# EDGAR Filing Document

**Accession Number:** 0001969674
**File Stem:** 0001999371-25-016685
**Filing Date:** 2025-11
**Character Count:** 63239
**Document Hash:** 786ddc9268a662af7158f3ad73a55ac7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-016685.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001999371-25-016685

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** 2023 ETF Series Trust
- **CENTRAL INDEX KEY:** 0001969674

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-272579
- **FILM NUMBER:** 251441625

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** (833) 782-2211

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET
- **STREET 2:** SUITE 203
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53204

## Series and Classes Contracts Data

### Atlas America Fund (Series ID: S000088240)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000254438 | Atlas America Fund | USAF            |

**Summary Prospectus** November 1, 2025

![](atlas485bpos001.jpg)

**Atlas America Fund**

Principal U.S. Listing Exchange for the Fund: The Nasdaq Stock Market, LLC

Ticker Symbol: USAF

*Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Reports to Shareholders, Statement of Additional Information and other information about the Fund online at <u>www.actfund.io</u>. You may also obtain this information at no cost by calling (855) 511-0520 or by e-mail at <u>Etp-services@acaglobal.com</u>. The Fund's [Prospectus and Statement of Additional Information](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001969674/000199937125016195/usaf-485bpos_102725.htm), each dated November 1, 2025, as revised from time to time, are incorporated by reference into this Summary Prospectus.*

**Investment Objective**

The Atlas America Fund (the "Fund") seeks stable returns across a variety of economic and financial market conditions consistent with the preservation of capital.

**Fees and Expenses**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** <br> (Expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** <br> (Expenses that you pay each year as a percentage of the value of your investment) |
| Management fee | 0.75% |
| Distribution and service (12b-1) fees | 0.00% |
| Other Expenses | 0.00% |
| Acquired Fund Fees and Expenses<sup>1</sup> | 0.14% |
| Total Annual Fund Operating Expenses | 0.89% |

---

<sup>1</sup> Acquired Fund Fees and Expenses" ("AFFE") are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude AFFE.

**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 sell or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $81 | $252 | $439 | $978 |

---

**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 may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example above, affect the Fund's performance. For the fiscal period November 20, 2024 (commencement of operations) through June 30, 2025, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.

---

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|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 1 of 11 | **The 2023 ETF Series Trust** |

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**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing primarily in a portfolio of investments in the following asset classes: real estate investment trusts ("REITs"), investment grade fixed income securities including U.S. government securities, municipal securities, and corporate bonds, gold trusts, structured securities (also known as structured notes or commodity-linked notes), equity securities of U.S. and non-U.S. companies, including common stocks, American Depository Receipts ("ADRs"), preferred stocks, and alternative strategies which are designed to provide returns having low or negative correlation to the Fund's other portfolio holdings. The Fund may gain exposure to short-selling strategies through its investments in structured securities and alternative strategies. The Fund may gain access to these asset classes by investing directly in such securities or indirectly through investments in ETFs or derivatives, including futures, options, swaps and forward contracts. The Fund's access to alternative strategies is gained through the purchase of structured notes or by entering into swaps, in each case with major financial institutions as counterparties. These alternative strategies, also known as "systematic trading strategies," permit the Fund to express an investment view in an efficient and systematic manner by providing long or short exposure to individual equities, equity indices, volatility indices, credit indices, treasury or corporate bonds, interest rates, commodities or currencies where such positions are quantitatively selected and executed pursuant to pre-established rules developed by the counterparty to the structured note or swap. Under normal circumstances, the Fund invests directly and indirectly (e.g., through REITs, other ETFs, structured securities, and derivatives) at least 80% of its net assets, plus borrowings for investment purposes, in investments that are tied economically to the United States.

