ETF Evaluator: TrueShares Patriot Defense ETF () Follow This ETF

TrueShares Patriot Defense ETF Overview

TrueShares Patriot Defense ETF (FLDZ) is an actively managed U.S. Equity Mid-Cap Blend exchange-traded fund (ETF). TrueShares launched the ETF in 2022.

The investment seeks capital growth. The fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in equity securities, including common stock of mid-cap and large-cap companies, tied to the economy of the fund’s sub-adviser, will consider a company to be tied to the U.S. economy if the company is organized under the laws of the U.S.; the shares of the company are traded principally in the U.S., and the company generates at least 90% of its revenue from its activities in the U.S. It is non-diversified.

About TrueShares Patriot Defense ETF (FLDZ)

There are 2 members of the management team with an average tenure of 4.42 years: Patrick Galley (2022) and Joseph Bailey (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 1 primary benchmark: S&P 900 TR index with a weighting of 100%. TrueShares Patriot Defense ETF has 63 securities in its portfolio. The top 10 holdings constitute 18.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

TrueShares Patriot Defense ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. TrueShares Patriot Defense ETF has 17.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 81.2% There is 17.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). TrueShares Patriot Defense ETF has 0.9% of the portfolio in cash.

Assets Under Management

The fund has $3 million in total assets, which is below the $4 billion average for the Mid-Cap Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

FLDZ Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The TrueShares Patriot Defense ETF expense ratio is average compared to funds in the Mid-Cap Blend category. TrueShares Patriot Defense ETF has an expense ratio of 0.40%, which is 11% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. TrueShares Patriot Defense ETF has a portfolio turnover rate of 33%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 84% for the Mid-Cap Blend category.

Recently, in the month of July 2026, TrueShares Patriot Defense ETF returned -4.6%, which earned it a grade of F, as the Mid-Cap Blend category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

TrueShares Patriot Defense ETF has a trailing yield of 1.49%, which is above the 0.85% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

TrueShares Patriot Defense ETF Grades

Year to date, the ETF has returned 3.3%, 10.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 4.8% over the past year (grade of F) and 9.3% over the past three years (grade of F).

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