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2026-03-01 0000890540 aicii:S000079261Member oef:RiskLoseMoneyMember 2026-03-01 2026-03-01 0000890540 aicii:S000079261Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-01 2026-03-01 iso4217:USD pure false 2026-02-28 485BPOS N-1A 0000890540 N-1A THE ADVISORS’ INNER CIRCLE FUND II 2026-02-28 CastleArk Large Growth ETF Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_z9i5wGtzuqOm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The CastleArk Large Growth ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zxYeNQ8SmSS9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0054 0.0000 0.0054 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zE7ZpfVAWEx9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 at current levels. This example does not include the brokerage commissions that investors may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 55 173 302 677 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zPbFDc5NiqFK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as brokerage 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 Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended October 31, 2025, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio. 0.68 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zzhrGb6uP7pT" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange-traded Fund (“ETF”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in common stock of large-capitalization companies. This investment policy can be changed by the Fund upon 60 days’ prior written notice to shareholders. For these purposes, “large-capitalization companies” are those that, at the time of investment, have market capitalizations of greater than $10 billion. The Fund may also invest up to 20% of its net assets, plus borrowings for investment purposes, in common stock of mid-capitalization companies. For these purposes, “mid-capitalization companies” are those that, at the time of investment, have market capitalizations between $4 billion and $10 billion. In seeking to achieve the Fund’s investment objective, CastleArk Management LLC’s (the “Adviser”), the Fund’s investment adviser, begins its investment process by identifying an initial investment universe of approximately 1,000 companies based on market capitalization and a proprietary evaluation of quantitative metrics, including a company’s margins, return on assets, return on equity, return on invested capital and free cash flow generation. The Adviser then employs bottom-up, fundamental analysis to narrow the investable universe to a pool of growth companies. Growth companies, in the Adviser’s view, are established firms that have distinctive, sustainable business strategies, a competitive edge and potential free cash flow margins and earnings growth in the top 20% of the investment universe. In the Adviser’s view, such companies are large established firms with market leading positions that often exhibit characteristics such as robust brand loyalty, proprietary technology or patents, high switching costs, logistical advantages, substantial capital requirements, economies of scale, network effects, or a differentiated customer perspective. The Adviser utilizes a bottom-up fundamental approach, focusing on extensive research to gain a deeper understanding of potential portfolio holdings. This involves analyzing various aspects such as the companies’ industry dynamics, competition, customer base, and supply chain. Such due diligence is conducted through continuous interactions with company management and industry experts, detailed review of company filings, and regular industry evaluations. This qualitative strategy, coupled with continuous monitoring, is essential in forming the Adviser’s understanding of the core fundamental trends in both potential investment targets and current portfolio assets, while also identifying potential risks. The Fund’s portfolio is then constructed based on the portfolio managers’ views of the companies’ potential free cash flow and earnings growth in the top 20% of the investable universe. The Fund’s portfolio typically will consist of approximately 20-40 issuers, but it may at times consist of more or less than this range of issuers, depending on the Adviser’s assessment of appropriate and attractive investment opportunities. The Adviser may sell a security from the Fund’s portfolio if the Adviser believes (a) the company’s competitive advantage is diminished or a potential disrupter emerges as threat to its franchise status; (b) stock level fundamental factors (such as capital deployment, earnings trends and quality, or valuation) signal an extreme negative deviation from historic ranges; (c) a change in management, strategy or industry dynamics calls into question the sustainability of free cash flow margins and return on invested capital; or (d) a more attractive growth company is identified. The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”). This means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in common stock of large-capitalization companies. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zflTSIMl8vQu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Risk – The risk that stock prices will fall over short or extended periods of time, sometimes rapidly and unpredictably. The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and economic conditions. Broad movements in financial markets may adversely affect the price of the Fund’s investments, regardless of how well the companies in which the Fund invests perform. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. Moreover, in the event of a company’s bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stock holders such as the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zkjwNhaNJEtG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Risk – The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zhH5UuqQC0nk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Non-Diversification Risk – The Fund is non-diversified, which means that it may invest in the securities of fewer issuers than a diversified fund. As a result, the Fund may be more susceptible to a single adverse corporate, economic or political occurrence affecting one or more of these issuers, and may experience increased volatility due to its investments in those securities. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_z97QWpaHbxty" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sector Focus Risk – Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of sectors. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestmentStyleRiskMember_zYJHtHNrATqR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Growth Investment Style Risk – A growth investment style may increase the risks of investing in the Fund. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other funds that use differing investing styles. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_z475lwen98D5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Mid-Capitalization Company Risk – The Fund is also subject to the risk that medium-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. The medium-sized companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, mid-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zXTrv9U1kIn9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Large-Capitalization Company Risk – The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zDFXrinmOTyB" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Portfolio Turnover Risk – Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund’s performance. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zQh50In30aH8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Active Management Risk – The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s portfolio securities, the Sub-Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zYK14N1U448O" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF Risks – The Fund is an ETF and, as a result of this structure, it is exposed to the following risks: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Trading Risk – Shares of the Fund may trade on the Exchange above (premium) or below (discount) their net asset value (“NAV”). In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings, which may increase the variance between the market price of the Fund shares and the value of its underlying holdings. In addition, although the Fund’s shares are currently </td> </tr> </table> listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Limited Authorized Participants, Market Makers and Liquidity Providers Risk – Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. Retail investors cannot transact directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in Fund shares. As a result of these and other considerations, Fund shares may trade at a material discount to its NAV. In addition, the Fund may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants 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. </td> </tr> </table> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zsa03LPDyCci" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Current performance information is available online at www.castlearketfs.com by calling toll-free at 1-866-777-0504. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.castlearketfs.com 1-866-777-0504 0.2655 0.1067 <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%">BEST QUARTER</td> <td style="vertical-align: bottom; width: 50%">WORST QUARTER</td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%">17.48%</td> <td style="vertical-align: bottom; width: 50%">(11.86)%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%">6/30/2025</td> <td style="vertical-align: bottom; width: 50%">3/31/2025</td> </tr> </table> BEST WORST QUARTER 0.1748 -0.1186 2025-06-30 2025-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zmApsaY4nXaq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. 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. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.1067 0.2037 0.1067 0.2037 0.0632 0.1587 0.1737 0.2307 0.1856 0.2773 Frontier Asset Absolute Return ETF Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zlrrquVFuFvG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Frontier Asset Absolute Return ETF (the “Fund”) seeks to achieve long-term total return. Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zsyn7uOSCRuc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0060 0.0000 0.0035 0.0095 The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_z9jXb3Asvnkb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 at current levels. This example does not include the brokerage commissions that investors may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 97 303 525 1166 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zHvAEHx91xVR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as brokerage 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 Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 3% of the average value of its portfolio. 0.03 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_z602owMUEaSJ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange-traded fund (“ETF”). In seeking to achieve its investment objective, the Fund utilizes an absolute return approach that is designed to provide exposure to a wide range of equity securities, fixed income securities, commodities and currencies of domestic and foreign issuers, with no prescribed asset allocation targets under normal circumstances. As such, exposures across asset classes may vary widely, and the Fund’s assets may exhibit an equity, fixed income, commodity or currency bias at any given time. The Fund operates in a manner that is commonly referred to as a “fund of funds” and obtains investment exposure to the asset classes described below primarily by investing in other ETFs. The Fund generally expects to hold approximately six to twenty underlying ETFs. The Fund’s equity investments may include common stock, preferred stock, securities convertible into other equity securities, and real estate investment trusts (“REITs”). The Fund may invest in the equity securities of U.S. and foreign companies of various market capitalizations, including in emerging and developed markets. The Fund’s fixed income securities may include securities issued or guaranteed by the U.S. Government and its agencies or instrumentalities, municipal securities, corporate debt securities, commercial paper, residential and commercial mortgage-backed securities, asset-backed securities (including collateralized loan obligations and collateralized mortgage obligations), inflation-linked securities (e.g., Treasury inflation-protected securities (“TIPS”)), convertible securities, and bank loans. The Fund’s fixed income holdings are diversified across a wide range of short- to long-term income-producing securities issued by U.S. and international developed and emerging markets issuers. With respect to credit quality, the Fund may invest in both investment-grade and high-yield (also known as “junk bonds”) fixed income instruments. Fixed income securities are considered investment grade if they are rated in one of the four highest rating categories by a nationally recognized statistical ratings organization (“NRSRO”), such as S&P Global Ratings (“S&P”) or Moody’s Investor Services, Inc. (“Moody’s”), or determined by the Adviser to be of comparable quality at the time of purchase. The Fund’s commodity exposure may include various commodities, including metals, energy, oil or agricultural products. The Fund will gain exposure to these commodities principally through investments in futures contracts and swaps. The Fund’s currency exposure may include various non-U.S. currencies and the Fund will gain exposure to these currencies primarily through foreign currency futures contracts and swaps. The Adviser makes investment decisions by seeking to identity and assemble a portfolio of ETFs that will achieve its desired asset allocation mix while also optimizing for positive risk-adjusted returns (i.e., alpha) relative to the general equity, fixed income, commodities and currency markets. To accomplish this, the Adviser’s investment team determines the Fund’s asset allocation mix and conducts ongoing research into the ever-growing universe of ETFs and their investment managers, populating a list of ETFs from which the Fund’s portfolio is constructed. The asset allocation mix for the Fund is determined through the use of a mean variance optimization process, which seeks to identify a combination of asset classes that is expected to maximize return for a given level of risk, by focusing primarily on expected returns, standard deviations (i.e., volatility as a measure of risk) and correlations of the different asset classes. The Adviser’s analysis and due diligence process for selecting prospective ETFs includes the following: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Quantitative Analysis: The Adviser conducts single and multi-factor benchmark analysis to develop a return and risk profile for each ETF, selecting funds based on the apparent ability to generate absolute and relative returns, with an emphasis on funds that the Adviser believes demonstrate (i) strong risk-adjusted performance with some degree of consistency and (ii) relatively stable performance during turbulent markets. Single factor benchmarks represent one asset class, whereas multi- </td> </tr> </table> factor benchmarks include indices that track multiple asset classes. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Qualitative Analysis: The Adviser conducts an evaluation of each ETF’s underlying investment manager, seeking to understand the firm’s leadership structure, philosophy and investment decision making process. Weight is given to the depth and quality of the strategy underlying the manager’s investment thesis along with organizational factors including the manager’s compensation structure, board makeup, conflicts of interest and whether the portfolio managers of the ETF in question invest alongside clients. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Manager Edge: The Adviser believes that ETF managers with a clear thesis for generating positive risk-adjusted returns are more likely to outperform overtime. Accordingly, the Adviser seeks to understand the inefficiencies each manager believes exist in the market, the likelihood that such inefficiencies will persist and whether the manager has a reasonable edge in exploiting them. Examples of market inefficiencies may include behavioral biases such as anchoring bias (relying too heavily on an initial piece of information when making decisions), confirmation bias (seeking out or giving more weight to information that supports original estimates) and overconfidence (displaying a hesitance to acknowledge potential errors in an initial analysis). In practice, these biases can lead to delayed or gradual revisions of earnings forecasts, even when significant changes in a company’s fundamentals or external environment may warrant more immediate adjustments. The Adviser believes that a manager who understands these dynamics and puts in place processes to combat these biases may be in a better position to adjust their portfolio to incorporate new information, compared to managers who under-react to new information due to these biases. </td> </tr> </table> In conducting the qualitative and manager edge analysis described above, the Adviser relies on, among other publicly available sources of information, due diligence materials provided by managers as well as interviews conducted with such managers to discuss investment philosophy, processes, personnel and performance. Following this process, the Adviser will select ETFs on the basis of their ability to provide low-cost asset class exposure, as compared to other actively managed ETFs, and/or the ability to add value on either an absolute or risk-adjusted basis, while also taking into account the following factors to form its views on which ETFs to select for the Fund’s portfolio: market conditions, valuation metrics, risk profiles, and expected growth potential. The Adviser will sell ETFs for a variety of reasons, including the need to alter asset allocation exposures, to add ETFs that the Adviser believes are better positioned to add value as compared to existing holdings, and to remove ETFs that no longer meet the investment criteria for the Fund. The Adviser has engaged Exchange Traded Concepts, LLC to serve as trading sub-adviser (“Sub-Adviser”) for the Fund. The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the Adviser and the Board of Trustees. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zq2llOcD5R5y" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Risk - Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity market has moved in cycles, and the value of the Fund’s securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. These factors contribute to price volatility, which is the principal risk of investing in the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zVQ98KtN2QTK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Large Capitalization Company Risk - The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMidCapitalizationCompanyRiskMember_zwZqVXJu2QjZ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Small- and Mid-Capitalization Company Risk - The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_z05I924KZzHR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Preferred Stock Risk - Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_ztyr4dgujfM7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Convertible Securities Risk - The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--REITsRiskMember_z9mVpm9ogTSM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">REITs Risk - REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentinOtherInvestmentCompaniesRiskMember_zU3xrh3Mc2p5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investment in Other Investment Companies Risk - Because the Fund invests in other investment companies, such as ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. The Fund does not intend to invest in other investment companies unless the Adviser believes that the potential benefits of the investment justify the payment of any additional fees or expenses. Federal securities laws impose limitations on the Fund’s ability to invest in other investment companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zWve101fHEEc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF Risks - The Fund is an ETF and, as a result of this structure, it is exposed to the following risks: Trading Risk - Shares of the Fund may trade on the Exchange above or below their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. Cash Transactions Risk - Like other ETFs, the Fund sells and redeems its shares only in large blocks called Creation Units and only to “Authorized Participants.” Unlike many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds at least partially in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time. Limited Authorized Participants, Market Makers and Liquidity Providers Risk - Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. 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, Fund shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants 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. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zpe7iodu8BhF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fixed-Income Securities Risk - The prices of the Fund’s fixed-income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed-income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed-income markets. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CommoditiesRiskMember_zg1DeiPDAVam" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Commodities Risk - Commodities include, among other things, energy products, agricultural products, metals and oil. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, metals, oil, and agriculture sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zoFp9UfYFjLK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Currency Risk - The Fund may have exposure to foreign currencies. Foreign currencies may decline in value relative to the U.S. dollar, resulting in the dollar value of an investment in the Fund being adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments or central banks, or by the imposition of currency controls or other political developments in the United States or abroad. Currency exchange rates may fluctuate in response to factors extrinsic to that country’s economy, which makes the forecasting of currency market movements extremely difficult. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zqOvypnAPTjg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Derivatives Risk - An underlying ETF’s use of futures contracts and swaps is subject to market risk, leverage risk, correlation risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain for the underlying ETF. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the underlying ETF would like. Swaps are also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that a security may be difficult to value. Each of these risks could cause an underlying ETF in which the Fund invests to lose more than the principal amount invested in a derivative instrument, which in turn could cause losses for the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zdvYx1wmGqLT" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Interest Rate Risk - The risk that a change in interest rates will cause a fall in the value of fixed-income securities, including U.S. Government securities, in which the Fund invests. Generally the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondRiskMember_zDiFYAVPPMdr" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">High Yield Bond Risk - High yield, or “junk,” bonds are debt securities rated below investment grade. High yield bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSGovernmentSecuritiesRiskMember_zyUYR3MqMvMY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Non-U.S. Government Securities Risk - Foreign sovereign debt securities are subject to the risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateFixedIncomeSecuritiesRiskMember_zUiy86VmfbCN" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Corporate Fixed Income Securities Risk - Corporate fixed-income securities are fixed-income securities issued by public and private businesses. Corporate fixed-income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialPaperRiskMember_zFwUlCghCfHF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Commercial Paper Risk - Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zBaQkoOEkWTS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Credit Risk - The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zHt5wnPQ7EiG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">U.S. Government Securities Risk - Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentAgenciesRiskMember_zCTxb2xxwjZm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Government Agencies Risk - Bonds issued by government agencies, subdivisions or instrumentalities of foreign governments are generally backed only by the general creditworthiness and reputation of the entity issuing the bonds and may not be backed by the full faith and credit of the foreign government. Moreover, a foreign government that explicitly provides its full faith and credit to a particular entity may be, due to changed circumstances, unable or unwilling to provide that support. A foreign government agency’s operations and financial condition are influenced by the foreign government’s economic and other policies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zZ5GG06QQmQM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Municipal Securities Risk - Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer’s current or future ability to make principal or interest payments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ResidentialMortgageBackedSecuritiesRiskMember_zVvfxb2BWVm0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Residential Mortgage-Backed Securities Risk - Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialMortgageBackedSecuritiesRiskMember_zyctTj41yp3i" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Commercial Mortgage-Backed Securities Risk - Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentandExtensionRiskMember_z325xo0Ahvrb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Prepayment and Extension Risk - When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_z94CbPI2Fwhi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Asset-Backed Securities Risk - Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationLinkedSecuritiesRiskMember_zGVOpwTOKJrZ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Inflation Linked Securities Risk - Inflation linked securities, including TIPS, are fixed income securities for which the principal and/or interest income paid is linked to inflation rates. The relationship between an inflation linked security and its associated inflation index affects both the sum the Fund is paid when the security matures and the amount of interest that the security pays the Fund. With inflation (a rise in the index), the principal of the security increases. With deflation (a drop in the index), the principal of the security decreases. Inflation protected securities pay interest at a fixed rate. Because the rate is applied to the adjusted principal, however, interest payments can vary in amount from one period to the next. If inflation occurs, the interest payment increases. In the event of deflation, the interest payment decreases. At the maturity of a security, the Fund receives the adjusted principal or the original principal, whichever is greater. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zryxh5SBg7vr" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Company Risk - Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the same level of regulatory controls imposed on U.S. issuers. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers and foreign markets and securities may be less liquid. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zrLV1MX7LIMZ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Emerging Markets Securities Risk - Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_znQ9BsJCNqH9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Currency Risk - As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--BankLoansRiskMember_z9TywhXiNpnC" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Bank Loans Risk - Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in high yield bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that collateral securing a loan, if any, may be insufficient or unavailable to the Fund, and that the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws. Bank loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedLoanObligationsCLOsRiskMember_zDziIPjGwH7i" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Collateralized Loan Obligations (“CLOs”) Risk - Collateralized loan obligations are generally subject to credit, interest rate, prepayment and extension, valuation and liquidity risks, which are described elsewhere in this section. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. CLOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest of other payments, (ii) the collateral may decline in value or default, (iii) the Fund may invest in obligations that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedMortgageObligationsCMOsRiskMember_z9caFzkdqBDS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Collateralized Mortgage Obligations (“CMOs”) Risk - CMOs exhibit similar risks to those of mortgage-backed securities but also present certain special risks. CMOs are created by dividing the principal and interest payments collected on a pool of mortgages into several revenue streams (“tranches”) with different priority rights to portions of the underlying mortgage payments. As market conditions change, however, particularly during periods of rapid or unanticipated changes in interest rates, the ability of a CMO tranche to provide the anticipated investment characteristics and performance may be significantly reduced. These changes may result in volatility in the market value, and in some instances reduced liquidity, of the CMO tranche. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentsRiskMember_z6SCasSk0RBR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Money Market Instruments Risk - The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. The regulations governing money market funds were recently amended in July, 2023, and their implementation and interpretation, as well as enforcement, may affect the manner of operation, performance and/or yield of money market funds. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zM4wGBByTF31" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Liquidity Risk - Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zYTP5Ui649BA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Valuation Risk - The risk that a security may be difficult to value. The Fund may value certain securities at a price higher or lower than the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become illiquid. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zhK0MNnhTMke" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Active Management Risk - The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies. Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zjR95dSeaJon" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Current performance information is available online at www.frontierasset.com or by calling toll-free at 1-866-326-3837. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.frontierasset.com 1-866-326-3837 0.1057 <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%">BEST QUARTER</td> <td style="vertical-align: bottom; width: 50%">WORST QUARTER</td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%">4.60%</td> <td style="vertical-align: bottom; width: 50%">1.06%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%">9/30/2025</td> <td style="vertical-align: bottom; width: 50%">3/31/2025</td> </tr> </table> BEST QUARTER WORST QUARTER 0.0460 0.0106 2025-09-30 2025-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zuCASQG4VraC" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. 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. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.1057 0.1102 0.0911 0.0952 0.0624 0.0775 0.2101 0.2074 0.0714 0.0711 Frontier Asset Core Bond ETF Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zTyYrKir9Wty" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Frontier Asset Core Bond ETF (the “Fund”) seeks to provide high income consistent with the preservation of capital. Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zvauyJaW3RdO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0060 0.0000 0.0024 0.0084 The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_z0t1STdbUfdx" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 at current levels. This example does not include the brokerage commissions that investors may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 86 268 466 1037 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zxscWyjg4yCs" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as brokerage 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 Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 5% of the average value of its portfolio. 0.05 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zsYn2brAeWqq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange-traded Fund (“ETF”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in investment-grade fixed income securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund operates in a manner that is commonly referred to as a “fund of funds” and obtains investment exposure to the asset classes described below primarily by investing in other ETFs. The Fund generally expects to hold approximately six to twelve underlying ETFs. For purposes of the Fund’s 80% investment policy, fixed income securities include securities issued or guaranteed by the U.S. Government, corporate debt securities, commercial paper, residential and commercial mortgage-backed securities, asset-backed securities, and inflation-linked securities (e.g., Treasury inflation-protected securities (“TIPS”)). The Adviser considers fixed income securities to be investment grade if they are rated in one of the four highest rating categories by a nationally recognized statistical ratings organization (“NRSRO”), such as S&P Global Ratings (“S&P”) or Moody’s Investor Services, Inc. (“Moody’s”), or determined by the Adviser to be of comparable quality at the time of purchase. The Fund is managed to achieve broad exposure to the U.S. investment-grade fixed income securities market. The Fund does not target a specific weighted average maturity for its investments, either individually or in the aggregate. As a result, the Fund’s interest rate sensitivity may vary significantly over time. The Adviser makes investment decisions by seeking to identity and assemble a portfolio of ETFs that will achieve its desired asset allocation mix while also optimizing for positive risk-adjusted returns (i.e., alpha) relative to the general investment-grade fixed income market. To accomplish this, the Adviser’s investment team determines the Fund’s asset allocation mix and conducts ongoing research into the ever-growing universe of ETFs and their investment managers, populating a list of ETFs from which the Fund’s portfolio is constructed. The asset allocation mix for the Fund is determined through the use of a mean variance optimization process, which seeks to identify a combination of asset classes that is expected to maximize return for a given level of risk, by focusing primarily on expected returns, standard deviations (i.e., volatility as a measure of risk) and correlations of the different asset classes. The Adviser’s analysis and due diligence process for selecting prospective ETFs includes the following: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Quantitative Analysis: The Adviser conducts single and multi-factor benchmark analysis to develop a return and risk profile for each ETF, selecting funds based on the apparent ability to generate absolute and relative returns, with an emphasis on funds that the Adviser believes demonstrate (i) strong risk-adjusted performance with some degree of consistency and (ii) relatively stable performance during turbulent markets. Single factor benchmarks represent one asset class, whereas multi-factor benchmarks include indices that track multiple asset classes. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Qualitative Analysis: The Adviser conducts an evaluation of each ETF’s underlying investment manager, seeking to understand the firm’s leadership structure, philosophy and investment decision making process. Weight is given to the depth and quality of the strategy underlying the manager’s investment thesis along with organizational factors including the manager’s compensation structure, board makeup, conflicts of interest and whether the portfolio managers of the ETF in question invest alongside clients. