued)
| |
|
Shares |
|
Value |
| COMMON
STOCKS - 99.61% (continued) |
|
|
|
|
|
|
|
|
| Utilities
- 6.42% |
|
|
|
|
|
|
|
|
| Enel SpA
- ADR |
|
|
416,789 |
|
|
$ |
4,197,065 |
|
| Iberdrola
SA - Sponsored ADR |
|
|
16,104 |
|
|
|
1,305,550 |
|
| Manila
Electric Co. |
|
|
166,351 |
|
|
|
1,653,617 |
|
| |
|
|
|
|
|
|
7,156,232 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
COMMON STOCKS |
|
|
|
|
|
|
|
|
| (Cost
$100,010,325) |
|
|
|
|
|
|
111,063,323 |
|
| |
|
Shares |
|
Value |
| MONEY
MARKET FUNDS - 0.41% |
|
|
|
|
|
|
|
|
| State
Street Institutional US Government Money Market Fund, Administration
Class, 3.79% (7-day yield)(a) |
|
|
458,204 |
|
|
|
458,204 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
| (Cost
$458,204) |
|
|
|
|
|
|
458,204 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
INVESTMENTS - 100.02% |
|
|
|
|
|
|
|
|
| (Cost
$100,468,529) |
|
|
|
|
|
$ |
111,521,527 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities
in Excess of Other Assets - (0.02)% |
|
|
|
|
|
|
(22,828 |
) |
| |
|
|
|
|
|
|
|
|
| NET
ASSETS - 100.00% |
|
|
|
|
|
$ |
111,498,699 |
|
| |
|
|
|
|
|
|
|
|
| (a) Rate
disclosed is a 7-Day Yield as of October 31,
2025. |
Percentages
are stated as a percent of net assets.
Investment
Abbreviations:
ADR - American
Depository Receipt
AG -
Aktiengesellschaft (German: Stock Corporation)
A/S -
Aktieselskab (Danish: Joint Stock Company)
NV - Naamloze
Vennootschap (Dutch: Public Limited Company)
PLC - Public
Limited Company
SA - Sociedad
Anónima (Portuguese/Spanish: Public Limited Company)
SA - Société
Anonyme (French: Public Limited Company)
SAB de CV -
Sociedad Anónima Bursátil de Capital Variable (Spanish: Publicly Traded
Company)
SE - Société
Européenne (French: European Society/Company)
SpA - Società
per azioni (Italian: Joint Stock Company)
Tbk PT -
Perseroan Terbuka (Indonesian: Publicly Traded Company)
Oyj - Julkinen
Osakeyhtiö (Finnish: Public Limited Company)
See Notes to
Financial Statements
TrueShares
ConVex Protect ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025
| |
|
Shares |
|
Value |
| EXCHANGE-TRADED FUNDS - 37.13% |
|
|
|
|
|
|
|
|
| Janus Henderson AAA CLO ETF |
|
|
4,092 |
|
|
$ |
207,628 |
|
| SPDR Portfolio Short Term Corporate Bond
ETF |
|
|
32,080 |
|
|
|
970,741 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL EXCHANGE-TRADED FUNDS |
|
|
|
|
|
|
|
|
| (Cost $1,176,347) |
|
|
|
|
|
|
1,178,369 |
|
| Underlying Security/Expiration Date/ |
|
|
|
|
|
|
|
|
| Strike Price/Notional Value |
|
|
Contracts |
|
|
|
Value |
|
| PURCHASED OPTIONS - 11.28% |
|
|
|
|
|
|
|
|
| Call Options Purchased - 11.28% |
|
|
|
|
|
|
|
|
| SPDR S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 12/19/2025, $645.91, $1,023,090 |
|
|
15 |
|
|
|
66,198 |
|
| SPDR S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 12/19/2025, $668.85, $477,442 |
|
|
7 |
|
|
|
17,958 |
|
| SPDR S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 3/20/2026, $649.89, $886,678 |
|
|
13 |
|
|
|
72,762 |
|
| SPDR S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 3/20/2026, $676.80, $409,236 |
|
|
6 |
|
|
|
21,764 |
|
| SPDR S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 6/18/2026, $653.82, $682,060 |
|
|
10 |
|
|
|
65,146 |
|
| SPDR S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 6/18/2026, $684.66, $272,824 |
|
|
4 |
|
|
|
17,449 |
|
| SPDR S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 9/18/2026, $705.00, $1,295,914 |
|
|
19 |
|
|
|
79,455 |
|
| SPDR S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 9/18/2026, $740.00, $477,442 |
|
|
7 |
|
|
|
17,168 |
|
| |
|
|
|
|
|
|
357,900 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL PURCHASED OPTIONS |
|
|
|
|
|
|
|
|
| (Cost $193,262) |
|
|
|
|
|
|
357,900 |
|
| |
|
|
Principal |
|
|
|
|
|
| Description/Maturity Date/Rate |
|
|
Amount |
|
|
|
Value |
|
U.S.
TREASURY OBLIGATIONS - 49.77%
| Treasury
Bills(a) |
|
|
|
|
| 3/19/2026, 4.06% |
|
$ |
402,000 |
|
|
|
396,359 |
|
| 6/11/2026,
4.02% |
|
|
402,000 |
|
|
|
393,143 |
|
| 9/3/2026,
3.63% |
|
|
402,000 |
|
|
|
389,901 |
|
| 12/18/2025, 4.21% |
|
|
402,000 |
|
|
|
400,059 |
|
| |
|
|
|
|
|
|
1,579,462 |
|
| TOTAL U.S.
TREASURY OBLIGATIONS |
|
|
| (Cost $1,579,077) |
|
|
1,579,462 |
|
| |
|
Shares |
|
Value |
| MONEY MARKET FUNDS - 0.26% |
|
|
|
|
|
|
|
|
| State
Street Institutional US Government Money Market Fund, Administration
Class, 3.79% (7-day yield)(b) |
|
|
8,242 |
|
|
|
8,242 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
| (Cost $8,242) |
|
|
|
|
|
|
8,242 |
|
| TOTAL
INVESTMENTS - 98.44% |
|
|
| (Cost
$2,956,928) |
|
$ |
3,123,973 |
|
| |
|
|
|
|
| Other
Assets in Excess of Liabilities - 1.56% |
|
|
49,379 |
|
| |
|
|
|
|
| NET
ASSETS - 100.00% |
|
$ |
3,173,352 |
|
|
| (a) |
Pledged
security; a portion or all of the security is pledged as collateral for
securities sold short or borrowings. As of October 31, 2025, the aggregate
value of those securities was $766,157, representing 24.14% of net assets.
|
|
| (b) |
Rate
disclosed is a 7-Day Yield as of October 31, 2025.
|
Percentages
are stated as a percent of net assets.
See Notes to
Financial Statements
TrueShares
ConVex Protect ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025 (Continued)
| Put Options
Written |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Underlying Security |
|
Counterparty |
|
Expiration Date |
|
Strike Price |
|
Contracts |
|
Premiums Received |
|
Notional Value |
|
Value |
| SPDR
S&P 500 ETF Trust |
|
Goldman Sachs |
|
3/20/2026 |
|
| $638.40 |
|
|
|
(6) |
|
|
$ |
17,479 |
|
|
$ |
(409,236 |
) |
|
$ |
(8,117 |
) |
| SPDR S&P 500
ETF Trust |
|
Goldman
Sachs |
|
6/18/2026 |
|
|
638.40 |
|
|
|
(6) |
|
|
|
20,384 |
|
|
|
(409,236 |
) |
|
|
(12,001 |
) |
| SPDR S&P 500
ETF Trust |
|
Goldman
Sachs |
|
9/18/2026 |
|
|
685.00 |
|
|
|
(6) |
|
|
|
25,881 |
|
|
|
(409,236 |
) |
|
|
(22,500 |
) |
| SPDR S&P 500 ETF Trust |
|
Goldman Sachs |
|
12/19/2025 |
|
|
638.40 |
|
|
|
(6) |
|
|
|
14,028 |
|
|
|
(409,236 |
) |
|
|
(2,979 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
77,772 |
|
|
$ |
(1,636,944 |
) |
|
$ |
(45,597 |
) |
See Notes to
Financial Statements
TrueShares
Quarterly Bear Hedge ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025
Underlying
Security/Expiration Date/
Strike Price/Notional Value |
|
Contracts |
|
Value |
| PURCHASED
OPTIONS - 0.37% |
|
|
|
|
|
|
|
|
| Put
Options Purchased - 0.37% |
|
|
|
|
|
|
|
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$605.00, $1,091,296 |
|
|
16 |
|
|
$ |
863 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$610.00, $29,669,610 |
|
|
435 |
|
|
|
26,417 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$615.00, $136,412 |
|
|
2 |
|
|
|
138 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$620.00, $272,824 |
|
|
4 |
|
|
|
318 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$625.00, $23,462,864 |
|
|
344 |
|
|
|
31,841 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$630.00, $341,030 |
|
|
5 |
|
|
|
545 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$645.00, $136,412 |
|
|
2 |
|
|
|
375 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 12/19/2025,
$630.00, $27,623,430 |
|
|
405 |
|
|
|
166,698 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 12/19/2025,
$645.00, $21,212,066 |
|
|
311 |
|
|
|
179,462 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 1/16/2026,
$630.00, $20,598,212 |
|
|
302 |
|
|
|
200,123 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 1/16/2026,
$650.00, $15,414,556 |
|
|
226 |
|
|
|
213,376 |
|
| |
|
|
|
|
|
|
820,156 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
PURCHASED OPTIONS |
|
|
|
|
|
|
|
|
| (Cost
$2,171,761) |
|
|
|
|
|
|
820,156 |
|
| |
|
|
|
|
|
|
|
|
| Description/Maturity
Date/Rate |
|
Principal
Amount |
|
Value |
| U.S.
