# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-26-001135
**Filing Date:** 2026-1
**Character Count:** 345521
**Document Hash:** 1a8e59450083ec129767b9b925b888cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-001135.hdr.sgml**: 20260116

**ACCESSION NUMBER**: 0001999371-26-001135

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260116

**DATE AS OF CHANGE**: 20260116

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevation Series Trust
- **CENTRAL INDEX KEY:** 0001936157

**ORGANIZATION NAME:**
- **EIN:** 882465192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23812
- **FILM NUMBER:** 26540169

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 2100
- **CITY:** DENVER
- **STATE:** CO
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 2100
- **CITY:** DENVER
- **STATE:** CO

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Consortio Funds Trust
- **DATE OF NAME CHANGE:** 20220630
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevation Series Trust
- **CENTRAL INDEX KEY:** 0001936157

**ORGANIZATION NAME:**
- **EIN:** 882465192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265972
- **FILM NUMBER:** 26540168

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 2100
- **CITY:** DENVER
- **STATE:** CO
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 2100
- **CITY:** DENVER
- **STATE:** CO

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Consortio Funds Trust
- **DATE OF NAME CHANGE:** 20220630

As filed with the Securities and Exchange Commission on January 16, 2026

Securities Act Registration No. 333-265972

Investment Company Act Registration No. 811-23812

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D. C. 20549**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**Post-Effective Amendment No. 93**

**and**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

**Amendment No. 94**

**Elevation Series Trust**

(Exact Name of Registrant as Specified in Charter)

**1700 Broadway, Suite 2100**

**Denver, CO 80290**

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: **303-226-4150**

**Nicholas Adams**

**Elevation Series Trust**

**1700 Broadway, Suite 2100**

**Denver, CO 80290**

With copy to:

**JoAnn M. Strasser**

**Thompson Hine LLP**

**17<sup>th</sup> Floor**

**41 South High Street**

**Columbus, Ohio 43215**

Approximate date of proposed public offering: As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective:

☐ Immediately upon filing pursuant to paragraph (b)

☐ On (date) pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ On (date) pursuant to paragraph (a)(1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ 75 days
 after filing pursuant to paragraph (a)(2)

☐ On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SUBJECT TO COMPLETION

Dated [ ], 2026

THE INFORMATION HEREIN IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SEC IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION IN WHICH THE OFFER OR SALE IS NOT PERMITTED.

**PROSPECTUS**

**[●], 2026**

---

| |
|:---|
| **CresAlta Global Dividend ETF ([●])**<br>**CresAlta Small and Mid-Cap ETF ([●])**<br>|
| &nbsp;&nbsp;Principal U.S. Listing Exchange: [●] |

---

a series of Elevation Series Trust

**This Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.**

**THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") HAS NOT APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [CresAlta Global Dividend ETF – Fund Summary](#cresalta485aposa001) | 3 |
| [CresAlta Small and Mid-Cap ETF – Fund Summary](#cresalta485aposa002) | 9 |
| [Additional Information About the Funds](#cresalta485aposa003) | 15 |
| [Portfolio Holdings Information](#cresalta485aposa004) | 20 |
| [Management](#cresalta485aposa005) | 21 |
| [How to Buy and Sell Shares](#cresalta485aposa006) | 22 |
| [Dividends, Distributions and Taxes](#cresalta485aposa007) | 24 |
| [Distribution](#cresalta485aposa008) | 27 |
| [Premium/Discount Information](#cresalta485aposa009) | 28 |
| [Other Information; Additional Notices](#cresalta485aposa010) | 28 |
| [Financial Highlights](#cresalta485aposa011) | 28 |

---

**FUND Summary—CresAlta Global Dividend ETF**

**Investment Objective**

The investment objective of CresAlta Global Dividend (GDIV) ETF (the "Fund") is long-term capital appreciation and income generation.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **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<sup>1</sup>** |  |
| (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fees | 0.50% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses<sup>2</sup> | 0.00% |
| Acquired Fund Fees and Expenses<sup>3</sup> | [0.00%] |
| **Total Annual Fund Operating Expenses** | 0.50% |

---

**<sup>1</sup>** CresAlta Investment Management, Inc. ("CresAlta" or the "Adviser") has agreed to pay substantially all expenses of the Fund out of its unitary management fee, including the cost of transfer agency, custody, fund administration and other non-distribution related services necessary for the Fund to operate, except for: the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes and related services, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.

**<sup>2</sup>** Estimated amounts for the initial fiscal year.

**<sup>3</sup>** Acquired Fund Fees and Expenses ("AFFE"), which are estimated for the Fund's initial fiscal year, are the indirect costs of investing in other investment companies. 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.

**Expense 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

---

**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 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. Because the Fund has not yet commenced operations, the portfolio turnover rate is not available. In the future, the portfolio turnover rate for the most recent fiscal year will be provided here.

**Principal Investment Strategies of the Fund**

The Fund is an actively managed exchange-traded fund ("ETF") that invests, under normal circumstances, at least 80% of its assets in dividend paying equity securities at the time of purchase.

The Adviser seeks to achieve the Fund's objective by investing in U.S. and non-U.S. companies that the Adviser believes are financially strong and well-managed. The Adviser begins by reviewing a universe of more than 3,500 companies using proprietary screening methods to identify companies that the Adviser believes have low valuations and the potential to pay dividends from strong recurring cash flows or have the capacity to pay high dividends in the future. The Adviser selects 35-50 companies across market sectors and avoids concentrating in any one company or industry.

At the company level, the Adviser considers company cash flow, balance sheet, and other financial metrics, and both positive and negative catalysts, including events such as changes in key leadership positions and cuts in the dividend, in making investment decisions for the Fund. The Adviser may also consider the impact of trading on tax efficiency in its investment decision making process.

Additionally, the Adviser utilizes a macroeconomic overlay to determine the business cycle phase of countries while rotating portfolio positions across stocks categorized with the Adviser's dividend category methodology. Stocks are categorized into one of three dividend categories — dividend value, dividend growth, and dividend payer. The bulk of the portfolio is expected to consist of dividend growth stocks. The Adviser seeks to obtain for the Fund substantial returns from such stocks via growing dividends and share buybacks. The portfolio may tilt toward dividend value or dividend payer stocks depending on the business cycle phase.

Under normal circumstances, the Fund expects to invest at least 40% of its total assets in equity securities of non-U.S. issuers (*i.e.*, issuers headquartered outside the U.S. or at least 50% of its assets are outside of the U.S. or 50% of its gross income is from non-U.S. sources). The Fund typically invests in foreign issuers through American Depositary Receipts ("ADRs").

The Fund may sell a security if the Adviser determines the business cycle dictates a shift in strategy or if a company's prospects for paying a high dividend have changed.

**Principal Risks of Investing in the Fund**

The principal risks of investing in the Fund are summarized below. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund."

● **Active Management Risk.** The Fund's judgments about an investment may prove to be incorrect or fail to have the intended results,
which could adversely impact the Fund's performance and cause it to underperform relative to its benchmark, or not to achieve
its investment goal. Losses also may occur if there are mistakes or limitations in the data used or execution of the strategy.
The Fund has a specific investment strategy. If that strategy were to go out of favor with investors or otherwise fail to produce
satisfactory performance results, the Fund could need to close. Portfolio turnover may end up higher than expected, which would
result in higher transactional and brokerage fees.

● **Cybersecurity Risk.** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary information,
 or cause the Fund, its Adviser, its Sub-Adviser and/or other service providers (including custodians and financial intermediaries)
 to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of
 the Fund, its Adviser, its Sub-Adviser, the Fund's other service providers, market makers ("MMs"), Authorized
 Participants ("APs"), the Fund's primary listing exchange, or the issuers of securities in which the Fund
 invests have the ability to disrupt and negatively affect the Fund's business operations, including the ability to purchase
 and sell Shares, potentially resulting in financial losses to the Fund and its shareholders.

● **Depositary Receipts Risk.** The Fund may hold the securities of non-U.S. companies in the form of depository receipts, including ADRs,
 EDRs and GDRs. ADRs are negotiable certificates issued by a U.S. financial institution that represent a specified number of
 shares in a foreign stock and trade on a U.S. national securities exchange, such as the New York Stock Exchange ("NYSE").
 ADRs are U.S. dollar denominated. EDRs and GDRs are similar to ADRs, but are shares of foreign based corporations generally
 issued by international banks in one or more markets around the world. EDRs and GDRs are typically U.S. dollar denominated
 but may be denominated in a foreign currency. Depositary receipts may be unregistered and unlisted. Depositary receipts involve
 risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions
 of other countries, changes in the exchange rates of foreign currencies, and, because the underlying securities of depositary
 receipts trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the securities underlying
 the depositary receipts may change materially at times when the U.S. markets are not open for trading, regardless of whether
 there is an active U.S. market for shares.

● **Dividend-Paying Stock Risk.** While the Fund may hold securities of companies that have historically paid a dividend yield, those companies
 may reduce or discontinue their dividends, reducing the yield of the Fund. Low-priced securities in the Fund may be more
 susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return
 of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or
 the overall stock market. The Fund's emphasis on dividend-paying stocks involves the risk that such stocks may fall
 out of favor with investors and underperform the market.

● **Early Close/Trading Halt Risk.** An exchange or market may close or issue trading halts on specific securities, or the ability
 to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or
 selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio,
 may be unable to accurately price its investments and may incur substantial trading losses.

● **Equity Market Risk.** The Fund invests in equity securities with an investment strategy significantly exposed to the performance
 of such securities, which include 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,
 public health, and banking crises. Holdings in common stock, or common stock equivalents, of any given issuer, would generally
 be exposed to greater risk than holdings of preferred stocks and debt obligations of the same issuer because common stockholders,
 or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the
 rights of preferred stockholders, bondholders, and other creditors of such issuers.

---

| | | | |
|:---|:---|:---|:---|
| ● | **ETF Structure Risks.** The Fund is an ETF, and, as a result of an ETF's structure, the Fund is exposed to the following risks: | **ETF Structure Risks.** The Fund is an ETF, and, as a result of an ETF's structure, the Fund is exposed to the following risks: | **ETF Structure Risks.** The Fund is an ETF, and, as a result of an ETF's structure, the Fund is exposed to the following risks: |
| | | ○ | *Fluctuating Values.* An ETF's shares may trade at a market price that is above or below their NAV. Shares may trade at a material discount to NAV if there are a limited number of APs or MMs, or if such APs and MMs become unable to process creation and/or redemption orders. |
| | | ○ | *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of MMs and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) MMs and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. |
| | | ○ | *Costs of Buying or Selling Shares.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. |
| | | ○ | *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. |
| | | ○ | *Trading.* Although Shares are listed for trading on [●] (the "Exchange") and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares. |
| | | ○ | *Tax Laws Unfavorable*. Under current tax laws, ETFs operate with certain tax benefits. If tax laws were to change, those benefits could be eliminated. |
| | | ○ | *Increased Taxes*. Redemptions from the Fund will generally be made in cash rather than in-kind securities. This has the potential to create additional transaction costs and taxable capital gains/losses that would not have been incurred if distributions were made in-kind. |
| ● | **General Market Risks**. The stock market, bond market, and values of individual securities fluctuate. Decreases in such values will result in decreases to the value of the Fund. Changes in economic conditions, including but not limited to interest rates, credit availability, inflation rates, industry conditions, government regulation, competition, technological developments, political events and trends, tax laws, and other laws, affect securities values, which would adversely impact the value of the Fund and create unexpected volatility. Unexpected volatility could impair the Fund's profitability or result in losses. | **General Market Risks**. The stock market, bond market, and values of individual securities fluctuate. Decreases in such values will result in decreases to the value of the Fund. Changes in economic conditions, including but not limited to interest rates, credit availability, inflation rates, industry conditions, government regulation, competition, technological developments, political events and trends, tax laws, and other laws, affect securities values, which would adversely impact the value of the Fund and create unexpected volatility. Unexpected volatility could impair the Fund's profitability or result in losses. | **General Market Risks**. The stock market, bond market, and values of individual securities fluctuate. Decreases in such values will result in decreases to the value of the Fund. Changes in economic conditions, including but not limited to interest rates, credit availability, inflation rates, industry conditions, government regulation, competition, technological developments, political events and trends, tax laws, and other laws, affect securities values, which would adversely impact the value of the Fund and create unexpected volatility. Unexpected volatility could impair the Fund's profitability or result in losses. |

---

● **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, climate change and climate-related events, pandemics,
 epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
 of global events similar to those in recent years may result in market volatility and may have long term effects on both the
 U.S. and global financial markets.

● **Limited History Risk.** The Fund is a new ETF and has a limited history of operations for investors to evaluate. The Adviser
 is a recently formed company that has not previously managed an ETF. Investors in the Fund bear the risk that the Fund
 may not be successful in implementing its investment strategies, may be unable to implement certain of its investment
 strategies or may fail to attract sufficient assets, any of which could result in the Fund being liquidated and terminated
 at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation
 could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

● **Non-U.S. Securities Risk.** The Fund may invest in non-U.S. securities. While non-U.S. investments are important to the diversification
 of the Fund's portfolio, such investments carry risks that may be different from U.S. investments. Non-U.S. investments
 may not be subject to uniform audit, financial reporting, or disclosure standards or requirements comparable to those found
 in the U.S. Non-U.S. investments are also subject to foreign withholding taxes and the risk of adverse changes in investment
 or exchange control regulations. In addition, non-U.S. investments involve a currency risk that the value of the non-U.S.
 security will decrease due to changes in the relative value of the U.S. dollar and the security's underlying foreign
 currency.

● **Small- and Mid-Capitalization Investing Risk.** The Fund may invest in securities of small- and mid-cap issuers. Securities of small- and mid-cap issuers
 may present greater risks than those of large-cap issuers. For example, small- and mid-cap issuers often have limited product
 lines, markets, or financial resources. They may be subject to high volatility in revenues, expenses, and earnings. Their
 securities may be thinly traded, may be followed by fewer investment research analysts, and may be subject to wider price
 swings, which may create a greater chance of loss than when investing in securities of larger-cap issuers. The market prices
 of securities of small- and mid-cap issuers generally are more sensitive to changes in earnings expectations, to corporate
 developments, and to market rumors than are the market prices of large-cap issuers.

● **Valuation.** The
 price the Fund could receive upon the sale of a security or other asset may differ from the Fund's valuation of the
 security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that
 are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of
 the securities or other assets in the Fund's portfolio may change on days or during time periods when shareholders will
 not be able to purchase or sell the Fund's shares. APs who purchase or redeem Fund shares on days when the Fund is holding
 fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received
 had the Fund not fair-valued securities or used a different valuation methodology. The Fund's ability to value investments
 may be impacted by technological issues or errors by pricing services or other third-party service providers.

**Performance**

As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not report its performance information. Once available, the Fund's performance information will be accessible on the Fund's website at www.cresalta.com (the website does not form a part of this prospectus) and will provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance and by showing how the Fund's returns compare with those of a broad measure of market performance. Past performance may not indicate future results.

**Management**

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| | |
|:---|:---|
| *Adviser:* | CresAlta Investment Management, Inc. |
| *Trading Sub-Adviser* | Vident Asset Management ("Vident" or the "Sub-Adviser") |
| *Portfolio Manager:* | Joshua Stevens, Chief Investment Officer of CresAlta and Sr. VP of Investments at AMG National Trust Bank, has served the Fund as portfolio manager ("Portfolio Manager") since it commenced operations in 2026. |

---

**Purchase and Sale of Shares**

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

The Fund issues and redeems 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.cresalta.com.

**Tax Information**

Fund distributions are generally taxable as ordinary income or capital gains (or a combination), unless your investment is in an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its affiliates may pay Intermediaries 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. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**FUND Summary—CresAlta Small and Mid-Cap ETF**

**Investment Objective**

The investment objective of CresAlta Small and Mid-Cap (SMID) ETF (the "Fund") is long-term capital appreciation and income generation.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **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<sup>1</sup>** |  |
| (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fees | 0.55% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses<sup>2</sup> | 0.00% |
| Acquired Fund Fees and Expenses<sup>3</sup> | [0.00%] |
| **Total Annual Fund Operating Expenses** | 0.55% |

---

**<sup>1</sup>** CresAlta Investment Management, Inc. ("CresAlta" or the "Adviser") has agreed to pay substantially all expenses of the Fund out of its unitary management fee, including the cost of transfer agency, custody, fund administration and other non-distribution related services necessary for the Fund to operate, except for: the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes and related services, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses.

**<sup>2</sup>** Estimated amounts for the initial fiscal year.

**<sup>3</sup>** Acquired Fund Fees and Expenses ("AFFE"), which are estimated for the Fund's initial fiscal year, are the indirect costs of investing in other investment companies. 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.

**Expense 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. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | |
|:---|:---|
| **1 Year** | **3 Years** |
| $[ ] | $[ ] |

---

**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 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. Because the Fund has not yet commenced operations, the portfolio turnover rate is not available. In the future, the portfolio turnover rate for the most recent fiscal year will be provided here.

**Principal Investment Strategies of the Fund**

The Fund is an actively managed exchange-traded fund ("ETF") that invests, under normal circumstances, at least 80% of its assets in small- and mid-capitalization ("SMID") companies. The Adviser defines SMID companies as those with market capitalizations at the time of purchase greater than $500 million and less than $15 billion.

The Adviser begins by reviewing a universe of more than 2,500 companies using proprietary screening methods to identify companies that the Adviser believes are financially strong and well-managed companies that the Adviser believes are selling at attractive valuations. In this regard, the Adviser seeks companies that have low valuations based on a variety of valuation metrics such as enterprise value-to-sales, generally carry less debt than their peers and are improving fundamentally. The Adviser selects 40-60 companies across most market sectors and avoids concentrating in any one company or industry.

The Adviser considers the track record of a company's management in creating wealth for shareholders and improving fundamentals prior to the Fund making an investment in such company. Additionally, the Adviser analyzes a company's long-term financial strength and evaluates the uniqueness of its competitive position. The Adviser believes that the combination of thin analyst coverage, low valuations, strong balance sheets and improving fundamentals will allow the Fund to invest in companies that will typically create economic value for shareholders over the long run.

At the stock level, the Adviser utilizes forensic accounting methods to identify potential problems with company cash flows and the balance sheet. The Adviser expects to consider both positive and negative catalysts, including changes in key leadership positions, in making investment decisions for the Fund.

The Fund may sell a security if the Adviser determines the business cycle dictates a shift in strategy or if a company's fundamental prospects have changed.

**Principal Risks of Investing in the Fund**

The principal risks of investing in the Fund are summarized below. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value per share ("NAV"), trading price, yield, total return and/or ability to meet its objective. For more information about the risks of investing in the Fund, see the section in the Fund's Prospectus titled "Additional Information About the Fund."

● **Active Management Risk.** The Fund's judgments about an investment may prove to be incorrect or fail to have the intended
 results, which could adversely impact the Fund's performance and cause it to underperform relative to its benchmark,
 or not to achieve its investment goal. Losses also may occur if there are mistakes or limitations in the data used or
 execution of the strategy. The Fund has a specific investment strategy. If that strategy were to go out of favor with
 investors or otherwise fail to produce satisfactory performance results, the Fund could need to close. Portfolio turnover
 may end up higher than expected, which would result in higher transactional and brokerage fees.

