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Elevation Series Trust
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Sovereign’s Capital Flourish Fund
– SOVF
FUND
SUMMARY
Investment
Objective
<p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zebMyZ6BOy5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment objective of Sovereign’s
Capital Flourish Fund (the “Fund”) is to provide long-term capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Fees
and Expenses of the Fund
<p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zeEePTdx29mj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table describes the fees
and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such
as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zk8BX4RRgM95"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zz32FrjTcSt" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="vertical-align: bottom">
<td id="xdx_98B_eoef--OperatingExpensesCaption_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zSq6ocsixzCj" style="width: 90%; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Annual Fund Operating Expenses </b></span><br/>
<span style="font-size: 10pt">(expenses that you pay each year as a percentage of the value of your investment)</span></td>
<td id="xdx_492_20251128__20251128__oef--ClassAxis__custom--C000244753Member_zGuzBLqxFpX7" style="width: 10%"><span style="font-size: 10pt"> </span></td></tr>
<tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zrgJgAmf7H71">
<td style="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt"><span style="font-size: 10pt">Management Fees<sup id="xdx_F49_zFWYWu2coT97">(1)</sup></span></td>
<td style="text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr>
<tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOvmJZcfvmQf" style="vertical-align: bottom">
<td style="padding-top: 3pt; padding-bottom: 3pt"><span style="font-size: 10pt">Distribution and/or Service (12b-1) Fees</span></td>
<td style="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><span style="font-size: 10pt">None</span></td></tr>
<tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zRiwC78GPVo7">
<td style="vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt"><span style="font-size: 10pt">Other Expenses</span></td>
<td style="border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt">0.00%</span></td></tr>
<tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zRYW9jjWyZLj">
<td style="vertical-align: bottom; padding-top: 3pt"><span style="font-size: 10pt">Total Annual Fund Operating Expenses</span></td>
<td style="text-align: center"><span style="font-size: 10pt">0.75%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-align: justify; text-indent: -0.2in"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="-sec-ix-redline: true"><span><sup id="xdx_F0C_zzfjWPDe8UPg">(1)</sup></span></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F13_zLX2V0MYMhjb" style="-sec-ix-redline: true">The Fund’s adviser has agreed to pay substantially all expenses of the Fund out
of its unitary management fee, including the cost of transfer agency, custody, fund administration, and other non-distribution
related services necessary for the Fund to operate, except for: the fee paid to the Fund’s adviser pursuant to the Investment Advisory
Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes and related services, brokerage
commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired
fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted
pursuant to Rule 12b-1 under the 1940 Act, litigation expenses and other non-routine or extraordinary expenses.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-align: justify; text-indent: -0.2in"> </p>
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
0.0075
0
0.0000
0.0075
Expense
Example
<p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zbSWwCUf4dg4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take
into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBUjbGoFURtf"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z2AxFadDlrwi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr>
<td id="xdx_480_eoef--ExpenseExampleYear01_zF5r4CdapjS" style="vertical-align: bottom; width: 25%; text-align: center"><span style="font-size: 10pt"><b>1 Year</b></span></td>
<td id="xdx_488_eoef--ExpenseExampleYear03_zOs6Ss0u9nvf" style="vertical-align: top; width: 25%; text-align: center"><span style="font-size: 10pt"><b>3 Years</b></span></td>
<td id="xdx_486_eoef--ExpenseExampleYear05_z30zAQZjv6P4" style="vertical-align: top; width: 25%; text-align: center"><span style="font-size: 10pt"><b>5 Years</b></span></td>
<td id="xdx_48D_eoef--ExpenseExampleYear10_zt5NR3SOiPI" style="vertical-align: bottom; width: 25%; text-align: center"><span style="font-size: 10pt"><b>10 Years</b></span></td></tr>
<tr id="xdx_41C_20251128__20251128__oef--ClassAxis__custom--C000244753Member_zGcp6SmBy6Pk">
<td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">$77</span></td>
<td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">$240</span></td>
<td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">$417</span></td>
<td style="vertical-align: bottom; text-align: center"><span style="font-size: 10pt">$930</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -40.5pt"> </p>
77
240
417
930
Portfolio
Turnover
<p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zkOE8uHZsiPa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such
as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which
are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the most recent
fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zZV2hDf3oDTj">40%</span> of the average value of its portfolio.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
0.40
Principal
Investment Strategies of the Fund
<p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zc3XJenihH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund invests primarily in common stock
of publicly traded U.S. companies that are selected by Sovereign’s Capital Management, LLC (the “Adviser” or
“Sovereign’s Capital”), the Fund’s investment adviser. The Adviser selects companies that are led by faith-driven
CEOs that seek to build exceptional corporate cultures based on biblical values that allow employees to flourish. A company is
considered a “U.S. company” if (i) the security is listed on a U.S. national securities exchange, (ii) the issuer is
headquartered in the U.S., or (iii) the issuer derives a substantial portion of their revenues from, or has a substantial portion
of its operations in, the U.S.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser employs an active management
strategy in seeking to achieve the Fund’s objective. The Adviser’s strategy employs “faith-driven” investing
based on non-denominational Christian values and seeks companies that show “love of neighbor” for employees, customers
and community with the goal of creating exceptional company cultures. To identify potential investments, the Adviser relies on
the fundamental research and analysis conducted by its investment personnel and leverages its network of faith-driven individuals
who share the values present in the Adviser’s proprietary culture framework to discover companies that may align with the
Fund’s investment focus on companies with faith-driven leaders and exceptional cultures. The Adviser then applies its proprietary
due diligence framework to evaluate whether a company demonstrates specific characteristics through its leadership and culture.