The Fund considers an investment to be "tied economically" to the United States if, at the time of purchase, it is (i) in an issuer that is organized under the laws of the U.S. or a U.S. state or territory or in an issuer that maintains its principal place of business in the U.S.; (ii) traded principally in the U.S.; or (iii) in an issuer that derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the U.S., or has at least 50% of its assets in the U.S., as of such issuer's most recently completed fiscal year.

In determining which investments to include in the Fund's portfolio, Atlas Capital Team Inc., the Fund's investment Adviser ("Atlas" or, the "Adviser"), employs a multi-step process, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) identifying the investments that best represent the asset classes noted above by filtering relevant market products, studying investment documentation, performing correlation analysis, evaluating tracking error and comparing fees. The investments selected are then evaluated for market capitalization and daily liquidity to determine what weight, if any, to give them in the Fund's portfolio,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) utilizing systematic trading strategies (*i.e.,* strategies that execute transactions based on pre-established rules). The Adviser selects such strategies by evaluating the thesis of the strategy, the strategy's historical performance, and the strategy's correlation with other components of the Fund's portfolio as well as other broad market indices. Atlas then evaluates the most efficient way to access the investments included in such strategy,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) determining the then-current "State of the World," which is a macroeconomic regime, as determined by the Adviser, reflecting economic growth and inflation states at that point in time, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) based on the then-current "State of the World," allocating target weights to each component of the portfolio. In addition, when selecting REIT investments for the Fund, the Adviser utilizes a proprietary scoring system, which is supported and enhanced by proprietary machine learning models maintained by the Adviser, to identify and acquire the REITs with the highest climate resiliency score (lowest environmental climate risk and vulnerability) at the time of purchase.

The Fund invests in a variety of assets and securities with the primary objective of producing stable returns across a variety of economic and financial market conditions consistent with the preservation of capital. The Adviser designs the Fund's portfolio to attempt to produce moderate returns with low volatility over long periods of time. To this end, the Fund aims to have a low correlation with the broad equity markets such that the Fund's performance will not fall as much as the broader equity markets during periods of decline, but also will not rise as high during periods of growth. The Adviser may sell a portfolio investment when the Adviser's assessment of the State of the World changes, a REIT's climate resilience score changes, or the Adviser believes that other investments are more attractive. When the Adviser believes it prudent to do so, the Fund may tactically shift its portfolio to investments that the Adviser believes will provide the most attractive yields. The Fund may shift its investments in response to, among other developments (1) heightened geopolitical tension, (2) acute climate events, (3) lack of financial market liquidity, and (4) unusual trading market conditions.

In selecting securities for the Fund, Atlas includes investments of any market capitalization. Atlas expects to change the composition of the Fund's portfolio over time depending on economic signals, volatility, the "State of the World," and other risk parameters.

---

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|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 2 of 11 | **The 2023 ETF Series Trust** |

---

The Fund may invest up to 20% of its assets in REITs that are not tied economically to the United States and in investment grade debt securities of sovereign and quasi-sovereign issuers, including issuers from the Gulf Region such as the Kingdom of Saudi Arabia, Kuwait, Qatar and United Arab Emirates. For this purpose, "sovereign" refers to a foreign government and "quasi-sovereign" refers to a foreign governmental agency, political sub-division or other instrumentality or issuer that is majority owned, directly or indirectly, or whose obligations are guaranteed, by a foreign government.

In addition, the Fund may invest up to 15% of its net assets in private real estate funds ("Private Funds"). From time to time, the Fund may have significant exposure to real estate related investments.

The Fund is "non-diversified" for purposes of the Investment Company Act of 1940 (the "1940 Act") which means that it can invest a greater percentage of its assets in fewer issuers than a "diversified" fund.

At times, the Fund may have substantial exposure to a small number of ETFs, or a few structured products where the counterparties are all subject to the same industry fluctuations, turbulences and risks. The Fund may invest in securities of companies of any market capitalization in any weight. The factors Atlas considers, and investment methods Atlas uses, can change over time. Atlas does not manage the Fund to, or control the Fund's risk relative to, any securities index or securities benchmark.

