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SRN Advisors Announces Reorganization of Siren DIVCON Dividend Defender ETF

HUNTINGDON VALLEY, Pa., December 5, 2025 – SRN Advisors, LLC, a prominent investment management firm, has officially announced a significant reorganization of its exchange-traded funds (ETFs). The Siren DIVCON Dividend Defender ETF (CBOE: DFND) will be merged into the Siren DIVCON Leaders Dividend ETF (CBOE: LEAD). The decision, made by the Board of Trustees of the Siren ETF Trust, aims to streamline the investment strategy and enhance the overall performance of the funds.

This merger is a strategic move designed to consolidate the management of these ETFs, both of which are index-based funds managed by SRN. Importantly, this reorganization does not require approval from the shareholders, a decision that underscores the board's confidence in its strategic direction.

Key Details of the Reorganization

The reorganization is anticipated to be completed on or around December 15, 2025, although the exact timing could vary depending on the satisfaction of customary closing conditions. Shareholders of the Siren DIVCON Dividend Defender ETF will receive further details about the merger through a Combined Information Statement and Prospectus, which has been mailed out.

In connection with the reorganization, the Siren DIVCON Leaders Dividend ETF is set to make a cash distribution to its shareholders. This distribution, valued at approximately $0.0597 per share, represents the final allocation of the fund’s taxable income, emphasizing SRN's commitment to providing value to its investors. The timeline for this distribution includes:

• - Declaration Date: December 11, 2025
• - Ex-Date and Record Date: December 12, 2025
• - Payment Date: December 15, 2025

Additionally, once the merger is finalized, the assets of the Dividend Defender ETF will be transferred to the Leaders ETF, with their respective liabilities also being assumed. Shareholders of DFND will receive shares of the Leaders ETF, ensuring that the net asset value of their investments is maintained.

The Benefits of This Reorganization

The Siren DIVCON Leaders Dividend ETF seeks long-term capital appreciation by aligning with the performance of the Siren DIVCON Leaders Dividend Index. This index employs a proprietary DIVCON methodology to identify leading companies within the top 500 U.S. firms, focusing on those poised to increase dividends in the coming year based on rigorous analysis of seven quantitative factors. This apt strategic alignment is expected to attract more investors looking for reliable income streams and capital appreciation.

About SRN Advisors, LLC

As an ETF sponsor and investment adviser, SRN Advisors is committed to identifying optimal investment opportunities for retail and institutional investors alike. The firm aims to create portfolios that offer focused investment strategies while also striving for lower costs compared to its peers in the industry. This reorganization is a critical step in enhancing the value and efficiency of their offerings, passionately advocating for the financial well-being of their clients.

Investors considering allocation in these funds should carefully evaluate their investment goals and review important documents such as the statutory prospectus to understand the associated risks and expenses fully.

In summary, the upcoming merger between the Siren DIVCON Dividend Defender ETF and the Leaders Dividend ETF under SRN Advisors highlights the firm's proactive approach to refining its ETF offerings while ensuring that shareholder value remains paramount. For the retail and institutional investment community, this transition brings about the promise of growth and improved returns as the firm continues to innovate within the dynamic financial landscape.