In evaluating companies for investment, the Adviser considers the following factors: the presence and depth of faith-driven management,
an assessment of the level and types of employee benefits, availability of counselors for employees, whether a company’s
mission/values/vision statement aligns with biblical values, the presence of faith-based employee resource groups, and the company’s
products and/or services and their effect on consumers and employees. The Adviser seeks to construct and maintain a portfolio that
avoids industries and activities which it believes do not enable employees to flourish, specifically tobacco, alcohol, gaming,
abortion, and pornography.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the Adviser’s proprietary framework
is applied, the Adviser conducts financial due diligence to consider variables such as business quality, return on invested capital,
balance sheet integrity, market expectations, cyclicality, and risk/reward of companies in the Adviser’s investible universe.
The Adviser considers the Fund’s allocations to various industries and sectors when determining whether to buy or sell a
security. The Fund’s portfolio typically consists of 80 to 100 companies, but the Fund may own fewer or more companies at
the Adviser’s discretion.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s portfolio is continually
reassessed in light of the Adviser’s proprietary culture framework and the financial characteristics of each company. With
respect to a company’s management, the Adviser monitors each company for leadership changes. In the event of a change in
a company’s chief executive officer, the company is re-evaluated using the Adviser’s proprietary culture framework.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sovereign’s Capital believes that
a faith-driven leader who is focused on creating a culture to enable its company employees to flourish will attract and retain
some of the best talent in the marketplace. Further, Sovereign’s Capital believes that a company with strong and stable talent
will outperform its peers along a variety of metrics that can enhance long-term operating results. Sovereign’s Capital believes
this will be a key driver of the Fund’s performance.</p>
As with any investment, there is a risk that you could lose all or a portion of your investment
in the Fund.
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FaithDrivenLeadershipRiskMember_zLXD8MmwTcVd"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 1px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 30px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Faith-Driven
Leadership Risk</b>. The Fund considers faith-driven leaders in its investment process and may choose not to purchase, or
may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Fund’s
guidelines. This means that the Fund may underperform other similar funds that do not consider faith-driven leaders when making
investment decisions. In addition, there can be no guarantee that the industries and activities of the companies, or the people
associated with the companies, identified by the Fund’s investment process will align (or be perceived to align) with
an investor’s view of biblical values and/or all of the values contained in the Adviser’s proprietary culture
framework. The Adviser may fail to identify all instances where the actions of a company or its management team are not consistent
with the Adviser’s proprietary culture framework or biblical values, which may cause the Fund to be invested in a company
that conflicts with the Fund’s guidelines.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zVWVnOHzZoOa"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 1px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Equity Market Risk</b>. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zmx2QHQzxDK"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 1px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>ETF Risks. </b>The Fund is an exchange-traded fund (“ETF”), and, as a result of an ETF’s structure, it is exposed to the following risks:</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 30px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><i>Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk</i>. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 30px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><i>Costs of Buying or Selling Shares</i>. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVMember_zbR9uGcB3Rce"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 30px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV</i>. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zw3Pvpvdr5Pc"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 30px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><i>Trading</i>. Although Shares are listed for trading on NYSE Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 1px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Market and Geopolitical Risk</b>. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 1px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Market Capitalization Risk.</b></span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingMember_zK32EgEuiKkl"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 30px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><i>Large-Capitalization Investing.</i> The Fund’s performance may be adversely affected if securities of large cap companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large cap companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingMember_zKc2Z4lLJRJ5"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 30px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><i>Mid-Capitalization Investing</i>. The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies are often more vulnerable to market volatility than securities of larger companies.