As an alternative to investing directly in equities, structured products, ETFs, gold trusts, and REITs, the Fund may invest in exchange-traded and over the counter ("OTC") derivatives to achieve its investment objective. Derivatives may include futures contracts, options, forward contracts, and swap contracts. In addition, the Fund may lend its portfolio securities.

The Fund may gain exposure to certain investments by investing in a wholly-owned and controlled subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). In such case, the Adviser would also serve as the manager of the Subsidiary. The Fund's investment in the Subsidiary is intended to provide the Fund with indirect exposure to certain investments within the limits of current federal income tax laws applicable to investment companies such as the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund's investments include the Fund's indirect investments through the Subsidiary. Because the Fund intends to qualify for treatment as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), the size of the Fund's investment in the Subsidiary will generally be limited to 25% of the Fund's total assets, tested at the end of each fiscal quarter.

**Principal Risks of Investing in the Fund**

As with all funds, a shareholder is subject to the risk that his or her investment could lose money. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. You should consider your investment goals, time horizon, and risk tolerance before investing in the Fund. The principal risk factors affecting shareholders' investments in the Fund are set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market Risk – Equities**. The market
 price of an equity in the Fund's portfolio may decline due to factors affecting the issuer or its industry or the economy
 and equity markets generally. If the Fund purchases an equity for less than its fundamental fair (or intrinsic) value as assessed
 by Atlas and Atlas's assessment proves to be incorrect, the Fund runs the risk that the market price of the equity will
 not appreciate or will decline. The Fund also may purchase equities that typically trade at higher multiples of current earnings
 than other securities, and the market prices of these equities often are more sensitive to changes in future earnings
 expectations and interest rates than the market prices of equities trading at lower multiples. Declines in stock market prices
 generally are likely to reduce the value of an investment in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;● **Real Estate Risk**.
 Because the Fund may have significant exposure to real estate through its REIT and Private Fund investments, its portfolio
 will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed
 to greater risk than a fund that does not hold real-estate related investments. The value of companies engaged in the real
 estate industry is affected by: (i) changes in general economic and market conditions; (ii) changes in the value of real estate
 properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property
 taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental
 income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in
 interest rates and leverage. There are also special risks associated with particular real estate sectors, or real estate operations
 generally. To the extent that a significant portion of the Fund is invested directly or indirectly in real estate located
 in a particular geographic region or in a particular property type, the Fund is subject to greater risks of adverse developments
 specific to that geographic region or property type.

---

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|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 3 of 11 | **The 2023 ETF Series Trust** |

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&nbsp;&nbsp;&nbsp;&nbsp;● **REIT Risk**.
 Adverse economic, business or political developments affecting real estate could have a major effect on the value of the Fund's
 investments in REITs. Investing in REITs may subject the Fund to risks associated with the direct ownership of real estate,
 such as decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic
 conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible
 environmental liabilities, regulatory limitations on rent and fluctuations in rental income. In addition, U.S. REITs are subject
 to the possibility of failing to qualify for the favorable U.S. federal income tax treatment generally available to them under
 the Code, and failing to maintain exemption from the registration requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;● **Gold Risk**.
 Price movements in gold may fluctuate quickly and dramatically, have a historically low correlation with the returns of the
 stock and bond markets, and may not correlate to price movements in other asset classes. Some factors that impact the price
 of gold include, but are not limited to, overall market movements, changes in interest rates, changes in the global supply
 and demand for gold, the quantity of gold imports and exports, factors that impact gold production, such as drought, floods
 and weather conditions, technological advances in the processing and mining of gold, an increase in the hedging of precious
 metals, such as gold, and changes in economic and/or political conditions, including regulatory developments.