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| | | |
|:---|:---|:---|
| ● | **Cybersecurity Risk.** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary information, or cause the Fund, its Adviser, its Sub-Adviser and/or other service providers (including custodians and financial intermediaries) to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund, its Adviser, its Sub-Adviser, the Fund's other service providers, market makers ("MMs"), Authorized Participants ("APs"), the Fund's primary listing exchange, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively affect the Fund's business operations, including the ability to purchase and sell Shares, potentially resulting in financial losses to the Fund and its shareholders. | **Cybersecurity Risk.** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary information, or cause the Fund, its Adviser, its Sub-Adviser and/or other service providers (including custodians and financial intermediaries) to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund, its Adviser, its Sub-Adviser, the Fund's other service providers, market makers ("MMs"), Authorized Participants ("APs"), the Fund's primary listing exchange, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively affect the Fund's business operations, including the ability to purchase and sell Shares, potentially resulting in financial losses to the Fund and its shareholders. |
| ● | **Dividend-Paying Stock Risk.** While the Fund may hold securities of companies that have historically paid a dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Low-priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. | **Dividend-Paying Stock Risk.** While the Fund may hold securities of companies that have historically paid a dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Low-priced securities in the Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. |
| ● | **Early Close/Trading Halt Risk.** An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. | **Early Close/Trading Halt Risk.** An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. |
| ● | **Equity Market Risk.** The Fund invests in equity securities with an investment strategy significantly exposed to the performance of such securities, which include 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, public health, and banking crises. Holdings in common stock, or common stock equivalents, of any given issuer, would generally be exposed to greater risk than holdings of preferred stocks and debt obligations of the same issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers. | **Equity Market Risk.** The Fund invests in equity securities with an investment strategy significantly exposed to the performance of such securities, which include 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, public health, and banking crises. Holdings in common stock, or common stock equivalents, of any given issuer, would generally be exposed to greater risk than holdings of preferred stocks and debt obligations of the same issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers. |
| ● | **ETF Structure Risks.** The Fund is an ETF, and, as a result of an ETF's structure, the Fund is exposed to the following risks: | **ETF Structure Risks.** The Fund is an ETF, and, as a result of an ETF's structure, the Fund is exposed to the following risks: |
|  | ○ | *Fluctuating Values.* An ETF's shares may trade at a market price that is above or below their NAV. Shares may trade at a material discount to NAV if there are a limited number of APs or MMs, or if such APs and MMs become unable to process creation and/or redemption orders. |
|  | ○ | *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of MMs and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) MMs and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. |

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|:---|:---|:---|:---|
| | | ○ | *Costs of Buying or Selling Shares.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. |
| | | ○ | *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. |
| | | ○ | *Trading.* Although Shares are listed for trading on [●] (the "Exchange") and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares. |
| | | ○ | *Tax Laws Unfavorable*. Under current tax laws, ETFs operate with certain tax benefits. If tax laws were to change, those benefits could be eliminated. |
| | | ○ | *Increased Taxes*. Redemptions from the Fund will generally be made in cash rather than in-kind securities. This has the potential to create additional transaction costs and taxable capital gains/losses that would not have been incurred if distributions were made in-kind. |
| ● | **General Market Risks**. The stock market, bond market, and values of individual securities fluctuate. Decreases in such values will result in decreases to the value of the Fund. Changes in economic conditions, including but not limited to interest rates, credit availability, inflation rates, industry conditions, government regulation, competition, technological developments, political events and trends, tax laws, and other laws, affect securities values, which would adversely impact the value of the Fund and create unexpected volatility. Unexpected volatility could impair the Fund's profitability or result in losses. | **General Market Risks**. The stock market, bond market, and values of individual securities fluctuate. Decreases in such values will result in decreases to the value of the Fund. Changes in economic conditions, including but not limited to interest rates, credit availability, inflation rates, industry conditions, government regulation, competition, technological developments, political events and trends, tax laws, and other laws, affect securities values, which would adversely impact the value of the Fund and create unexpected volatility. Unexpected volatility could impair the Fund's profitability or result in losses. | **General Market Risks**. The stock market, bond market, and values of individual securities fluctuate. Decreases in such values will result in decreases to the value of the Fund. Changes in economic conditions, including but not limited to interest rates, credit availability, inflation rates, industry conditions, government regulation, competition, technological developments, political events and trends, tax laws, and other laws, affect securities values, which would adversely impact the value of the Fund and create unexpected volatility. Unexpected volatility could impair the Fund's profitability or result in losses. |
| ● | **Geographic Concentration Risk.** The Fund is limited to U.S. company stocks, so the Fund will generally have more exposure to political, economic, social, or regulatory events in the U.S. Adverse developments in other countries also could have a negative impact on the Fund's performance. | **Geographic Concentration Risk.** The Fund is limited to U.S. company stocks, so the Fund will generally have more exposure to political, economic, social, or regulatory events in the U.S. Adverse developments in other countries also could have a negative impact on the Fund's performance. | **Geographic Concentration Risk.** The Fund is limited to U.S. company stocks, so the Fund will generally have more exposure to political, economic, social, or regulatory events in the U.S. Adverse developments in other countries also could have a negative impact on the Fund's performance. |
| ● | **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, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. | **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, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. | **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, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. |
| ● | **Limited History Risk.** The Fund is a new ETF and has a limited history of operations for investors to evaluate. The Adviser is a recently formed company that has not previously managed an ETF. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation. | **Limited History Risk.** The Fund is a new ETF and has a limited history of operations for investors to evaluate. The Adviser is a recently formed company that has not previously managed an ETF. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation. | **Limited History Risk.** The Fund is a new ETF and has a limited history of operations for investors to evaluate. The Adviser is a recently formed company that has not previously managed an ETF. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation. |

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● **Small- and Mid-Capitalization Investing Risk.** The Fund may invest in securities of small- and mid-cap issuers. Securities of small- and mid-cap issuers may present greater risks than those of large-cap issuers. For example, small- and mid-cap issuers often have limited product lines, markets, or financial resources. They may be subject to high volatility in revenues, expenses, and earnings. Their securities may be thinly traded, may be followed by fewer investment research analysts, and may be subject to wider price swings, which may create a greater chance of loss than when investing in securities of larger-cap issuers. The market prices of securities of small- and mid-cap issuers generally are more sensitive to changes in earnings expectations, to corporate developments, and to market rumors than are the market prices of large-cap issuers.

● **Valuation.** The price the Fund could receive upon the sale of a security or other asset may differ from the Fund's valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. APs who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the Fund not fair-valued securities or used a different valuation methodology. The Fund's ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

**Performance**

As of the date of this Prospectus, the Fund has not yet commenced operations and therefore does not report its performance information. Once available, the Fund's performance information will be accessible on the Fund's website at www.cresalta.com (the website does not form a part of this prospectus) and will provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance and by showing how the Fund's returns compare with those of a broad measure of market performance. Past performance may not indicate future results.

**Management**

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| | |
|:---|:---|
| *Adviser:* | CresAlta Investment Management, Inc. |
| *Trading Sub-Adviser* | Vident Asset Management ("Vident" or the "Sub-Adviser") |
| *Portfolio Manager:* | Joshua Stevens, Chief Investment Officer of CresAlta and Sr. VP of Investments at AMG National Trust Bank, has served the Fund as portfolio manager ("Portfolio Manager") since it commenced operations in 2026. |

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**Purchase and Sale of Shares**

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

The Fund issues and redeems 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.cresalta.com.

**Tax Information**

Fund distributions are generally taxable as ordinary income or capital gains (or a combination), unless your investment is in an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its affiliates may pay Intermediaries 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. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**Additional Information About the Funds**

**Additional Information About Each Fund's Investment Objective.** 

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| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| CresAlta Global Dividend ETF | CresAlta Global Dividend (GDIV) ETF (the "Dividend Fund") seeks long-term capital appreciation and income generation. |
| CresAlta Small and Mid-Cap ETF | CresAlta Small and Mid-Cap (SMID) ETF (the "SMID Fund") seeks long-term capital appreciation and income generation. |

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Each Fund's investment objective may be changed by the Board of Trustees without shareholder approval upon written notice to shareholders.

**Additional Information About Each Fund's Investment Strategies.** 

Each Fund has adopted a policy, as described below, to comply with Rule 35d-1 under the Investment Company Act of 1940 (the "1940 Act"). Each such policy has been adopted as a non-fundamental investment policy and may be changed without shareholder approval upon 60 days' written notice to shareholders.

Under normal circumstances, the Dividend Fund invests at least 80% of its assets in dividend paying equity securities at the time of purchase; and the SMID Fund invests at least 80% of its net assets in SMID companies.

**Additional Information About the Funds' Principal Risks.** This section provides additional information regarding the principal risks described in the Fund Summary sections. Each risk described below is considered a "principal risk" of investing in a Fund, regardless of the order in which it appears. Each risk summarized below is considered a "principal risk" of investing in the applicable Fund, regardless of the order in which it appears.

● **Active Management Risk.** The Adviser's reliance on its strategy and its judgments about the value and potential appreciation of securities in which a Fund invests may prove to be incorrect, and the ability of a Fund to meet its investment objective is directly related to the Adviser's investment process. The Adviser's assessment of the relative value of securities, their attractiveness and potential appreciation of particular investments in which a Fund invests may prove to be incorrect and there is no guarantee that the Adviser's investment strategy will produce the desired results.

● **Cybersecurity Risk.** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary information, or cause a Fund, the Adviser, the Sub-Adviser and/or other service providers (including custodians and financial intermediaries) to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of a Fund, the Adviser, the Sub-Adviser, or a Fund's other service providers, MMs, APs, such Fund's primary listing exchange, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively affect the Fund's business operations, including the ability to purchase and sell Shares, potentially resulting in financial losses to the Fund and its shareholders.

● **Dividend-Paying Stock Risk**. While the Fund may hold securities of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of such Fund. Low-priced securities in a Fund may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. A Fund's emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend.

● **Depositary Receipts Risk** (Dividend Fund only). The Fund may hold the securities of non-U.S. companies in the form of depository receipts, including ADRs, EDRs and GDRs. ADRs are negotiable certificates issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange, such as the NYSE. ADRs are U.S. dollar denominated. EDRs and GDRs are similar to ADRs, but are shares of foreign-based corporations generally issued by international banks in one or more markets around the world. EDRs and GDRs are typically U.S. dollar denominated but may be denominated in a foreign currency. As a result, changes in foreign currency exchange rates may affect the value of a Fund's portfolio. Depositary receipts in which the Fund invests are "sponsored" and may be unregistered and unlisted. Sponsored depositary receipts are established jointly by a depositary and the underlying issuer, whereas unsponsored depositary receipts may be established by a depositary without participation by the underlying issuer. In addition, because the underlying securities of depositary receipts trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the securities underlying the depositary receipts may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for shares.

● **Early Close/Trading Halt Risk.** An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent a Fund from buying or selling certain securities or financial instruments. In these circumstances, such Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

● **Equity Market Risk.** The Funds invest in equity securities with investment strategies significantly exposed to the performance of such securities, which include 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, public health, and banking crises. Holdings in common stock, or common stock equivalents, of any given issuer, would generally be exposed to greater risk than holdings of preferred stocks and debt obligations of the same issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers.

● **ETF Structure Risks.** Each Fund is an ETF, and, as a result of an ETF's structure, each Fund is exposed to the following risks:

○ *Fluctuating Values.* An ETF's shares may trade at a market price that is above or below their NAV. Shares may trade at a material discount to NAV if there are a limited number of APs or MMs, or if such APs and MMs become unable to process creation and/or redemption orders.

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|:---|
| *APs, Market Makers, and Liquidity Providers Concentration Risk.* Each Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of MMs and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) MMs and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. |
| *Costs of Buying or Selling Shares.* Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the difference between the price at which an investor is willing to buy Shares (the "bid" price) and the price at which an investor is willing to sell Shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid-ask spread." The bid-ask spread varies over time for Shares based on trading volume and market liquidity, and the spread is generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Further, a relatively small investor base in a Fund, asset swings in a Fund, and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling Shares, including bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. |
| *Shares May Trade at Prices Other Than NAV.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. |
| *Trading*. Although Shares are listed for trading on the Exchange and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchange, there can be no assurance that an active trading market for such Shares will develop or be maintained. Trading in Shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to Exchange "circuit breaker" rules, which temporarily halt trading on the Exchange when a decline in SPX during a single day reaches certain thresholds (*e.g.*, 7%, 13%, and 20%). Additional rules applicable to the Exchange may halt trading in Shares when extraordinary volatility causes sudden, significant swings in the market price of Shares. There can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than Shares, and this could lead to differences between the market price of the Shares and the underlying value of those Shares. |
| *Tax Laws Unfavorable.* Under current tax laws, ETFs operate with certain tax benefits. If tax laws were to change, those benefits could be eliminated. |

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|:---|:---|:---|:---|
| | | ○ | *Increased Taxes*. Redemptions from a Fund will generally be made in cash rather than in-kind securities. This has the potential to create additional transaction costs and taxable capital gains/losses that would not have been incurred if distributions were made in-kind. |
| ● | **General Market Risks.** The stock market, bond market, and values of individual securities fluctuate. Decreases in such values will result in decreases to the value of a Fund. Changes in economic conditions, including but not limited to interest rates, credit availability, inflation rates, industry conditions, government regulation, competition, technological developments, political events and trends, tax laws, and other laws, affect securities values, which would adversely impact the value of the Fund and create unexpected volatility. Unexpected volatility could impair a Fund's profitability or result in losses. | **General Market Risks.** The stock market, bond market, and values of individual securities fluctuate. Decreases in such values will result in decreases to the value of a Fund. Changes in economic conditions, including but not limited to interest rates, credit availability, inflation rates, industry conditions, government regulation, competition, technological developments, political events and trends, tax laws, and other laws, affect securities values, which would adversely impact the value of the Fund and create unexpected volatility. Unexpected volatility could impair a Fund's profitability or result in losses. | **General Market Risks.** The stock market, bond market, and values of individual securities fluctuate. Decreases in such values will result in decreases to the value of a Fund. Changes in economic conditions, including but not limited to interest rates, credit availability, inflation rates, industry conditions, government regulation, competition, technological developments, political events and trends, tax laws, and other laws, affect securities values, which would adversely impact the value of the Fund and create unexpected volatility. Unexpected volatility could impair a Fund's profitability or result in losses. |
| ● | **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 a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, 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. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a Fund's portfolio. Therefore, a Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment. | **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 a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, 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. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a Fund's portfolio. Therefore, a Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment. | **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 a Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, 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. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a Fund's portfolio. Therefore, a Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment. |
| ● | **Limited History Risk.** Each Fund is a new ETF and has a limited history of operations for investors to evaluate. Investors in a Fund bear the risk that such Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation. | **Limited History Risk.** Each Fund is a new ETF and has a limited history of operations for investors to evaluate. Investors in a Fund bear the risk that such Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation. | **Limited History Risk.** Each Fund is a new ETF and has a limited history of operations for investors to evaluate. Investors in a Fund bear the risk that such Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which could result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation. |
| ● | **Non-U.S. Securities Risk** (Dividend Fund only). Investments in non-U.S. securities may experience additional risks compared to investments in securities of U.S. companies. The securities markets of many non-U.S. countries are relatively small, with a limited number of issuers and securities. Furthermore, non-U.S. taxes also could detract from performance. Companies based in non-U.S. countries may not be subject to accounting, auditing and financial reporting standards and practices as stringent as those in the United States. Therefore, their financial reports may present an incomplete, untimely or misleading picture of a non-U.S. company, as compared to the financial reports of U.S. companies. Nationalization, expropriations or confiscatory taxation, currency blockage, political changes or diplomatic developments can cause the value of the Fund's investments in a non-U.S. country to decline. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire investment in that country. | **Non-U.S. Securities Risk** (Dividend Fund only). Investments in non-U.S. securities may experience additional risks compared to investments in securities of U.S. companies. The securities markets of many non-U.S. countries are relatively small, with a limited number of issuers and securities. Furthermore, non-U.S. taxes also could detract from performance. Companies based in non-U.S. countries may not be subject to accounting, auditing and financial reporting standards and practices as stringent as those in the United States. Therefore, their financial reports may present an incomplete, untimely or misleading picture of a non-U.S. company, as compared to the financial reports of U.S. companies. Nationalization, expropriations or confiscatory taxation, currency blockage, political changes or diplomatic developments can cause the value of the Fund's investments in a non-U.S. country to decline. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire investment in that country. | **Non-U.S. Securities Risk** (Dividend Fund only). Investments in non-U.S. securities may experience additional risks compared to investments in securities of U.S. companies. The securities markets of many non-U.S. countries are relatively small, with a limited number of issuers and securities. Furthermore, non-U.S. taxes also could detract from performance. Companies based in non-U.S. countries may not be subject to accounting, auditing and financial reporting standards and practices as stringent as those in the United States. Therefore, their financial reports may present an incomplete, untimely or misleading picture of a non-U.S. company, as compared to the financial reports of U.S. companies. Nationalization, expropriations or confiscatory taxation, currency blockage, political changes or diplomatic developments can cause the value of the Fund's investments in a non-U.S. country to decline. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire investment in that country. |

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● **Small- and Mid-Capitalization Investing Risk.** Each Fund may invest in securities of SMID issuers. Securities of SMID issuers
 may present greater risks than those of large-cap issuers. For example, SMID issuers often have limited product lines,
 markets, or financial resources. They may be subject to high volatility in revenues, expenses, and earnings. Their securities
 may be thinly traded, may be followed by fewer investment research analysts, and may be subject to wider price swings,
 which may create a greater chance of loss than when investing in securities of larger-cap issuers. The market prices of
 securities of SMID issuers generally are more sensitive to changes in earnings expectations, to corporate developments,
 and to market rumors than are the market prices of large-cap issuers.

● **Valuation.** The price a Fund could receive upon the sale of a security or other asset may differ from such Fund's valuation
 of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or
 that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value
 of the securities or other assets in a Fund's portfolio may change on days or during time periods when shareholders
 will not be able to purchase or sell such Fund's shares. APs who purchase or redeem Fund shares on days when a Fund
 is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would
 have received had such Fund not fair-valued securities or used a different valuation methodology. A Fund's ability to
 value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

**HISTORICAL PERFORMANCE OF THE ADVISER'S PRIVATE ACCOUNTS**

The tables below set forth performance data relating to the historical performance of the Adviser's separately managed accounts, which represents all of the accounts managed by the Adviser for the periods indicated that have investment objectives, policies, strategies and risks substantially similar to those employed by the Adviser in the management of the Funds (the "Composites"). The data, which has been provided by the Adviser, is provided to illustrate the past performance of the Adviser in managing a strategy with substantially similar investment strategies, as measured against the MSCI ACWI Value Index and the MSCI ACWI Index for the Dividend Fund and as measured against the Russell 2500™ Value Index and the Russell 2500™ Index for the SMID Fund and does not represent the performance of the Funds. **You should not consider the past performance of a Composite as indicative of the future performance of any Fund.** The Composites are not subject to the same types of expenses to which the Funds are subject nor to the diversification requirements, specific tax restrictions and investment limitations imposed on each Fund by the 1940 Act, or Subchapter M of the U.S. Internal Revenue Code of 1986, as amended. Consequently, the performance results for the Composites could have been adversely affected if the strategy had been regulated as an investment company. The performance of the Composites was calculated in accordance with the Global Investment Performance Standards (GIPS®) maintained by the CFA Institute. The method used to calculate the Composite's performance differs from the Securities and Exchange Commission's standardized method of calculating performance and may produce different results.

The performance presented below for the Composites is shown gross and net of all fees for the accounts. Each Composite's fees were lower than those of the Funds, so performance results would have been lower if the Composite had an expense ratio comparable to that of the applicable Fund. The Composites did not charge a sales load. Results include the reinvestment of dividends and capital gains. Returns from cash and cash equivalents in the Composites are included in the performance calculations, and the cash and cash equivalents are included in the total assets on which the performance is calculated.

Composite relevant to the Dividend Fund:

***Composite Average Annual Total Returns***

***For the periods ended [●], 2025***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;***1 Year*** | &nbsp;&nbsp;***3 Years*** | &nbsp;&nbsp;***5 Years*** | &nbsp;&nbsp;***10 Years*** |
| &nbsp;&nbsp;***[●] – (Composite) (Gross)*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** |
| &nbsp;&nbsp;***[●] – (Composite) (Net)*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** |
| &nbsp;&nbsp;***MSCI ACWI Value Index <sup>(1)</sup>*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** |
| &nbsp;&nbsp;***MSCI ACWI Index<sup>(2)</sup>*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** |

---

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| | |
|:---|:---|
| <sup>1.</sup> | The MSCI ACWI Value Index captures the large- and mid-cap securities exhibiting overall value style characteristics across 23 developed market countries and 24 emerging markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price, and dividend yield. |

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| | |
|:---|:---|
| <sup>2.</sup> | The MSCI ACWI Index is a free-float adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. |

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Composite relevant to the SMID Fund:

***Composite Average Annual Total Returns***

***For the periods ended [●], 2025***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;***1 Year*** | &nbsp;&nbsp;***3 Years*** | &nbsp;&nbsp;***5 Years*** | &nbsp;&nbsp;***10 Years*** |
| &nbsp;&nbsp;***[●] – (Composite) (Gross)*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** |
| &nbsp;&nbsp;***[●] – (Composite) (Net)*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** |
| &nbsp;&nbsp;***Russell 2500™ Value Index <sup>(1)</sup>*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** |
| &nbsp;&nbsp;***Russell 2500™ Index <sup>(2)</sup>*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** | &nbsp;&nbsp;***[ ]%*** |

---

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| | |
|:---|:---|
| <sup>1.</sup> | The Russell 2500™ Value Index measures the performance of those Russell 2500™ companies with lower price-to-book ratios and lower forecasted growth values. These stocks are selected from the 2,500 smallest companies in the Russell 3000™ Index, representing approximately 20% of the total market capitalization of the Russell 3000™ Index. |

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| | |
|:---|:---|
| <sup>2.</sup> | The Russell 2500™ Index measures the performance of the small- to mid-cap segment of the U.S. equity universe, commonly referred to as "smid cap". The Russell 2500™ Index is a subset of the Russell 3000™ Index. It includes approximately 2,500 of the smallest securities based on a combination of their market capitalization and current index membership. The Russell 2500™ Index is constructed to provide a comprehensive and unbiased barometer for the small- to mid-cap segment. |

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**Portfolio Holdings Information**

Information about each Fund's daily portfolio holdings is available at www.cresalta.com. A description of each Fund's policies and procedures with respect to the disclosure of such Fund's portfolio holdings is available in the Funds' Statement of Additional Information ("SAI").

**Management**

**Investment Adviser**

CresAlta Investment Management, Inc. serves as the investment adviser to each Fund. The Adviser is an SEC registered investment adviser. Its principal office is located at 6295 Greenwood Plaza Blvd., Greenwood Village, CO 80111-4908. The Adviser is controlled by AMG National Corp.

Pursuant to the Investment Advisory Agreements, each Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly as follows:

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| | |
|:---|:---|
| **Fund** | **Management Fee** |
| CresAlta Global Dividend ETF | 0.50% |
| CresAlta Small and Mid-Cap ETF | 0.55% |

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Out of the unitary management fee, the Adviser has agreed to pay substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, and other non-distribution related services necessary for each Fund to operate, except for: the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes and related services, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by a Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, litigation expenses and other non-routine or extraordinary expenses.

The basis for the Board's approval of each Fund's Investment Advisory Agreement and Sub-Advisory Agreement will be available in the Fund's initial Form N-CRS.