TREASURY OBLIGATIONS - 99.67% |
|
|
|
|
| |
|
|
|
|
| Treasury
Bills |
|
|
|
|
| 1/15/2026,
3.84% |
|
$ |
73,747,000 |
|
|
|
73,184,362 |
|
| 11/20/2025,
4.17% |
|
|
73,747,000 |
|
|
|
73,611,792 |
|
| 12/18/2025,
3.90% |
|
|
73,746,000 |
|
|
|
73,389,876 |
|
| |
|
|
|
|
|
|
220,186,030 |
|
| TOTAL U.S.
TREASURY OBLIGATIONS |
|
|
| (Cost $220,121,946) |
|
|
220,186,030 |
|
| |
|
Shares |
|
Value |
| MONEY MARKET FUNDS - 0.01% |
|
|
|
|
|
|
|
|
| State
Street Institutional US Government Money Market Fund, Administration
Class, 3.79% (7-day yield)(a) |
|
|
11,916 |
|
|
|
11,916 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
| (Cost $11,916) |
|
|
|
|
|
|
11,916 |
|
| TOTAL
INVESTMENTS - 100.05% |
|
|
| (Cost $222,305,623) |
|
$ |
221,018,102 |
|
| |
|
|
|
|
| Liabilities in Excess of Other Assets -
(0.05)% |
|
|
(101,914 |
) |
| |
|
|
|
|
| NET ASSETS - 100.00% |
|
$ |
220,916,188 |
|
|
| (a) |
Rate
disclosed is a 7-Day Yield as of October 31,
2025. |
Percentages
are stated as a percent of net assets.
See Notes to
Financial Statements
TrueShares
Quarterly Bull Hedge ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025
| Underlying
Security/Expiration Date/ |
|
|
|
|
| Strike
Price/Notional Value |
|
Contracts |
|
Value |
| PURCHASED
OPTIONS - 1.98% |
|
|
|
|
|
|
|
|
| Call
Options Purchased - 1.98% |
|
|
|
|
|
|
|
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$660.00, $1,091,296 |
|
|
16 |
|
|
$ |
43,686 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$675.00, $2,046,180 |
|
|
30 |
|
|
|
45,908 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$680.00, $204,618 |
|
|
3 |
|
|
|
3,552 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$695.00, $272,824 |
|
|
4 |
|
|
|
1,652 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 11/21/2025,
$700.00, $204,618 |
|
|
3 |
|
|
|
785 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 12/19/2025,
$680.00, $954,884 |
|
|
14 |
|
|
|
25,112 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 12/19/2025,
$695.00, $1,773,356 |
|
|
26 |
|
|
|
25,146 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 12/19/2025,
$700.00, $68,206 |
|
|
1 |
|
|
|
759 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 1/16/2026,
$680.00, $682,060 |
|
|
10 |
|
|
|
23,876 |
|
| SPDR
S&P 500 ETF Trust |
|
|
|
|
|
|
|
|
| 1/16/2026,
$700.00, $1,432,326 |
|
|
21 |
|
|
|
26,465 |
|
| |
|
|
|
|
|
|
196,941 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
PURCHASED OPTIONS |
|
|
|
|
|
|
|
|
| (Cost
$108,901) |
|
|
|
|
|
|
196,941 |
|
| Description/Maturity
Date/Rate |
|
Principal
Amount |
|
Value |
| U.S.
TREASURY OBLIGATIONS - 97.66% |
|
|
|
|
| |
|
|
|
|
| Treasury
Bills |
|
|
|
|
| 1/15/2026,
3.84% |
|
$ |
3,259,000 |
|
|
|
3,234,136 |
|
| 11/20/2025,
4.17% |
|
|
3,259,000 |
|
|
|
3,253,025 |
|
| 12/18/2025,
3.90% |
|
|
3,259,000 |
|
|
|
3,243,262 |
|
| |
|
|
|
|
|
|
9,730,423 |
|
| TOTAL
U.S. TREASURY OBLIGATIONS |
|
|
| (Cost
$9,727,471) |
|
|
9,730,423 |
|
| |
|
Shares |
|
Value |
| MONEY
MARKET FUNDS - 0.15% |
|
|
|
|
|
|
|
|
| State
Street Institutional US Government Money Market Fund, Administration
Class, 3.79% (7-day yield)(a) |
|
|
15,237 |
|
|
|
15,237 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
| (Cost
$15,237) |
|
|
|
|
|
|
15,237 |
|
| TOTAL
INVESTMENTS - 99.79% |
|
|
| (Cost
$9,851,609) |
|
$ |
9,942,601 |
|
| |
|
|
|
|
| Other
Assets in Excess of Liabilities - 0.21% |
|
|
20,890 |
|
| |
|
|
|
|
| NET
ASSETS - 100.00% |
|
$ |
9,963,491 |
|
|
| (a) |
Rate
disclosed is a 7-Day Yield as of October 31,
2025. |
Percentages
are stated as a percent of net assets.
See Notes to
Financial Statements
TrueShares
Seasonality Laddered Buffered ETF
SCHEDULE
OF INVESTMENTS
October
31, 2025
| |
|
Shares |
|
Value |
| EXCHANGE-TRADED
FUNDS - 99.82%(a) |
|
|
|
|
|
|
|
|
| TrueShares
Quarterly Bear Hedge ETF |
|
|
525,064 |
|
|
$ |
12,917,624 |
|
| TrueShares
Quarterly Bull Hedge ETF |
|
|
203,733 |
|
|
|
5,342,470 |
|
| TrueShares
Structured Outcome (April) ETF |
|
|
226,462 |
|
|
|
8,778,052 |
|
| TrueShares
Structured Outcome (August) ETF |
|
|
205,210 |
|
|
|
9,003,322 |
|
| TrueShares
Structured Outcome (December) ETF |
|
|
232,880 |
|
|
|
9,669,201 |
|
| TrueShares
Structured Outcome (February) ETF |
|
|
254,524 |
|
|
|
9,928,447 |
|
| TrueShares
Structured Outcome (January) ETF |
|
|
244,375 |
|
|
|
9,442,650 |
|
| TrueShares
Structured Outcome (July)ETF |
|
|
214,726 |
|
|
|
10,155,939 |
|
| TrueShares
Structured Outcome (June)ETF |
|
|
268,576 |
|
|
|
9,010,188 |
|
| TrueShares
Structured Outcome (March)ETF |
|
|
259,934 |
|
|
|
9,237,119 |
|
| TrueShares
Structured Outcome (May)ETF |
|
|
235,806 |
|
|
|
8,085,528 |
|
| TrueShares
Structured Outcome (November) ETF |
|
|
172,644 |
|
|
|
7,854,490 |
|
| TrueShares
Structured Outcome (October) ETF |
|
|
187,153 |
|
|
|
8,272,350 |
|
| TrueShares
Structured Outcome (September) ETF |
|
|
197,674 |
|
|
|
8,518,899 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
EXCHANGE-TRADED FUNDS |
|
|
|
|
|
|
|
|
| (Cost
$116,499,164) |
|
|
|
|
|
|
126,216,279 |
|
| |
|
Shares |
|
Value |
| MONEY
MARKET FUNDS - 0.19% |
|
|
|
|
|
|
|
|
| State
Street Institutional US Government Money Market Fund, Administration
Class, 3.79% (7-day yield)(b) |
|
|
235,110 |
|
|
|
235,110 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
MONEY MARKET FUNDS |
|
|
|
|
|
|
|
|
| (Cost
$235,110) |
|
|
|
|
|
|
235,110 |
|
| |
|
|
|
|
|
|
|
|
| TOTAL
INVESTMENTS - 100.01% |
|
|
|
|
|
|
|
|
| (Cost
$116,734,274) |
|
|
|
|
|
$ |
126,451,389 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities
in Excess of Other Assets - (0.01)% |
|
|
|
|
|
|
(18,301 |
) |
| |
|
|
|
|
|
|
|
|
| NET
ASSETS - 100.00% |
|
|
|
|
|
$ |
126,433,088 |
|
|
| (a) |
Affiliated
security. See Note 8. |
|
| (b) |
Rate
disclosed is a 7-Day Yield as of October 31, 2025.
|
Percentages
are stated as a percent of net assets.
