# EDGAR Filing Document

**Accession Number:** 0001518042
**File Stem:** 0001580642-26-003073
**Filing Date:** 2026-5
**Character Count:** 36879
**Document Hash:** e845e360728b2dd5747d9a8b58e22845
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003073.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001580642-26-003073

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHERN LIGHTS FUND TRUST II
- **CENTRAL INDEX KEY:** 0001518042

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-174926
- **FILM NUMBER:** 26954457

**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:** 4221 NORTH 203RD STREET, SUITE 100
- **CITY:** ELKHORN
- **STATE:** NE
- **ZIP:** 68022

## Series and Classes Contracts Data

### Dynamic U.S. Opportunity Fund (Series ID: S000035094)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000107964 | Dynamic U.S. Opportunity Fund Class I | ICSIX           |
| C000107965 | Dynamic U.S. Opportunity Fund Class N | ICSNX           |

![A blue and white logo Description automatically generated](image_001.gif)

**DYNAMIC U.S. OPPORTUNITY FUND**

**Class I Shares: ICSIX**

**Class N Shares: ICSNX**

**Summary Prospectus May 7, 2026**

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 April 30, 2026, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at www.innealtafunds.com/dynamic-funds/dynamic-us-opportunity-fund. You can also obtain these documents at no cost by completing a document request form on our web-site, www.innealtafunds.com or by calling 1-855-USE-ETFS or by sending an email request to consulting@innealtacapital.com.

**Investment Objective.** The investment objective of the Dynamic U.S. Opportunity Fund is capital appreciation.

**Fees and Expenses of the Fund.** This table describes the fees and expenses that you may pay if you buy and hold shares of the Dynamic U.S. Opportunity Fund. Class I shares may also be available on brokerage platforms of firms that have agreements with the Dynamic U.S. Opportunity Fund's principal underwriter permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of the Dynamic U.S. Opportunity Fund are available in other share classes that have different fees and expenses.

---

| | | |
|:---|:---|:---|
| **Shareholder Fees**<br> *(fees paid directly from your investment)* | **Class N** | **Class I** |
| Maximum Sales Charge (Load) Imposed on Purchases <br> (as a percentage of offering price) |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a percentage of the original offering price) |  |  |
| **Annual Fund Operating Expenses**<br> *(expenses that you pay each year as a percentage of the value of your investment)* |  |  |
| Management Fees | 1.00% | 1.00% |
| Distribution and Service (Rule 12b-1) Fees | 0.25% | 0.00% |
| Other Expenses | 0.34% | 0.34% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | <u>0.10%</u> | <u>0.10%</u> |
| Total Annual Fund Operating Expenses | 1.69% | 1.44% |
| Fee Waiver/Expense Reimbursement | <u>(0.10%)</u> | <u>(0.10%)</u> |
| Total Annual Fund Operating Expenses <br> After Fee Waiver/Expense Reimbursement<sup>(2)</sup> | <u>1.59%</u> | <u>1.34%</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) This number represents the combined total fees and operating expenses of the Acquired Funds owned by the
Dynamic U.S. Opportunity Fund and is not a direct expense incurred by the Dynamic U.S. Opportunity Fund or deducted from the Dynamic U.S.
Opportunity Fund assets. Since this number does not represent a direct operating expense of the Dynamic U.S. Opportunity Fund, the operating
expenses set forth in the Dynamic U.S. Opportunity Fund's financial highlights do not include this figure.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant to an operating expense limitation agreement between Innealta
Capital, LLC (the "Adviser") and the Dynamic U.S. Opportunity Fund, the Adviser has agreed to waive its fees and/or absorb
expenses of the Dynamic U.S. Opportunity Fund to ensure that Total Annual Fund Operating Expenses (excluding any front-end or contingent
deferred sales loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend
expense on securities sold short), taxes and extraordinary expenses such as litigation) for the Dynamic U.S. Opportunity Fund do not exceed
1.64% and 1.39%, of the Dynamic U.S. Opportunity Fund's average net assets, for Class N and Class I shares, respectively, through
April 30, 2027. This operating expense limitation agreement can be terminated only by, or with the consent of, the Board of Trustees.
The Adviser is permitted to receive reimbursement from the Dynamic U.S. Opportunity Fund for fees it waived and Fund expenses it paid,
subject to the limitation that: (1) the reimbursement for fees and expenses will be made only if payable within three years from the date
the fees and expenses were initially waived or reimbursed; and (2) the reimbursement may not be made if it would cause the expense limitation
in effect at the time of the waiver or currently in effect, whichever is lower, to be exceeded.