**Manager of Managers Structure**

Section 15(a) of the 1940 Act requires that all contracts pursuant to which persons serve as investment advisers to investment companies be approved by shareholders. This requirement also applies to the appointment of sub-advisers to the Funds. The Trust and the Adviser intend to apply for exemptive relief from the SEC (the "Order"), which will permit the Adviser, subject to the approval of the Board of Trustees ("Board"), including the approval of the Trustees who are not interested persons of the Trust, as defined in the 1940 Act (the "Independent Trustees"), to hire, replace, and/or modify any existing or future sub-advisory agreement with sub-advisers (the "Manager-of-Managers Structure"). The Adviser, subject to the oversight of the Board, has the ultimate responsibility for overseeing each Fund's sub-advisers and recommending their hiring, termination and replacement. Assuming the Order is granted, it will also provide relief from certain disclosure obligations with regard to sub-advisory fees paid by the Adviser (not a Fund). The Order will be subject to various conditions, including that each Fund will notify shareholders and provide them with certain information required by the exemptive order within 90 days of hiring a new sub-adviser. The sole initial shareholder of each Fund has approved such Fund's operation under the Manager-of-Managers Structure as permitted by the Order.

The Manager-of-Managers Structure will enable the Funds to operate with greater efficiency by not incurring the expense and delays associated with obtaining shareholder approvals for matters relating to sub-advisers or sub-advisory agreements. Operation of the Funds under the Manager-of-Managers Structure will not permit management fees paid by a Fund to the Adviser to be increased without shareholder approval. Shareholders will be notified of any changes made to the Sub-Adviser or material changes to sub-advisory agreements within 90 days of the change. There is no assurance that the Order will be granted.

**Trading Sub-Adviser**

The Adviser has retained Vident to serve as trading sub-adviser for the Funds. Vident is responsible for trading portfolio securities for the Funds. Its principal office is located at 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009. Vident was formed in 2016 and provides investment advisory services to ETFs, including the Funds. For its services, Vident is paid a fee by the Adviser, not the Funds, out of its management fee, calculated daily and paid monthly, at an annual rate (stated as a percentage of the average daily net assets of the Fund) of [ ].

**Portfolio Manager** 

<u>Joshua Stevens</u>. Mr. Stevens joined CresAlta in 2025 and serves as a Portfolio Manager. He is a member of the investment management team and is responsible for the day-to-day management of the Funds' portfolios. Mr. Stevens has over 26 years of experience in the investment industry, including over 20 years of experience managing the SMID and GDIV portfolio strategies for AMG Capital Management ("ACM"), a division of AMG National Trust Bank ("AMG"). Mr. Stevens obtained a BA in Economics from Principia College. Mr. Stevens also holds an MBA and a Masters in Finance from the University of Denver, Daniels College of Business.

The Fund's SAI provides additional information about the Portfolio Manager's compensation structure, other accounts managed by the Portfolio Manager, and the Portfolio Manager's ownership of Shares of the Funds.

**Portfolio Managers of the Trading Sub-Adviser**

Each Fund's trading is managed by Vident's portfolio management team. The individual members of the team responsible for the day-to-day trading of the Funds' portfolios are listed below.

<u>Austin Wen, CFA, Senior Portfolio Manager</u>. Mr. Wen has over a decade of investment experience. At Vident, Mr. Wen specializes in portfolio management and trading of equity, derivative, and commodities-based portfolios, as well as risk monitoring and investment analysis. Previously, he was a financial analyst for Vident Financial, focusing on the development and review of various investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

<u>Devin Ryder, CFA, Senior Portfolio Manager</u>. Ms. Ryder is a member of the Portfolio Management team at Vident with over five years of industry experience. Prior to joining Vident, Ms. Ryder was a Senior Software Engineer at Bloomberg, where she designed and built systems to connect ETF market participants and facilitate ETF primary market transactions. Before that, she was a Portfolio Manager at ETF Managers Group, where she specialized in domestic and international equity thematic strategies. Ms. Ryder holds a Bachelor of Science in Mathematics of Finance and Risk Management from the University of Michigan and holds the Chartered Financial Analyst designation.

**How to Buy and Sell Shares**

Each Fund issues and redeems Shares at NAV only for Creation Units. Only APs may acquire Shares directly from a Fund, and only APs may tender their Shares for redemption directly to a Fund, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor (defined below), and that has been accepted by each Fund's transfer agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

Most investors buy and sell Shares in secondary market transactions through brokers or other intermediaries. Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling Shares, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy Shares and receive less than NAV when you sell those Shares.

**Book Entry**

Shares are held in book-entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares.

Investors owning Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" through your brokerage, bank or other institutional account.

**Frequent Purchases and Redemptions of Shares**

Neither Fund imposes restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by Fund shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with a Fund, are an essential part of the ETF process and help keep Share trading prices in line with NAV. As such, each Fund accommodates frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains. To minimize these potential consequences of frequent purchases and redemptions, each Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by such Fund in effecting trades. In addition, each Fund and the Adviser reserve the right to reject any purchase order at any time.

**Determination of NAV**

The Fund's NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern time, each day the NYSE is open for business. The NAV for the Fund is calculated by dividing the Fund's net assets by its Shares outstanding.

In calculating its NAV, the Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. If the foregoing information is not available for a security held by the Fund or is determined to be unreliable, the security will be valued at fair value estimates under guidelines established by the Board (as described below).

**Fair Value Pricing** 

The Adviser has been designated by the Board as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. In its capacity as valuation designee, the Adviser has adopted procedures and methodologies to fair value Fund securities whose market prices are not "readily available" or are deemed to be unreliable. For example, such circumstances may arise when: (i) a security has been de-listed or has had its trading halted or suspended; (ii) a security's primary pricing source is unable or unwilling to provide a price; (iii) a security's primary trading market is closed during regular market hours; or (iv) a security's value is materially affected by events occurring after the close of the security's primary trading market.

Generally, when fair valuing a security held by a Fund, the Adviser will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the security, general and/or specific market conditions and the specific facts giving rise to the need to fair value the security. Fair value determinations are made in good faith by the Adviser and in accordance with the Adviser's fair value methodologies. Due to the subjective and variable nature of determining the fair value of a security or other investment, there can be no assurance that Adviser's fair value will match or closely correlate to any market quotation that subsequently becomes available or the price quoted or published by other sources. In addition, the Adviser may not be able to obtain the fair value assigned to the security upon the sale of such security.

**Delivery of Shareholder Documents – Householding**

Householding is an option available to certain investors of the Funds. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for a Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer or other account custodian. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer or other account custodian.

**Dividends, Distributions and Taxes**

**Dividends and Distributions**

Each Fund intends to pay out dividends, if any, at least annually. Each Fund intends to distribute any net realized capital gains to its shareholders at least annually. In addition, the Dividend Fund intends to distribute income to its shareholders at least quarterly. Each Fund will declare and pay capital gain distributions, if any, in cash. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker or custodian through whom you purchased Shares makes such option available. Your broker or custodian is responsible for distributing the income and capital gain distributions to you.

**Taxes**

The following discussion is a summary of some important U.S. federal income tax considerations generally applicable to investments in the Funds. Your investment in a Fund may have other tax implications. Please consult your tax advisor about the tax consequences of an investment in Shares, including the possible application of foreign, state, and local tax laws.

Each Fund has elected and intends to qualify each year for treatment as a regulated investment company (a "RIC") within the meaning of Subchapter M of the Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Unless your investment in Shares is made through a tax-exempt entity or tax-advantaged account, such as an IRA plan, you need to be aware of the possible tax consequences when such Fund makes distributions, when you sell your Shares listed on the Exchange, and when you purchase or redeem Creation Units (APs only).

**Taxes on Distributions**

Each Fund intends to distribute, at least annually, substantially all of its net investment income and net capital gains. For federal income tax purposes, distributions of investment income are generally taxable as ordinary income or qualified dividend income. Taxes on distributions of capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned his or her Shares. Sales of assets held by a Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by a Fund for one year or less generally result in short-term capital gains and losses. Distributions of a Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by such Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains, which for non- corporate shareholders are subject to tax at reduced rates of up to 20% (lower rates apply to individuals in lower tax brackets). Distributions of short-term capital gain will generally be taxable as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional Shares.

Distributions reported by a Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a Fund received in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from a Fund that are attributable to dividends received by such Fund from U.S. corporations, subject to certain limitations.

Under recently issued final Treasury Regulations, a RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the applicable Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

Shortly after the close of each calendar year, you will be informed of the amount and character of any distributions received from each Fund.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income or gains earned by a Fund before your investment (and thus were included in the Shares' NAV when you purchased your Shares).

You may wish to avoid investing in a Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable even though it may economically represent a return of a portion of your investment.

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by a Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. Gains from the sale or other disposition of your Shares generally are not subject to U.S. taxation, unless you are a nonresident alien individual who is physically present in the U.S. for 183 days or more per year. Each Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Different tax consequences may result if you are a foreign shareholder engaged in a trade or business within the United States or if a tax treaty applies.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), each Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that are foreign entities and that fail to meet prescribed information reporting or certification requirements.

Each Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that he, she or it is not subject to such withholding.

**Taxes When Fund Shares are Sold on the Exchange**

Any capital gain or loss realized upon a sale of Shares generally is treated as a long-term capital gain or loss if Shares have been held for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less. However, any capital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid with respect to such Shares. Any loss realized on a sale will be disallowed to the extent Shares of a Fund are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the disposition of Shares. The ability to deduct capital losses may be limited.

The cost basis of Shares of a Fund acquired by purchase will generally be based on the amount paid for the Shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of the capital gain or loss realized on the sale or exchange of Shares. Contact the broker through whom you purchased your Shares to obtain information with respect to the available cost basis reporting methods and elections for your account.

**Taxes on Purchases and Redemptions of Creation Units**

An AP having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the value of the Creation Units at the time of the exchange and the exchanging AP's aggregate basis in the securities delivered, plus the amount of any cash paid for the Creation Units. An AP who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanging AP's basis in the Creation Units and the aggregate U.S. dollar market value of the securities received, plus any cash received for such Creation Units. The IRS may assert, however, that a loss that is realized upon an exchange of securities for Creation Units may not be currently deducted under the rules governing "wash sales" (for an AP who does not mark-to-market their holdings), or on the basis that there has been no significant change in economic position. APs exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any gain or loss realized upon a creation or redemption of Creation Units will be treated as capital or ordinary gain or loss, depending on the circumstances. Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if Shares have been held for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less.

A Fund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. A Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause such Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result, such Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

**Net Investment Income Tax**

U.S. individuals with income exceeding specified thresholds are subject to a 3.8% tax on all or a portion of their "net investment income," which includes interest, dividends, and certain capital gains (generally including capital gains distributions and capital gains realized on the sale of Shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in a Fund. It is not a substitute for personal tax advice. You also may be subject to state and local tax on Fund distributions and sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all applicable tax laws. For more information, please see the sections entitled "Federal Income Taxes" and "Tax Status" in the SAI.*

**Distribution**

Paralel Distributors LLC (the "Distributor") serves as each Fund's principal underwriter. The Distributor is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for each Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of a Fund or the securities that are purchased or sold by a Fund. The Distributor's principal address is 1700 Broadway, Suite 1850, Denver, Colorado 80290.

**Premium/Discount Information**

Information regarding how often Shares of a Fund trade on the Exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of such Fund is available on such Fund's website at www.cresalta.com.

**OTHER INFORMATION AND Additional Notices**

**Certain Conditions on Shareholder Legal Actions**

Pursuant to the Trust's primary governing document, the Second Amended and Restated Agreement and Declaration of Trust, shareholders wishing to pursue a derivative action (a suit brought by a shareholder on behalf of the Fund) are subject to various conditions including that: (i) the Trustees must have a reasonable amount of time to assess the complaining shareholders' request for action, (ii) at least 10% of shareholders of a Fund must participate in the action (except with respect to claims arising under federal securities laws), and (iii) complaining shareholders must undertake to pay the expenses of advisers that the Trustees engage in consideration of whether to bring an action in the event the Trustees determine not to bring an action (except with respect to claims arising under federal securities laws).

In addition, shareholders wishing to pursue a derivative action (except with respect to claims arising under federal securities law) must bring the complaint in the courts of the Court of Chancery of the State of Delaware, or if such court does not have subject matter jurisdiction, any other court with appropriate subject matter jurisdiction in the State of Delaware. For non-federal securities laws claims, this requirement may be inconvenient for some shareholders and may cause such claims to be made in a less favorable forum than otherwise may have been made.

**Additional Notices**

Shares are not sponsored, endorsed, or promoted by the Exchange. The Exchange makes no representation or warranty, express or implied, to the owners of the Shares. The Exchange is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of the Shares to be issued, nor in the determination or calculation of the equation by which the Shares are redeemable. The Exchange has no obligation or liability to owners of the Shares in connection with the administration, marketing, or trading of the Shares.

Without limiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

Neither the Adviser nor any Fund make any representation or warranty, express or implied, to the owners of Shares or any member of the public regarding the advisability of investing in securities generally or in a Fund particularly.

**Financial Highlights**

Because each Fund is newly offered, financial highlights are not yet available.

**PRIVACY NOTICE**

**Privacy Statement**

Pursuant to SEC Regulation S-P (Privacy of Consumer Financial Information) the Trustees of the Elevation Series Trust (the "Trust") has established the following policy regarding information about the Trust's shareholders. We consider all shareholder data to be private and confidential, and we hold ourselves to the highest standards in its safekeeping and use.

**General Statement**

The Trust may collect nonpublic information (e.g., your name, address, e-mail address, Social Security Number, Trust holdings (collectively, "Personal Information")) about shareholders from transactions in Trust shares. The Trust will not release Personal Information about current or former shareholders (except as permitted by law) unless one of the following conditions is met: we receive your prior written consent; (ii) we believe the recipient to be you or your authorized representative; (iii) to service or support the business functions of the Trust (as explained in more detail below), or (iv) we are required by law to release Personal Information to the recipient. The Trust have not and will not in the future give or sell Personal Information about their current or former shareholders to any company, individual, or group (except as per mitted by law) and as otherwise provided in this policy.

The Trust may make certain electronic services available to their shareholders and may solicit your email address and contact you by email, telephone or US mail regarding the availability of such services. The Trust may also contact shareholders by email, telephone or US mail in connection with these services, such as to confirm enrollment in electronic shareholder communications or to update your Personal Information. In no event will the Trust transmit your Personal Information via email without your consent.

**Use of Personal Information**

The Trust will only use Personal Information (i) as necessary to service or maintain shareholder accounts in the ordinary course of business and (ii) to support business functions of the Trust and their affiliated businesses. This means that the Trust may share certain Personal Information, only as per mitted by law, with affiliated businesses of the Trust, and that such information may be used for non- Trust-related solicitation. When Personal Information is shared with the Trust's business affiliates, the Trust may do so without providing you the option of preventing these types of disclosures as permitted by law.

**Safeguards Regarding Personal Information**

Internally, we also restrict access to Personal Information to those who have a specific need for the records. We maintain physical, electronic, and procedural safeguards that comply with Federal standards to guard Personal Information. Any doubts about the confidentiality of Personal Information, as required by law, are resolved in favor of confidentiality.

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| | | | |
|:---|:---|:---|:---|
| **Adviser** | **CresAlta Investment Management, Inc.** <br> 6295 Greenwood Plaza Blvd. <br> Greenwood Village, CO 80111-4908  | **Sub-Adviser** | **Vident Asset Management** <br> 1125 Sanctuary Parkway, Suite 515,<br> Alpharetta, Georgia 30009  |
| **Custodian, Transfer Agent** | **State Street** <br> One Lincoln Street,<br> Boston, Massachusetts 02111<br>| **Distributor** | **Paralel Distributors LLC** <br> 1700 Broadway, Suite 2100 <br> Denver, Colorado 80290  |
| **Legal Counsel** | **Thompson Hine LLP** <br> 41 S. High Street, Suite 1700 <br> Columbus, Ohio 43215  | **Fund Accountant and Administrator** | **Paralel Technologies LLC** <br> 1700 Broadway, Suite 2100<br> Denver, Colorado 80290  |
| **Independent Registered Public Accounting Firm** | **[●]** |  |  |

---

Each Fund's SAI provides additional details about the investments of such Fund and certain other additional information. A current SAI dated [●], 2026 is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

**Annual/Semi-Annual Reports:** Additional information about each Fund's investments will be available in such Fund's Annual and Semi-Annual Tailored Shareholder Reports to; and in such Fund's Annual and Semi-Annual Financial Statements and Additional Information. In each Fund's Annual Tailored Shareholder Report, you will find a discussion of the market conditions and investment strategies that significantly affected such Fund's performance.

To make shareholder inquiries, for more detailed information on a Fund, or to request the SAI or Annual and Semi-Annual Financial Statements and Additional Information (once available) free of charge, please call the Fund's Distributor at [ ]. Free copies of each Fund's Financial Statements and Additional Information, Prospectus, and the SAI are also available from our website at www.cresalta.com.

Reports and other information about each Fund are also available, free of charge, on the EDGAR Database on the SEC's website at www.sec.gov and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

No person is authorized to give any information or to make any representations about a Fund and its Shares not contained in this Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference.

SEC Investment Company Act File No. 811-23812

SUBJECT TO COMPLETION

Dated [•], 2026

THE INFORMATION HEREIN IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SEC IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION IN WHICH THE OFFER OR SALE IS NOT PERMITTED.

**CresAlta Global Dividend ETF ([●])**

**CresAlta Small and Mid-Cap ETF ([●])**

**A series of Elevation Series Trust**

**Listed on [●]**

**STATEMENT OF ADDITIONAL INFORMATION**

**[ ], 2026**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the prospectus dated [ ], 2026, as may be supplemented from time to time ("Prospectus"), of CresAlta Global Dividend ETF and CresAlta Small and Mid-Cap ETF (each, a "Fund" and, collectively, the "Funds"), each a series of Elevation Series Trust (the "Trust"). Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted.

A copy of the Prospectus may be obtained, without charge by calling [ ], visiting http://www.cresalta.com or writing to Paralel Distributors LLC, 1700 Broadway Suite 1850, Denver, Colorado 80290.

**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
| [GENERAL DESCRIPTION OF THE TRUST AND THE FUNDS](#cresalta485aposb001) | 3 |
| [ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVE, POLICIES, AND RELATED RISKS](#cresalta485aposb002) | 3 |
| [DESCRIPTION OF PERMITTED INVESTMENTS](#cresalta485aposb003) | 4 |
| [INVESTMENT RESTRICTIONS](#cresalta485aposb004) | 8 |
| [EXCHANGE LISTING AND TRADING](#cresalta485aposb005) | 9 |
| [MANAGEMENT OF THE TRUST](#cresalta485aposb006) | 9 |
| [PRINCIPAL SHAREHOLDERS, CONTROL PERSONS, AND MANAGEMENT OWNERSHIP](#cresalta485aposb007) | 16 |
| [CODES OF ETHICS](#cresalta485aposb008) | 17 |
| [PROXY VOTING POLICIES](#cresalta485aposb009) | 17 |
| [INVESTMENT ADVISER](#cresalta485aposb010) | 17 |
| [PORTFOLIO MANAGERS](#cresalta485aposb011) | 19 |
| [THE DISTRIBUTOR](#cresalta485aposb012) | 20 |
| [THE ADMINISTRATOR, CUSTODIAN, AND TRANSFER AGENT](#cresalta485aposb013) | 22 |
| [LEGAL COUNSEL](#cresalta485aposb014) | 22 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#cresalta485aposb015) | 22 |
| [PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES](#cresalta485aposb016) | 22 |
| [DESCRIPTION OF SHARES](#cresalta485aposb017) | 22 |
| [LIMITATION OF TRUSTEE LIABILITY](#cresalta485aposb018) | 23 |
| [BROKERAGE TRANSACTIONS](#cresalta485aposb019) | 23 |
| [PORTFOLIO TURNOVER RATE](#cresalta485aposb020) | 25 |
| [BOOK ENTRY ONLY SYSTEM](#cresalta485aposb021) | 25 |
| [PURCHASE AND REDEMPTION OF SHARES IN CREATION UNITS](#cresalta485aposb022) | 27 |
| [DETERMINATION OF NAV](#cresalta485aposb023) | 35 |
| [DIVIDENDS AND DISTRIBUTIONS](#cresalta485aposb024) | 35 |
| [FEDERAL INCOME TAXES](#cresalta485aposb025) | 36 |
| [FINANCIAL STATEMENTS](#cresalta485aposb026) | 43 |

---

**GENERAL DESCRIPTION OF THE TRUST AND THE FUNDS**

The Trust is an open-end management investment company, currently consisting of multiple investment series. This SAI relates to CresAlta Global Dividend ETF and CresAlta Small and Mid-Cap ETF (each a "Fund" and, collectively, the "Funds"). The Trust was organized as a Delaware statutory trust on March 7, 2022. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the "1940 Act"), as an open-end management investment company, and the offering of each Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is governed by its Board of Trustees (the "Board"). CresAlta Investment Management, Inc. (the "Adviser") serves as investment adviser to the Funds. The investment objective of each Fund is long-term capital appreciation and income generation.

Each Fund offers and issues Shares at its net asset value ("NAV") only in aggregations of a specified number of Shares (each, a "Creation Unit"). Each Fund generally offers and issues Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. Shares are listed on […] (the "Exchange") and trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit Securities together with a Cash Component. A Creation Unit of the Fund generally consists of 10,000 Shares, though this may change from time to time. As a practical matter, only institutions or large investors purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the value of the missing Deposit Securities, as set forth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. As in the case of other publicly traded securities, brokers' commissions on transactions in the secondary market will be based on negotiated commission rates at customary levels.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVE, POLICIES, AND RELATED RISKS**

Each Fund's investment objective and principal investment strategies are described in the Prospectus. The following information supplements, and should be read in conjunction with, the Prospectus. For a description of certain permitted investments, see "<u>Description of Permitted Investments</u>" in this SAI.