See Notes to
Financial Statements
TrueShares
ETFs
STATEMENTS OF ASSETS AND LIABILITIES
October
31, 2025
| |
|
The
Opal |
|
|
|
|
|
|
|
|
|
|
|
TrueShares |
|
| |
|
International |
|
|
TrueShares |
|
|
TrueShares |
|
|
TrueShares |
|
|
Seasonality |
|
| |
|
Dividend |
|
|
ConVex
Protect |
|
|
Quarterly
Bear |
|
|
Quarterly
Bull |
|
|
Laddered |
|
| |
|
Income
ETF |
|
|
ETF |
|
|
Hedge
ETF |
|
|
Hedge
ETF |
|
|
Buffered
ETF |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments,
at value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unaffiliated
issuers |
|
$ |
111,521,527 |
|
|
$ |
3,123,973 |
|
|
$ |
221,018,102 |
|
|
$ |
9,942,601 |
|
|
$ |
235,110 |
|
| Affiliated
issuers |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
126,216,279 |
|
| Cash |
|
|
— |
|
|
|
95,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Deposits
with broker for purchased options |
|
|
— |
|
|
|
1,319 |
|
|
|
15,304 |
|
|
|
26,007 |
|
|
|
— |
|
| Receivable
for investments sold |
|
|
1,291,240 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable
for fund shares sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
540,312 |
|
| Dividends
receivable |
|
|
202,318 |
|
|
|
121 |
|
|
|
31,133 |
|
|
|
1,468 |
|
|
|
756 |
|
| Interest
receivable on deposits with broker |
|
|
— |
|
|
|
44 |
|
|
|
35 |
|
|
|
65 |
|
|
|
— |
|
| Total
Assets |
|
|
113,015,085 |
|
|
|
3,220,457 |
|
|
|
221,064,574 |
|
|
|
9,970,141 |
|
|
|
126,992,457 |
|
| LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign
currency due to custodian |
|
|
96 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Payable
to Investment Advisor |
|
|
68,188 |
|
|
|
1,508 |
|
|
|
148,386 |
|
|
|
6,650 |
|
|
|
20,009 |
|
| Payable
for investments purchased |
|
|
1,448,102 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
539,360 |
|
| Written
options, at value |
|
|
— |
|
|
|
45,597 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total
Liabilities |
|
|
1,516,386 |
|
|
|
47,105 |
|
|
|
148,386 |
|
|
|
6,650 |
|
|
|
559,369 |
|
| NET
ASSETS |
|
$ |
111,498,699 |
|
|
$ |
3,173,352 |
|
|
$ |
220,916,188 |
|
|
$ |
9,963,491 |
|
|
$ |
126,433,088 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET
ASSETS CONSIST OF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paid in
capital |
|
$ |
100,968,332 |
|
|
$ |
2,907,999 |
|
|
$ |
222,788,076 |
|
|
$ |
8,926,629 |
|
|
$ |
116,928,864 |
|
| Total
distributable earnings/(accumulated deficit) |
|
|
10,530,367 |
|
|
|
265,353 |
|
|
|
(1,871,888 |
) |
|
|
1,036,862 |
|
|
|
9,504,224 |
|
| NET
ASSETS |
|
$ |
111,498,699 |
|
|
$ |
3,173,352 |
|
|
$ |
220,916,188 |
|
|
$ |
9,963,491 |
|
|
$ |
126,433,088 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INVESTMENTS,
AT COST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UNAFFILIATED
ISSUERS |
|
$ |
100,468,529 |
|
|
$ |
2,956,928 |
|
|
$ |
222,305,623 |
|
|
$ |
9,851,609 |
|
|
$ |
235,110 |
|
| AFFILIATED
ISSUERS |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
116,499,164 |
|
| FOREIGN
CURRENCIES, AT COST |
|
$ |
(98 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| PREMIUMS
RECEIVED ON WRITTEN OPTIONS |
|
$ |
— |
|
|
$ |
(77,772 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
asset value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
assets |
|
$ |
111,498,699 |
|
|
$ |
3,173,352 |
|
|
$ |
220,916,188 |
|
|
$ |
9,963,491 |
|
|
$ |
126,433,088 |
|
| Shares
of beneficial interest outstanding (unlimited number |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| of
shares authorized, no par value) |
|
|
3,660,000 |
|
|
|
110,000 |
|
|
|
8,960,000 |
|
|
|
380,000 |
|
|
|
4,680,000 |
|
| Net
asset value, price per share |
|
$ |
30.46 |
|
|
$ |
28.85 |
|
|
$ |
24.66 |
|
|
$ |
26.22 |
|
|
$ |
27.02 |
|
See Notes to
Financial Statements
TrueShares
ETFs
STATEMENTS OF OPERATIONS
October
31, 2025
| |
|
The
Opal |
|
|
|
|
|
|
|
|
|
|
|
TrueShares |
|
| |
|
International |
|
|
TrueShares |
|
|
TrueShares |
|
|
TrueShares |
|
|
Seasonality |
|
| |
|
Dividend |
|
|
ConVex
Protect |
|
|
Quarterly
Bear |
|
|
Quarterly
Bull |
|
|
Laddered |
|
| |
|
Income
ETF(a) |
|
|
ETF(b) |
|
|
Hedge
ETF(c) |
|
|
Hedge
ETF(c) |
|
|
Buffered
ETF(d) |
|
| INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends
– Unaffiliated issuers* |
|
$ |
2,674,266 |
|
|
$ |
8,342 |
|
|
$ |
297,194 |
|
|
$ |
88,804 |
|
|
$ |
5,754 |
|
| Interest
and other income |
|
|
489 |
|
|
|
11,911 |
|
|
|
6,195,945 |
|
|
|
1,697,203 |
|
|
|
– |
|
| Interest
on deposits with broker |
|
|
– |
|
|
|
33 |
|
|
|
1,481 |
|
|
|
3,857 |
|
|
|
– |
|
| Total
Investment Income |
|
|
2,674,755 |
|
|
|
20,286 |
|
|
|
6,494,620 |
|
|
|
1,789,864 |
|
|
|
5,754 |
|
| EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment
advisory fees |
|
|
469,296 |
|
|
|
4,438 |
|
|
|
1,201,873 |
|
|
|
329,388 |
|
|
|
101,660 |
|
| Total
Expenses |
|
|
469,296 |
|
|
|
4,438 |
|
|
|
1,201,873 |
|
|
|
329,388 |
|
|
|
101,660 |
|
| NET
INVESTMENT INCOME/(LOSS) |
|
|
2,205,459 |
|
|
|
15,848 |
|
|
|
5,292,747 |
|
|
|
1,460,476 |
|
|
|
(95,906 |
) |
| Net
realized gain/(loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
- Unaffiliated issuers |
|
|
(522,034 |
) |
|
|
45,314 |
|
|
|
(4,791,434 |
) |
|
|
95,745 |
|
|
|
– |
|
| Investments
- Affiliated issuers |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(118,188 |
) |
| Investments
sold in-kind - Unaffiliated issuers |
|
|
2,531,437 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Investments
sold in-kind - Affiliated issuers |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
17,698 |
|
| Written
options |
|
|
– |
|
|
|
11,606 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Foreign
currency related transactions |
|
|
(6,505 |
) |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Total
Net Realized Gain/(Loss) |
|
|
2,002,898 |
|
|
|
56,920 |
|
|
|
(4,791,434 |
) |
|
|
95,745 |
|
|
|
(100,490 |
) |
| Long-term
capital gain distributions from other investment companies |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Net
change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments
- Unaffiliated issuers |
|
|
11,052,998 |
|
|
|
167,045 |
|
|
|
(1,224,418 |
) |
|
|
246,755 |
|
|
|
– |
|
| Investments
- Affiliated issuers |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
9,717,115 |
|
| Written
options |
|
|
– |
|
|
|
32,175 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Foreign
currency related translations |
|
|
2 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| Total
Net Change in Unrealized Appreciation/Depreciation |
|
|
11,053,000 |
|
|
|
199,220 |
|
|
|
(1,224,418 |
) |
|
|
246,755 |
|
|
|
9,717,115 |
|
| NET
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS |
|
|
13,055,898 |
|
|
|
256,140 |
|
|
|
(6,015,852 |
) |
|
|
342,500 |
|
|
|
9,616,625 |
|
| NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
15,261,357 |
|
|
$ |
271,988 |
|
|
$ |
(723,105 |
) |
|
$ |
1,802,976 |
|
|
$ |
9,520,719 |
|
| *Foreign
taxes withheld on dividends – Unaffiliated issuers |
|
$ |
323,424 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
– |
|
|
| (a) |
For
the period December 26, 2024 (commencement of operations) through October
31, 2025. |
|
| (b) |
For
the period June 27, 2025 (commencement of operations) through October 31,
2025. |
|
| (c) |
For
the year ended October 31, 2025. |
|
| (d) |
For
the period January 24, 2025 (commencement of operations) through October
31, 2025. |
See Notes to
Financial Statements
The Opal
International Dividend Income ETF
STATEMENT OF CHANGES IN NET ASSETS
| |
|
For the
Period |
|
| |
|
December
26, 2024 |
|
| |
|
(Commencement
of |
|
| |
|
Operations)
through |
|
| |
|
October
31, 2025 |
|
| OPERATIONS |
|
|
|
|
| Net
investment income |
|
$ |
2,205,459 |
|
| Net
realized gain |
|
|
2,002,898 |
|
| Net
change in unrealized appreciation/depreciation |
|
|
11,053,000 |
|
| Net
increase in net assets resulting from operations |
|
|
15,261,357 |
|
| DISTRIBUTIONS
TO SHAREHOLDERS |