**Example.** This Example is intended to help you compare the cost of investing in the Dynamic U.S. Opportunity Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Dynamic U.S. Opportunity 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 Dynamic U.S. Opportunity Fund's operating expenses remain the same. The fee waiver/expense reimbursement arrangement discussed in the table above is reflected only through April 30, 2027. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One Year** | **Three Years** | **Five Years** | **Ten Years** |
| **Class N** | $162 | $523 | $908 | $1989 |
| **Class I** | $136 | $446 | $777 | $1716 |

---

**Portfolio Turnover.** The Dynamic U.S. Opportunity 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 Dynamic U.S. Opportunity 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 Dynamic U.S. Opportunity Fund's performance. During the most recent fiscal year, the Dynamic U.S. Opportunity Fund's portfolio turnover rate was 259% of the average value of the portfolio.

**Principal Investment Strategies.** Under normal market conditions, the Dynamic U.S. Opportunity Fund invests primarily in the equity securities of U.S. companies and equity exchange-traded funds ("ETFs") that offer exposure to domestic equity markets. The Dynamic U.S. Opportunity Fund may also invest in other categories of ETFs as described below, including those that offer exposure to domestic and international fixed income markets and those that offer exposure to alternative asset classes. The Dynamic U.S. Opportunity Fund may also directly invest in derivative instruments such as futures contracts and options.

The Dynamic U.S. Opportunity Fund's strategy is based on a proprietary quantitative framework ("Quantitative Framework") that informs the investment decision-making process regarding investment opportunities in domestic equity markets based on the specific risk/reward characteristics (such as corporate fundamentals, macroeconomic, and behavioral variables, including but not limited to, aggregate earnings, dividends, profitability, gross domestic product, unemployment, interest rates, volatility and price momentum) of various segments of the equity market as defined by the Global Industry Classification Structure ("GICS"). GICS is a four-tiered, hierarchical industry classification system developed in 1999 by MSCI and Standard & Poor's for use by the global financial community; it consists of 11 sectors, 25 industry groups, 74 industries and 163 sub-industries. The Dynamic U.S. Opportunity Fund's equity exposures may include, but are not limited to, equity securities of U.S. companies and ETFs that invest in common and preferred stocks of all market capitalizations, convertible securities and rights and warrants listed on U.S. markets or non-U.S. markets. The Dynamic U.S. Opportunity Fund's investments in equity markets include, but are not limited to: Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Real Estate Communication Services and Utilities. The Dynamic U.S. Opportunity Fund also may invest in industry groups, industries and sub-industries (collectively, "sub-sectors") of the sectors defined by GICS.

The Dynamic U.S. Opportunity Fund may also invest in ETFs that offer exposure to domestic and international fixed income securities, such as bonds issued by governments, government agencies and/or corporations as well as asset-backed securities and floating-rate securities. Such ETFs may include fixed income investments of any maturity, duration or quality, including those that are rated below investment grade "junk bonds". Note that the fixed income allocation is intended to be primarily, but not necessarily exclusively, domestic.