With respect to each Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

**Diversification**

Each Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). See "<u>Federal Income Taxes</u>" below for details.

**General Risks**

The value of a Fund's portfolio securities may fluctuate with changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular security or issuer and changes in general economic or political conditions. An investor in a Fund could lose money over short or long periods of time.

There can be no guarantee that a liquid market for the securities held by a Fund will be maintained. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of Shares will be adversely affected if trading markets for a Fund's portfolio securities are limited or absent, or if bid-ask spreads are wide.

***Cyber Security Risk.*** Investment companies, such as the Funds, and their service providers may be subject to operational and information security risks resulting from cyberattacks. Cyberattacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyberattacks affecting a Fund or the Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact a Fund. For instance, cyberattacks may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject such Fund to regulatory fines or financial losses, and cause reputational damage. A Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which a Fund invests, which could result in material adverse consequences for such issuers, and may cause such Fund's investments in such portfolio companies to lose value.

***Recent Market Events.*** U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks' interest rate increases, the possibility of a national or global recession, trade tensions, tariffs, political events, wars, global pandemics and sanctions.

These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage each Fund in a manner consistent with achieving such Fund's investment objective, but there can be no assurance that they will be successful in doing so.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the Funds' permitted investments and investment practices and the associated risk factors. Each Fund will only invest in any of the following instruments or engage in any of the following investment practices if such investment or activity is consistent with such Fund's investment objective and permitted by such Fund's stated investment policies. Each of the permitted investments described below applies to each Fund unless otherwise noted.

**Equity Securities***.* Equity securities, such as the common stocks of an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions, consumer sentiment or the financial condition of the issuers change. A decrease in value of the equity securities in a Fund's portfolio may also cause the value of such Fund's Shares to decline.

An investment in a Fund should be made with an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of such Fund's portfolio securities and therefore a decrease in the value of Shares). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence and perceptions 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, public health, or banking crises.

Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, generally have inferior rights to receive payments from the issuer in comparison with the rights of creditors or holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (whose value, however, is subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

*When-Issued Securities:* A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. When a Fund engages in when-issued transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, such Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

Decisions to enter into "when-issued" transactions will be considered on a case-by-case basis when necessary to maintain continuity in a company's index membership. Each Fund will segregate cash or liquid securities equal in value to commitments for the when-issued transactions. Each Fund will segregate additional liquid assets daily so that the value of such assets is equal to the amount of the commitments.

**Types of Equity Securities:**

*Common Stocks* — Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company's board of directors.

*Preferred Stocks* — Preferred stocks are also units of ownership in a company. Preferred stocks normally have preference over common stock in the payment of dividends and the liquidation of the company. However, in all other respects, preferred stocks are subordinated to the liabilities of the issuer. Unlike common stocks, preferred stocks are generally not entitled to vote on corporate matters. Types of preferred stocks include adjustable-rate preferred stock, fixed dividend preferred stock, perpetual preferred stock, and sinking fund preferred stock.

Generally, the market values of preferred stock with a fixed dividend rate and no conversion element vary inversely with interest rates and perceived credit risk.

*Rights and Warrants* — A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy proportionate amount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

*Smaller Companies* — The securities of small- and mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small- and mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small- or mid-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning small- and mid-capitalization companies than for larger, more established companies. Small- and mid-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs, and earnings.

**Depositary Receipts.** To the extent a Fund invests in stocks of foreign corporations, such Fund's investment in securities of foreign companies may be in the form of depositary receipts or other securities convertible into securities of foreign issuers. American Depositary Receipts ("ADRs") are dollar-denominated receipts representing interests in the securities of a foreign issuer, which securities may not necessarily be denominated in the same currency as the securities into which they may be converted. ADRs are receipts typically issued by U.S. banks and trust companies which evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs in registered form are designed for use in domestic securities markets and are traded on exchanges or over-the-counter in the United States.

Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs"), and International Depositary Receipts ("IDRs") are similar to ADRs in that they are certificates evidencing ownership of shares of a foreign issuer; however, GDRs, EDRs, and IDRs may be issued in bearer form and denominated in other currencies and are generally designed for use in specific or multiple securities markets outside the U.S. EDRs, for example, are designed for use in European securities markets, while GDRs are designed for use throughout the world. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities.

The Funds will not invest in any unlisted depositary receipts or any depositary receipt that the Adviser deems to be illiquid or for which pricing information is not readily available. In addition, all depositary receipts generally must be sponsored. However, a Fund may invest in unsponsored depositary receipts under certain limited circumstances. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts.

**Illiquid Investments.** Each Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments, as such term is defined by Rule 22e-4 under the 1940 Act. A Fund may not invest in illiquid investments if, as a result of such investment, more than 15% of such Fund's net assets would be invested in illiquid investments. Illiquid investments include securities subject to contractual or other restrictions on resale and other instruments that lack readily available markets. The inability of a Fund to dispose of illiquid investments readily or at a reasonable price could impair such Fund's ability to raise cash for redemptions or other purposes. The liquidity of securities purchased by a Fund that are eligible for resale pursuant to Rule 144A, except for certain 144A bonds, will be monitored by such Fund on an ongoing basis. In the event that more than 15% of a Fund's net assets are invested in illiquid investments, such Fund, in accordance with Rule 22e-4(b)(1)(iv), will report the occurrence to both the Board and the SEC and seek to reduce its holdings of illiquid investments within a reasonable period of time.

**Money Market Instruments.** Each Fund may invest a portion of its assets in high-quality money market instruments on an ongoing basis to provide liquidity or for other reasons. The instruments in which a Fund may invest include: (i) short-term obligations issued by the U.S. Government; (ii) negotiable certificates of deposit ("CDs"), fixed time deposits and bankers' acceptances of U.S. and foreign banks and similar institutions; (iii) commercial paper rated at the date of purchase "Prime-1" by Moody's or "A-1+" or "A-1" by S&P or, if unrated, of comparable quality as determined by the Fund; and (iv) repurchase agreements. CDs are short-term negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Banker's acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Repurchase Agreements.** Each Fund may invest in repurchase agreements with commercial banks, brokers or dealers to generate income from its excess cash balances and to invest securities lending cash collateral. A repurchase agreement is an agreement under which the Fund acquires a financial instrument (*e.g.*, a security issued by the U.S. government or an agency thereof, a banker's acceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally, the next Business Day). A repurchase agreement may be considered a loan collateralized by securities. The resale price reflects an agreed upon interest rate effective for the period the instrument is held by the Fund and is unrelated to the interest rate on the underlying instrument.

In these repurchase agreement transactions, the securities acquired by the Fund (including accrued interest earned thereon) must have a total value in excess of the value of the repurchase agreement and are held by the Custodian until repurchased. No more than an aggregate of 15% of the Fund's net assets will be invested in illiquid investments, including repurchase agreements having maturities longer than seven days and securities subject to legal or contractual restrictions on resale, or for which there are no readily available market quotations.

The use of repurchase agreements involves certain risks. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security at a time when the value of the security has declined, the Fund may incur a loss upon disposition of the security. If the other party to the agreement becomes insolvent and subject to liquidation or reorganization under the U.S. Bankruptcy Code or other laws, a court may determine that the underlying security is collateral for a loan by the Fund not within the control of the Fund and, therefore, the Fund may not be able to substantiate its interest in the underlying security and may be deemed an unsecured creditor of the other party to the agreement.

**Reverse Repurchase Agreements**. Each Fund may enter into reverse repurchase agreements, which involve the sale of securities held by such Fund subject to its agreement to repurchase the securities at an agreed-upon date or upon demand and at a price reflecting a market rate of interest. Reverse repurchase agreements are subject to the Fund's limitation on borrowings and may be entered into only with banks or securities dealers or their affiliates. While a reverse repurchase agreement is outstanding, the Fund will maintain the segregation, either on its records or with the Trust's custodian, of cash or other liquid securities, marked-to-market daily, in an amount at least equal to its obligations under the reverse repurchase agreement.

Reverse repurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver them when that Fund seeks to repurchase. If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the buyer or trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

**Tax Risks.** As with any investment, you should consider how your investment in Shares will be taxed. The tax information in the Prospectus and this SAI is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares.

Unless your investment in Shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when the Fund makes distributions or you sell Shares.

**U.S. Government Securities.** Each Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as the Federal National Mortgage Association ("Fannie Mae"), the Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity.

**Future Developments.** The Board may, in the future, authorize a Fund to invest in securities contracts and investments other than those listed in this SAI and in such Fund's Prospectus, provided they are consistent with such Fund's investment objective and do not violate any investment restrictions or policies.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to each Fund. These restrictions cannot be changed with respect to a Fund without the approval of the holders of a majority of such Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

Except with the approval of a majority of the outstanding voting securities, the Funds may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase the securities
 of any issuer (other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities)
 if, as a result, more than 25% of the Fund's total assets would be invested in the securities of companies whose principal
 business activities are in the same industry or group of industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Issue senior securities,
 except as permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Borrow money, except
 as permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Lend any security
 or make any other loan except as permitted under the 1940 Act. This means that no more than 33 1/3% of its total assets would
 be lent to other parties. This limitation does not apply to purchases of debt securities or to repurchase agreements, or to
 acquisitions of loans, loan participations or other forms of debt instruments, permissible under the Fund's investment
 policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or sell
 real estate unless acquired as a result of ownership of securities or other instruments (but this shall not prevent a Fund
 from investing in securities or other instruments backed by real estate, real estate investment trusts or securities of companies
 engaged in the real estate business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchase or sell
 physical commodities unless acquired as a result of ownership of securities or other instruments (but this shall not prevent
 a Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed
 by physical commodities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Act as an underwriter
 of another issuer's securities, except to the extent that a Fund may be considered an underwriter within the meaning
 of the Securities Act in the disposition of portfolio securities.

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitation with respect to the borrowing of money will be observed continuously.

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the Exchange.

There can be no assurance that a Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange will consider the suspension of trading in, and will initiate delisting proceedings of, the Shares if any of the requirements set forth in the Exchange rules, including compliance with Rule 6c-11(c) under the 1940 Act, are not continuously maintained or such other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares of a Fund from listing and trading upon termination of such Fund.

The Trust reserves the right to adjust the price levels of Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of a Fund.

**MANAGEMENT OF THE TRUST**

**Board Responsibilities**. The management and affairs of the Trust and its series are overseen by the Board, which elects the officers of the Trust who are responsible for administering the day-to-day operations of the Trust and the Funds. The Board has approved contracts, as described below, under which certain companies provide essential services to the Trust.

The day-to-day business of the Trust, including the management of risk, is performed by third-party service providers, such as the Adviser, the Distributor, and the Administrator. The Board is responsible for overseeing the Trust's service providers and, thus, has oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, *i.e.*, events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Funds. Each Fund and its service providers employ a variety of processes, procedures and controls to identify such events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (*e.g.,* the Adviser is responsible for the day-to-day management of each Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Funds' service providers the importance of maintaining vigorous risk management.

The Board's role in risk oversight begins before the inception of each Fund, at which time certain of such Fund's service providers present the Board with information concerning the investment objective, strategies, and risks of the Fund as well as proposed investment limitations for the Fund. Additionally, the Adviser will provide the Board with an overview of, among other things, its investment philosophy, brokerage practices, and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer, as well as personnel of the Adviser, and other service providers such as a Fund's independent registered public accounting firm, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which each Fund may be exposed.

The Board is responsible for overseeing the nature, extent, and quality of the services provided to the Funds by the Adviser and receives information about those services at its regular meetings. In addition, on an annual basis (following the initial two-year period), in connection with its consideration of whether to renew the Advisory Agreement with the Adviser (as defined below), the Board or its designee may meet with the Adviser to review such services. Among other things, the Board regularly considers the Adviser's adherence to each Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about each Fund's performance and the Fund's investments, including, for example, portfolio holdings schedules.

The Trust's Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues and Fund and Adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the Funds' service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. Annually, each Fund's independent registered public accounting firm reviews with the Audit Committee its audit of such Fund's financial statements, focusing on major areas of risk encountered by such Fund and noting any significant deficiencies or material weaknesses in such Fund's internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with the Adviser, the Chief Compliance Officer, independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the Funds, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Funds can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve a Fund's goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Board as to risk management matters are typically summaries of the relevant information. Most of the Funds' investment management and business affairs are carried out by or through the Adviser, and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are three members of the Board, two of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"). Mr. Bradley Swenson serves as Chairman of the Board and is an interested person of the Trust, and Mr. Steven Norgaard serves as the Trust's Lead Independent Trustee. As Lead Independent Trustee, Mr. Norgaard acts as a spokesperson for the Independent Trustees in between meetings of the Board, serves as a liaison for the Independent Trustees with the Trust's service providers, officers, and legal counsel to discuss ideas informally, and participates in setting the agenda for meetings of the Board and separate meetings or executive sessions of the Independent Trustees.

The Board is comprised of a super-majority (66.6 percent) of Independent Trustees. There is an Audit Committee of the Board that is chaired by an Independent Trustee and comprised solely of Independent Trustees. The Audit Committee chair presides at the Audit Committee meetings, participates in formulating agendas for Audit Committee meetings, and coordinates with management to serve as a liaison between the Independent Trustees and management on matters within the scope of responsibilities of the Audit Committee as set forth in its Board-approved charter. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the Independent Trustees of the Trust constitute a super-majority of the Board, the number of Independent Trustees that constitute the Board, the amount of assets under management in the Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from management.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Paralel Technologies LLC, 1700 Broadway, Suite 1850, Denver, Colorado 80290.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and** <br> **Year of Birth** | **Position <br> Held with <br> the** <br> **Trust** | **Term of <br> Office and <br> Length of <br> Time Served** | **Principal Occupation(s) <br> During Past 5 Years** | **Number <br> of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee** <sup>(1)</sup> | **Other <br> Directorships <br> Held by <br> Trustee <br> During Past <br> 5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Kimberly Storms <br> Birth Year: 1972<br>| Trustee | Since 2022 | Ms. Storms served at various roles at ALPS Fund Services, Inc. from 1998 through 2020, including as Senior Vice President - Director of Fund Administration (2004-2020) and Senior Vice President - Director of Fund Management (2020). During her tenure, Ms. Storms served as an officer to certain ETF, closed-end and open-end investment companies (1998-2020) and, within the past 5 years, Principal Financial Officer of ALPS Series Trust (2012-2020), Financial Investors Trust (2013-2020), Liberty All-Star Funds (2013-2020), and Cambria ETF Trust (2020). | [ ] | Sterling Capital Funds (Since October 2022) |
| Steven Norgaard <br> Birth Year: 1964<br>| Trustee | Since 2022 | Mr. Norgaard has been an attorney with Steven K. Norgaard, P.C. since 1994. | [ ] <sup>(1)</sup> | SRH U.S. Quality ETF (since 2022); Frontier Funds (2 Funds) (since 2013); SRH Total Return Fund, Inc. (Since 2011) |
| **Interested Trustees and Officers** | **Interested Trustees and Officers** | **Interested Trustees and Officers** | **Interested Trustees and Officers** | **Interested Trustees and Officers** | **Interested Trustees and Officers** |
| Bradley J. Swenson <br> Birth Year: 1972<br>| Trustee and President | Since 2022 | Mr. Swenson is President of Paralel Distributors LLC (May 2022 to present) and Chief Compliance Officer of Paralel Technologies LLC (January 2023 to present). He previously served as President of TruePeak Consulting, LLC (August 2021 to December 2023). Prior to this, Mr. Swenson joined ALPS Fund Services, Inc. ("ALPS") in 2004 and served as its President from June 2019 until June 2021. In this role, he served as an officer to certain other closed-end and open-end investment companies. He previously served as the Chief Operating Officer of ALPS (2015-2019). Mr. Swenson also previously served as Chief Compliance Officer to ALPS, its affiliated entities, and to certain ETF, closed-end and open-end investment companies (2004-2015). | [ ] | ALPS Series Trust (March 2021 to March 2022) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 term "Fund Complex" means two or more registered investment companies that
 hold themselves out to investors as related companies for purposes of investment and
 investor services; or have a common investment adviser or that have an investment adviser
 that is an affiliated person of the investment adviser of any of the other registered
 investment companies. For the purposes of this table, all series of the Trust ([ ] funds,
 including the Fund) are included in the Fund Complex.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr.
 Norgaard also serves as a Director of the SRH Total Return Fund, Inc. whose investment
 adviser is the same as the investment adviser of SRH U.S. Quality ETF and SRH REIT Covered
 Call ETF, two series of the Trust.

**Individual Trustee Qualifications.** The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Funds provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Funds, and to exercise their business judgment in a manner that serves the best interests of each Fund's shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on his or her own experience, qualifications, attributes and skills as described below.

*Bradley Swenson*. Mr. Swenson has more than 25 years of experience focused on compliance and distribution in the mutual fund industry. Prior to joining Paralel, he spent seventeen years at ALPS in various capacities including, but not limited to, Chief Compliance Officer, Chief Operating Officer and President of ALPS Fund Services and ALPS Distributors. In addition to those roles Mr. Swenson built and led the Fund CCO services division and served as Fund CCO and President to various closed-end, ETF and mutual fund trusts. Mr. Swenson also held various roles at Janus Capital Group and Oppenheimer Funds including Senior Audit Manager and Compliance Manager. Mr. Swenson graduated from the University of Minnesota-Duluth with a B.S. in Accounting. Mr. Swenson holds FINRA Series 3, 6, 7, 24, 26, and 27 licenses.

*Steven K. Norgaard*. Mr. Norgaard is lead independent trustee of the Trust and is an attorney and certified public accountant. Since 1994, he has been an attorney with the law firm Steven K. Norgaard, P.C. Prior to starting his own law firm, he was an attorney at McDermott, Will & Emery. In addition, he serves as an independent director on the Board of Directors of the SRH Total Return Fund, Inc. and currently serves as audit committee chair. He has also served on the Board of Directors of ATG Trust Company from 2007 – 2021; and on the Frontier Funds Board of Directors. Mr. Norgaard served on the Board of Directors of Attorneys' Title Guaranty Fund, Inc. from 2012 to 2022. Prior to March 2015, Mr. Norgaard served as an independent director of the Boulder Total Return Fund, Inc., the Denali Fund, Inc., and the First Opportunity Fund, Inc., each a closed-end fund, until those funds completed a merger into the Fund currently known as SRH Total Return Fund, Inc. Mr. Norgaard brings significant financial, accounting, legal, regulatory and investment experience to the Board, as well as other directorship experience.

*Kimberly Storms*. Ms. Storms is the chair of the Audit Committee of the Board of Trustees and is the Trust's Audit Committee Financial Expert. Ms. Storms has more than 25 years of experience concentrated on mutual fund back office and accounting operations. Ms. Storms served in various roles at ALPS Fund Services from 1998 through 2020, including as Senior Vice President - Director of Fund Administration. She graduated with a B.S. in Finance from the University of Louisiana. Ms. Storms brings significant experience from her prior time serving as an executive officer of several large fund complexes, as well as her knowledge in the accounting, investment and regulatory fields.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Fund.

**Board Committees**. The Board has established the following standing committees of the Board:

<u>Audit Committee</u>. The Board has a standing Audit Committee that is composed of each of the Independent Trustees of the Trust. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: recommending which firm to engage as the Fund's independent registered public accounting firm and whether to terminate this relationship; reviewing the independent registered public accounting firm's compensation, the proposed scope and terms of its engagement, and the firm's independence; pre-approving audit and non-audit services provided by the Fund's independent registered public accounting firm to the Trust and certain other affiliated entities; serving as a channel of communication between the independent registered public accounting firm and the Trustees; reviewing the results of each external audit, including any qualifications in the independent registered public accounting firm's opinion, any related management letter, management's responses to recommendations made by the independent registered public accounting firm in connection with the audit, reports submitted to the Committee by the internal auditing department of the Trust's Administrator that are material to the Trust as a whole, if any, and management's responses to any such reports; reviewing the Fund's audited financial statements and considering any significant disputes between the Trust's management and the independent registered public accounting firm that arose in connection with the preparation of those financial statements; considering, in consultation with the independent registered public accounting firm and the Trust's senior internal accounting executive, if any, the independent registered public accounting firms' report on the adequacy of the Trust's internal financial controls; reviewing, in consultation with the Fund's independent registered public accounting firm, major changes regarding auditing and accounting principles and practices to be followed when preparing each Fund's financial statements; and other audit related matters.

The Audit Committee also serves as the Qualified Legal Compliance Committee ("QLCC") for the Trust for the purpose of compliance with Rules 205.2(k) and 205.3(c) of the Code of Federal Regulations, regarding alternative reporting procedures for attorneys retained or employed by an issuer who appear and practice before the SEC on behalf of the issuer (the "issuer attorneys"). An issuer attorney who becomes aware of evidence of a material violation by the Trust, or by any officer, director, employee, or agent of the Trust, may report evidence of such material violation to the QLCC as an alternative to the reporting requirements of Rule 205.3(b) (which requires reporting to the chief legal officer and potentially "up the ladder" to other entities).