|
|
|
|
| From
distributable earnings |
|
|
(2,200,368 |
) |
| Net
decrease in net assets from distributions |
|
|
(2,200,368 |
) |
| BENEFICIAL
INTEREST TRANSACTIONS |
|
|
|
|
| Shares
sold |
|
|
108,680,441 |
|
| Shares
redeemed |
|
|
(10,242,731 |
) |
| Net
increase in net assets derived from beneficial interest
transactions |
|
|
98,437,710 |
|
| Net
increase in net assets |
|
|
111,498,699 |
|
| NET
ASSETS |
|
|
|
|
| Beginning
of period |
|
|
– |
|
| End of
period |
|
$ |
111,498,699 |
|
See Notes to
Financial Statements
TrueShares
ConVex Protect ETF
STATEMENT
OF CHANGES IN NET ASSETS
| |
|
For the
Period |
|
| |
|
June 27,
2025 |
|
| |
|
(Commencement
of |
|
| |
|
Operations)
through |
|
| |
|
October
31, 2025 |
|
| OPERATIONS |
|
|
|
|
| Net
investment income |
|
$ |
15,848 |
|
| Net
realized gain |
|
|
56,920 |
|
| Net
change in unrealized appreciation/depreciation |
|
|
199,220 |
|
| Net
increase in net assets resulting from operations |
|
|
271,988 |
|
| BENEFICIAL
INTEREST TRANSACTIONS |
|
|
|
|
| Shares
sold |
|
|
3,177,661 |
|
| Shares
redeemed |
|
|
(276,297 |
) |
| Net
increase in net assets derived from beneficial interest
transactions |
|
|
2,901,364 |
|
| Net
increase in net assets |
|
|
3,173,352 |
|
| NET
ASSETS |
|
|
|
|
| Beginning
of period |
|
|
– |
|
| End of
period |
|
$ |
3,173,352 |
|
See Notes to
Financial Statements
TrueShares
Quarterly Bear Hedge ETF
STATEMENTS
OF CHANGES IN NET ASSETS
| |
|
|
|
|
For the
Period |
|
| |
|
|
|
|
June 28,
2024 |
|
| |
|
For the
Year |
|
|
(Commencement
of |
|
| |
|
Ended
October 31, |
|
|
Operations)
through |
|
| |
|
2025 |
|
|
October
31, 2024 |
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net
investment income |
|
$ |
5,292,747 |
|
|
$ |
814,615 |
|
| Net
realized loss |
|
|
(4,791,434 |
) |
|
|
(451,794 |
) |
| Net
change in unrealized appreciation/depreciation |
|
|
(1,224,418 |
) |
|
|
(63,103 |
) |
| Net
increase/(decrease) in net assets resulting from operations |
|
|
(723,105 |
) |
|
|
299,718 |
|
| DISTRIBUTIONS
TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
| From
distributable earnings |
|
|
(1,450,341 |
) |
|
|
– |
|
| Net
decrease in net assets from distributions |
|
|
(1,450,341 |
) |
|
|
– |
|
| BENEFICIAL
INTEREST TRANSACTIONS |
|
|
|
|
|
|
|
|
| Shares
sold |
|
|
176,950,289 |
|
|
|
81,459,535 |
|
| Shares
redeemed |
|
|
(34,365,138 |
) |
|
|
(1,254,770 |
) |
| Net
increase in net assets derived from beneficial interest
transactions |
|
|
142,585,151 |
|
|
|
80,204,765 |
|
| Net
increase in net assets |
|
|
140,411,705 |
|
|
|
80,504,483 |
|
| NET
ASSETS |
|
|
|
|
|
|
|
|
| Beginning
of period |
|
|
80,504,483 |
|
|
|
– |
|
| End of
period |
|
$ |
220,916,188 |
|
|
$ |
80,504,483 |
|
See Notes to
Financial Statements
TrueShares
Quarterly Bull Hedge ETF
STATEMENTS
OF CHANGES IN NET ASSETS
| |
|
|
|
|
For the
Period |
|
| |
|
|
|
|
June 28,
2024 |
|
| |
|
For the
Year |
|
|
(Commencement
of |
|
| |
|
Ended
October 31, |
|
|
Operations)
through |
|
| |
|
2025 |
|
|
October
31, 2024 |
|
| OPERATIONS |
|
|
|
|
|
|
|
|
| Net
investment income |
|
$ |
1,460,476 |
|
|
$ |
581,048 |
|
| Net
realized gain/(loss) |
|
|
95,745 |
|
|
|
(301,548 |
) |
| Net
change in unrealized appreciation/depreciation |
|
|
246,755 |
|
|
|
(155,763 |
) |
| Net
increase in net assets resulting from operations |
|
|
1,802,976 |
|
|
|
123,737 |
|
| DISTRIBUTIONS
TO SHAREHOLDERS |
|
|
|
|
|
|
|
|
| From
distributable earnings |
|
|
(889,851 |
) |
|
|
– |
|
| Net
decrease in net assets from distributions |
|
|
(889,851 |
) |
|
|
– |
|
| BENEFICIAL
INTEREST TRANSACTIONS |
|
|
|
|
|
|
|
|
| Shares
sold |
|
|
18,310,543 |
|
|
|
48,103,574 |
|
| Shares
redeemed |
|
|
(56,225,280 |
) |
|
|
(1,262,208 |
) |
| Net
increase/(decrease) in net assets derived from beneficial interest
transactions |
|
|
(37,914,737 |
) |
|
|
46,841,366 |
|
| Net
increase/(decrease) in net assets |
|
|
(37,001,612 |
) |
|
|
46,965,103 |
|
| NET
ASSETS |
|
|
|
|
|
|
|
|
| Beginning
of period |
|
|
46,965,103 |
|
|
|
– |
|
| End of
period |
|
$ |
9,963,491 |
|
|
$ |
46,965,103 |
|
See Notes to
Financial Statements
TrueShares
Seasonality Laddered Buffered ETF
STATEMENT
OF CHANGES IN NET ASSETS
| |
|
For the
Period |
|
| |
|
January
24, 2025 |
|
| |
|
(Commencement
of |
|
| |
|
Operations)
through |
|
| |
|
October
31, 2025 |
|
| OPERATIONS |
|
|
|
|
| Net
investment loss |
|
$ |
(95,906 |
) |
| Net
realized loss |
|
|
(100,490 |
) |
| Net
change in unrealized appreciation/depreciation |
|
|
9,717,115 |
|
| Net
increase in net assets resulting from operations |
|
|
9,520,719 |
|
| BENEFICIAL
INTEREST TRANSACTIONS |
|
|
|
|
| Shares
sold |
|
|
117,401,038 |
|
| Shares
redeemed |
|
|
(488,669 |
) |
| Net
increase in net assets derived from beneficial interest
transactions |
|
|
116,912,369 |
|
| Net
increase in net assets |
|
|
126,433,088 |
|
| NET
ASSETS |
|
|
|
|
| Beginning
of period |
|
|
– |
|
| End of
period |
|
$ |
126,433,088 |
|
See Notes to
Financial Statements
The Opal
International Dividend Income ETF
FINANCIAL HIGHLIGHTS
| |
|
For the
Period |
| |
|
December
26, 2024 |
| |
|
(Commencement
of |
| |
|
Operations)
through |
| |
|
October
31, 2025(a) |
| Net
Asset Value, Beginning of Period |
|
$ |
25.00 |
|
| |
|
|
|
|
| INCOME
FROM INVESTMENT OPERATIONS: |
|
|
|
|
| Net
investment income(b) |
|
|
0.85 |
|
| Net
realized and unrealized gain on investments |
|
|
5.39 |
|
| Total
from Investment Operations |
|
|
6.24 |
|
| |
|
|
|
|
| DISTRIBUTIONS: |
|
|
|
|
| From
distributable earnings |
|
|
(0.78 |
) |
| Total
Distributions |
|
|
(0.78 |
) |
| |
|
|
|
|
| Net
Increase in net asset value |
|
|
5.46 |
|
| Net
Asset Value - End of Period |
|
$ |
30.46 |
|
| TOTAL
RETURN(c) |
|
|
25.22 |
% |
| |
|
|
|
|
| RATIOS
AND SUPPLEMENTAL DATA: |
|
|
|
|
| Net
Assets, end of period (000s) |
|
$ |
111,499 |
|
| Ratio of
net operating expenses to average net assets |
|
|
0.75 |
%(d) |
| Ratio of
net investment income to average net assets |
|
|
3.50 |
%(d) |
| Portfolio
turnover rate(e)(f) |
|
|
35 |
% |
|
| (a) |
The
net asset value at the beginning of the period represents initial shares
outstanding on December 26, 2024 (Commencement of
Operations). |
|
| (b) |
Calculated
based on the average number of Fund shares outstanding during each fiscal
period. |
|
| (c) |
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. |
|
| (e) |
Portfolio
turnover rate for periods less than one full year have not been
annualized. |
|
| (f) |
Excludes
the impact of in-kind transactions. |
See Notes to
Financial Statements
TrueShares
ConVex Protect ETF
FINANCIAL
HIGHLIGHTS
| |
|
For the
Period |
| |
|
June 27,
2025 |
| |
|
(Commencement
of |
| |
|
Operations)
through |
| |
|
October
31, 2025(a) |
| Net
Asset Value, Beginning of Period |
|
$ |
25.00 |
|
| |
|
|
|
|
| INCOME
FROM INVESTMENT OPERATIONS: |
|
|
|
|
| Net
investment income(b) |
|
|
0.25 |
|
| Net
realized and unrealized gain on investments |
|
|
3.60 |
|
| Total
from Investment Operations |
|
|
3.85 |
|
| |
|
|
|
|
| Net
Increase in net asset value |
|
|
3.85 |
|
| Net
Asset Value - End of Period |
|
$ |
28.85 |
|
| TOTAL
RETURN(c) |
|
|
15.40 |
% |
| |
|
|
|
|
| RATIOS
AND SUPPLEMENTAL DATA:(d) |
|
|
|
|
| Net
Assets, end of period (000s) |
|
$ |
3,173 |
|
| Ratio of
net operating expenses to average net assets |
|
|
0.79 |
%(e) |
| Ratio of
net investment income to average net assets |
|
|
2.70 |
%(e) |
| Portfolio
turnover rate(f)(g) |
|
|
15 |
% |
|
| (a) |
The
net asset value at the beginning of the period represents initial shares
outstanding on June 27, 2025 (Commencement of
Operations). |
|
| (b) |
Calculated
based on the average number of Fund shares outstanding during each fiscal
period. |
|
| (c) |
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. |
|
| (d) |
The
ratios exclude the impact of expenses of the underlying funds in which the
Fund invests as represented on the Schedule of
Investments. |
|
| (f) |
Portfolio