The Dynamic U.S. Opportunity Fund may invest in ETFs that offer exposure to various alternative asset classes, such as, but not limited to, commodities, real estate, currencies, derivatives and volatility. The Dynamic U.S. Opportunity Fund may also invest in leveraged, inverse and inverse-leveraged ETFs in order to gain exposures to the referenced equity, fixed income and alterative asset classes. Further, the Dynamic U.S. Opportunity Fund may invest directly in certain derivatives, namely futures and options in order to achieve desired market exposures.

At least 80% of the Dynamic U.S. Opportunity Fund's assets will be invested in accordance with the Dynamic U.S. Opportunity Fund's name, specifically in ETFs that offer exposure to U.S.-based sectors, fixed income markets, and/or alternative asset classes and derivative instruments providing exposure to such U.S. based sectors, markets or asset classes.

Under normal market conditions, the Dynamic U.S. Opportunity Fund allocates at least a majority and up to 100% of its assets to equity securities and equity ETFs that focus investment either directly or indirectly in domestic equity markets.

Also under normal market conditions:

&nbsp;&nbsp;&nbsp;&nbsp;· The Dynamic U.S. Opportunity Fund seeks to invest substantially all of its assets in equity securities
and equity, fixed income and/or alternative asset class ETFs, and derivative instruments.

&nbsp;&nbsp;&nbsp;&nbsp;· The Adviser does not anticipate investing generally more than 35% in any single equity market sector exposure

&nbsp;&nbsp;&nbsp;&nbsp;· The Dynamic U.S. Opportunity Fund may be invested in any number of sector and sub-sector equity markets,
including none.

&nbsp;&nbsp;&nbsp;&nbsp;· The Dynamic U.S. Opportunity Fund's portfolio will be comprised primarily of equity securities and
equity ETFs.

Under stressed or abnormal market conditions, or for other defensive purposes, the Dynamic U.S. Opportunity Fund may invest up to 100% of its assets in fixed income ETFs, alternative asset class ETFs, derivative instruments, or cash, or a combination of any or all four of these asset classes.

The Dynamic U.S. Opportunity Fund is actively managed and on a daily basis, the Adviser's investment committee (the "Investment Committee") analyzes variables that the Adviser believes have predictive capabilities with respect to equity performance. Where the Investment Committee finds the prospective risk-relative return of investing in equity securities or an equity based ETFs investing in a given sector to be superior to that of an ETF investing in the fixed income or alternative asset class categories, an allocation is made to the equity securities or equity-based ETFs. The Investment Committee may choose to aggregate exposures in order to achieve these desired exposures. In the absence of an attractive equity exposure, the allocation is made to fixed income or alternative asset class category ETF. The Adviser will make decisions to transact a security based on its Quantitative Framework or if the Dynamic U.S. Opportunity Fund's portfolio needs to be rebalanced. Decisions by the Adviser to transact other portfolio securities will be based upon the research, recommendations, and trading signals received from the Investment Committee.

This strategy seeks to provide excess returns relative to the Dynamic U.S. Opportunity Fund's benchmark, the S&P 500 Index over periods of three years and longer, with risk levels commensurate with the level of performance, using diversification, active management, style integrity, minimized security selection risk and cost efficiency.

The Dynamic U.S. Opportunity Fund may lend its portfolio securities in order to generate additional income.

**Principal Risks.** Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Dynamic U.S. Opportunity Fund. The principal risks of investing in the Dynamic U.S. Opportunity Fund are:

&nbsp;&nbsp;&nbsp;&nbsp;· *Commodities Risk.* Investing in the commodities markets
(indirectly) may subject the Dynamic U.S. Opportunity Fund to greater volatility than investments in traditional securities. Commodity
prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government
regulation such as tariffs, embargoes or burdensome production rules and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;· *Derivatives Risk.* The Dynamic U.S. Opportunity Fund may
use derivatives (including options, futures and options on futures) to enhance returns or hedge against market declines. The Dynamic U.S.
Opportunity Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with
investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative
transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes
in the value of the derivative may not correlate perfectly with the underlying asset, rate or index.