<u>Nominating Committee</u>. The Board has a standing Nominating Committee that is composed of each of the Independent Trustees of the Trust. The Nominating Committee operates under a written charter approved by the Board. The principal responsibility of the Nominating Committee is to consider, recommend and nominate candidates to fill vacancies on the Trust's Board, if any. The Nominating Committee generally will not consider nominees recommended by shareholders. The Nominating Committee meets periodically, as necessary.

**Principal Officers of the Trust**

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o Paralel Technologies LLC, 1700 Broadway, Suite 1850, Denver, Colorado 80290. Additional information about the Trust's officers is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of <br> Birth** | **Position(s) Held <br> with the Trust** | **Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Brenna Fudjack <br> Birth Year: 1986 | Chief Compliance Officer | Indefinite term; since 2023 | Ms. Fudjack joined Paralel Technologies LLC as Deputy Chief Compliance officer in 2023. Prior to her current role, Ms. Fudjack served as Manager, Risk & Financial Advisory for Deloitte & Touche LLP from 2022-2023; Director of Compliance for Perella Weinberg Partners Capital Management LP / Agility from 2018-2022; Compliance Officer for Shelton Capital Management from 2017-2018; and Compliance Manager among other compliance roles for ALPS Fund Services, Inc. from 2010-2017. |
| Nicholas Austin <br> Birth Year: 1981 | Treasurer | Indefinite term; since 2023 | Mr. Austin joined Paralel Technologies, LLC as Senior Controller in 2022. Prior to his current role, Mr. Austin served as Vice President/Fund Controller for SS&C ALPS from 2018 until 2022, and as Chief Financial Officer of Champion Medical Center from 2016 until 2018. |
| Nicholas Adams <br> Birth Year: 1983<br>| Secretary | Indefinite term; since 2025 | Mr. Adams joined Paralel Technologies LLC as Investment Counsel in 2025. Prior to his current role, Mr. Adams served as Principal Legal Counsel for SS&C ALPS from 2022 – 2024, and associate counsel for Arnold, Newbold, Sollars and Hollins, P.C. from 2020 – 2022 and Stanziola Estate Law from 2019-2020. |

---

**Trustee Ownership of Shares**. Each Fund is required to show the dollar amount ranges of each Trustee's "beneficial ownership" of Shares and each other series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities and Exchange Act of 1934 (the "Exchange Act").

As of the date of this SAI, no Trustees owned Shares of the Funds.

**Board Compensation.** The Independent Trustees each receive a fee of $[12,500] per quarter, a special meeting fee of $[2,500], as well as reimbursement for reasonable travel, lodging and other expenses in connection with attendance at meetings. Additionally, the Audit Committee Chair receives a fee of $[8,000] per year. The Trust has no pension or retirement plan.

Independent Trustee fees are paid by the adviser of each series of the Trust through the applicable adviser's unitary management fee, and not by the Funds. Trustee compensation does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

The following table shows the compensation anticipated to be earned by each Trustee during the initial fiscal year of the Funds.

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| | | |
|:---|:---|:---|
| **Name** | **Aggregate <br> Compensation From <br> Funds\*** | **Total Compensation From Fund<br> Complex Paid to Trustees\*** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Bradley J. Swenson | $0 | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Kimberly Storms | $[ ]+ | $[ ]+ |
| Steven Norgaard | $[ ]+ | $[ ]+ |

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\* Estimated for the initial fiscal year of the Fund. <br> + Paid by the Adviser, not the Fund, from its unitary management fee. <br>

**PRINCIPAL SHAREHOLDERS, CONTROL PERSONS, AND MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding Shares of a Fund. A control person is a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by shareholders of a Fund.

The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding shares and is recognized as the owner of all shares for all purposes. Investors owning shares are beneficial owners as shown on the records of DTC or its participants. As of the date of this SAI, the Fund had not commenced operations.

**CODES OF ETHICS**

The Trust, the Adviser, and the Distributor (as defined under "<u>The Distributor</u>") have each adopted codes of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the Trust, the Adviser, and the Distributor from engaging in deceptive, manipulative or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to the codes of ethics). Each Code of Ethics permits personnel subject to that Code of Ethics to invest in securities for their personal investment accounts, subject to certain limitations, including limitations related to securities that may be purchased or held by the Funds.

There can be no assurance that the codes of ethics will be effective in preventing such activities. Each code of ethics may be examined at the office of the SEC in Washington, D.C. or on the Internet at the SEC's website at http://www.sec.gov.

**PROXY VOTING POLICIES**

Each Fund has delegated proxy voting responsibilities to the Adviser, subject to the Board's oversight. In delegating proxy responsibilities, the Board has directed that proxies be voted consistent with each Fund's and its shareholders' best interests and in compliance with all applicable proxy voting rules and regulations. The Adviser has adopted the Institutional Shareholder Services Inc. Proxy Voting Guidelines as part of the Adviser's proxy voting policies for this purpose ("Proxy Voting Policies"). A copy of the Adviser's Proxy Voting Policies is set forth in <u>Appendix A</u> to this SAI. The Trust's Chief Compliance Officer is responsible for monitoring the effectiveness of the Proxy Voting Policies. The Proxy Voting Policies have been approved by the Trust as the policies and procedures that the Adviser will use when voting proxies on behalf of the Fund.

The Proxy Voting Policies address, among other things, material conflicts of interest that may arise between the interests of a Fund and the interests of the Adviser. The Proxy Voting Policies will ensure that all issues brought to shareholders are analyzed in light of the Adviser's fiduciary responsibilities.

When available, information on how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling the Distributor at [ ] and (2) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER and Sub-Adviser**

**Investment Adviser**

CresAlta Investment Management, Inc. ("CresAlta") serves as the investment adviser to the Funds. CresAlta is a newly-formed investment adviser and, consequently, does not have any assets under management as of the time of this filing. CresAlta commenced operations as an investment adviser in 2026 and its principal office is located at 6295 Greenwood Plaza Blvd., Greenwood Village, CO 80111-4908. CresAlta is controlled by AMG National Corp., a financial holding company, which in turn is ultimately controlled by two control groups: the Wright family and the Bergmann family.

Pursuant to the Investment Advisory Agreements between the Trust, on behalf of each Fund, and the Adviser (each an "Advisory Agreement"), each Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, of each Fund's average daily net assets as set forth below. Out of the unitary management fee, the Adviser has agreed to pay substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration and other non-distribution related services necessary for the Fund to operate, except for: the fee paid to the Adviser pursuant to each Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the applicable Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, litigation expenses and other non-routine or extraordinary expenses.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | **Management Fee** |
| &nbsp;&nbsp;CresAlta Global Dividend ETF | 0.50% |
| &nbsp;&nbsp;CresAlta Small and Mid-Cap ETF | 0.55% |

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The Advisory Agreement with respect to a Fund will continue in force for an initial period of 2 years. Thereafter, the Advisory Agreement will be renewable from year to year with respect to the Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Adviser or the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares of the Fund. The Advisory Agreement automatically terminates on assignment and is terminable on a 60-day written notice either by the Trust or the Adviser.

The Adviser shall not be liable to the Trust or any shareholder for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence or reckless disregard of the duties imposed upon it by its agreement with the Trust or for any losses that may be sustained in the purchase, holding or sale of any security.

**Side-by-Side Management** 

CresAlta expects to manage the Funds and other separately managed accounts on a side-by-side basis. Side-by-side management could give rise to a variety of conflicts of interest for CresAlta, its employees, and supervised persons. Certain of CresAlta's employees may also be officers or employees of one or more of CresAlta's affiliates ("dual officers" or "dual employees" as applicable). These dual officers and dual employees undertake administrative or investment management duties for the affiliates of which they are officers or employees. When CresAlta or its affiliates concurrently manage client accounts and investment products, and particularly when dual officers or dual employees are involved, this could present certain conflicts relating to the allocation of investment opportunities and the aggregation and allocation of trades. To address these conflicts of interest, CresAlta will follow procedures reasonably designed to treat clients fairly and to prevent any client from being systematically favored or disadvantaged. For example, CresAlta has adopted trade allocation policies and procedures that are designed to mitigate these conflicts of interest from influencing the allocation of investment opportunities among clients.

**Sub-Adviser**

The Trust, on behalf of each Fund, and the Adviser have retained Vident Asset Management (the "Sub-Adviser") to serve as the trading sub-adviser for the Funds. Its principal office is located at 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009. The Sub-Adviser is owned by Vident Capital Holdings, LLC which is controlled by MM VAM, LLC. MM VAM, LLC is owned by Casey Crawford.

Pursuant to a sub-advisory agreement between the Trust, the Adviser, and the Sub-Adviser (the "Sub-Advisory Agreement"), the Sub-Adviser is compensated by the Adviser from the management fees paid by each Fund to the Adviser.

Each Sub-Advisory Agreement will continue in force for an initial period of two years. Thereafter, each Sub-Advisory Agreement is renewable from year to year with respect to the applicable Fund, so long as its continuance is approved at least annually (1) by the vote, cast in person at a meeting called for that purpose, of a majority of those Trustees who are not "interested persons" of the Trust; and (2) by the majority vote of either the full Board or the vote of a majority of the outstanding Shares of the applicable Fund. Each Sub-Advisory Agreement will terminate automatically in the event of its assignment, and is terminable at any time without penalty by the Board or, with respect to the applicable Fund, by a majority of the outstanding Shares, or by the Adviser, in each case upon 60 days' written notice to the Sub-Adviser, or by the Sub-Adviser on 90 days' written notice to the Adviser and the Trust. Each Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard of its obligations or duties thereunder.

**PORTFOLIO MANAGER**

**Compensation**

The Portfolio Manager receives a base salary and a variable, performance-based bonus. The bonus is determined by the Adviser's board of directors and is based on the Funds' investment results and asset growth over multi-year periods.

**Share Ownership**

Each Fund is required to show the dollar ranges of the Portfolio Manager's "beneficial ownership" of Shares of such Fund as of the end of the most recently completed fiscal year or a more recent date for a new portfolio manager. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Exchange Act. As of the date of this SAI, the Portfolio Manager did not beneficially own any Shares of the Funds.

**Other Accounts**

In addition to the Funds, the Portfolio Manager managed the following other accounts as of [ ], 2025, none of which were subject to a performance fee:

***Portfolio Manager***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies** | **Registered Investment**<br>**Companies** | **Other Pooled Investment**<br>**Vehicles** | **Other Pooled Investment**<br>**Vehicles** | **Other Accounts**  | **Other Accounts**  |
| <br>**Portfolio Manager** | **Number of**<br>**Accounts**<br>| **Total Assets**<br>**in the**<br>**Accounts** <br>**(in millions)**<br>| **Number of**<br>**Accounts**<br>| **Total Assets**<br>**in the**<br>**Accounts**<br>| **Number of**<br>**Accounts**<br>| **Total Assets**<br>**in the**<br>**Accounts**<br>|
| Joshua Stevens | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

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**Conflicts of Interest**

In addition to the Funds, the Adviser's portfolio managers are often responsible for managing other affiliated funds of the Adviser, as well as other accounts, including separate accounts and other pooled investment vehicles. A portfolio manager may manage an affiliated fund, separate account or other pooled investment vehicle that may have a materially higher or lower fee arrangement with the Adviser than the Funds. The side-by-side management of these accounts may raise potential conflicts of interest relating to cross trading, the allocation of investment opportunities and the aggregation and allocation of trades. In addition, while portfolio managers generally only manage accounts with similar investment strategies, it is possible, due to varying investment restrictions among accounts and for other reasons that certain investments could be made for some accounts and not others or conflicting investment positions could be taken among accounts. The Adviser has a responsibility to manage all client accounts in a fair and equitable manner. It seeks to provide best execution of all securities transactions and aggregate and then allocate securities to client accounts in a fair and timely manner. Another potential conflict could include the Portfolio Manager's knowledge about the size, timing and possible market impact of Fund trades, whereby the Portfolio Manager could use this information to the advantage of other accounts and to the disadvantage of the Fund. To this end, the Adviser has developed policies and procedures designed to mitigate and manage the conflicts of interest that arise from side-by-side management. In addition, the Adviser and the Trust have adopted policies limiting the circumstances under which cross-trades may be effected between a Fund and another client account. The Adviser conducts periodic reviews of trades for consistency with these policies.

The Adviser and the Sub-Adviser will give advice to and make investment decisions for the Funds as it believes is in the best interest of the Funds. Advice given to or investment decisions made for the Funds may differ from, and may conflict with, advice given or investment decisions made for the Adviser, the Sub-Adviser or their respective affiliates, or other portfolios or accounts managed by the Adviser, the Sub-Adviser or their respective affiliates. For example, other portfolios or accounts managed by the Adviser or the Sub-Adviser may sell short securities of an issuer in which a Fund has taken, or will take, a long position in the same securities. The subsequent purchase may result in an increase of the price of the underlying position in the short sale exposure of such Fund and such increase in price would be to the Fund's detriment. Conflicts may also arise because portfolio decisions regarding a Fund may benefit the Adviser, the Sub-Adviser or their respective affiliates or another portfolio or account managed by the Adviser, the Sub-Adviser or their respective affiliates. For example, the sale of a long position or establishment of a short position by a Fund may impair the price of the same security sold short by (and therefore benefit) another portfolio or account or managed by the Adviser, the Sub-Adviser or their respective affiliates, and the purchase of a security or covering a short position in a security by a Fund may increase the price of the same security held by (and therefore benefit) another account or portfolio managed by the Adviser, the Sub-Adviser or their respective affiliates. Actions taken with respect to the Adviser, the Sub-Adviser and their respective affiliates' other portfolios or accounts managed by them may adversely impact a Fund, and actions taken by a Fund may benefit the Adviser, the Sub-Adviser or their respective affiliates or their other portfolios or accounts.

**THE DISTRIBUTOR**

The Trust and Paralel Distributors LLC (the "Distributor") are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for each series of the Trust, including the Funds, and distributes Shares. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is 1700 Broadway, Suite 1850, Denver, CO 80290.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will review orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor is a broker-dealer registered under the Exchange Act and a member of the Financial Industry Regulatory Authority ("FINRA").

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of Shares. Such Soliciting Dealers may also be Authorized Participants (as discussed in "<u>Procedures for Purchase of Creation Units</u>" below) or DTC participants (as defined below).

The Distribution Agreement will continue for two years from its effective date and is renewable annually thereafter. The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the shareholders of the Fund and (ii) by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable without penalty by the Trust on 60 days' written notice when authorized either by majority vote of its outstanding voting Shares or by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

***Intermediary Compensation.*** The Adviser, or its affiliates, out of their own resources and not out of Fund assets (*i.e.*, without additional cost to the Fund or its shareholders), may pay certain broker dealers, banks and other financial intermediaries ("Intermediaries") for certain activities related to the Funds, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Funds, or for other activities, such as marketing and educational training or support. These arrangements are not financed by a Fund and, thus, do not result in increased Fund expenses. They are not reflected in the fees and expenses listed in the fees and expenses sections of a Fund's Prospectus and they do not change the price paid by investors for the purchase of Shares or the amount received by a shareholder as proceeds from the redemption of Shares.

Such compensation may be paid to Intermediaries that provide services to the Funds, including marketing and education support (such as through conferences, webinars and printed communications). The Adviser periodically assesses the advisability of continuing to make these payments. Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker or other investment professional, if any, may also be significant to such adviser, broker or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend, and what services to provide in connection with various products, based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend a Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker or investment professional if he or she receives similar payments from his or her Intermediary firm.

Intermediary information is current only as of the date of this SAI. Please contact your adviser, broker, or other investment professional for more information regarding any payments his or her Intermediary firm may receive. Any payments made by the Adviser, or their affiliates to an Intermediary may create the incentive for an Intermediary to encourage customers to buy Shares.

If you have any additional questions, please call [ ].

**THE ADMINISTRATOR, CUSTODIAN, AND TRANSFER AGENT**

Paralel Technologies LLC ("PTL"), located at 1700 Broadway Suite 1850, Denver, Colorado 80290 serves as the Funds' administrator and fund accountant. PTL is the parent company of Paralel Distributors LLC, the Funds' Distributor.

Pursuant to an Administration and Fund Accounting Agreement between the Trust and PTL, PTL provides the Trust with administrative and management services (other than investment advisory services) and accounting services, including portfolio accounting services, tax accounting services and furnishing financial reports. In this capacity, PTL does not have any responsibility or authority for the management of the Funds, the determination of investment policy, or for any matter pertaining to the distribution of Shares. As compensation for the administration, accounting and management services, the Adviser pays PTL a fee based on each Fund's average daily net assets, subject to a minimum annual fee. PTL also is entitled to certain out-of-pocket expenses for the services mentioned above.

Pursuant to a Custody Agreement, State Street Bank and Trust Company (the "Custodian" or "State Street"), serves as the Custodian of the Fund's assets. The Custodian holds and administers the assets in the Fund's portfolio. Pursuant to the Custody Agreement, the Custodian receives an annual fee from the Adviser based on the Fund's total average daily net assets, subject to a minimum annual fee, and certain settlement charges. The Custodian also is entitled to certain out-of-pocket expenses.

Pursuant to a Transfer Agency Agreement, State Street (in such capacity, the "Transfer Agent") serves as Transfer Agent for the Fund. Pursuant to the Transfer Agency Agreement, the Transfer Agent receives an annual fee from the Adviser.

**LEGAL COUNSEL**

Thompson Hine LLP, located at 41 South High Street, Suite 1700, Columbus, Ohio 43215 serves as legal counsel for the Trust.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

[ ], located at [ ], serves as the independent registered public accounting firm for the Funds.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Board has adopted a policy regarding the disclosure of information about each Fund's security holdings. Each Fund's entire portfolio holdings are publicly disseminated each day the Fund is open for business and may be available through financial reporting and news services, including publicly available internet web sites. In addition, the composition of the Deposit Securities (as defined below) is publicly disseminated daily prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC").

**DESCRIPTION OF SHARES**

The Declaration of Trust authorizes the issuance of an unlimited number of funds and Shares. Each Share represents an equal proportionate interest in the applicable Fund with each other Share. Shares are entitled upon liquidation to a pro rata share in the net assets of the applicable Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of Shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing Shares will not be issued. Shares, when issued, are fully paid and non-assessable.

Each Share has one vote with respect to matters upon which a shareholder vote is required, consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all funds of the Trust vote together as a single class, except that if the matter being voted on affects only a particular fund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. Upon the written request of shareholders owning at least 10% of the Trust's Shares, the Trust will call for a meeting of shareholders to consider the removal of one or more Trustees and other certain matters. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Under the Declaration of Trust, the Trustees have the power to liquidate each Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if a Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

**LIMITATION OF TRUSTEE LIABILITY**

The Second Amended and Restated Declaration of Trust ("Declaration of Trust") provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees shall not be responsible or liable in any event for any neglect or wrong-doing of any officer, agent, employee, adviser or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust, any person who is serving or has served at the Trust's request as a Trustee, officer, trustee, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise to the extent and in the manner provided in the Amended and Restated By-laws. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**BROKERAGE TRANSACTIONS**

The policy of the Trust regarding purchases and sales of securities for the Funds is that primary consideration will be given to obtaining the most favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Trust's policy is to pay commissions which are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. The Trust believes that a requirement always to seek the lowest possible commission cost could impede effective portfolio management and preclude the Fund from obtaining a high quality of brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser will rely upon its experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating the brokerage services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise, as in most cases, an exact dollar value for those services is not ascertainable. The Trust has adopted policies and procedures that prohibit the consideration of sales of Shares as a factor in the selection of a broker or dealer to execute its portfolio transactions.

The Adviser owes a fiduciary duty to its clients to seek to provide best execution on trades effected. In selecting a broker-dealer for each specific transaction, the Adviser chooses the broker-dealer deemed most capable of providing the services necessary to obtain the most favorable execution. "Best execution" is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances. The full range of brokerage services applicable to a particular transaction may be considered when making this judgment, which may include, but is not limited to: quality of services, reputation, experience, execution capabilities, spreads, responsiveness, value of research services provided, access to securities markets, liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders, competent block trading coverage, ability to position, capital strength and stability, reliable and accurate communications and settlement processing, use of automation, knowledge of other buyers or sellers, arbitrage skills, administrative ability, underwriting and provision of information on a particular security or market in which the transaction is to occur. The specific criteria will vary depending upon the nature of the transaction, the market in which it is executed, and the extent to which it is possible to select from among multiple broker-dealers. The Adviser will also use electronic crossing networks ("ECNs") when appropriate.

Subject to the foregoing policies, brokers or dealers selected to execute each Fund's portfolio transactions may include such Fund's Authorized Participants (as discussed in "<u>Procedures for Purchase of Creation Units</u>" below) or their affiliates. An Authorized Participant or its affiliates may be selected to execute a Fund's portfolio transactions in conjunction with an all-cash creation unit order or an order including "cash-in-lieu" (as described below under "<u>Purchase and Redemption of Shares in Creation Units</u>"), so long as such selection is in keeping with the foregoing policies. As described below under "<u>Purchase and Redemption of Shares in Creation Units—Creation Transaction Fee</u>" and "<u>Redemption Transaction Fee</u>", a Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders, *e.g.*, for creation orders that facilitate the rebalance of the Fund's portfolio in a more tax efficient manner than could be achieved without such order, even if the decision to not charge a variable fee could be viewed as benefiting the Authorized Participant or its affiliate selected to execute the Fund's portfolio transactions in connection with such orders.