turnover rate for periods less than one full year have not been
annualized. |
|
| (g) |
Excludes
the impact of in-kind transactions. |
See Notes to
Financial Statements
TrueShares
Quarterly Bear Hedge ETF
FINANCIAL
HIGHLIGHTS
| |
|
|
|
For the
Period |
| |
|
|
|
June 28,
2024 |
| |
|
For the
Year |
|
(Commencement
of |
| |
|
Ended |
|
Operations)
through |
| |
|
October
31, 2025 |
|
October
31, 2024(a) |
| Net
Asset Value, Beginning of Period |
|
$ |
25.08 |
|
|
$ |
25.00 |
|
| |
|
|
|
|
|
|
|
|
| INCOME
FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| Net
investment income(b) |
|
|
0.86 |
|
|
|
0.36 |
|
| Net
realized and unrealized loss on investments |
|
|
(0.95 |
) |
|
|
(0.28 |
) |
| Total
from Investment Operations |
|
|
(0.09 |
) |
|
|
0.08 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
| From
distributable earnings |
|
|
(0.33 |
) |
|
|
– |
|
| Total
Distributions |
|
|
(0.33 |
) |
|
|
– |
|
| |
|
|
|
|
|
|
|
|
| Net
Increase/(Decrease) in net asset value |
|
|
(0.42 |
) |
|
|
0.08 |
|
| Net
Asset Value - End of Period |
|
$ |
24.66 |
|
|
$ |
25.08 |
|
| TOTAL
RETURN(c) |
|
|
(0.34 |
%) |
|
|
0.32 |
% |
| |
|
|
|
|
|
|
|
|
| RATIOS
AND SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
| Net
Assets, end of period (000s) |
|
$ |
220,916 |
|
|
$ |
80,504 |
|
| Ratio of
net operating expenses to average net assets |
|
|
0.79 |
% |
|
|
0.79 |
%(d) |
| Ratio of
net investment income to average net assets |
|
|
3.46 |
% |
|
|
4.23 |
%(d) |
| Portfolio
turnover rate(e)(f) |
|
|
– |
|
|
|
– |
|
|
| (a) |
The
net asset value at the beginning of the period represents the initial
shares outstanding on June 28, 2024 (Commencement of
Operations). |
|
| (b) |
Calculated
based on the average number of Fund shares outstanding during each fiscal
period. |
|
| (c) |
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. |
|
| (e) |
Portfolio
turnover rate for periods less than one full year have not been
annualized. |
|
| (f) |
Excludes
the impact of in-kind transactions. |
See Notes to
Financial Statements
TrueShares
Quarterly Bull Hedge ETF
FINANCIAL
HIGHLIGHTS
| |
|
|
|
For the
Period |
| |
|
|
|
June 28,
2024 |
| |
|
For the
Year |
|
(Commencement
of |
| |
|
Ended |
|
Operations)
through |
| |
|
October
31, 2025 |
|
October
31, 2024(a) |
| Net
Asset Value, Beginning of Period |
|
$ |
25.25 |
|
|
$ |
25.00 |
|
| |
|
|
|
|
|
|
|
|
| INCOME
FROM INVESTMENT OPERATIONS: |
|
|
|
|
|
|
|
|
| Net
investment income(b) |
|
|
0.88 |
|
|
|
0.37 |
|
| Net
realized and unrealized gain/(loss) on investments |
|
|
0.54 |
|
|
|
(0.12 |
) |
| Total
from Investment Operations |
|
|
1.42 |
|
|
|
0.25 |
|
| |
|
|
|
|
|
|
|
|
| DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
| From
distributable earnings |
|
|
(0.45 |
) |
|
|
– |
|
| Total
Distributions |
|
|
(0.45 |
) |
|
|
– |
|
| |
|
|
|
|
|
|
|
|
| Net
Increase in net asset value |
|
|
0.97 |
|
|
|
0.25 |
|
| Net
Asset Value - End of Period |
|
$ |
26.22 |
|
|
$ |
25.25 |
|
| TOTAL
RETURN(c) |
|
|
5.72 |
% |
|
|
1.00 |
% |
| |
|
|
|
|
|
|
|
|
| RATIOS
AND SUPPLEMENTAL DATA: |
|
|
|
|
|
|
|
|
| Net
Assets, end of period (000s) |
|
$ |
9,963 |
|
|
$ |
46,965 |
|
| Ratio of
net operating expenses to average net assets |
|
|
0.79 |
% |
|
|
0.79 |
%(d) |
| Ratio of
net investment income to average net assets |
|
|
3.51 |
% |
|
|
4.27 |
%(d) |
| Portfolio
turnover rate(e)(f) |
|
|
– |
|
|
|
– |
|
|
| (a) |
The
net asset value at the beginning of the period represents the initial
shares outstanding on June 28, 2024 (Commencement of
Operations). |
|
| (b) |
Calculated
based on the average number of Fund shares outstanding during each fiscal
period. |
|
| (c) |
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. |
|
| (e) |
Portfolio
turnover rate for periods less than one full year have not been
annualized. |
|
| (f) |
Excludes
the impact of in-kind transactions. |
See Notes to
Financial Statements
TrueShares
Seasonality Laddered Buffered ETF
FINANCIAL
HIGHLIGHTS
| |
|
For the Period |
| |
|
January 24, 2025 |
| |
|
(Commencement of |
| |
|
Operations) through |
| |
|
October 31,
2025(a) |
| Net Asset Value, Beginning of Period |
|
$ |
25.06 |
|
| |
|
|
|
|
| INCOME FROM INVESTMENT OPERATIONS: |
|
|
|
|
| Net
investment loss(b) |
|
|
(0.03 |
) |
| Net realized and unrealized gain on
investments |
|
|
1.99 |
|
| Total from Investment Operations |
|
|
1.96 |
|
| |
|
|
|
|
| Net Increase in net asset value |
|
|
1.96 |
|
| Net Asset Value - End of Period |
|
$ |
27.02 |
|
| TOTAL
RETURN(c) |
|
|
7.83 |
% |
| |
|
|
|
|
| RATIOS
AND SUPPLEMENTAL DATA:(d) |
|
|
|
|
| Net Assets, end
of period (000s) |
|
$ |
126,433 |
|
| Ratio of net operating expenses to average net
assets |
|
|
0.19 |
%(e) |
| Ratio of net investment (loss) to average net
assets |
|
|
(0.18 |
%)(e) |
| Portfolio
turnover rate(f)(g) |
|
|
136 |
% |
|
| (a) |
The
net asset value at the beginning of the period represents initial shares
outstanding on January 24, 2025 (Commencement of
Operations). |
|
| (b) |
Calculated
based on the average number of Fund shares outstanding during each fiscal
period. |
|
| (c) |
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. |
|
| (d) |
The
ratios exclude the impact of expenses of the underlying funds in which the
Fund invests as represented on the Schedule of
Investments. |
|
| (f) |
Portfolio
turnover rate for periods less than one full year have not been
annualized. |
|
| (g) |
Excludes
the impact of in-kind transactions. |
See Notes to
Financial Statements
TrueShares
ETFs
NOTES TO FINANCIAL STATEMENTS
October
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 five series
of the Trust, The Opal International Dividend Income ETF (“IDVZ”), TrueShares
ConVex Protect ETF (“PVEX”), TrueShares Quarterly Bear Hedge ETF (“QBER”),
TrueShares Quarterly Bull Hedge ETF (“QBUL”) and TrueShares Seasonality Laddered
Buffered ETF (“ONEZ”) (each a “Fund” and collectively the “Funds”). ONEZ uses a
fund-of-funds approach. Financial statements and other information about each
underlying fund is available at www.true-shares.com. Each Fund is an
actively-managed exchange-traded fund (“ETF”) that seeks to achieve its
following investment objective:
| Fund |
Investment
Objective |
| The Opal
International Dividend Income ETF |
Provide
capital appreciation with lower volatility and a higher dividend yield
compared to the MSCI ACWI ex USA High Dividend Yield Total Return
Index. |
| TrueShares
ConVex Protect ETF |
Capital
appreciation with the potential for lower volatility relative to the
broader U.S. large cap equity market. |
| TrueShares
Quarterly Bear Hedge ETF |
Substantial
protection of principal with total return. |
| TrueShares
Quarterly Bull Hedge ETF |
Total
return with substantial protection of principal. |
| TrueShares
Seasonality Laddered Buffered ETF |
Capital
appreciation with the potential for lower volatility relative to the
broader U.S. large cap equity market. |
The Funds commenced operations on
the dates listed below:
| Fund |
Diversified/
Non-Diversified |
Commencement
of Operations |
| The Opal
International Dividend Income ETF |
Non-Diversified |
December
26, 2024 |
| TrueShares
ConVex Protect ETF |
Non-Diversified |
June 27,
2025 |
| TrueShares
Quarterly Bear Hedge ETF |
Non-Diversified |
June 28,
2024 |
| TrueShares
Quarterly Bull Hedge ETF |
Non-Diversified |
June 28,
2024 |
| TrueShares
Seasonality Laddered Buffered ETF |
Non-Diversified |
January
24, 2025 |
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, Inc. (“Cboe” or the
“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 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
period ended October 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 & Risk Committee of the Adviser 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 principals 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 Codification
Topic 946 “Financial Services – Investment Companies,” including FASB Accounting
Standard Update 2013-08.”
