# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-006848
**Filing Date:** 2025-10
**Character Count:** 19687
**Document Hash:** 2392977aeb23119f406985037f95a7f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006848.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001580642-25-006848

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust
- **CENTRAL INDEX KEY:** 0001314414

**ORGANIZATION NAME:**
- **EIN:** 043023766
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122917
- **FILM NUMBER:** 251436214

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategy Shares
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mutual Fund & Variable Insurance Trust
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights Fund Trust
- **DATE OF NAME CHANGE:** 20050121

## Series and Classes Contracts Data

### Ocean Park Domestic ETF (Series ID: S000085657)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000250991 | Ocean Park Domestic ETF |  |

*Ocean Park Domestic ETF*

**DUKQ**

**Primary Listing Exchange for the Fund: NYSE Arca**

**Summary Prospectus**

**October 28, 2025**

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. The Fund's prospectus and Statement of Additional Information, both dated October 28, 2025, is incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at www.oceanparketfs.com. You can also obtain these documents at no cost by calling 1-866-738-4363 or by sending an email request to fulfillment@ultimusfundsolutions.com.

**Investment Objectives:** The Fund has two objectives, to provide total return and to limit exposure to downside risk.

 

**Fees and Expenses of the Fund:** 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<br> (*expenses that you pay each year as a percentage of the value of your investment)*** | |
| Management Fees | 0.75% |
| Distribution and Service (12b-1) Fees | 0.00% |
| Other Expenses | 2.11% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.10% |
| Total Annual Fund Operating Expenses | 2.96% |
| Fee Waiver and Reimbursement<sup>(2)</sup> | (1.98)% |
| Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement | 0.98% |

---

(1) Acquired Fund Fees and Expenses are the estimated average indirect costs
of investing in other investment companies (the "Underlying Funds"). The operating expenses in this fee table will not correlate
to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses
incurred by the Fund.

(2) The Adviser has contractually agreed to waive its management fees and to
make payments to limit Fund expenses, until January 31, 2027 so that the total annual operating expenses (exclusive of (i) any front-end
or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses
associated with investments in other collective investment vehicles or derivative instruments (including for example options and swap
fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary
expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of
Fund service providers (other than the Adviser)) of the Fund do not exceed 0.88% of its average daily net assets. These fee waivers and
expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years from the date when the
amount is waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the then-current
expense limits (after taking into account the recoupment amount). This agreement may be terminated only by the Fund's Board of Trustees,
on 60 days' written notice to the Adviser.

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same, and that the Adviser's fee waiver is only in effect for the term of the waiver. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>1 Year</u>** | &nbsp;&nbsp;**<u>3 Years</u>** | &nbsp;&nbsp;**<u>5 Years</u>** | &nbsp;&nbsp;**<u>10 Years</u>** |
| &nbsp;&nbsp;$100 | &nbsp;&nbsp;$728 | &nbsp;&nbsp;$1383 | &nbsp;&nbsp;$3139 |

---

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***Portfolio Turnover:*** The Fund pays transaction costs, such as commissions, when it buys and sells securities<br> (or "turns over" its portfolio). A higher portfolio turnover 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 annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 321% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by tactically allocating the Fund's assets between unaffiliated US equity ETFs ("Underlying ETFs") and cash equivalents. The universe of Underlying ETFs is unconstrained and includes, but is not limited to, those based on market capitalization, investment styles, factors, sectors and industries. Underlying ETFs may invest in U.S. equities of any market capitalization. The Underlying ETFs that the Fund invests in may be passively managed or actively managed.

The Fund uses a "fund of funds" approach and may engage in frequent trading.

Under normal market conditions, the Fund expects to invest substantially all of its assets in Underlying ETFs. At times, the Fund may be fully or partially invested in cash equivalents. The Fund may also engage in securities lending of its portfolio securities.

The Fund's investment adviser, Ocean Park Asset Management, LLC (the "Adviser"), employs a proprietary trend following strategy to generate buy and sell signals for Underlying ETFs. The Adviser calculates upper and lower bands for each Underlying ETF. The upper and lower bands are offset above and below a short-term exponential moving average. A "Buy signal", which identifies a potential uptrend for an Underlying ETF candidate, is determined by a security's price rising above both the recent low of its upper band and a secondary moving average. The Adviser uses quantitative analysis to determine which Underlying ETFs to purchase. The Fund has no limits or constraints on the number or type of Underlying ETFs in which it can invest.

An Underlying ETF is sold when a security's price falls below the recent high of its lower band (a "Sell signal"), with the goal being to limit drawdowns of the overall Fund. When a position is sold, the proceeds may be invested in an alternative Underlying ETF or temporarily invested in cash equivalents. Cash equivalents may include, but are not limited to, U.S. Treasury bills, money market funds and ETFs that primarily invest in investment grade short-term bonds. The Adviser periodically reviews the allocation of the Underlying ETFs and may make adjustments to the Underlying ETF holdings, including adding or removing Underlying ETFs.

**Principal Investment Risks: *As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value and performance.***

The following describes the risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal.

* *Equity Risk.* The net asset value of the Fund will fluctuate based
on changes in the value of the equity securities held by those Underlying Funds that invest in U.S. stocks. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

* *Treasury Securities Risk.* U.S. Treasury obligations may differ
from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower
returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government
may cause the value of the Fund's investment exposure to U.S. Treasury obligations to decline.