The Adviser may use a Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services. The Adviser does not "pay up" for the value of any such proprietary research. Section 28I of the Exchange Act permits the Adviser, under certain circumstances, to cause a Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. The Adviser may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services and computer software and access charges which are directly related to investment research. Accordingly, a Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Adviser, but only if the Adviser determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to: 1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate; 2) cause clients to engage in more securities transactions than would otherwise be optimal; and 3) only recommend brokers that provide soft dollar benefits.

The Adviser faces a potential conflict of interest when it uses client trades to obtain brokerage or research services. This conflict exists because the Adviser is able to use the brokerage or research services to manage client accounts without paying cash for such services, which reduces the Adviser's expenses to the extent that the Adviser would have purchased such products had they not been provided by brokers. Section 28I permits the Adviser to use brokerage or research services for the benefit of any account it manages. Certain accounts managed by the Adviser may generate soft dollars used to purchase brokerage or research services that ultimately benefit other accounts managed by the Adviser, effectively cross subsidizing the other accounts managed by the Adviser that benefit directly from the product. The Adviser may not necessarily use all of the brokerage or research services in connection with managing the Fund whose trades generated the soft dollars used to purchase such products.

Each Fund may deal with affiliates in principal transactions to the extent permitted by exemptive order or applicable rule or regulation.

**Directed Brokerage.** Each Fund does not intend to direct brokerage transactions to a broker because of research services provided.

**Brokerage with Fund Affiliates**. Each Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of such Fund, the Adviser, or the Distributor for a commission in conformity with the 1940 Act, the Exchange Act and rules promulgated by the SEC. These rules require that commissions paid to the affiliate by a Fund for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of a Fund, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

**Securities of "Regular Broker-Dealers**.**"** Each Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) that it may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of a Fund are the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (iii) sold the largest dollar amounts of Shares.

**PORTFOLIO TURNOVER RATE**

Portfolio turnover may vary from year to year, as well as within a year. High turnover rates are likely to result in comparatively greater brokerage expenses. The overall reasonableness of brokerage commissions is evaluated by the Adviser based upon its knowledge of available information as to the general level of commissions paid by other institutional investors for comparable services.

**BOOK ENTRY ONLY SYSTEM**

DTC acts as securities depositary for Shares. Shares are represented by securities registered in the name of DTC or its nominee, Cede & Co., and deposited with, or on behalf of, DTC. Except in limited circumstances set forth below, certificates will not be issued for Shares.

DTC is a limited-purpose trust company that was created to hold securities of its participants (the "DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the New York Stock Exchange ("NYSE") and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers, and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants").

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to in this SAI as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares. The Trust recognizes DTC or its nominee as the record owner of all Shares for all purposes. Beneficial Owners of Shares are not entitled to have Shares registered in their names and will not receive or be entitled to physical delivery of Share certificates. Each Beneficial Owner must rely on the procedures of DTC and any DTC Participant and/or Indirect Participant through which such Beneficial Owner holds its interests, to exercise any rights of a holder of Shares.

Conveyance of all notices, statements, and other communications to Beneficial Owners is effected as follows. DTC will make available to the Trust upon request and for a fee a listing of Shares held by each DTC Participant. The Trust shall obtain from each such DTC Participant the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement, or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in the applicable Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in Shares, or for maintaining, supervising, or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing its service with respect to a Fund at any time by giving reasonable notice to such Fund and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Fund shall take action either to find a replacement for DTC to perform its functions at a comparable cost or, if such replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

**PURCHASE AND REDEMPTION OF SHARES IN CREATION UNITS**

The Trust issues and sells Shares only in Creation Units on a continuous basis through the Distributor, without a sales load (but subject to transaction fees, if applicable), at their NAV per share next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"). The NAV of Shares is calculated each Business Day as of the scheduled close of regular trading on the NYSE, generally 4:00 p.m., Eastern time. Neither Fund will issue fractional Creation Units. A "Business Day" is any day on which the NYSE is open for business.

**Fund Deposit**. The consideration for purchase of a Creation Unit of a Fund generally consists of either (i) the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit and the Cash Component (defined below), computed as described below or (ii) the cash value of the Deposit Securities ("Deposit Cash") and "Cash Component," computed as described below. When accepting purchases of Creation Units for cash, a Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. The "Cash Component" is an amount equal to the difference between the NAV of Shares (per Creation Unit) and the value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (*i.e.*, the NAV per Creation Unit exceeds the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (*i.e.*, the NAV per Creation Unit is less than the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized Participant (as defined below).

Each Fund, through NSCC, makes available on each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time), the list of the names and the required number of Shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for such Fund. The Fund Deposit is subject to any applicable adjustments as described below, to effect purchases of Creation Units of a Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of Shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for the Fund Deposit for a Fund changes as rebalancing adjustments and corporate action events are reflected from time to time by the Adviser with a view to the investment objective of such Fund.

The Trust reserves the right to permit or require the substitution of Deposit Cash to replace any Deposit Security, which shall be added to the Cash Component, including, without limitation, in situations where the Deposit Security: (i) may not be available in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities and municipal securities; (iii) may not be eligible for trading by an Authorized Participant (as defined below) or the investor for which it is acting; (iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would result in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v) in certain other situations (collectively, "custom orders"). The Trust also reserves the right to permit or require the substitution of Deposit Securities in lieu of Deposit Cash. The adjustments described above will reflect changes, known to the Adviser on the date of announcement to be in effect by the time of delivery of the Fund Deposit, resulting from certain corporate actions.

**Procedures for Purchase of Creation Units**. To be eligible to place orders with the Distributor to purchase a Creation Unit of a Fund, an entity must be (i) a "Participating Party" (*i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process")), a clearing agency that is registered with the SEC; or (ii) a DTC Participant (see "<u>Book Entry Only System</u>"). In addition, each Participating Party or DTC Participant (each, an "Authorized Participant") must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust, an amount of cash sufficient to pay the Cash Component together with the creation transaction fee (described below), if applicable, and any other applicable fees and taxes.

All orders to purchase Shares directly from a Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for orders to purchase Creation Units is 4:00 p.m. Eastern time, which time may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form. In the case of custom orders, the order must be received by the Distributor no later than 3:00 p.m. Eastern time and 12:00 p.m. Eastern time for the Fund, or such earlier time as may be designated by the Fund and disclosed to Authorized Participants. The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

An Authorized Participant may require an investor to make certain representations or enter into agreements with respect to the order (*e.g.*, to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase Shares directly from a Fund in Creation Units have to be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such Authorized Participants may have international capabilities.

On days when the Exchange closes earlier than normal, a Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which a Fund's investments are primarily traded is closed, such Fund will also generally not accept orders on such day(s). Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement and in accordance with the applicable order form. On behalf of the Fund, the Distributor will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Distributor by the cut-off time on such Business Day. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Distributor or an Authorized Participant.

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a sub-custody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the sub-custodian of each Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local sub-custodian. The Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than 12:00 p.m. Eastern time (or such other time as specified by the Trust) on the Settlement Date. If the Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. The "Settlement Date" for a Fund is generally the Business Day immediately after the Order Placement Date. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than the Settlement Date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the Settlement Date, the creation order may be cancelled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the Fund.

The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited with the Custodian on the Settlement Date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received on the Settlement Date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. A creation request is considered to be in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

**Issuance of a Creation Unit.** Except as provided in this SAI, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component has been completed. When the sub-custodian has confirmed to the Custodian that the required Deposit Securities (or the cash value thereof) have been delivered to the account of the relevant sub-custodian or sub-custodians, the Distributor and the Adviser shall be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than the Business Day immediately following the day on which the purchase order is deemed received by the Distributor. The Authorized Participant shall be liable to a Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of Shares on the date the order is placed in proper form since, in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by 12:00 p.m. Eastern time (or such other time as specified by the Trust) on the Settlement Date. If a Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to such Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "<u>Creation Transaction Fee</u>," may be charged. The delivery of Creation Units so created generally will occur no later than the Settlement Date.

**Acceptance of Orders of Creation Units**. The Trust reserves the right to reject an order for Creation Units transmitted to it by the Distributor with respect to a Fund including, without limitation, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (c) the investor(s), upon obtaining Shares ordered, would own 80% or more of the currently outstanding Shares of the Fund; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; I the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (f) in the event that circumstances outside the control of the Trust, the Custodian, the Transfer Agent and/or the Adviser make it for all practical purposes not feasible to process orders for Creation Units.

Examples of such circumstances include acts of God or public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process, and other extraordinary events. The Distributor shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for creation Units.

All questions as to the number of Shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust, and the Trust's determination shall be final and binding.

**Creation Transaction Fee**. A fixed purchase (*i.e.*, creation) transaction fee, payable to a Fund's custodian, may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The standard fixed creation transaction fee for a Fund, regardless of the number of Creation Units created in the transaction, can be found in the table below. The Fund may adjust the standard fixed creation transaction fee from time to time. The fixed creation fee may be waived on certain orders if a Fund's custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to a Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable charge is primarily designed to cover additional costs (*e.g.*, brokerage, taxes, spreads, slippage costs) involved with buying the securities with cash. A Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so benefits the Fund and its shareholders (*e.g.*, for creation orders that facilitate the rebalance of the Fund's portfolio in a more tax efficient manner than could be achieved without such order).

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| | | | |
|:---|:---|:---|:---|
| **Name of Funds** | **Fixed Creation**<br> **Transaction Fee**<br>**(In-Kind)**<br>| **Fixed Creation** <br> **Transaction Fee (Cash)** | **Maximum Variable** <br> **Transaction Fee** |
| CresAlta Global Dividend ETF | $[ ] | $[ ] | [ ]% |
| CresAlta Small and Mid-Cap ETF | $[ ] | $[ ] | [ ]% |

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Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account or on their order.

**Risks of Purchasing Creation Units**. There are certain legal risks unique to investors purchasing Creation Units directly from a Fund. Because Shares may be issued on an ongoing basis, a "distribution" of Shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from a Fund, breaks them down into the constituent Shares, and sells those Shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary-market demand for Shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause you to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with Shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

**Redemption**. Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by a Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF A FUND, THE TRUST WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough Shares in the secondary market to constitute a Creation Unit to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit.

With respect to each Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern time) on each Business Day, the list of the names and Share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of a Fund, redemption proceeds for a Creation Unit will consist of Fund Securities—as announced by the Custodian on the Business Day of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less a fixed redemption transaction fee, as applicable, as set forth below. In the event that the Fund Securities have a value greater than the NAV of Shares, a compensating cash payment equal to the differential is required to be made by or through an Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an Authorized Participant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

**Redemption Transaction Fee**. A fixed redemption transaction fee, payable to the Fund's custodian, may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units ("Redemption Order Costs"). The standard fixed redemption transaction fee for a Fund, regardless of the number of Creation Units redeemed in the transaction, can be found in the table below. A Fund may adjust the redemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if a Fund's custodian has determined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee, payable to a Fund, of up to the maximum percentage listed in the table below of the value of the Creation Units subject to the transaction may be imposed for cash redemptions, non-standard orders, or partial cash redemptions (when cash redemptions are available) of Creation Units. The variable charge is primarily designed to cover additional costs (*e.g.*, brokerage, taxes, spreads, slippage costs) involved with selling portfolio securities to satisfy a cash redemption. A Fund may determine to not charge a variable fee on certain orders when the Adviser has determined that doing so benefits such Fund and its shareholders (*e.g.*, for redemption orders that facilitate the rebalance of the Fund's portfolio in a more tax efficient manner than could be achieved without such order).

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| | | | |
|:---|:---|:---|:---|
| **Name of Funds** | **Fixed Redemption**<br> **Transaction Fee** <br> **(In-Kind)**<br>| **Fixed Redemption**<br> **Transaction Fee**<br>**(Cash)**  | **Maximum Variable** <br> **Transaction Fee** |
| CresAlta Global Dividend ETF | $[ ] | $[ ] | [ ]% |
| CresAlta Small and Mid-Cap ETF | $[ ] | $[ ] | [ ]% |

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Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring the Fund Securities from the Trust to their account or on their order.

**Procedures for Redemption of Creation Units.**

Orders to redeem Creation Units of a Fund must be submitted in proper form to the Transfer Agent prior to 4:00 p.m. A redemption request is considered to be in "proper form" if (i) an Authorized Participant has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's Shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request shall be rejected.

The Authorized Participant must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant.

Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the Shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

**Additional Redemption Procedures.** In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or Authorized Participant acting on behalf of such shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank, or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within two business days of the trade date. However, due to the schedule of holidays in certain countries, the different treatment among foreign and U.S. markets of dividend record dates and dividend ex-dates (that is the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances, the delivery of in-kind redemption proceeds may take longer than two Business Days after the day on which the redemption request is received in proper form. If neither the redeeming Shareholder nor the Authorized Participant acting on behalf of such redeeming Shareholder has appropriate arrangements to take delivery of the Fund Securities in the applicable foreign jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of the Fund Securities in such jurisdiction, the Trust may, in its discretion, exercise its option to redeem such Shares in cash, and the redeeming Shareholders will be required to receive its redemption proceeds in cash.

In addition, an investor may request a redemption in cash that a Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares of such Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee, if applicable, and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). Such Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

Redemptions of Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and each Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming investor of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an Authorized Participant that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide a written confirmation with respect to QIB status to receive Fund Securities.

Because the portfolio securities of a Fund may trade on other exchanges on days that the Exchange is closed or are otherwise not Business Days for such Fund, shareholders may not be able to redeem their Shares of the Fund, or to purchase or sell Shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affecting by events in the relevant foreign markets.

The right of redemption may be suspended or the date of payment postponed with respect to a Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the Shares of the Fund or determination of the NAV of the Shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**TAX STATUS**

The following discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. It should not be regarded as tax advice. Neither the Fund nor the Adviser are tax professionals and do not provide legal or tax advice. All shareholders should consult a qualified tax advisor regarding their investment in the Fund.

The initial capital raise from investors is expected to be made through in-kind contributions of securities from such investors in exchange for Shares. In-kind contributions may qualify for nonrecognition treatment to the contributing parties under Section 351 of the Code, assuming that the requirements of Section 351 are met, which would have corresponding consequences for the tax basis to the Fund in those contributed securities. There can be no assurances regarding the value or tax basis of the contributions in kind, which could result in a negative effect on after-tax returns to investors seeding the Fund and/or other investors in the Fund.

If for any reason, including the failure of the contributing investors to provide the Fund with accurate information, the initial contribution of assets to the Fund in exchange for Shares fails to meet the requirements of Section 351, the contribution of assets will be treated as a taxable event and the contributing investors would recognize an immediate gain or loss on the contributed assets. The Fund makes no representations as to whether any of such in-kind contributions qualify for Section 351 treatment, or as to any ancillary tax consequences. Additionally, future changes in the Code or regulations and interpretations applicable to Section 351 may impact the ability of contributing investors to take advantage of the deferral of immediate gains or losses on contributed assets. Neither the Fund nor the Adviser gives any assurance to the initial investors as to the tax characterization of their contribution of assets to the Fund in exchange for Shares. Investors making in-kind contributions to the Fund are urged to consult their own tax advisors.

**DETERMINATION OF NAV**

NAV per Share for each Fund is computed by dividing the value of the net assets of such Fund (*i.e.*, the value of its total assets less total liabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining NAV. The NAV of each Fund is calculated by PTL and determined at the scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern time) on each day that the NYSE is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating a Fund's NAV per Share, such Fund's investments are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share. A Fund may use various pricing services, or discontinue the use of any pricing service, as approved by the Board from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation.

**DIVIDENDS AND DISTRIBUTIONS**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Dividends, Distributions and Taxes."

<u>General Policies</u>. Dividends from net investment income, if any, are declared and paid at least annually by the CresAlta Small and Mid-Cap ETF and at least quarterly by the CresAlta Global Dividend ETF. Distributions of net realized securities gains, if any, generally are declared and paid once a year, but a Fund may make distributions on a more frequent basis to reduce or eliminate federal excise or income taxes or to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust.

Each Fund makes additional distributions to the extent necessary (i) to distribute the entire annual taxable income of the Fund, plus any net capital gains and (ii) to avoid imposition of the excise tax imposed by Section 4982 of the Code. Management of the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the Fund's eligibility for treatment as a RIC or to avoid imposition of income or excise taxes on undistributed income.

<u>Dividend Reinvestment Service</u>. The Trust will not make the DTC book-entry dividend reinvestment service available for use by Beneficial Owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book- entry Dividend Reinvestment Service for use by Beneficial Owners of the Funds through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers or other custodian to ascertain the availability and description of these services. Beneficial Owners should be aware that each broker or other custodian may require investors to adhere to specific procedures and timetables to participate in the dividend reinvestment service and investors should ascertain from their brokers or other custodian such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares issued by the Trust of the applicable Fund at NAV per Share. Distributions reinvested in additional Shares will nevertheless be taxable to Beneficial Owners acquiring such additional Shares to the same extent as if such distributions had been received in cash.

**FEDERAL INCOME TAXES**

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Funds and their shareholders that supplements the discussion in the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment of the Funds or their shareholders, and the discussion here and in the Prospectus is not intended to be a substitute for careful tax planning.

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

Shareholders are urged to consult their own tax advisers regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations of the shareholders and regarding specific questions as to federal, state, foreign or local taxes.

<u>Taxation of the Funds</u>. Each Fund has elected and intends to continue to qualify each year to be treated as a separate RIC under the Code. As such, each Fund should not be subject to federal income taxes on its net investment income and capital gains, if any, to the extent that such Fund timely distributes such income and capital gains to its shareholders. To qualify for treatment as a RIC, each Fund must distribute annually to its shareholders at least the sum of 90% of its net investment income (generally including the excess of net short-term capital gains over net long-term capital losses) and 90% of its net tax-exempt interest income, if any (the "Distribution Requirement") and also must meet several additional requirements. Among these requirements are the following: (i) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in such stock, securities or foreign currencies and net income derived from interests in qualified publicly traded partnerships (the "Qualifying Income Requirement"); and (ii) at the end of each quarter of the Fund's taxable year, the Fund's assets must be diversified so that (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater in value 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, including the equity securities of a qualified publicly traded partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Diversification Requirement").

To the extent a Fund makes investments that may generate income that is not qualifying income, including certain derivatives, such Fund will seek to restrict the resulting income from such investments so that the Fund's non-qualifying income does not exceed 10% of its gross income.

Although each Fund intends to distribute substantially all of its net investment income and may distribute its capital gains for any taxable year, such Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. Each Fund is treated as a separate corporation for federal income tax purposes. Each Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. The requirements (other than certain organizational requirements) for qualifying RIC status are determined at the fund level rather than at the Trust level.

If a Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, such Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the Diversification Requirement where the Fund corrects the failure within a specified period of time. To be eligible for the relief provisions with respect to a failure to meet the Diversification Requirement, a Fund may be required to dispose of certain assets. If these relief provisions were not available to such Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at the regular 21% corporate rate without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable to the shareholders of the Fund as ordinary income dividends, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by non-corporate shareholders, subject to certain limitations. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a Fund-level tax on certain net built in gains recognized with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If a Fund determines that it will not qualify as a RIC, such Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

Each Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, a Fund may carry a net capital loss from any taxable year forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to its shareholders. Generally, a Fund may not carry forward any losses other than net capital losses. The carryover of capital losses may be limited under the general loss limitation rules if a Fund experiences an ownership change as defined in the Code.

Each Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for the one-year period ending on October 31 of that year, subject to an increase for any shortfall in the prior year's distribution. For this purpose, any ordinary income or capital gain net income retained by a Fund and subject to corporate income tax will be considered to have been distributed. Each Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of the excise tax, but can make no assurances that all such tax liability will be eliminated. Each Fund may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the Adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Fund to satisfy the requirement for qualification as a RIC.

If a Fund meets the Distribution Requirement but retains some or all of its income or gains, it will be subject to federal income tax to the extent any such income or gains are not distributed. A Fund may designate certain amounts retained as undistributed net capital gain in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the Fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed their tax liabilities, and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their Shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

<u>Taxation of Shareholders – Distributions</u>. Each Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net recognized long-term capital gains in excess of net recognized short-term capital losses, taking into account any capital loss carryforwards). The distribution of investment company taxable income (as so computed) and net realized capital gain will be taxable to Fund shareholders regardless of whether the shareholder receives these distributions in cash or reinvests them in additional Shares.

The Funds (or your broker or other custodian) will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the portion of dividends which may qualify for the dividends-received deduction for corporations, and the portion of dividends which may qualify for treatment as qualified dividend income, which is taxable to non-corporate shareholders at rates of up to 20%.

Qualified dividend income includes, in general, subject to certain holding period and other requirements, dividend income from taxable domestic corporations and certain foreign corporations. Subject to certain limitations, eligible foreign corporations include those incorporated in possessions of the United States, those incorporated in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Dividends received by a Fund from an ETF, an underlying fund taxable as a RIC, or from a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying fund, or REIT, however, dividends received by a Fund from a REIT are generally not treated as qualified dividend income. If 95% or more of a Fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, such Fund may report all distributions of such income as qualified dividend income.

Fund dividends will not be treated as qualified dividend income if the applicable Fund does not meet holding period and other requirements with respect to dividend paying stocks in its portfolio, and the shareholder does not meet holding period and other requirements with respect to the Shares on which the dividends were paid.

Distributions by a Fund of its net short-term capital gains will be taxable as ordinary income. Distributions from a Fund's net capital gain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares. Distributions may be subject to state and local taxes.

In the case of corporate shareholders, certain dividends received by a Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend and (2) that is held in an unleveraged position) and distributed and appropriately so reported by the Fund may be eligible for the 50% dividends received deduction. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to a Fund from other RICs are not eligible for the dividends received deduction. To qualify for the deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends received deduction with respect to those Shares.