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 Funds’ 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.
TrueShares
ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
Investments in
money market funds, including short-term investments, are generally prices 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 Funds’ valuation
designee with respect to the fair valuation of the Funds’ 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 Fund’s 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.
The following
is a summary of the Funds’ investments in the fair value hierarchy as of October
31, 2025:
The Opal
International Dividend Income ETF
| Investments
in Securities at Value(a) |
|
Level 1 - Unadjusted Quoted
Prices |
|
|
Level 2 - Other Significant
Observable Inputs |
|
|
Level 3 - Significant
Unobservable Inputs |
|
|
Total |
|
| Common Stocks |
|
$ |
111,063,323 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
111,063,323 |
|
| Money Market
Funds |
|
|
458,204 |
|
|
|
– |
|
|
|
– |
|
|
|
458,204 |
|
| Total |
|
$ |
111,521,527 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
111,521,527 |
|
TrueShares
ConVex Protect ETF
| Investments
in Securities at Value(a) |
|
Level 1 - Unadjusted Quoted
Prices |
|
|
Level 2 - Other Significant
Observable Inputs |
|
|
Level 3 - Significant
Unobservable Inputs |
|
|
Total |
|
| Exchange-Traded Funds |
|
$ |
1,178,369 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
1,178,369 |
|
| Purchased Options |
|
|
– |
|
|
|
357,900 |
|
|
|
– |
|
|
|
357,900 |
|
| U.S. Treasury Obligations |
|
|
– |
|
|
|
1,579,462 |
|
|
|
– |
|
|
|
1,579,462 |
|
| Money Market
Funds |
|
|
8,242 |
|
|
|
– |
|
|
|
– |
|
|
|
8,242 |
|
| Total |
|
$ |
1,186,611 |
|
|
$ |
1,937,362 |
|
|
$ |
– |
|
|
$ |
3,123,973 |
|
| Other
Financial Instruments(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Written
Options |
|
$ |
– |
|
|
$ |
(45,597 |
) |
|
$ |
– |
|
|
$ |
(45,597 |
) |
| Total |
|
$ |
– |
|
|
$ |
(45,597 |
) |
|
$ |
– |
|
|
$ |
(45,597 |
) |
TrueShares Quarterly Bear
Hedge ETF
| Investments
in Securities at Value(a) |
|
Level 1 - Unadjusted Quoted
Prices |
|
|
Level 2 - Other Significant
Observable Inputs |
|
|
Level 3 - Significant
Unobservable Inputs |
|
|
Total |
|
| Purchased Options |
|
$ |
– |
|
|
$ |
820,156 |
|
|
$ |
– |
|
|
$ |
820,156 |
|
| U.S. Treasury Obligations |
|
|
– |
|
|
|
220,186,030 |
|
|
|
– |
|
|
|
220,186,030 |
|
| Money Market
Funds |
|
|
11,916 |
|
|
|
– |
|
|
|
– |
|
|
|
11,916 |
|
| Total |
|
$ |
11,916 |
|
|
$ |
221,006,186 |
|
|
$ |
– |
|
|
$ |
221,018,102 |
|
TrueShares
ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
TrueShares
Quarterly Bull Hedge ETF
| Investments
in Securities at Value(a) |
|
Level 1 - Unadjusted Quoted
Prices |
|
|
Level 2 - Other Significant
Observable Inputs |
|
|
Level 3 - Significant
Unobservable Inputs |
|
|
Total |
|
| Purchased Options |
|
$ |
– |
|
|
$ |
196,941 |
|
|
$ |
– |
|
|
$ |
196,941 |
|
| U.S. Treasury Obligations |
|
|
– |
|
|
|
9,730,423 |
|
|
|
– |
|
|
|
9,730,423 |
|
| Money Market
Funds |
|
|
15,237 |
|
|
|
– |
|
|
|
– |
|
|
|
15,237 |
|
| Total |
|
$ |
15,237 |
|
|
$ |
9,927,364 |
|
|
$ |
– |
|
|
$ |
9,942,601 |
|
TrueShares
Seasonality Laddered Buffered ETF
| Investments
in Securities at Value(a) |
|
Level 1 - Unadjusted Quoted
Prices |
|
|
Level 2 - Other Significant
Observable Inputs |
|
|
Level 3 - Significant
Unobservable Inputs |
|
|
Total |
|
| Exchange-Traded Funds |
|
$ |
126,216,279 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
126,216,279 |
|
| Money Market
Funds |
|
|
235,110 |
|
|
|
– |
|
|
|
– |
|
|
|
235,110 |
|
| Total |
|
$ |
126,451,389 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
126,451,389 |
|
|
| (a) |
For
detailed descriptions and other security classifications, see the
accompanying Schedule of Investments. |
|
| (b) |
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: PVEX, QBER, QBUL and ONEZ and generally pay out dividends
from net investment income, if any, at least annually. IDVZ intends 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 periods ended October 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 October 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.
TrueShares
ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
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 options, which is held
with one counterparty. The interest incurred, if any, on the Funds is reported
on the Statements of Operations as Interest expense – margin account. Interest
amounts payable by the Funds, if any, are reported on the Statements of Assets
and Liabilities as Interest payable – margin account.
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 October
31, 2025, the effects of derivatives instruments on each Fund’s Statement of
Assets and Liabilities were as follows:
| TrueShares
ConVex Protect ETF |
|
|
|
|
|
| Risk Exposure |
|
Statements of Assets and Liabilities
Location |
|
Value |
|
| Asset Derivatives |
|
|
|
|
|
|
| Equity
(Purchased Options) |
|
Investments,
at value |
|
$ |
357,900 |
|
| Total |
|
|
|
$ |
357,900 |
|
| Liability Derivatives |
|
|
|
|
|
|
| Equity
(Written Options) |
|
Written
options, at value |
|
$ |
(45,597 |
) |
| Total |
|
|
|
$ |
(45,597 |
) |
| TrueShares Quarterly Bear Hedge ETF |
|
|
|
|
|
|
| Risk Exposure |
|
Statements of Assets and Liabilities
Location |
|
Value |
|
| Asset Derivatives |
|
|
|
|
|
|
| Equity
(Purchased Options) |
|
Investments, at
value |
|
$ |
820,156 |
|
| Total |
|
|
|
$ |
820,156 |
|
| TrueShares Quarterly Bull Hedge ETF |
|
|
|
|
|
|
| Risk Exposure |
|
Statements of Assets and Liabilities
Location |
|
Value |
|
| Asset Derivatives |
|
|
|
|
|
|
| Equity
(Purchased Options) |
|
Investments, at
value |
|
$ |
196,941 |
|
| Total |
|
|
|
$ |
196,941 |
|
| |
|
|
|
|
|
|
For the
year/periods ended October 31, 2025, the effects of derivative instruments on
each Fund’s Statement of Operations were as follows:
TrueShares
ConVex Protect ETF
| Risk Exposure |
|
Statement of Operations Location |
|
Realized Gain
on
Derivatives |
|
|
Change in
Unrealized
Appreciation/
Depreciation on
Derivatives |
|
| Equity
(Purchased Options) |
|
Net
realized gain on investment securities/Net change in unrealized
appreciation/depreciation on investment securities |
|
$ |
45,298 |
|
|
$ |
164,638 |
|
| Equity
(Written Options) |
|
Net
realized gain on written options/Net change in unrealized
appreciation/depreciation on written options |
|
$ |
11,606 |
|
|
$ |
32,175 |
|
| Total |
|
|
|
$ |
56,904 |
|
|
$ |
196,813 |
|
TrueShares
ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
TrueShares
Quarterly Bear Hedge ETF
| Risk Exposure |
|
Statement of Operations Location |
|
Realized Loss
on
Derivatives |
|
|
Change in
Unrealized
Appreciation/
Depreciation on
Derivatives |
|
| Equity
(Purchased Options) |
|
Net
realized loss on investment securities/Net change in unrealized
appreciation/depreciation on investment securities |
|
$ |
(4,791,070 |
) |
|
$ |
(1,282,578 |
) |
| Total |
|
|
|
$ |
(4,791,070 |
) |
|
$ |
(1,282,578 |
) |
TrueShares
Quarterly Bull Hedge ETF
| Risk Exposure |
|
Statement of Operations Location |
|
Realized Gain
on
Derivatives |
|
|
Change in
Unrealized
Appreciation/Depreciation
on Derivatives |
|
| Equity
(Purchased Options) |
|
Net
realized gain on investment securities/Net change in unrealized
appreciation/depreciation on investment securities |
|
$ |
97,371 |
|
|
$ |
247,248 |
|
| Total |
|
|
|
$ |
97,371 |
|
|
$ |
247,248 |
|
The average monthly notional
value of purchased option contracts for the PVEX, QBER, and QBUL were
$5,158,116, $93,649,990 and $28,143,774, respectively during the year/period
ended October 31, 2025. The average monthly notional value of written option
contracts for PVEX was $1,123,352 for the period ended October 31,
2025.