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Manager Edge: The Adviser believes that ETF managers with a clear thesis for generating positive risk-adjusted returns are more likely to outperform overtime. Accordingly, the Adviser seeks to understand the inefficiencies each manager believes exist in the market, the likelihood that such inefficiencies will persist </td> </tr> </table> and whether the manager has a reasonable edge in exploiting them. Examples of market inefficiencies may include behavioral biases such as anchoring bias (relying too heavily on an initial piece of information when making decisions), confirmation bias (seeking out or giving more weight to information that supports original estimates) and overconfidence (displaying a hesitance to acknowledge potential errors in an initial analysis). In practice, these biases can lead to delayed or gradual revisions of earnings forecasts, even when significant changes in a company’s fundamentals or external environment may warrant more immediate adjustments. The Adviser believes that a manager who understands these dynamics and puts in place processes to combat these biases may be in a better position to adjust their portfolio to incorporate new information, compared to managers who under-react to new information due to these biases. In conducting the qualitative and manager edge analysis described above, the Adviser relies on, among other publicly available sources of information, due diligence materials provided by managers as well as interviews conducted with such managers to discuss investment philosophy, processes, personnel and performance. Following this process, the Adviser will select ETFs on the basis of their ability to provide low-cost asset class exposure, as compared to other actively managed ETFs, and/or the ability to add value on either an absolute or risk-adjusted basis, while also taking into account the following factors to form its views on which ETFs to select for the Fund’s portfolio: market conditions, valuation metrics, risk profiles, and expected growth potential. The Adviser will sell ETFs for a variety of reasons, including the need to alter asset allocation exposures, to add ETFs that the Adviser believes are better positioned to add value as compared to existing holdings, and to remove ETFs that no longer meet the investment criteria for the Fund. The Adviser has engaged Exchange Traded Concepts, LLC to serve as trading sub-adviser (“Sub-Adviser”) for the Fund. The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the Adviser and the Board of Trustees. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z4kn8pKIrhPi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fixed-Income Securities Risk - The prices of the Fund’s fixed-income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed-income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed-income markets. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zZHjMfDTk9dD" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF Risks - The Fund is an ETF and, as a result of this structure, it is exposed to the following risks: Trading Risk - Shares of the Fund may trade on the Exchange above or below their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. Cash Transactions Risk - Like other ETFs, the Fund sells and redeems its shares only in large blocks called Creation Units and only to “Authorized Participants.” Unlike many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds at least partially in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time. Limited Authorized Participants, Market Makers and Liquidity Providers Risk - Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. 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, Fund shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants 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. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_z5BEucB65VaQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Interest Rate Risk - The risk that a change in interest rates will cause a fall in the value of fixed-income securities, including U.S. Government securities, in which the Fund invests. Generally the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateFixedIncomeSecuritiesRiskMember_zs6DsPAf7i2A" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Corporate Fixed Income Securities Risk - Corporate fixed-income securities are fixed-income securities issued by public and private businesses. Corporate fixed-income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialPaperRiskMember_zdmitdKWiivC" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Commercial Paper Risk - Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zR4l1T40qRea" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Credit Risk - The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zA7sYpENF82e" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">U.S. Government Securities Risk - Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingintheUnitedStatesRiskMember_zMh4hQDB3MDE" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investing in the United States Risk - The Fund focuses its investments in the United States. As a result, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within the United States, and may be subject to greater price volatility and risk of loss, than a fund holding more geographically diverse investments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentandExtensionRiskMember_z8hBlpw4ZEXo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Prepayment and Extension Risk - When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_zAwW6ocCPOma" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Asset-Backed Securities Risk - Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ResidentialMortgageBackedSecuritiesRiskMember_zplpZE9Rq0Bf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Residential Mortgage-Backed Securities Risk - Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialMortgageBackedSecuritiesRiskMember_zaZ1r9NNrd6a" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Commercial Mortgage-Backed Securities Risk - Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationProtectedSecuritiesRiskMember_z10SfVPe6dda" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Inflation Protected Securities Risk - Inflation protected securities, including TIPS, are fixed income securities for which the principal and/or interest income paid is linked to inflation rates. The relationship between an inflation protected security and its associated inflation index affects both the sum the Fund is paid when the security matures and the amount of interest that the security pays the Fund. With inflation (a rise in the index), the principal of the security increases. With deflation (a drop in the index), the principal of the security decreases. Inflation protected securities pay interest at a fixed rate. Because the rate is applied to the adjusted principal, however, interest payments can vary in amount from one period to the next. If inflation occurs, the interest payment increases. In the event of deflation, the interest payment decreases. At the maturity of a security, the Fund receives the adjusted principal or the original principal, whichever is greater. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentsRiskMember_z3gmPhrIssi7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Money Market Instruments Risk - The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. The regulations governing money market funds were recently amended in July, 2023, and their implementation and interpretation, as well as enforcement, may affect the manner of operation, performance and/or yield of money market funds. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zSOVpumYCZQ5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Liquidity Risk - Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zdwu9FDfPwhp" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Valuation Risk - The risk that a security may be difficult to value. The Fund may value certain securities at a price higher or lower than the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become illiquid. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z4X5WtjtyluQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Active Management Risk - The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentinOtherInvestmentCompaniesRiskMember_zxUQ5sAqu1k0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investment in Other Investment Companies Risk - Because the Fund invests in other investment companies, such as ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. The Fund does not intend to invest in other investment companies unless the Adviser believes that the potential benefits of the investment justify the payment of any additional fees or expenses. Federal securities laws impose limitations on the Fund’s ability to invest in other investment companies. Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z2HqR4Pen7CG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Current performance information is available online at www.frontierasset.com or by calling toll-free at 1-866-326-3837. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.frontierasset.com 1-866-326-3837 0.0633 <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%">BEST QUARTER</td> <td style="vertical-align: bottom; width: 50%">WORST QUARTER</td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%">2.08%</td> <td style="vertical-align: bottom; width: 50%">1.13%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%">3/31/2025</td> <td style="vertical-align: bottom; width: 50%">12/31/2025</td> </tr> </table> BEST QUARTER WORST QUARTER 0.0208 0.0113 2025-03-31 2025-12-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zuUQ1G6I6TU2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. 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. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.0633 0.0637 0.0448 0.0454 0.0373 0.0408 0.0712 0.0708 Frontier Asset Opportunistic Credit ETF Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zVn0b8pbH66y" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Frontier Asset Opportunistic Credit ETF (the “Fund”) seeks to provide high income consistent with the preservation of capital. Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zKQyNrI2ujJr" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0060 0.0000 0.0027 0.0087 The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_z6MDm9x4iddm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 at current levels. This example does not include the brokerage commissions that investors may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 89 278 482 1073 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zQnvhf6jXu8m" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as brokerage 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 Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 25% of the average value of its portfolio. 0.25 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zGOf8RJC1NRc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange-traded Fund (“ETF”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund operates in a manner that is commonly referred to as a “fund of funds” and obtains investment exposure to the asset classes described below primarily by investing in other ETFs. The Fund generally expects to hold approximately six to twelve underlying ETFs. For purposes of the Fund’s 80% investment policy, fixed income securities include securities issued or guaranteed by U.S. and non-U.S. government issuers, corporate debt securities, municipal securities, commercial paper, residential and commercial mortgage-backed securities, asset-backed securities (including collateralized loan obligations and collateralized mortgage obligations), convertible securities, inflation-linked securities (e.g., Treasury inflation-protected securities (“TIPS”)) and bank loans. The Fund may invest in investment-grade and non-investment grade fixed income securities. The Adviser considers fixed income securities to be investment grade if they are rated in one of the four highest rating categories by a nationally recognized statistical ratings organization (“NRSRO”), such as S&P Global Ratings (“S&P”) or Moody’s Investor Services, Inc. (“Moody’s”), or determined by the Adviser to be of comparable quality at the time of purchase. The Adviser considers fixed income securities to be below investment grade (also known as “high yield” or “junk” bonds”) if they are rated below BBB- or Baa3 by Moody’s, S&P or Fitch, Inc. (“Fitch”), or if unrated, determined to be of comparable quality by the Adviser. The Fund is managed to achieve broad exposure to the U.S. investment-grade and non-investment grade fixed income securities market. The Fund does not target a specific weighted average maturity for its investments, either individually or in the aggregate. As a result, the Fund’s interest rate sensitivity may vary significantly over time. The Adviser makes investment decisions by seeking to identity and assemble a portfolio of ETFs that will achieve its desired asset allocation mix while also optimizing for positive risk-adjusted returns (i.e., alpha) relative to the general fixed income market. To accomplish this, the Adviser’s investment team determines the Fund’s asset allocation mix and conducts ongoing research into the ever-growing universe of ETFs and their investment managers, populating a list of ETFs from which the Fund’s portfolio is constructed. The asset allocation mix for the Fund is determined through the use of a mean variance optimization process, which seeks to identify a combination of asset classes that is expected to maximize return for a given level of risk, by focusing primarily on expected returns, standard deviations (i.e., volatility as a measure of risk) and correlations of the different asset classes. The Adviser’s analysis and due diligence process for selecting prospective ETFs includes the following: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Quantitative Analysis: The Adviser conducts single and multi-factor benchmark analysis to develop a return and risk profile for each ETF, selecting funds based on the apparent ability to generate absolute and relative returns, with an emphasis on funds that the Adviser believes demonstrate (i) strong risk-adjusted performance with some degree of consistency and (ii) relatively stable performance during turbulent markets. Single factor benchmarks represent one asset class, whereas multi-factor benchmarks include indices that track multiple asset classes. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Qualitative Analysis: The Adviser conducts an evaluation of each ETF’s underlying investment manager, seeking to understand the firm’s leadership structure, philosophy and investment decision making process. Weight is given to the depth and quality of the strategy underlying the manager’s investment thesis along with organizational factors including the manager’s compensation structure, board makeup, conflicts of interest and whether the portfolio managers of the ETF in question invest alongside clients. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Manager Edge: The Adviser believes that ETF managers with a clear thesis for generating positive risk-adjusted returns are more likely to outperform overtime. Accordingly, the Adviser seeks to understand the inefficiencies each manager believes exist in the market, the likelihood that such inefficiencies will persist and whether the manager has a reasonable edge in exploiting them. Examples of market inefficiencies may include behavioral biases such as anchoring bias (relying too heavily on an initial piece of information when making decisions), confirmation bias (seeking out or giving more weight to information that supports original estimates) and overconfidence (displaying a hesitance to acknowledge potential errors in an initial analysis). In practice, these biases can lead to delayed or gradual revisions of earnings forecasts, even when significant changes in a company’s fundamentals or external environment may warrant more immediate adjustments. The Adviser believes that a manager who understands these dynamics and puts in place processes to combat these biases may be in a better position to adjust their portfolio to incorporate new information, compared to managers who under-react to new information due to these biases. </td> </tr> </table> In conducting the qualitative and manager edge analysis described above, the Adviser relies on, among other publicly available sources of information, due diligence materials provided by managers as well as interviews conducted with such managers to discuss investment philosophy, processes, personnel and performance. Following this process, the Adviser will select ETFs on the basis of their ability to provide low-cost asset class exposure, as compared to other actively managed ETFs, and/or the ability to add value on either an absolute or risk-adjusted basis, while also taking into account the following factors to form its views on which ETFs to select for the Fund’s portfolio: market conditions, valuation metrics, risk profiles, and expected growth potential. The Adviser will sell ETFs for a variety of reasons, including the need to alter asset allocation exposures, to add ETFs that the Adviser believes are better positioned to add value as compared to existing holdings, and to remove ETFs that no longer meet the investment criteria for the Fund. The Adviser has engaged Exchange Traded Concepts, LLC to serve as trading sub-adviser (“Sub-Adviser”) for the Fund. The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the Adviser and the Board of Trustees. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zMglpssQlTaa" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fixed-Income Securities Risk - The prices of the Fund’s fixed-income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. Generally, the Fund’s fixed-income securities will decrease in value if interest rates rise and vice versa. In a low interest rate environment, risks associated with rising rates are heightened. Declines in dealer market-making capacity as a result of structural or regulatory changes could decrease liquidity and/or increase volatility in the fixed-income markets. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zd040HQBXVzE" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF Risks - The Fund is an ETF and, as a result of this structure, it is exposed to the following risks: Trading Risk - Shares of the Fund may trade on the Exchange above or below their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. Cash Transactions Risk - Like other ETFs, the Fund sells and redeems its shares only in large blocks called Creation Units and only to “Authorized Participants.” Unlike many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds at least partially in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time. Limited Authorized Participants, Market Makers and Liquidity Providers Risk - Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. 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, Fund shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants 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. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zkk57IEo5Cee" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Interest Rate Risk - The risk that a change in interest rates will cause a fall in the value of fixed-income securities, including U.S. Government securities, in which the Fund invests. Generally the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateFixedIncomeSecuritiesRiskMember_zyLaZvtHh5Ss" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Corporate Fixed Income Securities Risk - Corporate fixed-income securities are fixed-income securities issued by public and private businesses. Corporate fixed-income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers. Corporate fixed income securities are subject to the risk that the issuer may not be able to pay interest or, ultimately, to repay principal upon maturity. Interruptions or delays of these payments could adversely affect the market value of the security. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_z6aEpajK1En2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Credit Risk - The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondRiskMember_zfUIggnw3awp" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">High Yield Bond Risk - High yield, or “junk,” bonds are debt securities rated below investment grade. High yield bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--BankLoansRiskMember_z1bIRz67gL59" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Bank Loans Risk - Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in high yield bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that collateral securing a loan, if any, may be insufficient or unavailable to the Fund, and that the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws. Bank loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialPaperRiskMember_zZE3qAArBjrh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Commercial Paper Risk - Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer’s underlying asset portfolio and the issuer’s ability to issue new asset-backed commercial paper. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zFAc9qlvPBFC" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">U.S. Government Securities Risk - Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingintheUnitedStatesRiskMember_zyXsE3WvxygN" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investing in the United States Risk - The Fund focuses its investments in the United States. As a result, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within the United States, and may be subject to greater price volatility and risk of loss, than a fund holding more geographically diverse investments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentandExtensionRiskMember_zhl6zkKsHf5T" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Prepayment and Extension Risk - When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zJtJEI2KCEBU" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Convertible Securities Risk - The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBackedSecuritiesRiskMember_zFABZfXyGnhk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Asset-Backed Securities Risk - Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageBackedSecuritiesRiskMember_zjV6Dt3YvTRE" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Mortgage-Backed Securities Risk - Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. “To-be-announced” transactions (“TBA Transactions”) involve the additional risk that the value of the mortgage-backed securities to be purchased declines prior to settlement date or the counterparty does not deliver the securities as promised. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ResidentialMortgageBackedSecuritiesRiskMember_zAlKJjvaL3tx" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Residential Mortgage-Backed Securities Risk - Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialMortgageBackedSecuritiesRiskMember_z5Bgf1CBYGcb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Commercial Mortgage-Backed Securities Risk - Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationLinkedSecuritiesRiskMember_zVqlhq2W9cvH" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Inflation Linked Securities Risk - Inflation linked securities, including TIPS, are fixed income securities for which the principal and/or interest income paid is linked to inflation rates. The relationship between an inflation linked security and its associated inflation index affects both the sum the Fund is paid when the security matures and the amount of interest that the security pays the Fund. With inflation (a rise in the index), the principal of the security increases. With deflation (a drop in the index), the principal of the security decreases. Inflation protected securities pay interest at a fixed rate. Because the rate is applied to the adjusted principal, however, interest payments can vary in amount from one period to the next. If inflation occurs, the interest payment increases. In the event of deflation, the interest payment decreases. At the maturity of a security, the Fund receives the adjusted principal or the original principal, whichever is greater. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--NonUSGovernmentSecuritiesRiskMember_zQWi9vFyIdmK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Non-U.S. Government Securities Risk - The risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignGovernmentAgenciesRiskMember_zSfjGUjWXB1s" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Government Agencies Risk - Bonds issued by government agencies, subdivisions or instrumentalities of foreign governments are generally backed only by the general creditworthiness and reputation of the entity issuing the bonds and may not be backed by the full faith and credit of the foreign government. Moreover, a foreign government that explicitly provides its full faith and credit to a particular entity may be, due to changed circumstances, unable or unwilling to provide that support. A foreign government agency’s operations and financial condition are influenced by the foreign government’s economic and other policies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zVhLINAoqNyo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Municipal Securities Risk - Municipal securities, like other fixed income securities, rise and fall in value in response to economic and market factors, primarily changes in interest rates, and actual or perceived credit quality. Rising interest rates will generally cause municipal securities to decline in value. Longer-term securities respond more sharply to interest rate changes than do shorter-term securities. A municipal security will also lose value if, due to rating downgrades or other factors, there are concerns about the issuer’s current or future ability to make principal or interest payments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedLoanObligationsCLOsRiskMember_zqmG1RWI8xZh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Collateralized Loan Obligations (“CLOs”) Risk - Collateralized loan obligations are generally subject to credit, interest rate, prepayment and extension, valuation and liquidity risks, which are described elsewhere in this section. These securities also are subject to risk of default on the underlying asset, particularly during periods of economic downturn. CLOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest of other payments, (ii) the collateral may decline in value or default, (iii) the Fund may invest in obligations that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and produce disputes with the issuer or unexpected investment results. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketInstrumentsRiskMember_ziVyKZeB9jem" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Money Market Instruments Risk - The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. The regulations governing money market funds were recently amended in July, 2023, and their implementation and interpretation, as well as enforcement, may affect the manner of operation, performance and/or yield of money market funds. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zVF3iW4uIvPH" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Liquidity Risk - Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zQ1Wxqhb3GU1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Valuation Risk - The risk that a security may be difficult to value. The Fund may value certain securities at a price higher or lower than the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become illiquid. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zHFuASUdGcwp" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Active Management Risk - The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentinOtherInvestmentCompaniesRiskMember_z6w8BQHQtzt1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investment in Other Investment Companies Risk - Because the Fund invests in other investment companies, such as ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. The Fund does not intend to invest in other investment companies unless the Adviser believes that the potential benefits of the investment justify the payment of any additional fees or expenses. Federal securities laws impose limitations on the Fund’s ability to invest in other investment companies. Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zh1EEXsoPKB2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Current performance information is available online at www.frontierasset.com or by calling toll-free at 1-866-326-3837. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.frontierasset.com 1-866-326-3837 0.0658 <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%">BEST QUARTER</td> <td style="vertical-align: bottom; width: 50%">WORST QUARTER</td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%">1.90%</td> <td style="vertical-align: bottom; width: 50%">0.98%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%">3/31/2025</td> <td style="vertical-align: bottom; width: 50%">12/31/2025</td> </tr> </table> BEST QUARTER WORST QUARTER 0.0190 0.0098 2025-03-31 2025-12-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zzrQoDSQmaJg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. 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. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.0658 0.0667 0.0469 0.0482 0.0388 0.0430 0.0719 0.0716 Frontier Asset Global Small Cap Equity ETF Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zqtTXeeGCdJg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Frontier Asset Global Small Cap Equity ETF (the “Fund”) seeks to achieve long-term total return. Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zFGJjlYdEoqN" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0060 0.0000 0.0022 0.0082 The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zFzYQjdBzFqx" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 at current levels. This example does not include the brokerage commissions that investors may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 84 262 455 1014 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zrwmIUPMPBWj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as brokerage 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 Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 5% of the average value of its portfolio. 0.05 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zVi8gFoCcalR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange-traded Fund (“ETF”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of small-capitalization companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund operates in a manner that is commonly referred to as a “fund of funds” and obtains investment exposure to the asset classes described below primarily by investing in other ETFs. The Fund generally expects to hold approximately six to twelve underlying ETFs. The Fund defines small-capitalization companies to include issuers with a market capitalization at the time of purchase within the capitalization range of companies in the Morningstar Developed Markets Small Cap Index. Given the Fund’s investment strategy, the Fund’s assets may exhibit either growth or value bias at any given time. Under normal circumstances, the Fund invests in at least three countries, including the U.S., and invests at least 40% of its total assets in securities of non-U.S. companies, which may include emerging market countries. The Fund considers a company to be a non-U.S. company if: (i) at least 50% of the company’s assets are located outside of the U.S.; (ii) at least 50% of the company’s revenue or profits are generated outside of the U.S.; (iii) the company is organized or maintains its principal place of business outside of the U.S.; or (iv) the company’s securities are traded principally outside of the U.S. The equity securities in which the Fund generally invests are common stocks. For purposes of the Fund’s 80% investment policy, however, equity securities also include preferred stocks and American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies. With respect to 20% of the Fund’s net assets, the Fund may also invest in the equity securities of mid-capitalization companies. The Adviser makes investment decisions by seeking to identity and assemble a portfolio of ETFs that will achieve its desired asset allocation mix while also optimizing for positive risk-adjusted returns (i.e., alpha) relative to the global small-capitalization equity market. To accomplish this, the Adviser’s investment team determines the Fund’s asset allocation mix and conducts ongoing research into the ever-growing universe of ETFs and their investment managers, populating a list of ETFs from which the Fund’s portfolio is constructed. The asset allocation mix for the Fund is determined through the use of a mean variance optimization process, which seeks to identify a combination of asset classes that is expected to maximize return for a given level of risk, by focusing primarily on expected returns, standard deviations (i.e., volatility as a measure of risk) and correlations of the different asset classes. The Adviser’s analysis and due diligence process for selecting prospective ETFs includes the following: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Quantitative Analysis: The Adviser conducts single and multi-factor benchmark analysis to develop a return and risk profile for each ETF, selecting funds based on the apparent ability to generate absolute and relative returns, with an emphasis on funds that the Adviser believes demonstrate (i) strong risk-adjusted performance with some degree of consistency and (ii) relatively stable performance during turbulent markets. Single factor benchmarks represent one asset class, whereas multi-factor benchmarks include indices that track multiple asset classes. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Qualitative Analysis: The Adviser conducts an evaluation of each ETF’s underlying investment manager, seeking to understand the firm’s leadership structure, philosophy and investment decision making process. Weight is given to the depth and quality of the strategy underlying the manager’s investment thesis along with organizational factors including the manager’s compensation </td> </tr> </table> structure, board makeup, conflicts of interest and whether the portfolio managers of the ETF in question invest alongside clients. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Manager Edge: The Adviser believes that ETF managers with a clear thesis for generating positive risk-adjusted returns are more likely to outperform overtime. Accordingly, the Adviser seeks to understand the inefficiencies each manager believes exist in the market, the likelihood that such inefficiencies will persist and whether the manager has a reasonable edge in exploiting them. Examples of market inefficiencies may include behavioral biases such as anchoring bias (relying too heavily on an initial piece of information when making decisions), confirmation bias (seeking out or giving more weight to information that supports original estimates) and overconfidence (displaying a hesitance to acknowledge potential errors in an initial analysis). In practice, these biases can lead to delayed or gradual revisions of earnings forecasts, even when significant changes in a company’s fundamentals or external environment may warrant more immediate adjustments. The Adviser believes that a manager who understands these dynamics and puts in place processes to combat these biases may be in a better position to adjust their portfolio to incorporate new information, compared to managers who under-react to new information due to these biases. </td> </tr> </table> In conducting the qualitative and manager edge analysis described above, the Adviser relies on, among other publicly available sources of information, due diligence materials provided by managers as well as interviews conducted with such managers to discuss investment philosophy, processes, personnel and performance. Following this process, the Adviser will select ETFs on the basis of their ability to provide low-cost asset class exposure, as compared to other actively managed ETFs, and/or the ability to add value on either an absolute or risk-adjusted basis, while also taking into account the following factors to form its views on which ETFs to select for the Fund’s portfolio: market conditions, valuation metrics, risk profiles, and expected growth potential. The Adviser will sell ETFs for a variety of reasons, including the need to alter asset allocation exposures, to add ETFs that the Adviser believes are better positioned to add value as compared to existing holdings, and to remove ETFs that no longer meet the investment criteria for the Fund. The Adviser has engaged Exchange Traded Concepts, LLC to serve as trading sub-adviser (“Sub-Adviser”) for the Fund. The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the Adviser and the Board of Trustees. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zzgamBCfpT4c" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Risk - Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity market has moved in cycles, and the value of the Fund’s securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. These factors contribute to price volatility, which is the principal risk of investing in the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationCompaniesRiskMember_z2vSsFg8h4hM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Small-Capitalization Companies Risk - The risk that, compared to mid- and large- capitalization companies, small-capitalization companies in which the Fund may invest may be less stable and more susceptible to adverse developments, and their securities may be more volatile and less liquid. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompaniesRiskMember_zZov0PCXlxXP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Mid-Capitalization Companies Risk - The risk that mid-capitalization companies in which the Fund may invest may have greater price volatility, lower trading volume and be more vulnerable to adverse business or economic events than larger, more established companies. In addition, mid-capitalization companies may have narrow product lines, smaller shares of their product or service markets and fewer financial resources than large capitalization companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestmentStyleRiskMember_zSqpRNIfuN7m" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Growth Investment Style Risk - An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestmentStyleRiskMember_zpTdaXQaqknn" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Value Investment Style Risk - An investment in value stocks presents the risk that the stocks may never reach what the Adviser or a sub-adviser believes are their full market values, either because the market fails to recognize what the Adviser or a sub-adviser considers to be the companies’ true business values or because the Adviser or sub-adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentinOtherInvestmentCompaniesRiskMember_z2yE8SinlM6t" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investment in Other Investment Companies Risk - Because the Fund invests in other investment companies, such as ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. The Fund does not intend to invest in other investment companies unless the Adviser believes that the potential benefits of the investment justify the payment of any additional fees or expenses. Federal securities laws impose limitations on the Fund’s ability to invest in other investment companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zJqu2IL3f9ij" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF Risks - The Fund is an ETF and, as a result of this structure, it is exposed to the following risks: Trading Risk - Shares of the Fund may trade on the Exchange above or below their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. Cash Transactions Risk - Like other ETFs, the Fund sells and redeems its shares only in large blocks called Creation Units and only to “Authorized Participants.” Unlike many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds at least partially in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time. Limited Authorized Participants, Market Makers and Liquidity Providers Risk - Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. 