&nbsp;&nbsp;&nbsp;&nbsp;● **Municipal Securities Risk**. The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions
 and developments. The Fund may make significant investments in a particular segment of the municipal bond market or in the
 debt of issuers located in the same state or territory. Adverse conditions in such industry or location could have a correspondingly
 adverse effect on the financial condition of issuers. These conditions may cause the value of the Fund's shares to fluctuate
 more than the values of shares of funds that invest in a greater variety of investments. The amount of public information
 available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment
 performance of the Fund may be more dependent on the analytical abilities of the Fund's adviser than funds that invest
 in stock or other corporate investments.

&nbsp;&nbsp;&nbsp;&nbsp;● **Corporate Debt Securities Risk**. Corporate bonds are debt obligations issued by corporations. Corporate bonds are generally used by corporations
 to borrow money from investors. The investment return of corporate bonds reflects interest earned on the security and changes
 in the market value of the security. The market value of a corporate bond may be affected by changes in the market rate of
 interest, the credit rating of the issuer, the issuer's performance and perceptions of the issuer in the marketplace.
 There is a risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments
 at the time called for by an instrument.

&nbsp;&nbsp;&nbsp;&nbsp;● **Models and Data Risk**. The Adviser may use proprietary models, including machine learning models, as well as data and information supplied
 by third parties that are utilized by such model ("Models and Data"), to inform its investment decision-making
 process. To the extent the model does not perform as designed or as intended, the Fund's strategy may not be successfully
 implemented, and the Fund may lose value. If Models and Data prove to be incorrect or incomplete, any decisions made in reliance
 thereon expose the Fund to potential risks. Some of the models used by the Adviser are predictive in nature. The use of predictive
 models has inherent risks. For example, such models may incorrectly forecast future behavior, leading to potential losses.
 In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption of some kind), such models
 may produce unexpected results, which can result in losses for the Fund. Furthermore, because predictive models are usually
 constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on
 the accuracy and reliability of the supplied historical data.

&nbsp;&nbsp;&nbsp;&nbsp;● **New/Smaller Fund Risk**. A new or smaller fund is subject to the risk that its performance may not represent how the fund is expected to
 or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new
 and smaller funds may not attract sufficient assets to achieve investment and trading efficiencies. There can be no assurance
 that the Fund will achieve an economically viable size, in which case it could ultimately liquidate. The Fund may be liquidated
 by the Board of Trustees (the "Board") without a shareholder vote. In a liquidation, shareholders of the Fund
 will receive an amount equal to the Fund's NAV, after deducting the costs of liquidation, including the transaction
 costs of disposing of the Fund's portfolio investments. Receipt of a liquidation distribution may have negative tax
 consequences for shareholders. Additionally, during the Fund's liquidation all or a portion of the Fund's portfolio
 may be invested in a manner not consistent with its investment objective and investment policies.

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|:---|:---|:---|
| **Summary Prospectus** November 1, 2025 | 4 of 11 | **The 2023 ETF Series Trust** |

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&nbsp;&nbsp;&nbsp;&nbsp;● **Derivatives Risk**.
 A derivative instrument often has risks similar to its underlying instrument and may have additional risks, including imperfect
 correlation between the value of the derivative and the underlying instrument, risks of default by the counterparty to certain
 derivative transactions, magnification of losses incurred due to changes in the market value of the securities, instruments,
 indices or interest rates to which the derivative relates, and risks that the derivative instruments may not be liquid. The
 use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly
 in traditional securities. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate
 or index. Gains or losses in a derivative may be magnified and may be much greater than the derivative's original cost.

○ *Forward Contracts Risk*. **  There are no limits on daily price fluctuations of forward contracts. Changes in foreign exchange regulations by governmental authorities might limit the trading of forward contracts on currencies. There have been periods during which certain counterparties have refused to continue to quote prices for forward contracts or have quoted prices with an unusually wide spread (i.e., the difference between the price at which the counterparty is prepared to buy and the price at which it is prepared to sell).

