TrueShares

What TrueShares does

TrueShares is the actively managed ETF arm of TrueMark Investments, LLC, founded in 2019 and headquartered in Chicago. The firm designs, issues, and markets a suite of 20+ exchange-traded funds organized across four branded strategy families: TrueOutcome (structured outcome and buffered ETFs, including a 12-fund monthly rolling series offering 10% downside buffers with uncapped upside), TrueIncome (autocallable, dividend, and closed-end-fund-income ETFs), TrueAlpha (thematic growth ETFs in AI/deep learning and renewable energy), and TruePurpose (impact-aligned products). Core technology centers on FLEX Options-based structured outcome strategies and autocallable note portfolio engineering, including a proprietary dynamic reference index that recalibrates equity exposure based on real-time volatility up to seven times daily and an always-on options hedge for its autocallable funds. Morgan Stanley serves as hedging counterparty for the PAYH and PAYM autocallable ETFs.

The firm generates revenue through recurring management fees on assets under management, with AUM surpassing $1 billion as of May 2025. ETFs are distributed through Paralel Distributors LLC, a third-party registered broker-dealer, and are tradable on major retail brokerage platforms (Schwab, E*TRADE, Fidelity, Interactive Brokers, Robinhood, SoFi), with a dedicated institutional sales desk serving advisor, RIA, and institutional model-portfolio allocators. Sub-advisor relationships with RiverNorth Capital and Polen Capital extend product capability without proportional headcount scaling. Mike Loukas is CEO and principal.

TrueShares positions itself as an ETF innovator, having pioneered the uncapped buffered ETF format in 2020, and pursues a content-led go-to-market anchored by an Insights blog, email newsletter, and earned media. The firm has no disclosed external funding rounds and operates with a lean 1–10 employee base, making its $1B AUM milestone a notably capital-efficient outcome relative to venture-backed peers. Strategic priorities visible in the data include accelerating outcome-based product launches, deepening institutional distribution, and selective geographic and exchange-level expansion.

Name

TrueShares

Legal name

TrueMark Investments, LLC

Website

https://true-shares.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

TrueShares is the actively managed ETF arm of TrueMark Investments, designing and issuing a suite of 20+ exchange-traded funds — including uncapped buffered, autocallable income, thematic, and dividend strategies — for financial advisors, institutions, and informed retail investors. The firm surpassed $1 billion in AUM by May 2025.

Ownership category

akta.pro rank

Product category

ETF Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591)

SIC

Investment Advice (6282)

akta.pro primary industry

Broad Market Equity ETFs (FSAAAFAA)

akta.pro secondary industries

Sector & Industry Equity ETFs (FSAAAFAC), Fixed Income ETFs & Index/Portfolio Trading (FSACAEAK)

Keywords

• Structured outcome ETFs
• Buffered ETF products
• Autocallable income ETFs
• Actively managed ETFs
• ETF asset management

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Marketing or Sales, Personnel, Infrastructure

Revenue model

1. ETF Management Fees: TrueShares generates revenue through management fees charged on assets under management (AUM) across its ETF lineup. The firm has grown AUM to over $1 billion as of May 2025 through disciplined product design and a platform-friendly approach. ETFs are distributed by Paralel Distributors LLC, an independent broker-dealer not affiliated with TrueMark Investments.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

TrueShares designs and issues actively managed exchange-traded funds (ETFs) that serve as portfolio building blocks for advisors, institutions, and individual investors. The lineup spans structured outcome/buffered ETFs (TrueOutcome), autocallable and dividend income ETFs (TrueIncome), thematic growth ETFs in AI and renewable energy (TrueAlpha), and impact-aligned ETFs (TruePurpose). Funds use proprietary options-based strategies on the S&P 500 Price Index, dynamic reference indices, and always-on option hedges to deliver defined-outcome, income, or thematic exposure in a tax-efficient ETF wrapper.