&nbsp;&nbsp;&nbsp;&nbsp;· *Equity Risk.* The risks that could affect the value of
the Dynamic U.S. Opportunity Fund's shares and the total return on your investment include the possibility that the equity securities
held by the Dynamic U.S. Opportunity Fund or the ETFs in which it invests will experience sudden, unpredictable drops in value or long
periods of decline in value. Equity securities may also lose value because of factors affecting an entire industry or sector, such as
increases in production costs, or factors directly related to a specific company, such as decisions made by its management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Common Stocks.* Common stocks are susceptible to general stock
market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.
These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary
and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking
crises. If you held common stock of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks
and debt obligations of the issuer because holders of common stock generally have inferior rights to receive payments from issuers in
comparison with the rights of the holders of other securities, bondholders and other creditors of such issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Preferred Stocks.* A preferred stock is a blend of the characteristics of a bond and common stock.
It can offer the higher yield of a bond and has priority over common stock in equity ownership, but does not have the seniority of a bond
and, unlike common stock, its participation in the issuer's growth may be limited. Preferred stock has preference over common stock
in the receipt of dividends and in any residual assets after payment to creditors should the issuer be dissolved. Although the dividend
on a preferred stock may be set at a fixed annual rate, in some circumstances it can be changed or omitted by the issuer. Because preferred
stocks represent an equity ownership interest in an issuer, their value will usually react more strongly than bonds and other debt instruments
to actual or perceived changes in an issuer's financial condition or prospects or to fluctuations in the equity markets.

&nbsp;&nbsp;&nbsp;&nbsp;· *ETF Risk.* Investment in an ETF carries security specific
risk and the market risk. Also, if the area of the market representing the underlying index or benchmark does not perform as expected
for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than at
net asset value, the performance of an ETF may not completely replicate the performance of the underlying index.

&nbsp;&nbsp;&nbsp;&nbsp;· *Fixed Income Securities Risk.* When the Dynamic U.S. Opportunity
Fund invests in ETFs that own fixed income securities, the value of your investment in the Dynamic U.S. Opportunity Fund will fluctuate
with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities and thus
the value of ETFs that own fixed income securities. In general, the market price of fixed income securities with longer maturities will
increase or decrease more in response to changes in interest rates than the market price of shorter-term securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Fund of Funds Risk.* The Dynamic U.S. Opportunity Fund
is a "fund of funds," a term typically used to describe an investment company whose principal investment strategy involves
investing in other investment companies, such as ETFs. The cost of investing in the Dynamic U.S. Opportunity Fund will generally be higher
than the cost of investing directly in ETFs or other investment company shares. Investors in the Dynamic U.S. Opportunity Fund will indirectly
bear fees and expenses charged by the ETFs in which the Dynamic U.S. Opportunity Fund invests in addition to the Dynamic U.S. Opportunity
Fund's direct fees and expenses. The Dynamic U.S. Opportunity Fund also will incur brokerage costs when it purchases ETFs. The ETFs
in which the Dynamic U.S. Opportunity Fund invests will not be able to replicate exactly the performance of the benchmarks they track
because of transaction costs incurred in adjusting the actual balance of the securities and because the ETFs will incur expenses not incurred
by their applicable benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;· *Futures Risk.* The successful use of futures contracts draws upon the Adviser's skill
 and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with
 the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the
 Dynamic U.S. Opportunity Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures
 contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements,
 which are potentially unlimited; (d) the Adviser's inability to predict correctly the direction of securities prices, interest
 rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance
 of its obligations; and (f) if the Dynamic U.S. Opportunity Fund has insufficient cash, it may have to sell securities from its
 portfolio to meet daily variation margin requirements, and the Dynamic U.S. Opportunity Fund may have to sell securities at a time
 when it may be disadvantageous to do so.

