Dear Fellow Investors and Friends,

Freedom isn't free. It has a heavy price that is paid by our brave military members and first responders, and most notably, by their families. Honor their sacrifice. Educate their legacy. That is the battle cry of the Folds of Honor, a tremendous charitable organization founded by Lieutenant Colonel Dan Rooney. Its mission is to provide educational scholarships to the families of America's military and first responders who have fallen or been disabled while on active duty.

My true indoctrination to the Folds of Honor came through a visit to its headquarters at the Patriot Golf Club, where Taps is played each day at 1300 hours followed by the Folds of Honor bell ringing 13 times in reference to 13 folds in a flag. At this emotional moment, ALL activity stops to give honor to our fallen heroes. Experiencing first-hand the dedication and clarity of vision that the leadership team at Folds of Honor has for its mission, and learning of Lieutenant Colonel Dan Rooney's vow to leave no family behind, left me deeply moved. Inspired, I knew that we had to find a way for RiverNorth to make a lasting impact to support this honorable cause. Our response to their call to action was the creation of the RiverNorth Patriot ETF (NYSE ticker: FLDZ), a first of its kind, non-profit impact ETF. This is RiverNorth's way of giving back and leveraging our platform, so that together we can go further than we could alone.

The Fund is designed to provide an alternative approach to charitable giving, with the majority of advisory fees and all profits from managing FLDZ donated directly to the Folds of Honor. To ensure that a beneficial impact is being made with every dollar, from even the first dollar that is invested in FLDZ, RiverNorth is covering all startup operating costs and donating at least 50% of the Fund's 70 basis point expense ratio. As the Fund's assets under management (AUM) grows so will its corresponding donations. To illustrate this real impact, when the Fund's AUM reaches $100 million, the resulting contribution would be at least $350 thousand per year. When the Fund reaches $1 billion, the estimated contribution would be more than $5 million per year donated to this unifying, patriotic cause.

FLDZ is an actively managed ETF that invests in mid to large cap companies domiciled in the United States. Companies selected for the portfolio must have an operational concentration within the U.S. and generate at least 90% of their revenues domestically. At its heart, this U.S.-centric fund provides true impact investing, with real, ongoing dollars donated to help educate the families of our fallen and wounded protectors.

As investors we know that an equity allocation is a fundamental component in most portfolios. Many equity allocations are benchmarked similarly and could be seamlessly interchanged. Two-fold by design, FLDZ is positioned to deliver core domestic equity exposure while providing the opportunity to make a lasting beneficial impact for the families of our nation's fallen heroes. We encourage each of you to consider FLDZ as part of your equity exposure. Volition is the power of choice, hear the call, please join us by investing in the FLDZ mission!


Patrick W. Galley, CFA
Chief Executive Officer, Chief Investment Officer
RiverNorth Capital Management

For more information on FLDZ:    FLDZ Fund Information    FLDZ Fact Sheet

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For more information on Folds of Honor:

Folds of Honor

Patriot Golf Club - For those investors interested in learning how they can participate in the Patriot Golf Club and play and stay, please contact RiverNorth.

RiverNorth Patriot ETF Disclosure:

Before investing, investors should consider the Fund's investment objectives, risks, charges, and expenses. The prospectus, or summary prospectus, containing this and other information may be obtained by visiting and should be read carefully prior to investing. Foreside Fund Services, LLC, distributor.

The Fund may not achieve its objective and/or you could lose money on your investment in the Fund. The Fund is recently organized with no operating history for prospective investors to base their investment decision which may increase risks. Some of the Fund's key risks, include but are not limited to the following risks. Please see the Fund's prospectus for further information on these and other risk considerations.

ETF Risks. As an ETF, the Fund is exposed to the additional risks, including: (1) concentration risk associated with Authorized Participants, market makers, and liquidity providers; (2) costs risks associated with the frequent buying or selling of Fund shares; (3) market prices may differ than the Fund's net asset value; and (4) liquidity risk due to a potential lack of trading volume.

The TrueShares RiverNorth Patriot ETF is also subject to the following risks: Equity Market Risk - securities held in the Fund's portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. Market Events Risk - Markets have experienced significant periods of volatility in recent years due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) pandemic and related public health issues, growing concerns and uncertainties regarding interest rates, trade tensions and the threat of tariffs resulting in volatility and negative impacts on asset prices, liquidity of certain securities and normal operations of the securities markets. New Fund Risk - The Fund is a recently organized investment company with no operating history. Other Potential Risks - The Fund may invest in "when-issued" securities; preferred stocks; rights/warrants; tracking stocks; investment company securities/pooled investments; REITs; and repurchase agreements. Investors should read the Fund's prospectus for more information related to these risks.

An investment in True-Shares is subject to numerous risks, including possible loss of principal. The ETFs are subject to the following principal risks: Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk associated with ETFs; Equity Market Risk; Management Risk; Market Capitalization Risk (Large Cap; Mid Cap, Small Cap Stock); Market Risk; New Fund Risk; and Cyber Security Risk. A full description of risks is in the prospectus.

Detailed information regarding the specific risks of the funds can be found in their prospectuses. The ETF is benchmark agnostic and corresponding portfolios may have significant non-correlation to any index.


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