Product overview

TrueShares is the actively managed ETF arm of TrueMark Investments, offering a diversified suite of 25+ exchange-traded funds organized into four main strategy categories: TrueOutcome™ (structured outcome/buffered ETFs including the 12-fund monthly Structured Outcome series plus ONEZ, PVEX, QBUL, QBER, and ONEH), TrueIncome™ (income-focused products including PAYH, PAYM, DIVZ, IDVZ, CEFZ), TrueAlpha™ (specialized growth ETFs including LRNZ for AI/technology exposure, RNWZ for renewable energy, SPCZ for SPAC exposure), and TruePurpose™ (impact-aligned investing). The firm surpassed $1 billion in AUM as of May 2025 and pioneered the uncapped buffered ETF format in 2020. TrueShares products are distributed through major retail brokerages (Schwab, Fidelity, E*TRADE, Interactive Brokers, Robinhood, SoFi) and are designed as portfolio building blocks for advisors and institutions seeking income, volatility management, and thematic growth exposure.

Differentiator

Problem solved

Functional benefit

Brands

• TrueOutcome: Structured outcome ETFs offering uncapped buffered strategies for downside protection with upside potential on U.S. large-cap equities
• TrueIncome
• TrueAlpha
• TruePurpose

Products and services

• TrueShares Structured Outcome ETF Series (JANZ, FEBZ, MARZ, APRZ, MAYZ, JUNZ, JULZ, AUGZ, SEPZ, OCTZ, NOVZ, DECZ) Twelve actively managed ETFs offering defined 10% downside buffers against S&P 500 losses over 12-month outcome periods with uncapped upside participation. Each fund targets a specific calendar month outcome period and uses options-based strategies on the S&P 500 Price Index to deliver a defined-outcome profile for advisors and investors seeking buffered equity exposure.
• TrueShares Seasonality Laddered Buffered ETF (ONEZ) A single-ticker fund-of-funds combining all 12 Structured Outcome ETFs in a laddered approach, providing continuous 12-month rolling buffer coverage without requiring investors to manage multiple positions. Designed for advisors and investors seeking continuous, model-portfolio-ready downside protection.
• TrueShares ConVex Protect ETF (PVEX) An actively managed ETF designed to participate in the growth of U.S. large-cap equities while cushioning against significant market declines. Offers convexity on the upside with meaningful capital appreciation potential and downside protection through options-based risk mitigation.
• TrueShares Quarterly Bull Hedge ETF (QBUL) An actively managed ETF seeking to capture 20–40% of large-cap equity market swings in rising markets, smoothing portfolio volatility while providing positive returns in up-market environments through options strategies.
• TrueShares Quarterly Bear Hedge ETF (QBER) An actively managed ETF seeking to capture 20–40% of large-cap equity market swings in declining markets, smoothing portfolio volatility while providing positive returns in down-market environments through options strategies.
• TrueShares Equity Hedge ETF (ONEH) An actively managed ETF combining an 'always on' strategic hedge position of long puts designed to capitalize on market drawdowns with a tactical recovery overlay that harvests gains and reallocates to call options for potential upside from market reversals.
• TrueShares S&P Autocallable High Income ETF (PAYH) An autocallable income ETF targeting high monthly income (~17% distribution rate) with a built-in dynamic reference index and always-on hedge. Invests in a diversified portfolio of autocallable notes linked to S&P indices, hedged by Morgan Stanley.
• TrueShares S&P Autocallable Defensive Income ETF (PAYM) An autocallable income ETF targeting moderate monthly income (~10% distribution rate) with a built-in dynamic reference index and always-on hedge. Designed for investors seeking more conservative income with the same autocallable structure as PAYH.
• TrueShares Technology, AI & Deep Learning ETF (LRNZ) An actively managed ETF providing thematic exposure to technology companies significantly involved in AI and deep learning applications. Generally holds 20–30 positions across semiconductors, cybersecurity, life sciences, and IoT sectors.
• TrueShares Eagle Global Renewable Energy Income ETF (RNWZ) An actively managed ETF offering core renewables exposure and income, seeking long-term growth through investment in renewable energy infrastructure companies including wind farms, solar fields, energy storage, and electric transmission assets with stable cash flows from long-term contracts.
• TrueShares RiverNorth Active Income ETF (CEFZ) An actively managed ETF seeking to generate attractive income with uncorrelated alpha from closed-end fund (CEF) discount trading. Assets are primarily allocated among CEFs and ETFs to target long-term capital appreciation and income through periods of discount narrowing.
• Polen Dividend Income ETF (DIVZ) An actively managed dividend income ETF focusing on a concentrated portfolio of high-quality dividend payers across sectors, seeking above-average dividend yield with emphasis on dividend growth over time and monthly distributions.
• Polen International Dividend Income ETF (IDVZ) An international dividend-focused ETF seeking income from non-U.S. dividend-paying stocks, complementing domestic dividend strategies for international diversification.
• RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) An actively managed ETF focusing on SPAC (Special Purpose Acquisition Company) investments, targeting enhanced returns through pre-merger SPAC opportunities.
• RiverNorth Patriot ETF (FLDZ) A TrueShares ETF with a patriotic investment focus, managed in partnership with RiverNorth Capital.