&nbsp;&nbsp;&nbsp;&nbsp;· *General Market Risk.* Domestic and Foreign economic growth
and market conditions, interest rate levels, political events terrorism, war, natural disasters, disease/virus
epidemics, tariffs, trade disputes and other events are among the factors affecting the securities markets in which the Dynamic
U.S. Opportunity Fund invests. There is risk that these and other factors may adversely affect the Dynamic U.S. Opportunity Fund's
performance. You could lose money by investing in the Dynamic U.S. Opportunity Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Growth Risk.* The Dynamic U.S. Opportunity Fund may invest in ETFs that invest in companies
that appear to be growth. Growth companies are those that the Adviser believes will have revenue and earnings that grow faster than the
economy as a whole, offering above-average prospects for capital appreciation and little or no emphasis on dividend income. If the Adviser's
perceptions of an ETF's growth potential are wrong, the securities purchased may not perform as expected, reducing the Dynamic U.S.
Opportunity Fund's return.

&nbsp;&nbsp;&nbsp;&nbsp;· *High Yield Risk.* The Dynamic U.S. Opportunity Fund invests
in ETFs that invest in high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds")
which may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities
are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments.
An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Dynamic
U.S. Opportunity Fund's ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect
to interest or principal payments, the Dynamic U.S. Opportunity Fund may lose its entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;· *High Volatility in Rising Markets Risk.* The Dynamic U.S.
Opportunity Fund may invest in volatility ETFs which in periods of high volatility, the will rebalance its portfolio and decrease exposure
to the stock component of the ETF and increase its exposure to cash. Due to such ETF's increased exposure to the cash during such
time periods, the Dynamic U.S. Opportunity Fund would not be expected to gain the full benefit of rising equity markets if such market
conditions were also accompanied by high volatility.

&nbsp;&nbsp;&nbsp;&nbsp;· *Interest Rate Risk.* The risks associated with the Dynamic
U.S. Opportunity Fund include interest rate risk, which means that the prices of the Dynamic U.S. Opportunity Fund's fixed income
ETF investments are likely to fall if interest rates rise.

&nbsp;&nbsp;&nbsp;&nbsp;· *Large-Cap Securities Risk.* The Dynamic U.S. Opportunity
Fund may invest in ETFs that hold stocks of large companies. Stocks of large companies as a group can fall out of favor with the market,
causing the Dynamic U.S. Opportunity Fund to underperform investments that have a greater focus on mid-cap or small-cap stocks. Larger,
more established companies may be slow to respond to challenges and may grow more slowly than smaller companies.

&nbsp;&nbsp;&nbsp;&nbsp;· *Leveraged, Inverse and Inverse-Leveraged ETF Risk.* If
you invest in the Dynamic U.S. Opportunity Fund, you are exposed to the risks associated with leveraged, inverse and inverse-leveraged
ETFs. Leveraged and inverse products are unique and involve additional risks and considerations not present in traditional investments.
This includes the risk that an increase in the daily performance of an index corresponding to a leveraged, inverse and inverse-leveraged
ETF will be leveraged. This means that the Dynamic U.S. Opportunity Fund's investment in such ETF may be reduced by an amount equal
to 3% for every 1% daily increase, not including the cost of financing the portfolio and the impact of operating expenses, which would
further lower the Dynamic U.S. Opportunity Fund's investment. On any given day, an investment in a leveraged or inverse product
may produce a return very similar to the stated objective. However, because of the structure of these products, their rebalancing methodologies,
and the math of compounding, extended holdings beyond one day or month, depending on the investment objective, can lead to results very
different from a simple doubling, tripling, or inverse of the benchmark's average return over the same period of time. This difference
in results can be magnified in volatile markets. Further, investments in leveraged, inverse and inverse-leveraged ETFs that are held for
longer periods, may have performance higher or lower than the index return times the fund multiple, due to compounding.