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingMember_z1dwB4spZ9Gf"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 30px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><i>Small-Capitalization Investing</i>. The Fund may invest in the securities of small-capitalization companies. As a result, the Fund may be more volatile than funds that invest in larger, more established companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Small-capitalization companies may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zlfxGaRz0Tfd"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 1px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Sector Risk</b>. The Fund may be subject to the risk that its assets are invested in a particular sector or group of sectors in the economy and as a result, the value of the Fund may be adversely impacted by events or developments in a sector or group of sectors.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zVz6te2RDISj"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 1px"> </td>
<td style="width: 30px"><span style="font-size: 10pt">●</span></td>
<td style="text-align: justify"><span style="font-size: 10pt"><b>Active Management Risk</b>. The Adviser’s judgments about the growth, value or potential appreciation of an investment may prove to be incorrect or fail to have the intended results, which could adversely impact the Fund’s performance and cause it to underperform relative to its benchmark, or not to achieve its investment objectives.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStrategyRiskMember_zJTQgLoWXPy2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 1px"> </td>
<td style="width: 30px; font-size: 10pt"><span style="font-size: 10pt">●</span></td>
<td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt"><b>Investment Strategy Risk</b>. There is no guarantee that a qualitative or quantitative framework used by the Adviser, and the investments selected based on the framework, will perform as expected or produce the desired results.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
Performance
<p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zUu8UhVIkT31" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">The following performance information
indicates some of the risks of investing in the Fund. <span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zbsndc5Dppma">The table shows the Fund’s average annual total return over time compared
to one or more broad measures of market performance.</span> Both the bar chart and table assume that all dividends and distributions
are reinvested in the Fund. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zNikc7ViKpgf">The Fund’s past performance (before and after taxes) may not indicate future results.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true">Updated performance information is
available on the Fund’s website at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zuEeKJlYXtqb">http://www.scetfs.com</span> (the website does not form
a part of this prospectus) or at no charge by calling the Fund at <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zbAw0n5iF488">1-800-465-1403</span>.</span></p>
The table shows the Fund’s average annual total return over time compared
to one or more broad measures of market performance.
The Fund’s past performance (before and after taxes) may not indicate future results.
http://www.scetfs.com
1-800-465-1403
Annual Total Returns (For
the Calendar Years ended 12/31)*
<div id="xdx_A84_eoef--BarChartTableTextBlock_z7MqGwUowJa2"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zDIMmMqsjKH1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns">
<tr style="vertical-align: top; text-align: left">
<td style="width: 50%"> </td>
<td id="xdx_484_eoef--AnnlRtrPct_dp_zmgHd1lkuhri" style="display: none; width: 50%; visibility: hidden"> </td></tr>
<tr id="xdx_41A_20240101__20241231__oef--ClassAxis__custom--C000244753Member_z9qRI0o1o2Xl" style="display: none; vertical-align: top; text-align: left; visibility: hidden">
<td style="display: none; visibility: hidden">2024</td>
<td style="display: none; visibility: hidden">8.76%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.1pt; display: none; text-align: center; visibility: hidden"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.1pt; text-align: center"><img alt="" src="chart_001.jpg" style="height: 298px; width: 350px"/></p>
0.0876
<p id="xdx_A84_eoef--BarChartFootnotesTextBlock_zCY4nwEsNjwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.1pt; text-align: center"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="-sec-ix-redline: true">*</span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="-sec-ix-redline: true">The Fund’s 2025 <span id="xdx_90B_eoef--YearToDateReturnLabel_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zBoiuvlOQsNh">year-to-date total return</span> through <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zhosRE6j6pjj">September 30, 2025</span> was <span id="xdx_901_eoef--BarChartYearToDateReturn_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zFdKEGAfS9vg">-1.46%</span>.</span></td>
</tr></table>
year-to-date total return
2025-09-30
-0.0146
<p id="xdx_A88_eoef--BarChartClosingTextBlock_zT0KwexXWiC5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse">
<tr>
<td style="border-top: gray 1pt solid; border-bottom: gray 1pt solid; vertical-align: top; text-align: left; width: 70%"><span style="font-size: 10pt"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above)</b></span></td>
<td style="border-top: gray 1pt solid; border-bottom: gray 1pt solid; vertical-align: top; text-align: justify; width: 15%"> </td>
<td style="border-top: gray 1pt solid; border-bottom: gray 1pt solid; vertical-align: top; text-align: justify; width: 15%"> </td>
</tr>
<tr>
<td style="border-bottom: gray 1pt solid; vertical-align: top; text-align: left"> </td>
<td style="border-bottom: gray 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt"><b>Return</b></span></td>
