TrueShares ConVequity ETF
PVEX
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- TrueShares ConVequity ETF is a non-diversified, actively managed exchange-traded fund that seeks capital appreciation with the potential for lower volatility than the broader U.S. large-cap equity market. The fund, which trades on the Cboe BZX Exchange under the ticker PVEX, provides partial exposure to U.S. large-cap equities through a combination of income-generating securities and a laddered portfolio of exchange-listed and FLEX options. It is advised by TrueMark Investments, LLC, the Chicago-based investment adviser and parent of the TrueShares actively managed ETF platform; Jeffrey Feldman has served as portfolio manager since the fund commenced operations in 2025. The fund’s principal products and investment services comprise an actively managed income and options strategy; investments in U.S. Treasury securities; U.S. government and investment-grade corporate bonds; AAA-rated senior collateralized loan obligation tranches; preferred stocks; pre-merger special purpose acquisition companies; investment-company debt; income-producing ETFs; and, when appropriate, option box spreads designed to generate synthetic-money-market-like income. Its equity-linked component uses written put options and purchased call options on securities, indexes or ETFs representative of U.S. companies with market capitalizations above $10 billion. Under normal conditions, PVEX writes put options representing approximately 50% of notional portfolio exposure and purchases call options representing approximately 100% of notional exposure, with one-year options laddered across rolling quarterly expiration dates. The strategy is designed to retain significant participation in U.S. large-cap market appreciation once applicable call-option strike prices are exceeded while seeking to limit exposure to a meaningful portion of market declines. PVEX primarily serves U.S. financial advisers, institutions and other investors seeking an ETF-based portfolio-construction tool combining income generation, equity-market participation and downside-risk mitigation. Shares are bought and sold through brokers on the secondary market, while creation and redemption activity is conducted at net asset value in Creation Units by authorized participants. The fund charges a 0.79% management fee and reported total annual operating expenses of 0.82%, including acquired fund fees and expenses. The fund launched and was listed on June 30, 2025 as the TrueShares ConVex Protect ETF, introducing TrueShares’ laddered-options approach for large-cap equity exposure and risk mitigation. In a major recent organizational and branding change, the fund was renamed the TrueShares ConVequity ETF effective by its March 2, 2026 summary prospectus, while retaining the PVEX ticker and Cboe BZX listing. The ConVequity name reflects the fund’s intended convex return profile from its equity-linked call-option portfolio.