During the
period ended October 31, 2025, IDVZ and ONEZ held no purchased or written
options.
NOTE 4 -
ADVISORY FEES AND OTHER AFFILIATED TRANSACTIONS
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:
| The Opal
International Dividend Income ETF |
0.75% |
| TrueShares
ConVex Protect ETF |
0.79% |
| TrueShares
Quarterly Bear Hedge ETF |
0.79% |
| TrueShares
Quarterly Bull Hedge ETF |
0.79% |
| TrueShares
Seasonality Laddered Buffered ETF |
0.19% |
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, and litigation expenses, and other non-routine or
extraordinary expenses.
Opal Capital
LLC (the “IDVZ Sub-Adviser”), a Florida limited liability company, serves as
sub-adviser to IDVZ. Pursuant to a Sub-Advisory Agreement between the Adviser
and IDVZ Sub-Adviser, the Adviser is responsible for trading portfolio
securities on behalf of IDVZ, including selecting broker-dealers to execute
purchase and sale transactions and the IDVZ Sub-Adviser is responsible for
security selection. The IDVZ Sub-Adviser is entitled to a sub-advisory fee paid
by the Adviser, not IDVZ.
Paralel
Technologies LLC (the “Administrator”), the parent company of the Distributor,
serves as the Funds’ 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.
The
Distributor, 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 as described in Note 1. 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.
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.
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 Fee.
TrueShares
ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
NOTE 5 -
PURCHASES AND SALES OF SECURITIES
For the
year/periods ended October 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 |
|
| The Opal
International Dividend Income ETF(a) |
|
$ |
29,404,781 |
|
|
$ |
25,618,370 |
|
|
$ |
104,050,558 |
|
|
$ |
9,836,793 |
|
| TrueShares
ConVex Protect ETF(b) |
|
|
1,279,791 |
|
|
|
103,492 |
|
|
|
– |
|
|
|
– |
|
| TrueShares
Quarterly Bear Hedge ETF(c) |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| TrueShares
Quarterly Bull Hedge ETF(c) |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
| TrueShares
Seasonality Laddered Buffered ETF(d) |
|
|
94,555,640 |
|
|
|
94,434,965 |
|
|
|
116,965,861 |
|
|
|
486,882 |
|
|
| (a) |
December
26, 2024 (Commencement of Operations) through October 31,
2025. |
|
| (b) |
June
27, 2025 (Commencement of Operations) through October 31,
2025 |
|
| (c) |
Year
ended October 31, 2025. |
|
| (d) |
January
24, 2025 (Commencement of Operations) through October 31,
2025. |
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:
| The Opal International Dividend Income
ETF |
|
For the Period
December 26,
2024
(Commencement of
Operations) through
October 31,
2025 |
|
| Shares sold |
|
|
4,010,000 |
|
| Shares
redeemed |
|
|
(350,000 |
) |
| Net
increase in shares outstanding |
|
|
3,660,000 |
|
| TrueShares ConVex Protect ETF |
|
For the Period
June 27,
2025
(Commencement of
Operations) through
October 31,
2025 |
|
| Shares sold |
|
|
120,000 |
|
| Shares
redeemed |
|
|
(10,000 |
) |
| Net
increase in shares outstanding |
|
|
110,000 |
|
| TrueShares Quarterly Bear Hedge ETF |
|
For the Year Ended
October 31,
2025 |
|
|
For the Period
June 28,
2024
(Commencement of
Operations) through
October 31,
2024 |
|
| Shares sold |
|
|
7,140,000 |
|
|
|
3,260,000 |
|
| Shares
redeemed |
|
|
(1,390,000 |
) |
|
|
(50,000 |
) |
| Net
increase in shares outstanding |
|
|
5,750,000 |
|
|
|
3,210,000 |
|
| TrueShares Quarterly Bull Hedge ETF |
|
For the Year Ended
October 31,
2025 |
|
|
For the Period
June 28,
2024
(Commencement of
Operations) through
October 31,
2024 |
|
| Shares sold |
|
|
730,000 |
|
|
|
1,910,000 |
|
| Shares
redeemed |
|
|
(2,210,000 |
) |
|
|
(50,000 |
) |
| Net
increase/(decrease) in shares outstanding |
|
|
(1,480,000 |
) |
|
|
1,860,000 |
|
TrueShares
ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
| TrueShares Seasonality Laddered Buffered
ETF |
|
For the Period
January 24,
2025
(Commencement of
Operations) through
October 31,
2025 |
|
| Shares sold |
|
|
4,700,000 |
|
| Shares
redeemed |
|
|
(20,000 |
) |
| Net
increase in shares outstanding |
|
|
4,680,000 |
|
NOTE 7 -
TAX BASIS DISTRIBUTIONS AND TAX BASIS INFORMATION
As determined
on October 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 stockholder or net asset value per
common share outstanding. Permanent book and tax differences were reclassified
at October 31, 2025 among paid in capital and total distributable earnings/
(accumulated deficit) for the Funds as follows:
| Fund |
|
Paid-in Capital |
|
|
Total
Distributable
Earnings/(Accumulated
Deficit) |
|
| The Opal International Dividend
Income ETF |
|
$ |
2,530,622 |
|
|
$ |
(2,530,622 |
) |
| TrueShares ConVex Protect ETF |
|
|
6,635 |
|
|
|
(6,635 |
) |
| TrueShares Quarterly Bear Hedge ETF |
|
|
– |
|
|
|
– |
|
| TrueShares Quarterly Bull Hedge ETF |
|
|
– |
|
|
|
– |
|
| TrueShares Seasonality Laddered Buffered
ETF |
|
|
16,495 |
|
|
|
(16,495 |
) |
The character
of distributions paid on a tax basis during the period ended October 31, 2025
were as follows:
| Fund |
|
Ordinary
Income |
|
| The Opal International Dividend
Income ETF |
|
$ |
2,200,368 |
|
| TrueShares ConVex Protect ETF |
|
|
– |
|
| TrueShares Quarterly Bear Hedge ETF |
|
|
1,450,341 |
|
| TrueShares Quarterly Bull Hedge ETF |
|
|
889,851 |
|
| TrueShares Seasonality Laddered Buffered
ETF |
|
|
– |
|
The Funds did not declare any
distributions during the period ended October 31, 2024.