<td style="border-bottom: gray 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt"><b>Quarter/Year</b></span></td>
</tr>
<tr>
<td style="border-bottom: gray 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt"><span id="xdx_90F_eoef--HighestQuarterlyReturnLabel_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zZALjs5Ouca8">Highest Return</span></span></td>
<td style="border-bottom: gray 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_znN0Y5nZzVS2">6.01%</span></span></td>
<td style="border-bottom: gray 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_ddxL_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_z3UM5XOnFppe" title="::XDX::2024-09-30"><span style="-sec-ix-hidden: xdx2ixbrl0075">Q3/2024</span></span></span></td>
</tr>
<tr>
<td style="border-bottom: gray 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt"><span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zVmJ9Q2B1e62">Lowest Return</span></span></td>
<td style="border-bottom: gray 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_dp_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zj0EoIQYVHKl">-3.70%</span> </span></td>
<td style="border-bottom: gray 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_ddxL_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_z7q96eDP6R4a" title="::XDX::2024-06-30"><span style="-sec-ix-hidden: xdx2ixbrl0078">Q2/2024</span></span></span></td>
</tr>
</table>
Highest Return
0.0601
Lowest Return
-0.0370
<div id="xdx_A87_eoef--PerformanceTableTextBlock_z5ttZBdCxHB" style="-sec-ix-redline: true"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z0fLGlYsL9gj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns">
<tr>
<td style="border-bottom: black 1pt solid; text-align: left; vertical-align: top; width: 70%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p>
<p id="xdx_988_eoef--PerformanceTableHeading_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zad4vmUb4anl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Average Annual Total Returns as of December
31, 2024</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td>
<td id="xdx_49A_20240101__20241231_zeZ1l7ehVCdl" style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify; width: 15%"> </td>
<td id="xdx_49D_20230929__20241231_zT5qyihpAIj9" style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify; width: 15%"> </td>
</tr>
<tr style="vertical-align: top">
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: left"> </td>
<td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: left"><span style="font-size: 10pt"><b>1 Year</b></span></td>
<td style="border-bottom: black 1pt solid"><span style="font-size: 10pt"><b>Since Inception <br/>(<span id="xdx_906_eoef--PerfInceptionDate_dd_c20230929__20241231__oef--ClassAxis__custom--C000244753Member_z3fuDALXdyo1">September 29, 2023</span>)</b></span></td></tr>
<tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244753Member_zxBkNcMq6iYb">
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt">Returns before taxes</span></td>
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt">8.76%</span></td>
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt">23.50%</span></td>
</tr>
<tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244753Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_ztAVnBXvVTLg">
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt">Returns after taxes on distributions</span></td>
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt">8.68%</span></td>
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt">23.33%</span></td>
</tr>
<tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000244753Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zH5I5L9kX5E5">
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt">Returns after taxes on distributions and sale of Fund shares</span></td>
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt">5.24%</span></td>
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt">17.87%</span></td>
</tr>
<tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPComposite1500EqualWeightTotalReturnIndexMember_zS9C9cm1qQ03">
<td style="border-bottom: black 1pt solid; text-align: left; vertical-align: top"><span style="font-size: 10pt"><b>S&P Composite 1500 Equal Weight Total Return Index <br/><span id="xdx_90B_eoef--IndexNoDeductionForFeesExpensesTaxes_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zsHQMjeoNnOi">(reflects no deduction for fees, expenses or taxes)</span></b></span></td>
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt">9.76%</span></td>
<td style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify"><span style="font-size: 10pt">18.80%</span></td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Average Annual Total Returns as of December
31, 2024
2023-09-29
0.0876
0.2350
0.0868
0.2333
0.0524
0.1787
(reflects no deduction for fees, expenses or taxes)
0.0976
0.1880
<p id="xdx_A81_eoef--PerformanceTableClosingTextBlock_z68R1f7Oi6Ml" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="-sec-ix-redline: true"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zEettgqDY1xf">After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual
after-tax returns depend on your tax situation and may differ from those shown in the preceding table. <span id="xdx_903_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251128__20251128__dei--LegalEntityAxis__custom--S000081759Member_zPkVdhtvyd04">The after-tax return information
shown above does not apply to Fund shares held through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual
retirement accounts (“IRAs”).</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
After-tax returns are calculated using
the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
The after-tax return information
shown above does not apply to Fund shares held through tax-deferred or tax-exempt arrangements such as 401(k) plans or individual
retirement accounts (“IRAs”).