# EDGAR Filing Document

**Accession Number:** 0001970751
**File Stem:** 0000894189-26-013385
**Filing Date:** 2026-4
**Character Count:** 23274
**Document Hash:** faf1d27e82cad79b7447cbac3dfc934f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-013385.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0000894189-26-013385

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisor Managed Portfolios
- **CENTRAL INDEX KEY:** 0001970751

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270997
- **FILM NUMBER:** 26909003

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** (626) 914-7385

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Trenchless Fund ETF (Series ID: S000084161)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000248434 | Trenchless Fund ETF | RVER            |

![river1.jpg](river1.jpg)

**Trenchless Fund ETF (RVER)**

Listed on NYSE Arca, Inc.

Summary Prospectus

April 30, 2026

www.river1.us

Before you invest, you may want to review the Fund's Statutory Prospectus and Statement of Additional Information ("SAI"), which contain more information about the Fund and its risks. The current Statutory Prospectus and SAI dated April 30, 2026, are incorporated by reference into this Summary Prospectus. You can find the Fund's Statutory Prospectus, SAI, reports to shareholders and other information about the Fund online at www.river1.us. You can also get this information at no cost by calling the Fund toll-free at 1-800-617-0004 or by sending an email request to ETF@usbank.com.

**Investment Objective**

Trenchless Fund ETF (the "Fund") seeks capital appreciation.

**Fees and Expenses of the Fund**

The following 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 the Example below.**

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| | |
|:---|:---|
| **Annual Fund Operating Expenses** <br>(expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** <br>(expenses that you pay each year as a percentage of the value of your investment) |
| Management Fee | 0.65% |
| Distribution and Service (12b-1) Fees |  |
| Other Expenses | 0.00% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.01% |
| Total Annual Fund Operating Expenses | 0.66% |

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<sup>(1)</sup> Acquired fund fees and expenses reflect the Fund's pro rata share of the fees and expenses incurred by investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the "Ratio of expenses to average net assets" provided in the Financial Highlights because the Financial Highlights reflect the operating expenses of the Fund and do not include the acquired fund fees and expenses.

**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 hold or sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5%

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return each year and that the Fund's operating expenses remain the same. This Example does not include the brokerage commissions that investors may pay on their purchases and sales of Fund shares. Although your actual costs may be higher or lower, based on these assumptions your cost would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $67 | $211 | $368 | $822 |

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**Portfolio Turnover**

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 the Fund's shares are held in a taxable account. These costs, which are not reflected above in annual fund operating expenses or in the expense example, affect the Fund's performance. For the fiscal year ended December 31, 2025 the portfolio turnover rate of the Fund was 232% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is actively managed and seeks capital appreciation by investing in securities that River1 Asset Management LLC ("River1" or the "Sub-Advisor") believes have an above-average probability of outperforming the S&P 500<sup>®</sup> Index over all time horizons.

The Fund's investable universe is comprised of all U.S. listed equity securities. This includes common stock and American Depositary Receipts ("ADRs"), without regard to market capitalization. ADRs are U.S. listed equities that represent interests in securities issued by a foreign company. The Fund typically invests in a portfolio of approximately 12-30 companies, although the precise number of holdings will vary over time.

In selecting investments for the Fund's portfolio, through bottom-up analysis, River1 selects equity securities utilizing a model that focuses on three primary screens. Initially, companies are screened by utilizing valuation metrics such as multiple of free cash flow, net income, earnings before interest, taxes, depreciation and amortization (also known as EBITDA) and revenue. Next, the Sub-Advisor will winnow the investable universe after considering certain growth factors, which may include a company's top and bottom-line revenue and net income growth to find outliers including those with a greater likelihood of beating or missing earnings expectations. Negative outliers and those the Sub-Advisor believes are likely to miss earnings expectations are removed from the screening process. Finally, the remaining companies are screened based on a review of the number and size of institutional holders. The Sub-Advisor screens those companies whose holdings may be negatively impacted as a result of a large concentration of certain shareholders. After the Sub-Advisor has applied these screens, the Sub-Advisor ranks the remaining companies based on its view of the likelihood of positive price change and the Sub-Advisor will determine which companies to invest in as a result of this analysis. The review continues on an ongoing basis and is the process used by the Sub-Advisor to identify which companies to buy, sell or hold.