The amounts of
net unrealized appreciation/depreciation and the costs of investment securities
for tax purposes at October 31, 2025 were as follows:
| |
|
Gross
Appreciation
(excess of
value
over tax
cost)(a) |
|
|
Gross
Depreciation
(excess of
tax
cost
over
value)(a) |
|
|
Net
Appreciation/
(Depreciation)
of
Foreign Currency |
|
|
Net
Unrealized
Appreciation/
(Depreciation) |
|
|
Cost
of
Investments
for
Income
Tax
Purposes(a) |
|
| The Opal International Dividend
Income ETF |
|
$ |
13,703,692 |
|
|
$ |
(2,662,682 |
) |
|
$ |
– |
|
|
$ |
11,041,010 |
|
|
$ |
100,480,519 |
|
| TrueShares ConVex Protect ETF |
|
|
167,805 |
|
|
|
(1,290 |
) |
|
|
32,175 |
|
|
|
198,690 |
|
|
|
2,957,458 |
|
| TrueShares Quarterly Bear Hedge ETF |
|
|
64,080 |
|
|
|
(1,351,604 |
) |
|
|
– |
|
|
|
(1,287,524 |
) |
|
|
222,305,626 |
|
| TrueShares Quarterly Bull Hedge ETF |
|
|
90,123 |
|
|
|
(122 |
) |
|
|
– |
|
|
|
90,001 |
|
|
|
9,852,600 |
|
| TrueShares Seasonality Laddered Buffered
ETF |
|
|
9,531,090 |
|
|
|
(97,627 |
) |
|
|
– |
|
|
|
9,433,463 |
|
|
|
117,017,926 |
|
|
| (a) |
Represents
cost and unrealized appreciation/(depreciation) 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 and passive foreign investment company adjustments for the
Funds. |
As of October
31, 2025, the components of distributable earnings/(accumulated deficit) on a
tax basis were as follows:
| |
|
Undistributed
Net
Investment
Income/(Loss) |
|
|
Accumulated
Net
Realized
Gain/(Loss) |
|
|
Unrealized
Appreciation/
(Depreciation) |
|
|
Total |
|
| The Opal International Dividend
Income ETF |
|
$ |
– |
|
|
$ |
(510,643 |
) |
|
$ |
11,041,010 |
|
|
$ |
10,530,367 |
|
| TrueShares ConVex Protect ETF |
|
|
66,663 |
|
|
|
– |
|
|
|
198,690 |
|
|
|
265,353 |
|
| TrueShares Quarterly Bear Hedge ETF |
|
|
4,657,021 |
|
|
|
(5,241,385 |
) |
|
|
(1,287,524 |
) |
|
|
(1,871,888 |
) |
| TrueShares Quarterly Bull Hedge ETF |
|
|
1,151,673 |
|
|
|
(204,812 |
) |
|
|
90,001 |
|
|
|
1,036,862 |
|
| TrueShares Seasonality Laddered Buffered
ETF |
|
|
70,761 |
|
|
|
– |
|
|
|
9,433,463 |
|
|
|
9,504,224 |
|
TrueShares
ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
As of October
31, 2025, the following amounts are available as capital loss carry forwards to
the next tax year:
| Fund |
|
No Expiration
Short-Term |
|
| The Opal International Dividend
Income ETF |
|
$ |
(510,643 |
) |
| TrueShares ConVex Protect ETF |
|
|
– |
|
| TrueShares Quarterly Bear Hedge ETF |
|
|
(5,241,385 |
) |
| TrueShares Quarterly Bull Hedge ETF |
|
|
(204,812 |
) |
| TrueShares Seasonality Laddered Buffered
ETF |
|
|
– |
|
The capital loss carryovers
utilized by the Funds during the year ended October 31, 2025 were as
follows:
| Fund |
|
Amount |
|
| TrueShares Quarterly Bull Hedge
ETF |
|
$ |
96,722 |
|
NOTE 8 -
INVESTMENTS IN AFFILIATES
ONEZ uses a
fund-of-funds approach and invests in certain securities that have the same
Adviser as the Fund. As such, those securities are affiliates as defined in the
Investment Company Act of 1940. Transactions during the period in those
securities were as follows:
| Security |
|
January
24, 2025
Value |
|
|
Purchases at
Cost |
|
|
Proceeds from
Securities Sold |
|
|
Realized Net
Gain/(Loss) |
|
|
Change in Unrealized
Appreciation/
(Depreciation) |
|
|
Income |
|
|
Capital
Gain |
|
|
October 31,
2025 Value |
|
TrueShares
Quarterly Bear
Hedge ETF |
|
$ |
– |
|
|
$ |
18,494,431 |
|
|
$ |
(5,432,866 |
) |
|
$ |
(46,314 |
) |
|
$ |
(97,627 |
) |
|
$ |
– |
|
|
$ |
– |
|
|
$ |
12,917,624 |
|
TrueShares
Quarterly Bull
Hedge ETF |
|
|
– |
|
|
|
15,858,306 |
|
|
|
(10,664,647 |
) |
|
|
(43,585 |
) |
|
|
192,396 |
|
|
|
– |
|
|
|
– |
|
|
|
5,342,470 |
|
TrueShares
Structured
Outcome
(April)
ETF |
|
|
– |
|
|
|
13,100,592 |
|
|
|
(5,081,308 |
) |
|
|
(42,943 |
) |
|
|
801,711 |
|
|
|
– |
|
|
|
– |
|
|
|
8,778,052 |
|
TrueShares
Structured
Outcome
(August) ETF |
|
|
– |
|
|
|
14,647,640 |
|
|
|
(6,455,990 |
) |
|
|
(84,040 |
) |
|
|
895,712 |
|
|
|
– |
|
|
|
– |
|
|
|
9,003,322 |
|
TrueShares
Structured
Outcome
(December) ETF |
|
|
– |
|
|
|
15,003,131 |
|
|
|
(6,021,136 |
) |
|
|
(52,810 |
) |
|
|
740,016 |
|
|
|
– |
|
|
|
– |
|
|
|
9,669,201 |
|
TrueShares
Structured
Outcome
(February) ETF |
|
|
– |
|
|
|
12,493,541 |
|
|
|
(3,385,349 |
) |
|
|
26,623 |
|
|
|
793,632 |
|
|
|
– |
|
|
|
– |
|
|
|
9,928,447 |
|
TrueShares
Structured
Outcome
(January) ETF |
|
|
– |
|
|
|
13,945,840 |
|
|
|
(5,300,248 |
) |
|
|
31,045 |
|
|
|
766,013 |
|
|
|
– |
|
|
|
– |
|
|
|
9,442,650 |
|
TrueShares
Structured
Outcome
(July) ETF |
|
|
– |
|
|
|
19,511,125 |
|
|
|
(10,271,935 |
) |
|
|
18,139 |
|
|
|
898,610 |
|
|
|
– |
|
|
|
– |
|
|
|
10,155,939 |
|
TrueShares
Structured
Outcome
(June)
ETF |
|
|
– |
|
|
|
12,800,717 |
|
|
|
(4,721,797 |
) |
|
|
36,619 |
|
|
|
894,649 |
|
|
|
– |
|
|
|
– |
|
|
|
9,010,188 |
|
TrueShares
Structured
Outcome
(March) ETF |
|
|
– |
|
|
|
17,705,674 |
|
|
|
(9,349,731 |
) |
|
|
60,166 |
|
|
|
821,010 |
|
|
|
– |
|
|
|
– |
|
|
|
9,237,119 |
|
TrueShares
ETFs
NOTES TO
FINANCIAL STATEMENTS
October
31, 2025 (Continued)
TrueShares
Structured
Outcome
(May)
ETF |
|
|
– |
|
|
|
14,284,311 |
|
|
|
(6,840,283 |
) |
|
|
(80,954 |
) |
|
|
722,454 |
|
|
|
– |
|
|
|
– |
|
|
|
8,085,528 |
|
TrueShares
Structured
Outcome
(November)
ETF |
|
|
– |
|
|
|
12,392,089 |
|
|
|
(5,369,487 |
) |
|
|
48,266 |
|
|
|
783,622 |
|
|
|
– |
|
|
|
– |
|
|
|
7,854,490 |
|
TrueShares
Structured
Outcome
(October)
ETF |
|
|
– |
|
|
|
14,837,345 |
|
|
|
(7,319,881 |
) |
|
|
(44,466 |
) |
|
|
799,352 |
|
|
|
– |
|
|
|
– |
|
|
|
8,272,350 |
|
TrueShares
Structured
Outcome
(September)
ETF |
|
|
– |
|
|
|
16,446,759 |
|
|
|
(8,707,189 |
) |
|
|
73,764 |
|
|
|
705,565 |
|
|
|
– |
|
|
|
– |
|
|
|
8,518,899 |
|
| TOTAL |
|
$ |
– |
|
|
$ |
211,521,501 |
|
|
$ |
(94,821,847 |
) |
|
$ |
(100,490 |
) |
|
$ |
9,717,115 |
|
|
$ |
– |
|
|
$ |
– |
|
|
$ |
126,216,279 |
|
NOTE 9 -
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 10 -
SUBSEQUENT EVENTS
On November
26, 2025, The Opal International Dividend Income ETF paid a distribution of
$0.04085 per share to shareholders of record on November 25, 2025.
TrueShares
ETFs
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the
Shareholders of TrueShares 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 October 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 October 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 in Net Assets |
Financial
Highlights |
| The
Opal International Dividend Income ETF |
For
the period from December 26, 2024 (commencement of operations) through
October 31, 2025 |
| TrueShares
ConVex Protect ETF |
For
the period from June 27, 2025 (commencement of operations) through October
31, 2025 |
| TrueShares
Quarterly Bear Hedge ETF and TrueShares Quarterly Bull Hedge ETF
|
For
the year ended October 31, 2025 |
For
the year ended October 31, 2025 and for the period from June 28, 2024
(commencement of operations) through October 31, 2024 |
| TrueShares
Seasonality Laddered Buffered ETF |
For
the period from January 24, 2025 (commencement of operations) through
October 31, 2025 |
| |
|
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
October 31, 2025, by correspondence with the custodian and brokers; when replies
were not received from brokers, we performed other auditing procedures. 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 auditor of one or more investment companies advised by TrueMark
Investments, LLC since 2019.
COHEN &
COMPANY, LTD.
Greenwood
Village, Colorado
December 23,
2025
TrueShares
ETFs
UNAUDITED TAX DESIGNATIONS AND ADDITIONAL
INFORMATION
October
31, 2025 (Unaudited)
IDVZ
designated the following for federal income tax purposes for the year ended
October 31, 2025.
| Foreign
Taxes Paid |
$175,826 |
| Foreign
Source Income |
$2,018,411 |
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, 2024:
| |
Dividends
Received
Deduction |
Qualified
Dividend
Income Percentage |
| The Opal
International Dividend Income ETF |
0.00% |
100.00% |
| TrueShares
ConVex Protect ETF |
0.00% |
0.00% |
| TrueShares
Quarterly Bear Hedge ETF |
0.00% |
0.00% |
| TrueShares
Quarterly Bull Hedge ETF |
0.00% |
0.00% |
| TrueShares
Seasonality Laddered Buffered ETF |
0.00% |
0.00% |
The percentage of the total
ordinary distributions paid during the calendar year ended December 31, 2024,
that qualify as 163(j) interest dividends was 96.23% for QBER and 97.04% for
QBUL.
In early 2025,
if applicable, shareholders of record received this information for the
distributions paid to them by the Funds during the calendar year 2024 via Form
1099. The Fund will notify shareholders in early 2026 of amounts paid to them by
the Funds, if any, during the calendar year 2025.
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 websites at www.sec.gov or
(ii) 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 is available without charge at www.sec.gov or by calling (877)
774-TRUE (8783).