* *Interest Rate Risk.* Fixed income securities are subject to the
risk that securities could lose value because of interest rate changes. Fixed income securities with longer maturities are subject to
greater price shifts as a result of interest rate changes than fixed income securities with shorter maturities.

* *Small and Mid-Capitalization Risk.* Investments in Underlying
Funds that own securities of small- and mid-capitalization companies may be more vulnerable than larger, more established organizations
to adverse business or economic developments. These companies often have narrower markets, fewer products, or services to offer and more
limited managerial and financial resources than do larger, more established companies.

* *Large Capitalization Risk*. Large-cap companies may be unable
to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and also may not be able to attain
the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

* *ETF Structure Risks.* The Fund is structured as an ETF and as
a result is subject to the special risks, including:

* *Not Individually Redeemable.* The Fund's shares ("Shares")
are not redeemable by retail investors and may be redeemed only by the Authorized Participants at NAV and only in Creation Units. An Authorized
Participant may incur brokerage costs purchasing enough Shares to constitute a Creation Unit. While the Fund expects that redemptions
will be solely made in-kind, the Fund may accept cash as a component of a redemption by an Authorized Participant from time to time.

 

* *Trading Issues.* Trading in Fund shares on the NYSE Arca (the
"Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares
inadvisable, such as extraordinary market volatility. An active trading market for the Shares may not be developed or maintained.

* *Market Price Variance Risk.* The market prices of Shares will
fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the
exchange specialists, market makers or other participants that trade the particular security. The market price of the Shares may deviate
from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly
less the Shares than the Fund's NAV, which is reflected in the bid and ask price for the Shares or in the closing price.

* *Authorized Participant Risk.* Only an Authorized Participant may
engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as Authorized
Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business
or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step
forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly
face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in securities or instruments
that have lower trading volumes.

* *Management Risk.* The Adviser's dependence on its investment
strategy and judgments about the attractiveness, value and potential appreciation of particular asset classes in which the Fund invests
will in some cases prove to be incorrect and have negative impacts on performance. The Fund is actively managed using proprietary investment
strategies and processes. There can be no guarantee that these strategies and processes will be successful.

* *Market and Geopolitical Risk.* The increasing interconnectivity between
global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely
impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation
(or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, climate-change
and climate-related events, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions.
The occurrence of global events similar to those in recent years, such as a worldwide pandemic, terrorist attacks, natural disasters,
social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term
effects on both the U.S. and global financial markets. 

* *Portfolio Turnover Risk.* As to the portion of the portfolio invested
in ETFs, turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs.

* *Underlying Fund Risk.* Each Underlying Fund is subject to specific
risks, depending on its investments. Underlying Funds are also subject to investment advisory fees and other expenses, which are indirectly
borne by the Fund. As a result, your overall cost of investing in the underlying securities and other assets will be higher than the cost
of investing directly in them and may be higher than other funds that invest directly in securities. Shares of ETFs may trade at a discount
or a premium in market price if there is a limited market in such shares and are also subject to brokerage and other trading costs, which
could result in greater expenses to the Fund.

* *Securities Lending Risk*. Securities lending involves a possible
delay in recovery of the loaned securities, a possible delay in receiving additional collateral (to cover an increase in the market value
of the loaned securities or a decrease in the value of any securities collateral), or a possible loss of rights in the collateral should
the borrower fail financially. There is a risk that a borrower may default on its obligations to return loaned securities, which could
negatively impact the Fund. The Fund could also lose money if the value of the collateral decreases.

* *Whipsaw Risk.* Whipsaw risk is the possibility of experiencing
losses or missed gains when the market quickly reverses direction after a trend signal triggers an entry or exit. For example, an adviser
might sell a security because a downtrend is detected, only to have the market rebound, forcing it to buy back at a higher price (loss
or missed gain). Conversely, a fund could buy due to an uptrend, and the market reverses downward, resulting in a loss. As such,
trend-following strategies may be subject to frequent losses from whipsaw movements, and the Fund may experience short-term losses due
to sudden reversals in prevailing trends. Therefore, trend-following strategy results, such as those utilized by the Fund's adviser
may differ from traditional buy-and-hold strategies and shareholders should expect periods of underperformance due to rapid market fluctuations.

**Performance:** Because the Fund is a newly launched ETF, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Fund's Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.

**Investment Adviser:** Ocean Park Asset Management, LLC (the "Adviser") is the Fund's investment adviser.

**Trading Sub-Adviser:** Exchange Traded Concepts, LLC is the Fund's trading sub-adviser.

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**Investment Adviser Portfolio Managers:** Kenneth L. Sleeper, MBA, PhD, Managing Director, Ryan Harder, CFA, Chief Investment Strategist and James St. Aubin, CFA, CAIA, Chief Investment Officer, are portfolio managers of the Fund. Each portfolio manager has served the Fund as portfolio manager since it commenced operations in July 2024. Each portfolio manager is jointly and primarily responsible for the day-to-day management of the Fund.

**Purchase and Sale of Fund Shares:** Individual Shares may be purchased and sold in secondary market transactions through a broker dealer or at market price. Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willing to accept for Shares (ask) when buying or selling Shares in the second market (the "bid-ask spread"). Because the Fund has only recently commenced investment operations, no information on the Fund's net asset value, market price, premiums and discounts and bid-asks spreads are presented at this time. In the future, this information will be presented in this section of the Prospectus and on the Fund's website at www.oceanparketfs.com.

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**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred account such as an IRA or 401(k). However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal from tax-deferred plans.

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**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.