Under Treasury Regulations, a RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the applicable Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

Although dividends generally will be treated as distributed when paid, any dividend declared by a Fund in October, November or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

Shareholders who have not held Shares for a full year should be aware that a Fund may report and distribute, as ordinary dividends or capital gain dividends, a percentage of income that is not equal to the percentage of such Fund's ordinary income or net capital gain, respectively, actually earned during the applicable shareholder's period of investment in such Fund. A taxable shareholder may wish to avoid investing in a Fund shortly before a dividend or other distribution, because the distribution will generally be taxable even though it may economically represent a return of a portion of the shareholder's investment.

To the extent that a Fund makes a distribution of income received by such Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If a Fund's distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in a Fund and result in a higher capital gain or lower capital loss when the Shares on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's Shares.

<u>Taxation of Shareholders – Sale, Redemption, or Exchange of Shares.</u> A sale, redemption, or exchange of Shares may give rise to a gain or loss. For tax purposes, an exchange of your Fund shares of a different fund is the same as a sale. In general, any gain or loss realized upon a taxable disposition of Shares will be treated as long-term capital gain or loss if Shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Shares will generally be treated as short-term capital gain or loss. Any loss realized upon a taxable disposition of Shares held for six months or less will be treated as long-term capital loss, rather than short-term capital loss, to the extent of any amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the shareholder as undistributed capital gains). All or a portion of any loss realized upon a taxable disposition of Shares may be disallowed if substantially identical Shares are acquired (through the reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the disposition. In such a case, the basis of the newly acquired Shares will be adjusted to reflect the disallowed loss.

The cost basis of Shares acquired by purchase will generally be based on the amount paid for Shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of the capital gain or loss realized on the sale or exchange of Shares. Contact the broker or custodian through whom you purchased your Shares to obtain information with respect to the available cost basis reporting methods and elections for your account.

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The ability of Authorized Participants to receive a full or partial cash redemption of Creation Units of a Fund may limit the tax efficiency of such Fund. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot currently be deducted under the rules governing "wash sales" (for a person who does not mark-to-market its portfolio) or on the basis that there has been no significant change in economic position.

Any gain or loss realized upon a creation or redemption of Creation Units will be treated as capital or ordinary gain or loss, depending on the circumstances. Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if Shares comprising the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any capital loss upon a redemption of Creation Units held for six months or less may be treated as long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

The Trust, on behalf of the Funds, has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares and if, pursuant to Section 351 of the Code, the applicable Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Trust also has the right to require the provision of information necessary to determine beneficial Share ownership for purposes of the 80% determination. If a Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares, the purchaser (or a group of purchasers) will not recognize gain or loss upon the exchange of securities for Creation Units.

Authorized Participants purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rule applies and when a loss may be deductible.

<u>Taxation of Shareholders – Net Investment Income Tax.</u> U.S. individuals with adjusted gross income (subject to certain adjustments) exceeding certain threshold amounts ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases) are subject to a 3.8% tax on all or a portion of their "net investment income," which includes taxable interest, dividends, and certain capital gains (generally including capital gain distributions and capital gains realized on the sale of Shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

<u>Taxation of Fund Investments</u>. Certain of a Fund's investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts) that, among other things, may affect a Fund's ability to qualify as a RIC, affect the character of gains and losses realized by a Fund (e.g., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to a Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require a Fund to mark to market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause such Fund to recognize income without the Fund receiving cash with which to make distributions in amounts sufficient to enable the Fund to satisfy the RIC distribution requirements for avoiding income and excise taxes. Each Fund intends to monitor its transactions, intends to make appropriate tax elections, and intends to make appropriate entries in its books and records in order to mitigate the effect of these rules and preserve such Fund's qualification for treatment as a RIC. To the extent a Fund invests in an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities and investments.

<u>Backup Withholding</u>. Each Fund will be required in certain cases to withhold (as "backup withholding") on amounts payable to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to backup withholding by the IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that he or she is not subject to "backup withholding"; or (4) fails to provide a certified statement that he or she is a U.S. person (including a U.S. resident alien). The backup withholding rate is currently 24%. Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither citizens nor permanent residents of the U.S.

<u>Non-U.S. Shareholders</u>. Any non-U.S. investors in a Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisers prior to investing in a Fund. Foreign shareholders (*i.e.*, nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. A Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of Shares generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the applicable Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), each Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by a fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to a Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the United States to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in a Fund will need to provide such Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in a Fund should consult their tax advisors in this regard.

Each Fund's shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from such Fund until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

<u>Certain Potential Tax Reporting Requirements</u>. Under U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

<u>Other Issues</u>. In those states which have income tax laws, the tax treatment of a Fund and of Fund shareholders with respect to distributions by such Fund may differ from federal tax treatment.

**FINANCIAL STATEMENTS**

Each Fund has not yet commenced operations and, therefore, has not produced financial statements. Once produced, you can obtain a copy of the financial statements contained in a Fund's Annual or Semi-Annual Form N-CSRs without charge by calling the Fund at [ ].

APPENDIX A

**Proxy Voting Policies**

&nbsp;&nbsp;**PROXY VOTING POLICIES AND PROCEDURES**

***CresAlta Investment Management, Inc.*** *(the "Firm" and "Advisor")*

**GENERAL PROXY VOTING POLICIES**

The Firm understands and appreciates the importance of proxy voting. To the extent that Firm has discretion to vote the proxies of its advisory clients, Firm will vote any such proxies in the best interests of advisory clients and investors (as applicable) and in accordance with the policies of the Proxy Service Providers<sup>1</sup> and ISS Governance ("Proxy Service Providers") and the procedures outlined below.

**PROXY VOTING PROCEDURES**

1) All proxies sent to advisory clients that are actually received by Firm or recorded by the Proxy Service Providers (to vote on behalf of the advisory clients) will be provided to the Chief Investment Officer ("CIO") or his or her delegate (the "Proxy Administrator").

2) The Proxy Administrator instructs the Proxy Service Providers to generally adhere to the following procedures (subject to limited exception):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) A written record of each proxy received by Firm or recorded by the Proxy Service Providers (on
behalf of its advisory clients) is kept in Firm's files;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Proxy Service Providers and the Proxy Administrator determine which of Firm's advisory
clients hold the security to which the proxy relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Portfolio Manager reviews the proxy and, based upon the advice/recommendation from the Proxy
Service Providers, determines how to vote the proxy in question in accordance with the guidelines set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Prior to voting any proxies, the Portfolio Manager will attempt to determine if there are any conflicts
of interest related to the proxy in question. If a conflict is identified, the Chief Compliance Officer ("CCO") is
notified so a determination can be made as to whether the conflict is material or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) If no material conflict is identified pursuant to these procedures, the Portfolio Manager decides
how to vote the proxy in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Firm may retain an independent third party to vote proxies in certain situations (including situations
where a material conflict of interest is identified).

<sup>1</sup> Before engaging a proxy provider and during the course of the relationship, the Firm conducts appropriate due diligence/oversight. Records of this due diligence/oversight is maintained in the Firm's records.

**HANDLING CONFLICTS OF INTEREST**

1) As stated above, in evaluating how to vote a proxy, the Portfolio Manager first determines whether there is a conflict of interest related to the proxy in question between Firm and its advisory clients. This examination includes (but is not limited to) an evaluation of whether the Firm (or any affiliate of Firm has any relationship with the company or an affiliate of the company) to which the proxy relates outside an investment in such company by an advisory client of Firm.

2) If a conflict is identified and deemed "material" by the Portfolio Manager after consultation with the CCO, Firm determines whether voting in accordance with these proxy voting guidelines is in the best interests of affected advisory clients (which may include utilizing an independent third-party to vote such proxies).

3) With respect to material conflicts, Firm determines whether it is appropriate to disclose the conflict to affected advisory clients and investors and give advisory clients and investors the opportunity to vote the proxies in question themselves, if applicable. If an advisory client is subject to the requirements of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the investment management agreement between Firm and the ERISA advisory client reserves the right to vote proxies when Firm has determined that a material conflict exists that does affect its best judgment as a fiduciary to the ERISA advisory client, Firm will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Give the ERISA advisory client the opportunity to vote the proxies in question themselves; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Follow designated special proxy voting procedures related to voting proxies pursuant to the terms
of the investment management agreement with such ERISA Advisory Clients (if any).

**VOTING GUIDELINES**

In the absence of specific voting guidelines mandated by a particular advisory client, Firm endeavors to vote proxies in the best interests of each advisory client via the Proxy Service Providers policy.

In some foreign markets where proxy voting demands fee payment for agent services, the Firm balances the cost and benefit of proxy voting and may give up the proxy voting if the cost associated is greater than the benefits from voting.

1) Although voting certain proxies may be subject to the discretion of the Firm, the Firm believes that voting proxies in accordance with the following general guidelines is in the best interests of its advisory clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Firm generally votes in favor of routine corporate housekeeping proposals as proposed by corporate
management, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) **Election of directors (where there are no related corporate governance issues);** 

ii) **Selection or reappointment of auditors; or**

iii) **Increasing or reclassification of common stock.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The Firm generally votes against proposals that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) **Make it more difficult to replace members of the issuer's board of directors or board of managers; or** 

ii) **Introduces unequal voting rights (although there may be regulatory reasons that would make such a proposal favorable to certain advisory clients of the Firm).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) The Firm generally votes against proposals that make it more difficult for an issuer to be taken
over by outsiders, and in favor of proposals to do the opposite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Firm generally votes in favor of proposals by management or shareholders concerning various
compensation and stock option plans that will act to make management and employee compensation more dependent on long-term stock
price performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The Firm generally votes against proposals to move the company to another state less favorable
to shareholders' interests, or to restructure classes of stock in such a way as to benefit one class of shareholders at the
expense of another, such as dual classes (A and B shares) of stock.

**DISCLOSURE OF PROCEDURES**

A brief summary of these proxy voting procedures is included in any Firm Form ADV Part 2A and is updated whenever these policies and procedures are materially updated. For registered investment company clients, the Firm works with the RIC to provide the necessary information for the Form N-PX and reviews such information for accuracy.

**RECORD-KEEPING REQUIREMENTS**

The CCO via the Proxy Service Providers is responsible for maintaining files relating to the Firm's proxy voting procedures. Records are maintained and preserved for five (5) years from the end of the fiscal year during which the last entry was made on a record, with records for the first two years kept in the offices of the Firm. Records of the following are included in the files:

1) Copies of these proxy voting policies and procedures, and any amendments thereto;

2) A copy of each proxy statement that the Firm or the Proxy Service Providers actually receives; provided, however, that the Firm may rely on obtaining a copy of proxy statements from the SEC's EDGAR system for those proxy statements that are so available;

3) A record of each vote that the Firm via the Proxy Service Providers casts;

4) A copy of any document that the Firm created that was material to making a decision how to vote the proxies, or memorializes that decision (if any); and

A copy of each written request for information on how the Firm voted such advisory client's proxies and a copy of any written response to any request for information on how the Firm voted proxies on behalf of advisory clients.

**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits**

*(a)* *Declaration of Trust*

(1) [Certificate of Trust dated March 7, 2022](http://www.sec.gov/Archives/edgar/data/1936157/000139834422012830/fp0077247_ex9928a1.htm) <sup>1</sup>

(2) [Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928a2.htm) <sup>2</sup>

(3) [<u>Second Amended and Restated A</u> greement and Declaration of Trust of Elevation Series Trust dated September 26, 2022](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928a3.htm) <sup>2</sup>

*(b)* *By-Laws*

(1) [Amended By -Laws dated September 14, 2022](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928b1.htm) <sup>2</sup>

*(c)* *Instruments Defining Rights of Security Holders*

(1) Instruments Defining
 Rights of Security Holders incorporated by reference to the [Agreement and Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928a3.htm) and [By -Laws](http://www.sec.gov/Archives/edgar/data/1936157/000139834422012830/fp0077247_ex9928b1.htm)

*(d)* *Investment Advisory Agreements*

(1) [Investment Advisory Agreement between Elevation Series Trust and Paralel Advisors LLC on behalf of the SRH U.S. Quality GARP ETF (fka SRH U.S.](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928d1.htm) [Quality ETF)](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928d1.htm) <sup>2</sup>

(2) [Investment Sub-Advisory Agreement between Elevation Series Trust, Paralel Advisors LLC and Vident Advisory , LLC on behalf of the SRH U.S. Quality](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928d2.htm) [GARP ETF](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928d2.htm) <sup>3</sup>

(3) [Investment Advisory Agreement between Elevation Series Trust and Paralel Advisors LLC on behalf of the SRH REIT Covered Call ETF](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-d3.htm) <sup>4</sup>

(4) [Investment Sub-Advisory Agreement between Elevation Series Trust, Paralel Advisors LLC and Rocky Mountain Advisers, LLC on behalf of the SRH](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-d4.htm) [REIT Covered Call ETF](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-d4.htm) <sup>4</sup>

(5) [Investment Sub-Advisory Agreement between Elevation Series Trust, Paralel Advisors LLC and Vident Advisory , LLC on behalf of the SRH REIT](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-d5.htm) [Covered Call ETF](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-d5.htm) <sup>4</sup>

(6) [Investment Advisory Agreement between Elevation Series Trust and Sovereigns Capital Management, LLC on behalf of the Sovereign's Capital Flourish](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928d6.htm) [Fund](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928d6.htm) <sup>3</sup>

(7) [Investment Sub-Advisory Agreement between Elevation Series Trust, Sovereigns Capital Management, LLC and Vident Advisory , LLC on behalf of the](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928d7.htm) [Sovereign's Capital Flourish Fund](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928d7.htm) <sup>3</sup>

(8) [Investment Advisory Agreement between Elevation Series Trust and TrueMark Investments, LLC on behalf of the Opal International Dividend Income ETF, TrueShares Seasonality Laddered Buffered ETF, TrueShares ConVex Protect ETF, TrueShares S&P Autocallable Defensive Income ETF and TrueShares S&P Autocallable High Income ETF ("TrueMark Investment Advisory Agreement One")](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-d8.htm) <sup>22</sup>

(9) [Investment Advisory Agreement between Elevation Series Trust and TrueMark Investments, LLC on behalf on behalf of the RiverNorth Patriot ETF, RiverNorth Enhanced Pre-Merger SPAC ETF, RiverNorth Active Income ETF, Opal Dividend Income ETF, TrueShares Technology, AI, & Deep Learning ETF, TrueShares Active Yield ETF, TrueShares Eagle Global Renewable Energy Income ETF and the TrueShares Structured Outcome ETFs ("TrueMark Investment Advisory Agreement Two")](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-d9.htm) <sup>22</sup>

(10) [Interim Investment Advisory Agreement between Elevation Series Trust and TrueMark Investments, LLC on behalf of the TrueShares Quarterly Bull Hedge ETF and TrueShares Quarterly Bear Hedge ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-d10.htm) <sup>22</sup>

(11) [Investment Advisory Agreement between Elevation Series Trust and Clough Capital Partners L.P. on behalf of the Clough Hedged Equity ETF and Clough](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-d9.htm) [Select Equity ETF](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-d9.htm) <sup>9</sup>

(12) [Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and Opal Capital LLC on behalf of The Opal International Dividend Income ETF and the Opal Dividend Income ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-d12.htm) <sup>22</sup>

(13) [Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and RiverNorth Capital Management, LLC on behalf of RiverNorth Patriot ETF, RiverNorth Enhanced Pre-Merger SPAC ETF and RiverNorth Active Income ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-d13.htm) <sup>22</sup>

(14) [Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and Black Hill Capital Partners, LLC on behalf of TrueShares Technology, AI, & Deep Learning ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-d14.htm) <sup>22</sup>

(15) [Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and Wealth Builder Funds, LLC on behalf of TrueShares Active Yield ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-d15.htm) <sup>22</sup>

(16) [Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and Eagle Global Advisors, LLC on behalf of TrueShares Eagle Global Renewable Energy Income ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-d16.htm) <sup>22</sup>

(17) [Investment Advisory Agreement between Elevation Series Trust and Vulcan Value Partners, LLC on behalf of the Vulcan Value Partners Fund and Vulcan](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-d22.htm) [Value Partners Small Cap Fund](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-d22.htm) <sup>18</sup>

(18) [<u>Expense Limitation A</u> greement dated September 15, 2025 on behalf of the Vulcan Funds](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-d23.htm) <sup>18</sup>

(19) [Investment Advisory Agreement between Elevation Series Trust and Disciplined Growth Investors, Inc. on behalf of The Disciplined Growth Investors](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008883/ex99-d23.htm) [Fund ("DGI Investment Advisory Agreement")](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008883/ex99-d23.htm) <sup>14</sup>

(20) [Investment Advisory Agreement between Elevation Series Trust and Norris Perné and French LLP d/b/a NPF Investment Advisors on behalf of NPF Core](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013661/ex99-d25.htm) [Equity ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013661/ex99-d25.htm) <sup>19</sup>

(21) [Investment Sub-Advisory Agreement between Elevation Series Trust, Norris Perné and French LLP d/b/a NPF Investment Advisors and Vident Advisory,](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013661/ex99-d26.htm) [LLC on behalf of NPF Core Equity ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013661/ex99-d26.htm) <sup>19</sup>

(22) [Amendment to Schedule A of TrueMark Investment Advisory Agreement One for the purpose of adding TrueShares Equity Hedge ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-d22.htm) <sup>22</sup>

(23) [Amendment to Schedule A of DGI Investment Advisory Agreement for the purpose of adding The Disciplined Growth Investors Equity Fund](http://www.sec.gov/Archives/edgar/data/1936157/000199937125021274/ex99-d28.htm) <sup>21</sup>

(24) Investment
 Advisory Agreement between Elevation Series Trust and CresAlta Investment Management, Inc. on behalf of CresAlta Global Dividend
 ETF and CresAlta Small and Mid-Cap ETF (to be filed by amendment)

(25) Investment
 Sub-Advisory Agreement between Elevation Series Trust, CresAlta Investment Management, Inc. and Vident Asset Management on
 behalf of CresAlta Global Dividend ETF and CresAlta Small and Mid-Cap ETF (to be filed by amendment)

*(e)* *Distribution Agreement*

(1) [ETF Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC on behalf of the SRH U.S. Quality GARP ETF ("ETF](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928e1.htm) [Distribution Agreement")](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928e1.htm) <sup>2</sup>

(2) Amendment
 to the ETF Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC to update Exhibit A (to be filed
 by amendment)

(3) [Mutual Fund Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC on behalf of The Disciplined Growth Investors Fund](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008883/ex99-e4.htm) [("Mutual Fund Distribution Agreement")](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008883/ex99-e4.htm) <sup>14</sup>

(4) [Form of Authorized Participant Agreement for Paralel Distributors LLC](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928e2.htm) <sup>2</sup>

(5) [Amendment to the Mutual Fund Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC to update Exhibit A, effective](http://www.sec.gov/Archives/edgar/data/1936157/000199937125021274/ex99-e5.htm) [December 29, 2025](http://www.sec.gov/Archives/edgar/data/1936157/000199937125021274/ex99-e5.htm) <sup>21</sup>

*(f)* *Bonus or Profit-Sharing Contracts* None

*(g)* *Custody Agreements*

(1) [Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company , with respect to the Trust and SRH U.S. Quality GARP ETF](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928g1.htm) <sup>2</sup>

(2) <u>Letter Agreement adding the Sovere</u> ig <u>n's Capital Flourish Fund to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust</u> [<u>Company</u>](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928g2.htm) <u><sup>3</sup></u> 

(3) [Letter Agreement adding the SRH REIT Covered Call ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-g3.htm) [Company](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-g3.htm) <sup>4</sup>

(4) [Letter Agreement adding the TrueShares Quarterly Bull Hedge ETF and TrueShares Quarterly Bear Hedge ETF to the Custody Agreement between](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-g4.htm) [Elevation Series Trust and State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-g4.htm) <sup>5</sup>

(5) [Letter Agreement adding the Clough Hedged Equity ETF and Clough Select Equity ETF to the Custody Agreement between Elevation Series Trust and](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-g5.htm) [State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-g5.htm) <sup>9</sup>

(6) [Letter Agreement adding The Opal International Dividend Income ETF and TrueShares Seasonality Laddered Buffered ETF to the Custody Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937124015808/ex99-g6.htm) [between Elevation Series Trust and State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000199937124015808/ex99-g6.htm) <sup>8</sup>

(7) [<u>Letter Agreement adding the TrueShares Structured Outcome ETFs, RiverNorth Patriot ETF, RiverNorth Enhanced Pre-Me</u> rg <u>er SPAC ETF, RiverNorth</u>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-g8.htm) [<u>Active Income ETF, Opal Dividend Income ETF, TrueShares Technology , AI, & Deep Learning ETF, TrueShares Active Yield ETF, TrueShares Eagle</u>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-g8.htm) [Global Renewable Energy Income ETF, Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund to the Custody Agreement between](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-g8.htm) [Elevation Series Trust and State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-g8.htm) <sup>12</sup>

(8) [Letter Agreement adding the TrueShares ConVex Protect ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust](https://www.sec.gov/Archives/edgar/data/1936157/000199937125008265/ex99-g9.htm) [Company](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-g8.htm) <sup>13</sup>

(9) [Letter Agreement adding NPF Core Equity ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013661/ex99-g10.htm) <sup>19</sup>

(10) [Custody Agreement between Elevation Series Trust and U.S. Bank National Association, with respect to the Trust and The Disciplined Growth Investors](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008883/ex99-g11.htm) [Fund](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008883/ex99-g11.htm) <sup>14</sup>

