TrueShares S&P Autocallable Defensive Income ETF

TrueShares S&P Autocallable Defensive Income ETF is an actively managed exchange-traded fund designed to generate moderate monthly income while reducing downside risk. It invests at least 80% of its total assets in U.S. Treasuries, cash equivalents, and unfunded total return swaps that provide exposure to a synthetic portfolio of autocallable notes linked to the S&P 500 Futures 20% Intraday Volatility Target Index. This structure employs autocallable features, where notes can terminate early if performance thresholds are met, aiming to deliver income through coupons while offering conditional protection against market declines. Managed by TrueMark Investments with a hedge overlay from Morgan Stanley, the ETF targets lower volatility compared to high-income peers, making it suitable for defensive strategies in uncertain equity markets. Launched in late 2025 under the Elevation Series Trust, it provides daily liquidity and transparency typical of ETFs, facilitating access to complex structured products traditionally found in notes. The fund's non-diversified approach focuses on derivative-based income generation tied to S&P 500 dynamics, emphasizing risk mitigation over aggressive growth.