Quantifiable outcome

• 10% downside buffer against S&P 500 losses over a 12-month outcome period (before fees and expenses)
• +4 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Paralel Distributors LLCcoreChannel Partner/ Reseller/ DistributorParalel Distributors LLC serves as the registered broker-dealer and distributor for all TrueShares ETFs. It is a member of FINRA and is not affiliated with TrueMark Investments. All TrueShares ETFs are distributed through Paralel.
• TrueMark Investments, LLCcoreStrategic or Co-development PartnerTrueMark Investments, LLC is the investment advisor to the TrueShares Funds, receiving a fee from the Funds for its services. TrueShares is the actively managed ETF arm of TrueMark Investments.
• RiverNorth CapitalcoreStrategic or Co-development PartnerRiverNorth Capital serves as sub-advisor for several TrueShares ETFs including the RiverNorth Active Income ETF (CEFZ), RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ), and RiverNorth Patriot ETF (FLDZ).
• Polen CapitalcoreStrategic or Co-development PartnerPolen Capital serves as sub-advisor for the Polen Dividend Income ETF (DIVZ) and Polen International Dividend Income ETF (IDVZ) within the TrueShares lineup.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Innovator ETFs: Direct competitor in the defined-outcome / buffered ETF space. Both firms offer monthly laddered S&P 500 buffered ETFs (10–15% buffers) and target the same RIA and self-directed investor segments.
• AllianzIM (Allianz Global Investors): Operates a U.S. ETF platform focused on structured outcome and buffered strategies (e.g., Buffered Plus, Income & Growth). Comparable product architecture and target audience (financial advisors and outcome-oriented investors).
• First Trust: Issuers of defined outcome ETFs (e.g., FT Cboe Vest) and a broad actively managed lineup that overlaps with TrueShares' income and buffered products; serves the same financial advisor and institutional channels.
• Simplify ETFs: Outcome- and derivative-driven ETF issuer whose product suite (e.g., Managed Futures, Tail Risk) parallels TrueShares' TrueOutcome and ONEH hedge-overlay strategies; targets similar advisor and sophisticated retail segments.

Emerging players

• GraniteShares: Smaller, innovation-focused ETF issuer offering income, leveraged, and thematic funds. Comparable boutique scale and emphasis on differentiated product design rather than scale distribution.
• Alpha Architect: Boutique quantitative ETF issuer whose factor and actively managed funds overlap with TrueShares' systematic TrueOutcome and TrueIncome strategies; similar advisor- and RIA-led distribution model.
• BondBloxx (Tidal ETF Services): Specialist fixed-income and income ETF issuer with a similar boutique scale and institutional/ RIA go-to-market approach to TrueShares, particularly comparable on the TrueIncome side.

Broad incumbents

• Invesco (QQQ / Invesco ETFs): Large incumbent with broad equity, income, and outcome-oriented ETFs competing for the same advisor model portfolios; offers deeper distribution and larger marketing budget, putting pricing pressure on boutique peers.
• BlackRock (iShares): Largest ETF issuer globally. Its outcome, buffered (e.g., iShares Buffered ETFs), and income product families compete head-to-head with TrueShares' suite for institutional and retail flows.
• Vanguard: Dominant low-cost ETF issuer whose broad-market equity and dividend ETFs are the default allocation for many of the same advisors TrueShares targets, constraining wallet share.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/TrueShares
• LinkedInlinkedin.com/company/trueshares

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TrueShares