&nbsp;&nbsp;&nbsp;&nbsp;· *Management Risk.* Management risk is the risk that the
investment process used by the Dynamic U.S. Opportunity Fund's portfolio manager could fail to achieve the Dynamic U.S. Opportunity
Fund's investment goal and cause an investment in the Dynamic U.S. Opportunity Fund to lose value.

&nbsp;&nbsp;&nbsp;&nbsp;· *Options Risk.* The seller of an uncovered call option assumes
the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option.
The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing
securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant
amount, thereby exacerbating the loss. The buyer of a call option assumes the risk of losing its entire premium invested in the call option.
The seller (writer) of a put option which is covered (e.g., the writer has a short position in the underlying security) assumes the risk
of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying
security plus the premium received, and gives up the opportunity for gain on the underlying security below the exercise price of the option.
The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise
price of the option. The buyer of a put option assumes the risk of losing his entire premium invested in the put option.

&nbsp;&nbsp;&nbsp;&nbsp;· *Portfolio Turnover Risk.* The Dynamic U.S. Opportunity
Fund may engage in short-term trading to try to achieve its objective and may have portfolio turnover rates significantly in excess of
100%. Increased portfolio turnover may cause the Dynamic U.S. Opportunity Fund to incur higher brokerage costs, which may adversely affect
the Dynamic U.S. Opportunity Fund's performance, and may produce increased taxable distributions.

&nbsp;&nbsp;&nbsp;&nbsp;· *Real Estate Investment Risk.* The Dynamic U.S. Opportunity
Fund may have investments in securities issued by, and/or have exposure to, commercial and residential real estate companies. Real estate
securities are subject to risks similar to those associated with direct ownership of real estate, including changes in local and general
economic conditions, vacancy rates, interest rates, zoning laws, rental income, property taxes, operating expenses and losses from casualty
or condemnation. An investment in a real estate investment trust ("REIT") is subject to additional risks, including poor performance
by the manager of the REIT, adverse tax consequences, and limited diversification resulting from being invested in a limited number or
type of properties or a narrow geographic area.

&nbsp;&nbsp;&nbsp;&nbsp;· *Sector Risk.* Sector risk is the possibility that all stocks
within the same group of industries will decline in price due to sector-specific market or economic developments. The Dynamic U.S. Opportunity
Fund may be overweight in certain sectors at various times.

&nbsp;&nbsp;&nbsp;&nbsp;· *Securities Lending Risk.* Securities lending involves the
risk that the borrower may fail to return the securities in a timely manner or at all. As a result, the Dynamic U.S. Opportunity Fund
may lose money and there may be a delay in recovering the loaned securities. The Dynamic U.S. Opportunity Fund could also lose money if
it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral.
Securities lending also may have certain adverse tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;· *Small and Medium Sized Companies Risk.* To the extent the
Dynamic U.S. Opportunity Fund invests in the stocks of small and medium capitalization companies or ETFs that invest in such companies,
the Dynamic U.S. Opportunity Fund may be subject to additional risks. The earnings and prospects of these companies are more volatile
than larger companies. Small and medium sized companies may experience higher failure rates than do larger companies.

**Performance.** The bar chart illustrates the risks of investing in the Dynamic U.S. Opportunity Fund by showing how the Dynamic U.S. Opportunity Fund's average annual returns for each calendar year since the Dynamic U.S. Opportunity Fund's inception compare with those of a broad measure of market performance. The Average Annual Total Returns table also demonstrates these risks by showing how the Dynamic U.S. Opportunity Fund's average annual returns compare with those of a securities market index and an additional blended index over various periods of time. The indexes have characteristics relevant to the Dynamic U.S. Opportunity Fund's investment strategies. The performance information provided for the periods below reflects the performance of the Dynamic U.S. Opportunity Fund's prior investment adviser, AFAM Capital, Inc. ("AFAM"), and specifically the Innealta Capital division of AFAM (the "Innealta Division"). On March 27, 2018, shareholders approved the new investment advisory agreement with the Adviser which was formed through a reorganization of the Innealta Division. Remember, the Dynamic U.S. Opportunity Fund's past performance, before and after taxes, is not necessarily an indication of how the Dynamic U.S. Opportunity Fund will perform in the future. Updated performance information will be available at no cost by calling the Dynamic U.S. Opportunity Fund toll-free at 1-855-873-3837.