The Fund is considered to be non-diversified under the federal securities laws, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.

**Principal Risks**

As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The principal risks affecting shareholders' investments in the Fund are set forth below.

*◦* ***Non-Diversification Risk.*** A non-diversified fund under the federal securities laws may hold a significant percentage of its assets in the securities of relatively fewer companies or even one company; therefore, events affecting those companies have a greater impact on the Fund than on a diversified fund.

◦ ***Equity Securities Risk.*** The risks that could affect the value of the Fund's shares and the total return on your investment include the possibility that the equity securities held by the Fund will experience sudden, unpredictable drops in value or long periods of decline in value.

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***◦*** ***Market Risk.*** Financial market risks affect the value of individual instruments in which the Fund invests. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. Factors such as economic growth and market conditions, interest rates, and political events affect the markets. Periods of market volatility may occur in response to market events and other economic, political, and global macro factors (for example, a global pandemic, government deficits and debt, military conflicts, inflation, tariffs, sanctions, and/or recessions). These and other similar events could be prolonged and could adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the Fund's investments may be negatively affected.

**◦ *Management Risk.*** The Fund is actively-managed and may not meet its investment objective based on the Sub-Advisor's success or failure to implement investment strategies for the Fund. Investment decisions made by the Sub-Advisor in implementing these investment strategies may not produce the returns expected by the Sub-Advisor, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives. The Sub-Advisor may be incorrect in its assessment of the pricing discrepancies or prices may not move in the manner anticipated by the Sub-Advisor.

**◦ *Market Capitalization Risk.*** The Fund may hold securities of any market capitalization and may be subject to large-capitalization investing risk, mid-capitalization investing risk and/or small-capitalization investing risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ ***Large-Capitalization Investing.*** The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*▪* ***Mid-Capitalization Investing.*** The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*▪* ***Small-Capitalization Investing.*** The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies.

**◦ *New Fund Risk.*** The Fund is recently organized with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. There can be no assurance that the Fund will grow to or maintain an economically viable size.

**◦ *ETF Risks.*** The Fund is an ETF and, as a result of an ETF's structure, it is exposed to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ ***Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.*** The Fund has a limited number of financial institutions that may act as Authorized Participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent that (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform such functions, Fund shares may trade at a material discount to NAV, the bid-ask spread could widen, and shares could face trading halts and/or delisting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ ***Costs of Buying or Selling Fund Shares.*** Due to the costs of buying or selling shares, including brokerage commissions imposed by brokers, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ ***Shares May Trade at Prices Other Than NAV.*** As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Fund shares will approximate the Fund's NAV, there may be times when the market price of Fund shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Fund shares or during periods of market volatility. If an investor buys Fund shares when the shares' market

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price is at a premium, the investor may pay more than the shares' underlying value. If an investor sells Fund shares when the shares' market price is at a discount, the investor may receive less than the shares' underlying value. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Fund shares in the secondary market, in which case such premiums or discounts may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ ***Trading.*** Although shares are listed for trading on NYSE Arca, Inc. the "Exchange") and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market will be maintained for Fund shares or that Fund shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Fund shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Fund shares and could lead to differences between the market price of the Fund's shares and the underlying value of those shares. These conditions could cause the Fund's shares to trade at a material discount to NAV and the bid-ask spread to widen.

◦ ***Model and Data Risk.*** The Sub-Advisor relies on its proprietary model in making investment decisions for the Fund. When the model and/or the data the model relies upon prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential loss.

***◦ Depositary Receipt Risk.*** Depositary receipts involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares ("Underlying Shares"). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares.

◦ ***Foreign Securities Risk.*** Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the United States, including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. Depositary receipts may have additional risks, including creditworthiness of the depositary bank and the risk of an illiquid market. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment.