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, Fund shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants 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. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zd3IVMt2mFoi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Company Risk - Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the same level of regulatory controls imposed on U.S. issuers. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers and foreign markets and securities may be less liquid. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zawMTRvifAEp" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Emerging Markets Securities Risk - Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zDOrVcptJvsl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Preferred Stock Risk - Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zqsuSIlwlHqw" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Depositary Receipts Risk - Depositary receipts, such as ADRs, GDRs and EDRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zOW7N5BmQL21" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Currency Risk - As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z8io6iLd6kz1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Liquidity Risk - Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zaZF0kyvgfJb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Valuation Risk - The risk that a security may be difficult to value. The Fund may value certain securities at a price higher or lower than the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become illiquid. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zMFF6ms4tIyG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Active Management Risk - The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies. Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zodIaHm2mDlj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Current performance information is available online at www.frontierasset.com or by calling toll-free at 1-866-326-3837. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.frontierasset.com 1-866-326-3837 0.2132 <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%">BEST QUARTER</td> <td style="vertical-align: bottom; width: 50%">WORST QUARTER</td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%">10.53%</td> <td style="vertical-align: bottom; width: 50%">(2.44)%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%">6/30/2025</td> <td style="vertical-align: bottom; width: 50%">3/31/2025</td> </tr> </table> BEST QUARTER WORST QUARTER 0.1053 -0.0244 2025-06-30 2025-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zEIk0zUzsUAu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund’s investment strategies. 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. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.2132 0.2156 0.2055 0.2081 0.1260 0.1611 0.2101 0.2074 0.1729 0.1746 Frontier Asset Total International Equity ETF Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zBMS3UBhyHYu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Frontier Asset Total International Equity ETF (the “Fund”) seeks to achieve long-term total return. Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zEt3hPdPbNtY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0060 0.0000 0.0027 0.0087 The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zabJYJAnGbXz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 at current levels. This example does not include the brokerage commissions that investors may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 89 278 482 1073 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zMhTJI6wju1D" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as brokerage 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 Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 5% of the average value of its portfolio. 0.05 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zYlbuOcj17rz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange-traded Fund (“ETF”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. The Fund operates in a manner that is commonly referred to as a “fund of funds” and obtains investment exposure to the asset classes described below primarily by investing in other ETFs. The Fund generally expects to hold approximately six to twelve underlying ETFs. The Fund does not limit its investments to companies in a particular capitalization range, but primarily invests in mid- and large-capitalization companies. Given the Fund’s investment strategy, the Fund’s assets may exhibit either growth or value bias at any given time. Under normal circumstances, the Fund invests in at least three countries, and invests at least 40% of its total assets in securities of non-U.S. companies, which may include emerging market countries. The Fund considers a company to be a non-U.S. company if: (i) at least 50% of the company’s assets are located outside of the U.S.; (ii) at least 50% of the company’s revenue or profits are generated outside of the U.S.; (iii) the company is organized or maintains its principal place of business outside of the U.S.; or (iv) the company’s securities are traded principally outside of the U.S. The equity securities in which the Fund generally invests are common stocks. For purposes of the Fund’s 80% investment policy, however, equity securities also include preferred stocks and American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies. The Adviser makes investment decisions by seeking to identity and assemble a portfolio of ETFs that will achieve its desired asset allocation mix while also optimizing for positive risk-adjusted returns (i.e., alpha) relative to the general international equity market. To accomplish this, the Adviser’s investment team determines the Fund’s asset allocation mix and conducts ongoing research into the ever-growing universe of ETFs and their investment managers, populating a list of ETFs from which the Fund’s portfolio is constructed. The asset allocation mix for the Fund is determined through the use of a mean variance optimization process, which seeks to identify a combination of asset classes that is expected to maximize return for a given level of risk, by focusing primarily on expected returns, standard deviations (i.e., volatility as a measure of risk) and correlations of the different asset classes. The Adviser’s analysis and due diligence process for selecting prospective ETFs includes the following: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Quantitative Analysis: The Adviser conducts single and multi-factor benchmark analysis to develop a return and risk profile for each ETF, selecting funds based on the apparent ability to generate absolute and relative returns, with an emphasis on funds that the Adviser believes demonstrate (i) strong risk-adjusted performance with some degree of consistency and (ii) relatively stable performance during turbulent markets. Single factor benchmarks represent one asset class, whereas multi-factor benchmarks include indices that track multiple asset classes. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Qualitative Analysis: The Adviser conducts an evaluation of each ETF’s underlying investment manager, seeking to understand the firm’s leadership structure, philosophy and investment decision making process. Weight is given to the depth and quality of the strategy underlying the manager’s investment thesis along with organizational factors including the manager’s compensation structure, board makeup, conflicts of interest and whether the portfolio managers of the ETF in question invest alongside clients. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Manager Edge: The Adviser believes that ETF managers with a clear thesis for generating positive risk-adjusted returns are more likely to outperform overtime. Accordingly, the Adviser seeks to </td> </tr> </table> understand the inefficiencies each manager believes exist in the market, the likelihood that such inefficiencies will persist and whether the manager has a reasonable edge in exploiting them. Examples of market inefficiencies may include behavioral biases such as anchoring bias (relying too heavily on an initial piece of information when making decisions), confirmation bias (seeking out or giving more weight to information that supports original estimates) and overconfidence (displaying a hesitance to acknowledge potential errors in an initial analysis). In practice, these biases can lead to delayed or gradual revisions of earnings forecasts, even when significant changes in a company’s fundamentals or external environment may warrant more immediate adjustments. The Adviser believes that a manager who understands these dynamics and puts in place processes to combat these biases may be in a better position to adjust their portfolio to incorporate new information, compared to managers who under-react to new information due to these biases. In conducting the qualitative and manager edge analysis described above, the Adviser relies on, among other publicly available sources of information, due diligence materials provided by managers as well as interviews conducted with such managers to discuss investment philosophy, processes, personnel and performance. Following this process, the Adviser will select ETFs on the basis of their ability to provide low-cost asset class exposure, as compared to other actively managed ETFs, and/or the ability to add value on either an absolute or risk-adjusted basis, while also taking into account the following factors to form its views on which ETFs to select for the Fund’s portfolio: market conditions, valuation metrics, risk profiles, and expected growth potential. The Adviser will sell ETFs for a variety of reasons, including the need to alter asset allocation exposures, to add ETFs that the Adviser believes are better positioned to add value as compared to existing holdings, and to remove ETFs that no longer meet the investment criteria for the Fund. The Adviser has engaged Exchange Traded Concepts, LLC to serve as trading sub-adviser (“Sub-Adviser”) for the Fund. The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the Adviser and the Board of Trustees. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zrmAqkHW2grO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Risk - Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity market has moved in cycles, and the value of the Fund’s securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. These factors contribute to price volatility, which is the principal risk of investing in the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationRiskMember_zbvqg11gDQgY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Large Capitalization Risk - If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies. The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zpozJdeNFvD9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Mid-Capitalization Company Risk - The risk that mid-capitalization companies in which the Fund may invest may have greater price volatility, lower trading volume and be more vulnerable to adverse business or economic events than larger, more established companies. In addition, mid-capitalization companies may have narrow product lines, smaller shares of their product or service markets and fewer financial resources than large capitalization companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestmentStyleRiskMember_zr5wCQumMH7U" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Growth Investment Style Risk - An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestmentStyleRiskMember_ztu27o9hPmLf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Value Investment Style Risk - An investment in value stocks presents the risk that the stocks may never reach what the Adviser or a sub-adviser believes are their full market values, either because the market fails to recognize what the Adviser or a sub-adviser considers to be the companies’ true business values or because the Adviser or sub-adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentinOtherInvestmentCompaniesRiskMember_z6rSiRJLhQiN" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investment in Other Investment Companies Risk - Because the Fund invests in other investment companies, such as ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. The Fund does not intend to invest in other investment companies unless the Adviser believes that the potential benefits of the investment justify the payment of any additional fees or expenses. Federal securities laws impose limitations on the Fund’s ability to invest in other investment companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zrus7oasrpJq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF Risks - The Fund is an ETF and, as a result of this structure, it is exposed to the following risks: Trading Risk - Shares of the Fund may trade on the Exchange above or below their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. Cash Transactions Risk - Like other ETFs, the Fund sells and redeems its shares only in large blocks called Creation Units and only to “Authorized Participants.” Unlike many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds at least partially in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time. Limited Authorized Participants, Market Makers and Liquidity Providers Risk - Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. 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, Fund shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants 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. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zP1cOb8C2myz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Company Risk - Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the same level of regulatory controls imposed on U.S. issuers. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers and foreign markets and securities may be less liquid. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsSecuritiesRiskMember_zjImdBdzSzdF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Emerging Markets Securities Risk - Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zvs4kzh5R17W" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Preferred Stock Risk - Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z4E4MImZjW0Q" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Depositary Receipts Risk - Depositary receipts, such as ADRs, GDRs and EDRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zYVf50eEV8WC" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Currency Risk - As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zARd3yggsI68" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Liquidity Risk - Certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zkjD1JRQpXW4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Valuation Risk - The risk that a security may be difficult to value. The Fund may value certain securities at a price higher or lower than the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become illiquid. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z40rCOdStsc3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Active Management Risk - The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies. Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zBbp0Q5MQGu7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Current performance information is available online at www.frontierasset.com or by calling toll-free at 1-866-326-3837. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.frontierasset.com 1-866-326-3837 0.2904 <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%">BEST QUARTER</td> <td style="vertical-align: bottom; width: 50%">WORST QUARTER</td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%">11.20%</td> <td style="vertical-align: bottom; width: 50%">4.63%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%">6/30/2025</td> <td style="vertical-align: bottom; width: 50%">12/31/2025</td> </tr> </table> BEST QUARTER WORST QUARTER 0.1120 0.0463 2025-06-30 2025-12-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zGNbjwrvVKtM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. 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. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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. fter-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.2904 0.2810 0.2790 0.2700 0.1716 0.2095 0.3160 0.3102 Frontier Asset U.S. Large Cap Equity ETF Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_z2cVf3pR82zv" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Frontier Asset U.S. Large Cap Equity ETF (the “Fund”) seeks to achieve long-term total return. Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_z6jVhmgduq0I" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 0.0060 0.0000 0.0026 0.0086 The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zQMlqUuCc6wW" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 at current levels. This example does not include the brokerage commissions that investors may pay to buy and sell shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 88 274 477 1061 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_z6UO5QdIlZUd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pays transaction costs, such as brokerage 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 Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 0 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zi6kvsc6LOvf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange-traded Fund (“ETF”). Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-capitalization U.S. companies. This investment policy may be changed by the Fund upon 60 days’ prior written notice to shareholders. Given the Fund’s investment strategy, the Fund’s assets may exhibit either growth or value bias at any given time. The Fund operates in a manner that is commonly referred to as a “fund of funds” and obtains investment exposure to the asset classes described below primarily by investing in other ETFs. The Fund generally expects to hold approximately six to twelve underlying ETFs. The Fund considers a company to be a U.S. company if (i) at least 50% of the company’s assets are located in the U.S.; (ii) at least 50% of the company’s revenue or profits are generated in the U.S.; (iii) the company is organized or maintains its principal place of business in the U.S.; or (iv) the company’s securities are traded principally in the U.S. The Fund defines large-capitalization companies as issuers with a market capitalization within the range of companies in the S&P 500 Index at the time of purchase. The equity securities in which the Fund generally invests are common stocks. For purposes of the Fund’s 80% investment policy, however, equity securities also include real estate investment trusts (“REITs”). With respect to 20% of the Fund’s net assets, the Fund may also invest in equity securities of mid-capitalization companies and equity securities of foreign companies in developed markets. The Adviser makes investment decisions by seeking to identity and assemble a portfolio of ETFs that will achieve its desired asset allocation mix while also optimizing for positive risk-adjusted returns (i.e., alpha) relative to the general U.S. large-capitalization equity market. To accomplish this, the Adviser’s investment team determines the Fund’s asset allocation mix and conducts ongoing research into the ever-growing universe of ETFs and their investment managers, populating a list of ETFs from which the Fund’s portfolio is constructed. The asset allocation mix for the Fund is determined through the use of a mean variance optimization process, which seeks to identify a combination of asset classes that is expected to maximize return for a given level of risk, by focusing primarily on expected returns, standard deviations (i.e., volatility as a measure of risk) and correlations of the different asset classes. The Adviser’s analysis and due diligence process for selecting prospective ETFs includes the following: <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Quantitative Analysis: The Adviser conducts single and multi-factor benchmark analysis to develop a return and risk profile for each ETF, selecting funds based on the apparent ability to generate absolute and relative returns, with an emphasis on funds that the Adviser believes demonstrate (i) strong risk-adjusted performance with some degree of consistency and (ii) relatively stable performance during turbulent markets. Single factor benchmarks represent one asset class, whereas multi-factor benchmarks include indices that track multiple asset classes. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Qualitative Analysis: The Adviser conducts an evaluation of each ETF’s underlying investment manager, seeking to understand the firm’s leadership structure, philosophy and investment decision making process. Weight is given to the depth and quality of the strategy underlying the manager’s investment thesis along with organizational factors including the manager’s compensation structure, board makeup, conflicts of interest and whether the portfolio managers of the ETF in question invest alongside clients. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> ● </td> <td style="vertical-align: top; text-align: left"> Manager Edge: The Adviser believes that ETF managers with a clear thesis for generating positive risk-adjusted returns are more likely to outperform overtime. Accordingly, the Adviser seeks to understand the inefficiencies each manager believes exist in the market, the likelihood that such inefficiencies will persist </td> </tr> </table> and whether the manager has a reasonable edge in exploiting them. Examples of market inefficiencies may include behavioral biases such as anchoring bias (relying too heavily on an initial piece of information when making decisions), confirmation bias (seeking out or giving more weight to information that supports original estimates) and overconfidence (displaying a hesitance to acknowledge potential errors in an initial analysis). In practice, these biases can lead to delayed or gradual revisions of earnings forecasts, even when significant changes in a company’s fundamentals or external environment may warrant more immediate adjustments. The Adviser believes that a manager who understands these dynamics and puts in place processes to combat these biases may be in a better position to adjust their portfolio to incorporate new information, compared to managers who under-react to new information due to these biases. In conducting the qualitative and manager edge analysis described above, the Adviser relies on, among other publicly available sources of information, due diligence materials provided by managers as well as interviews conducted with such managers to discuss investment philosophy, processes, personnel and performance. Following this process, the Adviser will select ETFs on the basis of their ability to provide low-cost asset class exposure, as compared to other actively managed ETFs, and/or the ability to add value on either an absolute or risk-adjusted basis, while also taking into account the following factors to form its views on which ETFs to select for the Fund’s portfolio: market conditions, valuation metrics, risk profiles, and expected growth potential. The Adviser will sell ETFs for a variety of reasons, including the need to alter asset allocation exposures, to add ETFs that the Adviser believes are better positioned to add value as compared to existing holdings, and to remove ETFs that no longer meet the investment criteria for the Fund. The Adviser has engaged Exchange Traded Concepts, LLC to serve as trading sub-adviser (“Sub-Adviser”) for the Fund. The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the Adviser and the Board of Trustees. As with all funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zvHjpe2z9AdA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Risk - Since it purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity market has moved in cycles, and the value of the Fund’s securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. A variety of factors can lead to volatility in local, regional, or global markets, including regulatory events, inflation, interest rates, government defaults, government shutdowns, war, regional conflicts, acts of terrorism, social unrest, the imposition of tariffs, trade disputes, and substantial economic downturn or recessions. These factors contribute to price volatility, which is the principal risk of investing in the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingintheUnitedStatesRiskMember_zFuD87LAYKEE" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investing in the United States Risk - The Fund focuses its investments in the United States. As a result, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within the United States, and may be subject to greater price volatility and risk of loss, than a fund holding more geographically diverse investments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationRiskMember_ziIQSeJwfnNY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Large Capitalization Risk - If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small and medium-sized companies. The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_z2DMwEV8reAo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Mid-Capitalization Company Risk - The risk that mid-capitalization companies in which the Fund may invest may have greater price volatility, lower trading volume and be more vulnerable to adverse business or economic events than larger, more established companies. In addition, mid-capitalization companies may have narrow product lines, smaller shares of their product or service markets and fewer financial resources than large capitalization companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--REITsRiskMember_zMzLtiaEKxg3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">REITs Risk - REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GrowthInvestmentStyleRiskMember_zvfyrxPSSLav" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Growth Investment Style Risk - An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestmentStyleRiskMember_zQYiZgcYV1q8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Value Investment Style Risk - An investment in value stocks presents the risk that the stocks may never reach what the Adviser or a sub-adviser believes are their full market values, either because the market fails to recognize what the Adviser or a sub-adviser considers to be the companies’ true business values or because the Adviser or sub-adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentinOtherInvestmentCompaniesRiskMember_zY2N8aIvOJ3M" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investment in Other Investment Companies Risk - Because the Fund invests in other investment companies, such as ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. The Fund does not intend to invest in other investment companies unless the Adviser believes that the potential benefits of the investment justify the payment of any additional fees or expenses. Federal securities laws impose limitations on the Fund’s ability to invest in other investment companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_z07zXTSDwfdT" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF Risks - The Fund is an ETF and, as a result of this structure, it is exposed to the following risks: Trading Risk - Shares of the Fund may trade on the Exchange above or below their NAV. The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund’s holdings. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. Cash Transactions Risk - Like other ETFs, the Fund sells and redeems its shares only in large blocks called Creation Units and only to “Authorized Participants.” Unlike many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds at least partially in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time. Limited Authorized Participants, Market Makers and Liquidity Providers Risk - Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. 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, Fund shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants 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. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCompanyRiskMember_zkBMm5Tl9goK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Company Risk - Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the same level of regulatory controls imposed on U.S. issuers. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers and foreign markets and securities may be less liquid. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zO5Ffcssd9ce" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Valuation Risk - The risk that a security may be difficult to value. The Fund may value certain securities at a price higher or lower than the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become illiquid. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zIm59YMtHM1d" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Active Management Risk - The Fund is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies. Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zPy0WSpo6CSE" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Current performance information is available online at www.frontierasset.com or by calling toll-free at 1-866-326-3837. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund’s performance for the 2025 calendar year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.frontierasset.com 1-866-326-3837 0.1436 <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%">BEST QUARTER</td> <td style="vertical-align: bottom; width: 50%">WORST QUARTER</td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%">8.47%</td> <td style="vertical-align: bottom; width: 50%">(3.50)%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%">6/30/2025</td> <td style="vertical-align: bottom; width: 50%">3/31/2025</td> </tr> </table> BEST QUARTER WORST QUARTER 0.0847 -0.0350 2025-06-30 2025-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zwjJEQjK0A3w" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. 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. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.1436 0.1424 0.1422 0.1410 0.0850 0.1080 0.1978 0.1918 Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_z2wmeFvmF1zO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Kopernik Global All-Cap Fund (the “Fund” or the “Global All-Cap Fund”) seeks to provide long-term capital appreciation. Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zmGB8DLi57VO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">These tables describe the fees and expenses that you may pay if you buy and hold Class A Shares or Class I Shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class I Shares, which are not reflected in the table or the example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of the Fund. More information about these and other discounts is available (i) from your financial professional and (ii) in the “Purchasing, Selling and Exchanging Fund Shares – Sales Charges” section on page 32 of this prospectus. Investors investing in the Fund through an intermediary should consult Appendix A – Intermediary-Specific Sales Charge Discounts and Waivers, which includes information regarding broker-defined sales charges and related discount and/or waiver policies that apply to purchases through certain intermediaries. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A Shares of the Fund. 50000 Shareholder Fees (fees paid directly from your investment) 0.0575 0.0075 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0025 0 0.0010 0.0010 0.0001 0.0001 0.0126 0.0101 The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zMgHAoZkxVWJ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 696 952 1227 2010 103 322 558 1236 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zw4on04y5Ejk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 56% of the average value of its portfolio. 0.56 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zd5vUsime6K6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund plans to invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. and non-U.S. companies of any size. For purposes of the Fund’s 80% policy, equity securities include common and preferred stock, convertible securities, depositary receipts, and private placements. The Fund will invest at least 40% of its net assets in securities of issuers located outside the U.S. and may invest significantly in securities of issuers located in emerging or frontier markets, which the Adviser defines as countries other than those classified as developed by MSCI. No more than 35% of the Fund’s net assets may be invested in securities of companies located in a single country, and the Fund’s net assets will be invested in securities of companies located in at least three different countries. As a result of the Adviser’s investment strategy, a large portion of the portfolio may be invested in a particular country or region. In pursuing the Fund’s investment objective, the Adviser seeks to achieve its investment objective through an active, research-driven, fundamentals-based, value-oriented investment process. The Adviser adheres to disciplined, value-driven investment strategies that emphasize securities chosen through in-depth research and follows those securities over time to assess whether they continue to meet the purchase rationale. The Adviser selects equity securities through bottom-up fundamental research. The Adviser’s research analysts continually evaluate companies within their defined investable universe based upon a variety of both qualitative and quantitative criteria. Quantitative measures include price-to-earnings, price-to-book value, price-to-sales, price-to-net present value, price-to-free cash flow, sustainable dividend yield and price-to-liquidation/replacement value. The qualitative analysis assists the research team in producing an understanding of franchise quality, management strength, corporate strategy, barriers-to-entry, shareholder value orientation, operating and industry fundamentals and competitive advantage. The research-driven investment process seeks to add value through active management and by selecting securities of companies that, in the Adviser’s opinion, are misperceived and undervalued by the market. The Adviser makes use of convertible securities on an opportunistic basis as an alternative to the underlying equity in addition to also considering securities across a company’s capital structure, including debt. The Adviser may sell a security when the Adviser believes that it has found a better alternative, the security’s fundamentals have deteriorated, or the security’s value has appreciated and approached the Adviser’s estimated intrinsic value. The Fund plans to invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. and non-U.S. companies of any size. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zuCyqnGdMdAt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Risk — Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignEmergingandFrontierMarketSecurityRiskMember_zgwBnADYRmIk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign/Emerging and Frontier Market Security Risk — Non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. Non-U.S. securities are also subject to risks associated with the potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. These additional risks may be heightened with respect to emerging and frontier market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMediumCapitalizationCompaniesRiskMember_zd7CvfwLes8y" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange. The market for small and medium capitalization companies may be less liquid than the market for larger capitalization companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_z1va1DSubCZm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Geographic Focus Risk — To the extent that a large portion of its portfolio is invested in a particular country or region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within that country or region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zQjoJxlBtvme" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sector Focus Risk — Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zpKVzox9tJiS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Liquidity Risk — Certain securities, including privately placed securities and securities of emerging or frontier market issuers, may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zvCSTXAvoyYG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Currency Risk — As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to foreign currency risk. Foreign currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SanctionsRiskMember_znvRaaBAcUVF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sanctions Risk — Russia’s military invasion of Ukraine, which started in February 2022, significantly amplified already existing geopolitical tensions. Russia’s actions and the resulting responses by the United States and other countries have increased and may continue to increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia’s invasion of Ukraine and may impose sanctions on other countries. The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could result in further and significant market disruptions and may adversely impact the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, have caused and may continue to cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund. The sanctions and/or any retaliatory action by Russia could also require the Fund to freeze any existing investments in Russian companies or prohibit the Fund from selling or transacting in these investments and could potentially impact the Fund’s liquidity. In general terms, the overall negative impact to the Fund will depend on the extent to which the Fund is prohibited from selling or otherwise transacting in its investments at any given time and whether a fair market valuation can be readily obtained, particularly for any Russia currency-denominated investments and investments in U.S. dollar-denominated depositary receipts representing securities of Russian issuers. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z2Q9bG2LGJOD" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Depositary Receipts Risk — Depositary receipts are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleandPreferredSecuritiesRiskMember_zNb0kgrSb8oh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementsRiskMember_z1nPqy3N0CYh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded. Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zWloXdAlxJ4x" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Class I Shares’ performance from year to year for the past 10 years and by showing how the Fund’s Class I Shares’ and Class A Shares’ average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available by calling 855-887-4KGI or by visiting the Fund’s website at www.kopernikglobal.com. The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Class I Shares’ performance from year to year for the past 10 years and by showing how the Fund’s Class I Shares’ and Class A Shares’ average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. 855-887-4KGI www.kopernikglobal.com 0.5200 0.0895 -0.1107 0.0997 0.3723 0.1686 -0.0903 0.1341 -0.0030 0.6479 BEST QUARTER WORST QUARTER 0.3776 -0.1846 2020-06-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zLtWqg83JHTR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table compares the Fund’s average annual total returns (after applicable sales charges) for the periods ended December 31, 2025 to those of an appropriate broad based index. 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. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for Class I Shares only. After-tax returns for Class A Shares will vary. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for Class I Shares only. After-tax returns for Class A Shares will vary. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. 0.6479 0.1465 0.1598 0.5497 0.1303 0.1501 0.5758 0.1140 0.1380 0.4090 0.1057 0.1263 0.2234 0.1119 0.1172 Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zBKhkpWIlGy7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Kopernik International Fund (the “Fund” or the “International Fund”) seeks long-term growth of capital. Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zidPhDLiHy1D" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy and hold Investor Class Shares or Class I Shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class I Shares, which are not reflected in the table or the example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0025 0 0.0010 0.0011 0.0002 0.0002 0.0127 0.0103 The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zvv99Pey2nqk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 129 403 697 1534 105 328 569 1259 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zT5OmDCbzNsy" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 53% of the average value of its portfolio. 0.53 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zoOc6XCDnXEj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund, under normal market conditions, will invest primarily in equity securities of companies located throughout the world. The equity securities in which the Fund plans to invest include common and preferred stock, convertible securities, depositary receipts, and private placements. The Fund generally follows a multi-capitalization approach that focuses on mid- to large-capitalization companies, but the Fund may also invest in small capitalization companies. The Fund may invest significantly in securities of issuers located in emerging or frontier markets, which the Adviser defines as countries other than those classified as developed by MSCI. No more than 35% of the Fund’s net assets may be invested in securities of companies located in a single country. As a result of the Adviser’s investment strategy, a large portion of the portfolio may be invested in a particular country or region. The Fund may invest up to 15% of its net assets in U.S. domiciled businesses that have significant business activities outside the United States, as determined by the Adviser. In pursuing the Fund’s investment objective, the Adviser seeks to achieve its investment objective through an active, research-driven, fundamentals-based, value-oriented investment process. The Adviser adheres to disciplined, value-driven investment strategies that emphasize securities chosen through in-depth research and follows those securities over time to assess whether they continue to meet the purchase rationale. The Adviser selects equity securities through bottom-up fundamental research. The Adviser’s research analysts continually evaluate companies within their defined investable universe based upon a variety of both qualitative and quantitative criteria. Quantitative measures include price-to-earnings, price-to-book value, price-to-sales, price-to-net present value, price-to-free cash flow, sustainable dividend yield and price-to-liquidation/replacement value. The qualitative analysis assists the research team in producing an understanding of franchise quality, management strength, corporate strategy, barriers-to-entry, shareholder value orientation, operating and industry fundamentals and competitive advantage. The research-driven investment process seeks to add value through active management and by selecting securities of companies that, in the Adviser’s opinion, are misperceived and undervalued by the market. The Adviser makes use of convertible securities on an opportunistic basis as an alternative to the underlying equity in addition to also considering securities across a company’s capital structure, including debt. The Adviser may sell a security when the Adviser believes that it has found a better alternative, the security’s fundamentals have deteriorated, or the security’s value has appreciated and approached the Adviser’s estimated intrinsic value. When the Adviser believes that market conditions are unfavorable to its style of investing, or is otherwise unable to locate attractive investment opportunities, the Fund may hold a higher level of cash or money market instruments. Due to a larger percentage of such holdings, the Fund may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested in equity securities. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zIYJBXj5ixjZ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Risk — Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignEmergingandFrontierMarketSecurityRiskMember_zqd1uMTw4fck" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign/Emerging and Frontier Market Security Risk — Non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. Non-U.S. securities are also subject to risks associated with the potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. These additional risks may be heightened with respect to emerging and frontier market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zQi1517R4tOt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Geographic Focus Risk — To the extent that a large portion of its portfolio is invested in a particular country or region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within that country or region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorFocusRiskMember_zwXb0qOdVksO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sector Focus Risk — Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallandMediumCapitalizationCompaniesRiskMember_zuCmcyoWJ7qQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange. The market for small and medium capitalization companies may be less liquid than the market for larger capitalization companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCurrencyRiskMember_zoSkoOuLPkVA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Currency Risk — As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to foreign currency risk. Foreign currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SanctionsRiskMember_zru7pYU1Cb5Y" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Sanctions Risk — Russia’s military invasion of Ukraine, which started in February 2022, significantly amplified already existing geopolitical tensions. Russia’s actions and the resulting responses by the United States and other countries have increased and may continue to increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia’s invasion of Ukraine and may impose sanctions on other countries. The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could result in further and significant market disruptions and may adversely impact the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, have caused and may continue to cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund. The sanctions and/or any retaliatory action by Russia could also require the Fund to freeze any existing investments in Russian companies or prohibit the Fund from selling or transacting in these investments and could potentially impact the Fund’s liquidity. In general terms, the overall negative impact to the Fund will depend on the extent to which the Fund is prohibited from selling or otherwise transacting in its investments at any given time and whether a fair market valuation can be readily obtained, particularly for any Russia currency-denominated investments and investments in U.S. dollar-denominated depositary receipts representing securities of Russian issuers. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zpEuLu0K5UGg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Depositary Receipts Risk — Depositary receipts are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleandPreferredSecuritiesRiskMember_zejKRibRDSRg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z28JU10FgHGJ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Liquidity Risk — Certain securities, including privately placed securities and securities of emerging or frontier market issuers, may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivatePlacementsRiskMember_zNDTpgksKYSZ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded. Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zH95v74FE6FO" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund’s Class I Shares’ performance from year to year and by showing how the Fund’s Class I Shares’ and Investor Class Shares’ average annual total returns for 1, 5 and 10 years compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available by calling 855-887-4KGI or by visiting the Fund’s website at www.kopernikglobal.com. 855-887-4KGI www.kopernikglobal.com 0.2598 0.1050 -0.0625 0.1636 0.1894 0.1660 -0.1405 0.1382 -0.0365 0.5488 BEST QUARTER WORST QUARTER 0.2907 -0.2069 2020-06-30 2020-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zvnnE6v4pDdS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index. 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. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for Class I Shares only. After-tax returns for Investor Class Shares will vary. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for Class I Shares only. After-tax returns for Investor Class Shares will vary. Returns after taxes on distributions and sale of Fund shares may be higher than before-tax returns when a net capital loss occurs upon the redemption of Fund shares. 0.5488 0.1122 0.1189 0.5446 0.1093 0.4909 0.0889 0.1046 0.3476 0.0819 0.0942 0.3239 0.0791 0.0841 PMV Adaptive Risk Parity ETF Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zVNz6LzI9Eyf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The PMV Adaptive Risk Parity ETF (the “Fund”) seeks to generate capital appreciation with lower volatility and reduced correlation to the overall equity market. Fund Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zKLFZVU2kdLB" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0081 0.0022 0.0188 -0.0046 0.0142 February 28, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zfIALgvQkc0d" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 145 546 973 2164 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zAfJTmq92KlY" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">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 Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 203% of the average value of its portfolio. 2.03 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zRfdLuyUWKyw" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by taking advantage of broad asset trends throughout the economic cycle. The Adviser actively monitors asset class pricing trends to determine characteristics used for portfolio construction, including measurements of risk, returns, and asset correlations. The Adviser then uses this information to inform the security selection process for the Fund, with an emphasis on securities that have had better recent performance compared to other securities under similar market conditions. The Fund will obtain investment exposure to a variety of asset classes, including equities (primarily U.S. equities, non-U.S. developed market equities, and emerging market equities), fixed income securities including U.S. Treasuries, broad commodities (specifically, a diverse group of heavily traded commodities across the energy, precious metals, industrial metals and agriculture sectors), physical gold, currencies, and cash. The Fund operates in a manner that is commonly referred to as a “fund of funds” and obtains investment exposure to the asset classes described above primarily by investing in one or more exchange-traded products (“ETPs”), including ETFs and exchange-traded commodity pools, designed to track the performance of such asset classes. The Fund also may invest directly in securities and other instruments, rather than investing indirectly in securities and other instruments through ETPs, when the Adviser determines that doing so is the more appropriate means to access the desired exposure to an asset class. The Adviser does not have a target allocation between the various asset classes. Instead, the Adviser makes investment allocations based on prevailing market conditions or differences in asset class performance that may create opportunities that further the Fund’s investment objective. The Fund’s asset allocations may vary over time at the Adviser’s discretion. The Adviser has developed a TrueDiversification process (“TrueDiversification”) designed to balance and diversify a portfolio through a market cycle. TrueDiversification builds upon tenets of a risk parity portfolio, which seeks to maximize diversification benefits by combining assets with low correlation to one another and similar expected risk profiles. Risk parity is also known as an “all weather” style of asset allocation. Generally, an “all weather” style seeks to balance the risk of a portfolio through various market environments by diversifying across geographic regions and asset classes. The TrueDiversification process has three primary steps. First, an investable universe of asset classes is identified in order to gain exposure to the primary factors that drive asset class returns: economic growth and inflation. Second, the risk, return, and correlations of the asset classes are measured over various lookback windows, with the goal of identifying broad momentum trends. Momentum trends in various asset classes are measured with the assumption that assets that have performed relatively well in the recent past are expected to continue to perform well in the near future, and assets that have performed relatively poorly in the recent past are expected to continue to perform poorly in the near future. Third, a portfolio of assets is constructed using these characteristics, with a goal of targeting the portfolio that the Adviser believes will achieve the highest risk-adjusted return given current market conditions. Generally, assets that are exhibiting positive momentum trends may receive a higher weighting during the portfolio construction process. It is still possible, however, that assets showing a loss, or negative momentum, are included in the portfolio, especially if the Adviser believes that their inclusion provides diversification benefits to the Fund. The TrueDiversification process is intended to moderate the volatility of returns compared to an all-equity portfolio. The Fund’s portfolio is updated and rebalanced periodically, typically monthly. The Adviser maintains full decision-making power and may override the TrueDiversification process in extreme market events or if it determines a systemic change has occurred. Additionally, the TrueDiversification process may be incrementally adjusted over time. The Adviser has engaged Vident Asset Management to serve as sub-adviser (“Sub-Adviser”) for the Fund. The Sub-Adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the Adviser and the Board of Trustees of The Advisors’ Inner Circle Fund II (the “Board”). You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any other government agency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRisksMember_zreytyGz17Lz" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">ETF Risks — The Fund is an ETF and, as a result of this structure, it is exposed to the following risks: Trading Risk — Shares of the Fund may trade on NYSE Arca, Inc. (the “Exchange”) above or below their net asset value (“NAV”). The NAV of shares of the Fund will fluctuate with changes in the market value of the Fund’s holdings. In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underling holdings, which may cause a variance in the market price of the Fund shares and their underlying value. In addition, although the Fund’s shares are currently listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable. Limited Authorized Participants, Market Makers and Liquidity Providers Risk — Because the Fund is an ETF, only a limited number of institutional investors (known as “Authorized Participants”) are authorized to purchase and redeem shares directly from the Fund. 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, Fund shares may trade at a material discount to NAV and possibly face delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants 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. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetAllocationRiskMember_z1VjK3lEoB2A" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Asset Allocation Risk — The Fund is subject to asset allocation risk, which is the risk that the selection of the ETPs and direct investments in which it invests and the allocation of the Fund’s assets among the various asset classes and market segments will cause the Fund to underperform other funds with a similar investment objective. The value of an investment in the Fund is based primarily on the prices of the ETPs and direct investments in which the Fund invests. The price of each ETP is based on the value of its assets. The ability of the Fund to meet its investment objective is directly related to its asset allocation among the ETPs and its direct investments and the ability of the ETPs to meet their investment objectives and for the direct investments to perform positively. If the Adviser’s asset allocation strategy does not work as intended, the Fund may not achieve its objective. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestinginETPsRiskMember_z4TKBO09yV95" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Investing in ETPs Risk — The risks of owning interests of an ETP, such as an ETF or exchange-traded commodity pool, generally reflect the same risks as owning the underlying securities or other instruments that the ETP is designed to track. The shares of certain ETPs may trade at a premium or discount to their intrinsic value (i.e., the market value may differ from the net asset value (NAV) of an ETP’s shares). For example, supply and demand for shares of an ETF or market disruptions may cause the market price of the ETF to deviate from the value of the ETF’s investments, which may be emphasized in less liquid markets. The value of an Exchange Traded Note (“ETN”) may also differ from the valuation of its reference market or instrument due to changes in the issuer’s credit rating. By investing in an ETP, the Fund indirectly bears the proportionate share of any fees and expenses of the ETP in addition to the fees and expenses that the Fund and its shareholders directly bear in connection with the Fund’s operations. Additionally, the ETPs in which the Fund invests may exit the marketplace or no longer be available for purchase on an exchange and no appropriate substitute may exist, reducing the Adviser’s ability to obtain its desired exposures. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs and may subject the ETPs to greater volatility than investments in traditional securities. The Fund is exposed indirectly to the following risks because of its investments in ETPs. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketRiskMember_zOc5UUSLwnbt" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity Market Risk — The risk that stock prices will fall over short or extended periods of time, sometimes rapidly and unpredictably. The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and economic conditions. Broad movements in financial markets may adversely affect the price of the Fund’s investments, regardless of how well the companies in which the Fund invests perform. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund is exposed, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zl4RopFgVHdi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Securities Risk — Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the same level of regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source. This withholding tax would reduce income received from the securities comprising the Fund’s portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers and foreign markets and securities may be less liquid. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may (i) require an ETP to sell such investments at inopportune times or (ii) prohibit an ETP from selling such investments resulting in a deviation from the ETP’s investment objective, which could result in losses. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zvjkNAzlpUNM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Emerging Markets Risk — Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zAl7YYdjO99M" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fixed Income Securities Risk — The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, fixed income securities will decrease in value if interest rates rise and vice versa. The volatility of lower-rated securities is even greater than that of higher-rated securities. Interest rate risk is generally greater for fixed income securities with longer maturities or duration. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CommoditiesRiskMember_zsHDqYTa0oS5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Commodities Risk — Commodities include, among other things, energy products, agricultural products, industrial metals and precious metals. To the extent that the Fund gains exposure to the commodities markets, such exposure may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. The prices of certain commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--GoldRiskMember_zzJ2UaUK8FXe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Gold Risk — Price movements in gold may fluctuate quickly and dramatically, have a historically low correlation with the returns of the stock and bond markets, and may not correlate to price movements in other asset classes. Some factors that impact the price of gold include, but are not limited to, overall market movements, changes in interest rates, changes in the global supply and demand for gold, the quantity of gold imports and exports, factors that impact gold production, such as drought, floods and weather conditions, technological advances in the processing and mining of gold, an increase in the hedging of precious metals, such as gold, and changes in economic and/or political conditions, including regulatory developments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_z03OsetQZqdj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Large Capitalization Companies Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zHvRI2238dzc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">U.S. Government Securities Risk — Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_z4cIXXIa7ac0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRiskMember_zLVR46B89Y8L" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Interest Rate Risk — The risk that a change in interest rates will cause a fall in the value of fixed income securities, including U.S. Government securities, in which the Fund invests. Generally, the value of the Fund’s fixed income securities will vary inversely with the direction of prevailing interest rates. Changing interest rates may have unpredictable effects on the markets and may affect the value and liquidity of instruments held by the Fund. Although U.S. Government securities are considered to be among the safest investments, they are not guaranteed against price movements due to changing interest rates. Interest rate risk may be heightened for investments in emerging market countries. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zhsb0gP0Abz1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Currency Risk — As a result of an ETP’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the ETP will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, resulting in the dollar value of an investment in the Fund being adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad. Additionally, there is a risk that the U.S. dollar may depreciate relative to a basket of foreign currencies when the Fund has long directional exposure to the U.S. dollar. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MomentumRiskMember_zhZ6tFsvZhJc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Momentum Risk —A momentum style of investing may emphasize investing in securities that have had better recent performance compared to other securities. Securities exhibiting marked recent outperformance may be more volatile than securities across the broader market, and momentum may be an indicator that a security’s price is peaking. Momentum can turn quickly and cause significant variation from other types of investments. To the extent it has exposure to momentum strategies, the Fund may experience significant losses if momentum stops, reverses or otherwise behaves differently than predicted. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zkIGGhVIDF55" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Tax Risk — Income from certain ETPs that invest in commodities and other non-security based asset classes, as well as direct investments in such alternative asset classes, may not be considered qualifying income for purposes of the qualifying income test that must be met by the Fund in order to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund will seek to restrict its income from direct investments in such alternative investments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with certain qualifying income tests necessary for the Fund to qualify as a RIC under the Code. However, there is no guarantee that the Fund will be successful in this regard. If the Fund fails to qualify as a RIC and to avail itself of certain relief provisions, it would be subject to tax at the regular corporate rate without any deduction for distributions to shareholders, and its distributions would generally be taxable as dividends. Please see the Fund’s Statement of Additional Information (the “SAI”) for a more detailed discussion, including the availability of certain relief provisions for certain failures by the Fund to qualify as a RIC. The tax treatment of certain commodity investments and other non-security based instruments may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions. The Fund’s pursuit of its investment objective will potentially be limited by the Fund’s intention to qualify for treatment as a RIC. The Fund can make certain investments, the treatment of which is unclear under the Code and could adversely affect the Fund’s ability to qualify as a RIC. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LargePurchaseandRedemptionRiskMember_zLO0rdKffH24" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Large Purchase and Redemption Risk — Large purchases or redemptions of the Fund’s shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund’s portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund’s performance and have adverse tax consequences for Fund shareholders. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeInvestingRiskMember_zLGty2fYUZ1D" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Quantitative Investing Risk — Funds that are managed according to a quantitative model can perform differently from the market as a whole based on the inputs used in the model (e.g., asset correlation, standard deviation, and market price return), the weight placed on each input, and changes from the inputs’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zFOihzb2wyzA" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Management Risk — As an actively-managed ETF, the Fund is subject to management risk. The ability of the Adviser to successfully implement the Fund’s investment strategies will significantly influence the Fund’s performance. The success of the Fund will depend in part upon the skill and expertise of certain key personnel of the Adviser, and there can be no assurance that any such personnel will continue to be associated with the Adviser. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z991iAGxOlWP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Operational Risk — The Fund, the Adviser, the Sub-Adviser and each of their service providers may experience disruptions that arise from human error, processing and communications errors, counterparty or third-party errors, technology, or systems failures, any of which may have an adverse impact on the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zJJlFOLCIw6E" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Portfolio Turnover Risk — Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund’s performance. Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z71TNi8bilUd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and the performance table below illustrate the risks of an investment in the Fund by showing the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Current performance information is available at www.pmvcapital.com or by calling toll-free to 888-495-9115. The bar chart and the performance table below illustrate the risks of an investment in the Fund by showing the Fund’s performance from year to year and by showing how the Fund’s average annual total returns for 1 year and since inception compare with those of a broad measure of market performance. Of course, the Fund’s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.pmvcapital.com 888-495-9115 0.0365 0.1334 0.1886 <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%">BEST QUARTER</td> <td style="vertical-align: bottom; width: 50%">WORST QUARTER</td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%">7.91%</td> <td style="vertical-align: bottom; width: 50%">(2.59)%</td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%">9/30/2025</td> <td style="vertical-align: bottom; width: 50%">9/30/2023</td> </tr> </table> BEST QUARTER WORST QUARTER 0.0791 -0.0259 2025-09-30 2023-09-30 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zFIon82hq5db" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table compares the Fund’s average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad-based index. 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. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 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. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.1886 0.1137 0.1600 0.0939 0.1128 0.0800 0.0712 0.0416 Frontier Asset Management, LLC, the Fund’s investment adviser (the “Adviser”), will pay all of the Fund’s expenses, except for the following: advisory fees, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, AFFE, accrued deferred tax liability, non-routine expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other mutual funds, including money market funds and exchange-traded funds. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Frontier Asset Management, LLC, the Fund’s investment adviser (the “Adviser”), will pay all of the Fund’s expenses, except for the following: advisory fees, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, AFFE, accrued deferred tax liability, non-routine expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other mutual funds, including money market funds and exchange-traded funds. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Frontier Asset Management, LLC, the Fund’s investment adviser (the “Adviser”), will pay all of the Fund’s expenses, except for the following: advisory fees, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, AFFE, accrued deferred tax liability, non-routine expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other mutual funds, including money market funds and exchange-traded funds. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Frontier Asset Management, LLC, the Fund’s investment adviser (the “Adviser”), will pay all of the Fund’s expenses, except for the following: advisory fees, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, AFFE, accrued deferred tax liability, non-routine expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other mutual funds, including money market funds and exchange-traded funds. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Frontier Asset Management, LLC, the Fund’s investment adviser (the “Adviser”), will pay all of the Fund’s expenses, except for the following: advisory fees, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, AFFE, accrued deferred tax liability, non-routine expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other mutual funds, including money market funds and exchange-traded funds. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Frontier Asset Management, LLC, the Fund’s investment adviser (the “Adviser”), will pay all of the Fund’s expenses, except for the following: advisory fees, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, AFFE, accrued deferred tax liability, non-routine expenses, and distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), litigation expenses, and other non-routine or extraordinary expenses. AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other mutual funds, including money market funds and exchange-traded funds. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. You may be assessed a contingent deferred sales charge of 0.75% for purchases of Class A Shares over $1 million but less than $4 million, plus 0.50% of the amount over $4 million but less than $50 million, plus 0.25% of the amount over $50 million, if you redeem any of your Class A Shares within 18 months of purchase. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. Kopernik Global Investors, LLC (the “Adviser”) has contractually agreed to reduce its fees and/or reimburse expenses in order to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and non-routine expenses (collectively, “Excluded Expenses”)) from exceeding 1.35% of the Fund’s Class A Shares’ average daily net assets and 1.10% of the Fund’s Class I Shares’ average daily net assets until February 28, 2027 (the “Contractual Expense Limit”). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including Excluded Expenses) and the Contractual Expense Limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including Excluded Expenses) are below the Contractual Expense Limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund II (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses. Kopernik Global Investors, LLC (the “Adviser”) has contractually agreed to reduce its fees and/or reimburse expenses in order to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and non-routine expenses (collectively, “Excluded Expenses”)) from exceeding 1.35% of the Fund’s Investor Class Shares’ average daily net assets and 1.10% of the Fund’s Class I Shares’ average daily net assets until February 28, 2027 (the “Contractual Expense Limit”). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including Excluded Expenses) and the Contractual Expense Limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including Excluded Expenses) are below the Contractual Expense Limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund II (the “Trust”), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027. Investor Class Shares of the Fund were offered beginning December 10, 2018. AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other investment companies. The Total Annual Fund Operating Expenses in this fee table, both before and after fee reductions and/or expense reimbursements, do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. PMV Capital Advisers, LLC (the “Adviser” or “PMV”) has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding any class-specific expenses, interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Fund, dividend and interest expenses on securities sold short, AFFE, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with generally accepted accounting principles, and non-routine expenses) (collectively, “excluded expenses”)) from exceeding 1.20% of the average daily net assets of the Fund until February 28, 2027 (the “contractual expense limit”). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. The agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund II (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027 .