(11) [Letter Agreement adding the TrueShares S&P Autocallable High Income ETF and TrueShares S&P Autocallable Defensive Income ETF to the Custody](http://www.sec.gov/Archives/edgar/data/1936157/000199937125021123/ex99-g11.htm) [Agreement between Elevation Series Trust and State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000199937125021123/ex99-g11.htm) <sup>20</sup>

(12) [Letter Agreement adding the TrueShares Equity Hedge ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-g12.htm) <sup>22</sup>

(13) [<u>Letter Agreement adding The Disciplined Growth Investors Equi</u> ty <u>Fund to the Custody Agreement between Elevation Series Trust and U.S. Bank National</u>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125021274/ex99-g13.htm) [Association](http://www.sec.gov/Archives/edgar/data/1936157/000199937125021274/ex99-g13.htm) <sup>21</sup>

(14) Letter
 Agreement adding CresAlta Global Dividend ETF and CresAlta Small and Mid-Cap ETF to the Custody Agreement between Elevation
 Series Trust and State Street Bank and Trust Company (to be filed by amendment)

*(h)* *Other Material Contracts*

(1) [Transfer Agency and Service Agreement between Elevation Series Trust and State Street Bank and Trust (TA Agreement) , with respect to the Trust and](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928h1.htm) [SRH U.S. Quality GARP ETF](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928h1.htm) <sup>2</sup>

(2) [Letter Agreement adding the Sovereign's Capital Flourish Fund to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928h2.htm) <sup>3</sup>

(3) [Letter Agreement adding the SRH REIT Covered Call ETF to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-h3.htm) <sup>4</sup>

(4) [Letter Agreement adding the TrueShares Quarterly Bull Hedge ETF and TrueShares Quarterly Bear Hedge ETF to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-h4.htm) <sup>5</sup>

(5) [Letter Agreement adding the Clough Hedged Equity ETF and Clough Select Equity ETF to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-h5.htm) <sup>9</sup>

(6) [Master Transfer Agency and Services Agreement ("Paralel TA Agreement") between Elevation Series Trust and Paralel Technologies LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008883/ex99-h7.htm) <sup>14</sup>

(7) [Letter Agreement adding The Opal International Dividend Income ETF and TrueShares Seasonality Laddered Buffered ETF to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937124015808/ex99-h6.htm) <sup>8</sup>

(8) [<u>Letter Agreement adding TrueShares Structured Outcome ETFs, RiverNorth Patriot ETF, RiverNorth Enhanced Pre-Me</u> rg <u>er SPAC ETF, RiverNorth Active</u>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-h9.htm) [<u>Income ETF, Opal Dividend Income ETF, TrueShares Technology , AI, & Deep Learning ETF, TrueShares Active Yield ETF, and TrueShares Eagle Global</u>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-h9.htm) [<u>Renewable Energy Income ETF to the TA Agreement</u>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-h9.htm) <sup>12</sup>

(9) [Letter Agreement adding the TrueShares ConVex Protect ETF to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008265/ex99-h10.htm) <sup>13</sup>

(10) [Letter Agreement adding NPF Core Equity ETF to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013661/ex99-h11.htm) <sup>19</sup>

(11) [Letter Agreement adding TrueShares S&P Autocallable High Income ETF and TrueShares S&P Autocallable Defensive Income ETF to the TA](http://www.sec.gov/Archives/edgar/data/1936157/000199937125021123/ex99-h11.htm) [Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937125021123/ex99-h11.htm) <sup>20</sup>

(12) [Letter Agreement adding TrueShares Equity Hedge ETF to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-h12.htm) <sup>22</sup>

(13) Letter
 Agreement adding CresAlta Global Dividend ETF and CresAlta Small and Mid-Cap ETF to the TA Agreement (to be filed by amendment)

(14) [Fund Addendum to the Paralel TA Agreement to add The Disciplined Growth Investors Fund](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008883/ex99-h12.htm) <sup>14</sup>

(15) [Fund Addendum to the Paralel TA Agreement to add the Vulcan Funds](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-h13.htm) <sup>18</sup>

(16) [Fund Addendum to the Paralel TA Agreement to add The Disciplined Growth Investors Equity Fund](http://www.sec.gov/Archives/edgar/data/1936157/000199937125021274/ex99-h15.htm) <sup>21</sup>

(17) [Amended and Restated Master Administration and Fund Accounting Agreement between Elevation Series Trust and Paralel Technologies LLC (Master](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928h3.htm) [Admin Agreement)](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928h3.htm) <sup>3</sup>

(18) [Amendment #1 to the Master Admin Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-h11.htm) <sup>5</sup>

(19) [Second Amended and Restated Fund Addendum to the Master Admin Agreement with respect to the SRH Funds, dated May 1, 2025](http://www.sec.gov/Archives/edgar/data/1936157/000199937125012505/ex99-h16.htm) <sup>17</sup>

(20) [Fund Addendum to the Master Admin Agreement with respect to the Sovereign's Capital Flourish Fund](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928h6.htm) <sup>3</sup>

(21) [Second Amended and Restated Fund Addendum to the Master Admin Agreement with respect to the TrueMark Funds, dated January 7, 2026](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-h20.htm) <sup>22</sup>

(22) [Amended and Restated Fund Addendum to the Master Admin Agreement with respect to the Clough Funds, dated January 14, 2025](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-h12.htm) <sup>9</sup>

(23) [Amended and Restated Fund Addendum to the Master Admin Agreement with respect to the Vulcan Funds, dated September 10, 2025](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-h20.htm) <sup>18</sup>

(24) [Amended and Restated Fund Addendum to the Master Admin Agreement with respect to The Disciplined Growth Investors Fund, dated July 8, 2025](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008883/ex99-h21.htm) <sup>14</sup>

(25) [Second Amended and Restated Master Administration and Fund Accounting Agreement (Second Master Admin Agreement)](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013661/ex99-h22.htm) <sup>19</sup>

(26) [Amended and Restated Fund Addendum to the Second Master Admin Agreement with respect to the NPF Core Equity ETF, dated September 18, 2025](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013661/ex99-h23.htm) <sup>19</sup>

---

| | | | |
|:---|:---|:---|:---|
|  | (27) | Amended and Restated Fund Addendum to the Second Master Admin Agreement with respect to the CresAlta Global Dividend ETF and CresAlta Small and Mid-Cap ETF (to be filed by amendment) | Amended and Restated Fund Addendum to the Second Master Admin Agreement with respect to the CresAlta Global Dividend ETF and CresAlta Small and Mid-Cap ETF (to be filed by amendment) |
|  | (28) | [Index License Agreement between Paralel Advisors LLC and Index Provider with respect to the SRH U.S. Quality GARP ETF](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928h3.htm)<sup>2</sup> | [Index License Agreement between Paralel Advisors LLC and Index Provider with respect to the SRH U.S. Quality GARP ETF](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928h3.htm)<sup>2</sup> |
| *(i)* | *Legal Opinions* | *Legal Opinions* | *Legal Opinions* |
|  | (1) | [Opinion and Consent of Counsel](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-i1.htm)<sup>22</sup> | [Opinion and Consent of Counsel](http://www.sec.gov/Archives/edgar/data/1936157/000199937126000412/ex99-i1.htm)<sup>22</sup> |
|  | (2) | Opinion and Consent of Counsel for the CresAlta Global Dividend ETF and CresAlta Small and Mid-Cap ETF (to be filed by amendment) | Opinion and Consent of Counsel for the CresAlta Global Dividend ETF and CresAlta Small and Mid-Cap ETF (to be filed by amendment) |
| *(j)* | *Consent of Independent Registered Public Accounting Firm None* | *Consent of Independent Registered Public Accounting Firm None* | *Consent of Independent Registered Public Accounting Firm None* |
| *(k)* | *Omitted Financial Statements None* | *Omitted Financial Statements None* | *Omitted Financial Statements None* |
| *(l)* | *Initial Capital Agreements* | *Initial Capital Agreements* | *Initial Capital Agreements* |
|  | (1) | [Share Purchase Agreement between Elevation Series Trust and Paralel Technologies LLC with respect to the SRH U.S. Quality GARP ETF](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928l1.htm)<sup>2</sup> | [Share Purchase Agreement between Elevation Series Trust and Paralel Technologies LLC with respect to the SRH U.S. Quality GARP ETF](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928l1.htm)<sup>2</sup> |
| *(m)* | [Rule 12b-1 Plan with respect to the Vulcan Funds](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-m.htm)<sup>18</sup> | [Rule 12b-1 Plan with respect to the Vulcan Funds](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-m.htm)<sup>18</sup> | [Rule 12b-1 Plan with respect to the Vulcan Funds](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-m.htm)<sup>18</sup> |
| *(n)* | [Rule 18f-3 Plan with Respect to the Vulcan Funds](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-n.htm)<sup>18</sup>  | [Rule 18f-3 Plan with Respect to the Vulcan Funds](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-n.htm)<sup>18</sup>  | [Rule 18f-3 Plan with Respect to the Vulcan Funds](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-n.htm)<sup>18</sup>  |
| *(o)* | *Reserved*  | *Reserved*  | *Reserved*  |
| *(p)* | *Code of Ethics* | *Code of Ethics* | *Code of Ethics* |
|  | (1) |  | [Code of Ethics for Registrant](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928p1.htm)<sup>2</sup> |
|  | (2) |  | [Code of Ethics for Paralel Advisors LLC and Paralel Distributors LLC](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928p2.htm)<sup>3</sup> |
|  | (3) |  | [Code of Ethics for Vident Advisory , LLC](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928p3.htm)<sup>3</sup> |
|  | (4) |  | [Code of Ethics for Rocky Mountain Advisers, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-p4.htm)<sup>4</sup> |
|  | (5) |  | [Code of Ethics for Sovereign's Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928p5.htm)<sup>3</sup> |
|  | (6) |  | [Code of Ethics for TrueMark Investments, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-p6.htm)<sup>5</sup> |
|  | (7) | (7) | [Code of Ethics for Clough Capital Partners L.P.](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-p7.htm)<sup>9</sup> |
|  | (8) | (8) | [Code of Ethics for Opal Capital LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937124015418/ex99-p8.htm)<sup>7</sup> |
|  | (9) | (9) | [Code of Ethics for Vulcan Value Partners, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013100/ex99-p9.htm)<sup>18</sup>  |
|  | (10) | (10) | [<u>Code of Ethics for RiverNorth Capital Mana</u>gement, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-p10.htm)<sup>12</sup><br>|
|  | (11) | (11) | [Code of Ethics for Black Hill Capital Partners, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-p11.htm)<sup>12</sup> |
|  | (12) | (12) | [Code of Ethics for Wealth Builder Funds, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-p12.htm)<sup>12</sup>  |
|  | (13) | (13) | [<u>Code of Ethics for Ea</u>gle Global Advisors, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-p13.htm)<sup>12</sup><br>|
|  | (14) | (14) | [Code of Ethics for Disciplined Growth Investors, Inc.](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008883/ex99-p14.htm)<sup>14</sup> |
|  | (15) | (15) | [Code of Ethics for Norris Perné and French LLP d/b/a NPF Investment Advisors](http://www.sec.gov/Archives/edgar/data/1936157/000199937125013661/ex99-p15.htm)<sup>19</sup> |
| | (16) | (16) | Code of Ethics for CresAlta Investment Management, Inc. (to be filed by amendment) |
| *(q)* | *Powers of Attorney* | *Powers of Attorney* | *Powers of Attorney* |
|  | (1) | (1) | [Power of Attorney of Trustee, Steve Norgaard, Trustee, Kimberly Storms](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-q1.htm)<sup>12</sup> |

---

<sup>1</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on July 1, 2022.

<sup>2</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on September 30, 2022.

<sup>3</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on September 26, 2023.

<sup>4</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on October 24, 2023.

<sup>5</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on June 26, 2024.

<sup>6</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on November 27, 2024.

<sup>7</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on December 13, 2024.

<sup>8</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on December 26, 2024.

<sup>9</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on January 16, 2025.

<sup>10</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on January 17, 2025.

<sup>11</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on February 28, 2025.

<sup>12</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on June 10, 2025.

<sup>13</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on June 25, 2025.

<sup>14</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on July 09, 2025.

<sup>15</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on July 29, 2025.

<sup>16</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on August 5, 2025.

<sup>17</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on September 3, 2025.

<sup>18</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on September 11, 2025.

<sup>19</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on September 19, 2025.

<sup>20</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on December 23, 2025.

<sup>21</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on December 29, 2025.

<sup>22</sup> Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on January 8, 2026.

**Item 29. Persons Controlled by or Under Common Control with Registrant.**

The Registrant is not controlled by and does not control any other entity or person.

**Item 30. Indemnification.**

As permitted by Section 17(h) and (i) of the Investment Company Act of 1940, as amended (the 1940 Act), and pursuant to Article X of the Registrant's Declaration of Trust (Exhibit (a)(2) to the Registration Statement) and Section 6 of the Distribution Agreement (Exhibit (e)(1)) to the Registration Statement), officers, trustees, employees and agents of the Registrant will not be liable to the Registrant, any shareholder, officer, trustee, employee, agent or other control person for any action or failure to act, except for bad faith, willful misfeasance, gross negligence or reckless disregard of duties, and those individuals may be indemnified against liabilities in connection with the Registrant, subject to the same exceptions.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the Securities Act), may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant understands that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The Registrant has purchased an insurance policy insuring its officers and trustees against liabilities, and certain costs of defending claims against such officers and trustees, to the extent such officers and trustees are not found to have committed conduct constituting willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The insurance policy also insures the Registrant against the cost of indemnification payments to officers under certain circumstances.

The Registrant hereby undertakes that it will apply the indemnification provisions of its Declaration of Trust and Distribution Agreement in a manner consistent with Release No. 11330 of the Securities and Exchange Commission under the 1940 Act so long as the interpretations of Section 17(h) and 17(i) of such Act remain in effect and are consistently applied.

**Item 31. Business and Other Connections of Investment Advisers**

This Item 31 incorporated by reference each investment adviser's Uniform Application for Investment Adviser Registration ("Form ADV") on file with the SEC, as listed below. Each Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov. Additional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each officer and director of the below-listed investment advisers is included in the Trust's Statement of Additional Information.

---

| | |
|:---|:---|
| **Investment Adviser** | **SEC File No.** |
| Paralel Advisors LLC | 801-122468 |
| Vident Advisory, LLC | 801-114538 |
| Rocky Mountain Advisers, LLC | 801-70202 |
| Sovereign's Capital Management, LLC | 801-126307 |
| TrueMark Investments, LLC | 801-117961 |
| Clough Capital Partners L.P. | 801-21583 |
| Opal Capital LLC | 801-126398 |
| Vulcan Value Partners, LLC | 801-70739 |
| RiverNorth Capital Management, LLC | 801-61533 |
| Black Hill Capital Partners, LLC | 801-118997 |
| Wealth Builder Funds, LLC | 801-129063 |
| Eagle Global Advisors, LLC | 801-53294 |
| Disciplined Growth Investors, Inc. | 801-53297 |
| Norris Perné and French LLP d/b/a NPF <br> Investment Advisors  | 801-3475 |
| CresAlta Investment Management, Inc. |  |

---

**Item 32. Principal Underwriters.**

(a) Paralel
 Distributors LLC acts as the distributor for the Registrant.

As of the date of this Registration Statement, in addition to each series of the Trust, Paralel Distributors LLC also acts as the underwriter for:

Cullen Funds (6 series); Collaborative Investment Series Trust (7 series); Reaves Utility Income Fund (ATM Offering); Coller Secondaries Private Equity Opportunities Fund; Coller Private Credit Secondaries Fund; HarbourVest Private Investments Fund; Octagon XAI CLO Income Fund, XAI Octagon Floating Rate & Alternative Income Trust (ATM Offering), Shelton Equity Premium Income ETF, Wisdom Short Duration Income Fund & Wisdom Short Term Government Fund.

(b) To
 the best of Registrant's knowledge, the directors and executive officers of the distributor are as follows:

**Paralel Distributors LLC**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name\*** | &nbsp;&nbsp;**Position with Underwriter** | &nbsp;&nbsp;**Positions with Trust** |
| &nbsp;&nbsp;Bradley Swenson | &nbsp;&nbsp;President, Chief Compliance Officer and FINOP | &nbsp;&nbsp;President, Chairman and Interested Trustee |
| &nbsp;&nbsp;Jeremy May | &nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Christopher Moore | &nbsp;&nbsp;General Counsel | &nbsp;&nbsp;None |

---

\*Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1700 Broadway, Suite 2100, Denver, CO 80290.

(c) Not
 applicable.

**Item 33. Location of Accounts and Records**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant maintains accounts, books and other documents required by Section 31(a) of the Investment Company Act of 1940 and
 the rules thereunder (collectively, "Records") at its offices at 1700 Broadway, Suite 2100, Denver, CO 80290.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Paralel
 Advisors LLC maintains all Records relating to its services as investment adviser to the Registrant at 1700 Broadway, Suite
 2100, Denver, CO 80290.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Paralel
 Technologies LLC maintains all Records relating to its services as administrator, accounting and transfer agent of the Registrant
 at 1700 Broadway, Suite 2100, Denver, CO 80290.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Paralel
 Distributors LLC maintains all Records relating to its services as Distributor of the Registrant at 1700 Broadway, Suite 2100,
 Denver, CO 80290.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Vident
 Advisory, LLC maintains all Records relating to its services as sub-adviser to the Registrant at 1125 Sanctuary Parkway, Suite
 515, Alpharetta, Georgia 30009.

&nbsp;&nbsp;&nbsp;&nbsp;(f) State
 Street Bank and Trust Company maintains all Records relating to its services as Custodian of the Registrant at One Congress
 Street, Suite 1, Boston, Massachusetts 02114.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Rocky
 Mountain Advisers, LLC maintains all Records relating to its services as sub-adviser to the Registrant at 2121 E. Crawford
 Place, Salina, KS 67401.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Sovereign's
 Capital Management, LLC maintains all Records relating to its services as adviser to the Registrant at 310 S. West Street,
 Suite 100, Raleigh, North Carolina, 27603.

&nbsp;&nbsp;&nbsp;&nbsp;(i) TrueMark
 Investments, LLC maintains all Records relating to its services as adviser to the Registrant at 433 W Van Buren, Suite 1100-D,
 Chicago, Illinois 60607.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Clough
 Capital Partners L.P. maintains all Records relating to its services as adviser to the Registrant at 53 State Street, Floor
 27, Boston, Massachusetts 02109.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Opal
 Capital LLC maintains all Records relating to its services as sub-adviser to the Registrant at 5200 Town Center Circle, Suite
 305, Boca Raton, Florida 33486.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Vulcan
 Value Partners, LLC maintains all Records relating to its services as adviser to the Registrant at Three Protective Center,
 2801 Highway 280 South, Suite 300, Birmingham, AL 35223.

&nbsp;&nbsp;&nbsp;&nbsp;(m) RiverNorth
 Capital Management, LLC maintains all Records relating to its services as adviser to the Registrant at 360 South Rosemary
 Avenue, Suite 1420, West Palm Beach, Florida 33401.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Black
 Hill Capital Partners, LLC maintains all Records relating to its services as adviser to the Registrant at 101 California Street,
 San Francisco, California 94111.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Wealth
 Builder Funds, LLC maintains all Records relating to its services as adviser to the Registrant at 117 West Main Street, Cary,
 Illinois 60013.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Eagle
 Global Advisors, LLC maintains all Records relating to its services as adviser to the Registrant at 1330 Post Oak Boulevard,
 Suite 3000, Houston, Texas 77056.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Disciplined
 Growth Investors, Inc. maintains all Records relating to its services as adviser to the Registrant at Fifth Street Towers,
 150 South Fifth Street, Suite 2550, Minneapolis, Minnesota 55402.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Norris
 Perné and French LLP d/b/a NPF Investment Advisors maintains all Records relating to its services as adviser to the
 Registrant at 40 Pearl Street NW, Suite 500, Grand Rapids, MI 49503.

&nbsp;&nbsp;&nbsp;&nbsp;(s) CresAlta
 Investment Management, Inc. maintains all Records relating to its services as adviser to the Registrant at 6295 Greenwood
 Plaza Blvd., Greenwood Village, CO 80111.

**Item 34. Management Services Not Discussed in Parts A and B.**

Not applicable.

**Item 35. Undertakings.**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Denver and the State of Colorado, on the 16<sup>th</sup> day of January, 2026.

---

| | |
|:---|:---|
| **ELEVATION SERIES TRUST** | **ELEVATION SERIES TRUST** |
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson |
|  | President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Bradley Swenson | President, Principal Executive Officer and Trustee | January 16, 2026 |
| Bradley Swenson |  |  |
| /s/ Nicholas Austin | Treasurer and Principal Financial Officer | January 16, 2026 |
| Nicholas Austin | (Principal Accounting Officer) |  |
| /s/ Steve Norgaard\* | Trustee |  |
| Steve Norgaard |  |  |
| /s/ Kimberly Storms\* | Trustee |  |
| Kimberly Storms |  |  |

---

---

| | | |
|:---|:---|:---|
| \* By: | /s/ Nicholas Adams | /s/ Nicholas Adams |
|  | Name: | Nicholas Adams |
|  | Title: | Attorney-in-fact |
|  | Date: | January 16, 2026 |

---

[\* Attorney -in-Fact pursuant to Powers of Attorney, as previously filed on June 10, 2025.](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-q1.htm)

**Exhibit Index**

None