**Class I Shares<sup>1</sup>**

**Calendar Year Returns as of December 31,**

![](image_001.jpg)

<sup>1</sup> The returns shown in the bar chart are for Class I shares. The performance of Class N shares will differ due to differences in expenses.

During the period shown in the bar chart, the best performance for a quarter was 17.48% (for the quarter ended June 30, 2020). The worst performance was -15.85% (for the quarter ended December 31, 2018).

**Average Annual Total Returns for the periods ended December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Year** | **Ten Year\*** |
| **Class I Shares** |  |  |  |
| &nbsp;&nbsp;Return Before Taxes | 16.27% | 9.51% | 11.04% |
| &nbsp;&nbsp;Return After Taxes on Distributions | 11.74% | 7.21% | 9.20% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 12.72% | 7.18% | 8.64% |
| **Class N Shares** |  |  |  |
| Return Before Taxes | 15.98% | 9.25% | 10.77% |
| **S&P 500 Total Return Index**<br> (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
| **Dynamic U.S. Opportunity Blend Index 70/30**<br> (reflects no deduction for fees, expenses or taxes) | 14.75% | 9.96% | 11.05% |

---

\* The Class I and Class N shares of the Dynamic U.S. Opportunity Fund commenced operations on December 30, 2011.

After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor's tax situation and may differ from those shown. If you own shares of the Dynamic U.S. Opportunity Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. A higher after-tax return results when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. After tax returns are shown for only Class I Shares and after tax returns for Class N Shares will vary.

The S&P 500 Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses.

The Dynamic U.S. Opportunity Blend Index 70/30 represents a blend of 70% S&P 500 Total Return Index and 30% Bloomberg Barclays US Aggregate Bond Index. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).

**Investment Adviser.** Innealta Capital, LLC serves as the Dynamic U.S. Opportunity Fund's investment adviser (the "Adviser").

**Portfolio Manager.** The following serves as the Dynamic U.S. Opportunity Fund's portfolio manager:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Manager** | &nbsp;&nbsp;**Primary Title** | &nbsp;&nbsp;**With the Fund Since:** |
| &nbsp;&nbsp;Vito Sciaraffia, Ph.D. | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;October 2015 |
| &nbsp;&nbsp;Franco Fava | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;March 2021 |

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**Purchase and Sale of Fund Shares.** You may conduct transactions by overnight mail to Dynamic U.S. Opportunity Fund, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, or by regular mail to P.O. Box 46707, Cincinnati, OH 45246, or by telephone at 1-855-873-3837. Investors who wish to purchase or redeem Dynamic U.S. Opportunity Fund shares through a financial intermediary should contact the financial intermediary directly. The minimum initial investment in each share class of the Dynamic U.S. Opportunity Fund is $20,000 for Class I shares and $5,000 for and Class N shares, with a minimum subsequent investment of $1,000 for shares and Class N shares. There is no minimum subsequent investment amount for Class I shares. The Dynamic U.S. Opportunity Fund may waive minimum initial investment or minimum subsequent investment requirements in its sole discretion.

**Tax Information.** The Dynamic U.S. Opportunity Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.

**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase Dynamic U.S. Opportunity Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Dynamic U.S. Opportunity Fund and its related companies may pay the intermediary for the sale of Dynamic U.S. Opportunity Fund shares and related services. These payments may create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Dynamic U.S. Opportunity Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information. Broker-dealers may charge commissions on brokerage transactions in Clean Shares, which are shares purchased at net asset value without any sales load and 12b-1 distribution /service fees.