***◦*** ***Tax Risk.*** In order to qualify for the favorable tax treatment generally available to a regulated investment company ("RIC"), the Fund must satisfy certain diversification requirements under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). In particular, the Fund must generally diversify its holdings so that, in part, at the end of each quarter of each taxable year, at least 50% of the value of the Fund's total assets is represented by (1) cash and cash items, U.S. government securities, securities of other RICs, and (2) other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer. The Fund's efforts to satisfy the diversification requirement may affect the Fund's execution of its investment strategy. If the Fund were to fail to meet the tests and fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income, which would adversely affect the Fund's performance.

**Performance Information** 

The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance. The bar chart shows the Fund's performance from year to year. The table shows how the Fund's average annual total returns for the periods indicated compare with the average annual total returns of the S&P 500 Index, a domestic broad-based securities market index, and the Nasdaq Composite Total Return Index, a secondary index provided to offer a more tailored market perspective concentrated in technology stocks. The

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Fund's past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund's website at www.river1.us .

**Calendar Year Ended December 31**

![chart-323ede586abb4d01882.jpg](chart-323ede586abb4d01882.jpg)

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| | | |
|:---|:---|:---|
| **Highest and Lowest Return Quarters** <br>**during the period of time shown in the bar chart** | **Highest and Lowest Return Quarters** <br>**during the period of time shown in the bar chart** | **Highest and Lowest Return Quarters** <br>**during the period of time shown in the bar chart** |
| Highest Return Quarter | 6/30/2025 | 17.32% |
| Lowest Return Quarter | 3/31/2025 | -10.57% |

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| | | |
|:---|:---|:---|
| **Average annual total returns**<br>**(for periods ended December 31, 2025)** | | |
| **Average annual total returns**<br>**(for periods ended December 31, 2025)** | **1 year** | **Since Inception**<br>**April 2, 2024** |
| Return before taxes | 5.95% | 13.91% |
| Return after taxes on distributions | 5.27% | 13.50% |
| Return after taxes on distributions and sale of fund shares | 3.58% | 10.57% |
| **NASDAQ Composite Total Return Index** <br>(reflects no deduction for fees, expenses or taxes) | 21.14% | 23.60% |
| **S&P 500 TR Index** <br>(reflects no deduction for fees, expenses or taxes) | 17.88% | 18.50% |

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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 your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs"). In certain cases, the figure representing "Return after taxes on distributions and sale of fund shares" may be higher than other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Management of the Fund**

**Investment Advisor** 

Sound Capital Solutions LLC ("Sound Capital") serves as the investment advisor to the Fund.

**Investment Sub-Advisor**

River1 Asset Management LLC ("River1") serves as the sub-advisor to the Fund.

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**Portfolio Managers**

Rob Haugen, Co-Portfolio Manager of River1, has managed the Fund since the Fund's inception in April 2024.

Tony Tagliapietra, Co-Portfolio Manager of River1, has managed the Fund since the Fund's inception in April 2024.

**Purchase and Sale of Fund Shares**

Shares of the Fund are listed on the Exchange, and individual shares may only be bought and sold in the secondary market through brokers or dealers at market price, rather than NAV. Because shares trade at market price rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount).

The Fund issues and redeems Fund shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities and/or a designated amount of U.S. cash.

Investors 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 secondary market (the "bid-ask spread"). Recent information about the Fund, including its NAV, market price, premiums and discounts, and bid-ask spreads is available on the Fund's website at www.river1.us.

**Tax Information**

The distributions made by the Fund are taxable, and will be taxed as ordinary income, qualified dividend income, or capital gains (or a combination), unless you invest through an individual retirement account ("IRA") or other tax-advantaged account. Subsequent withdrawals from such a tax-advantaged account, however, may be subject to federal income tax. You should consult your tax adviser about your specific tax situation.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary, the Advisor or its affiliates may pay the intermediary for certain activities related to the Fund, including participation in activities that are designed to make intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of shares of the Fund. 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.

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