○ *Futures Contracts Risk.* Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. Risks of futures contracts may be caused by an imperfect correlation between movements in the price of the instruments and the price of the underlying securities. In addition, there is the risk that the purchaser of a futures contract may not be able to enter into a closing transaction because of an illiquid market. Exchanges can limit the number of positions that can be held or controlled by a fund or its investment adviser, thus limiting the ability to implement the fund's strategies. Futures markets are highly volatile, and the use of futures may increase the volatility of a fund's NAV. Futures are also subject to leverage risks and to liquidity risk.

○ *Options Risk*. Options give the holder of the option the right to buy (or to sell) a position in a security or in a contract to the writer of the option, at a certain price. They are subject to correlation risk because there may be an imperfect correlation between the options and the securities markets that cause a given transaction to fail to achieve its objectives. The successful use of options depends on the Adviser's ability to correctly predict future price fluctuations and the degree of correlation between the options and securities markets. Exchanges can limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability to implement the Fund's strategies. Options are also particularly subject to leverage risk and can be subject to liquidity risk.

○ *Swap Agreement Risk*. Swap agreements are generally traded in over-the-counter ("OTC") markets and have only recently become subject to regulation by the U.S. Commodity Futures Trading Commission ("CFTC"). CFTC rules, however, do not cover all types of swap agreements. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act in connection with the Fund's swap agreements. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.

&nbsp;&nbsp;&nbsp;&nbsp;● **Structured Securities Risk**. Structured notes are specially-designed derivative debt instruments. The terms of the instrument may be "structured"
 by the purchaser and the issuer of the note. Payments of principal or interest on these notes may be linked to the value of
 an index (such as a currency or securities index), an individual security or a commodity. The value of these notes will normally
 rise or fall in response to the changes in the performance of the underlying security, index or commodity.

&nbsp;&nbsp;&nbsp;&nbsp;● **Commodity-Linked Derivatives Risk** *.* The value of a commodity-linked derivative investment typically is based upon the price movements
 of a physical commodity and may be affected by changes in overall market movements, volatility of the market, changes in interest
 rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international
 economic, political and regulatory developments. Investments in commodity-linked derivatives may be subject to greater volatility
 than non-derivative based investments. Commodity-linked derivatives also may be subject to credit and interest rate risks
 that in general affect the values of debt securities.

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| **Summary Prospectus** November 1, 2025 | 5 of 11 | **The 2023 ETF Series Trust** |

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○ *Commodity-Linked Derivatives Tax Risk*. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. The income of the Fund from investments in certain investments, including commodity-linked derivatives may be treated as non-qualifying income for purposes of the Fund's qualification as a RIC, in which case the Fund may fail to qualify as a RIC and be subject to federal income tax at the Fund level. To the extent the Fund invests directly in commodity-linked derivatives (including swaps), the Fund will seek to restrict its income from such instruments that do not generate qualifying income to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with the qualifying income test necessary for the Fund to qualify as a RIC under Subchapter M of the Code. However, the Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income test, or may not be able to accurately predict the non-qualifying income from these investments. The extent to which the Fund invests in commodity-linked derivatives (including swaps) may be limited by the qualifying income and asset diversification tests, which the Fund must continue to satisfy to maintain its status as a RIC. If the Fund did not qualify as a RIC for any taxable year and certain relief provisions were not available, the Fund's taxable income would be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. Failure to comply with the requirements for qualification as a RIC would have significant negative tax consequences to Fund shareholders. Under certain circumstances, the Fund may be able to cure a failure to meet the qualifying income requirement, but in order to do so the Fund may incur significant Fund-level taxes, which would effectively reduce (and could eliminate) the Fund's returns. The tax treatment of certain commodity-linked derivatives (including swaps) may be affected by future regulatory or legislative changes that could affect the character, timing and/or amount of the Fund's taxable income or gains and distributions. In addition, certain commodity linked derivatives, such as swaps, are subject to special provisions under the Code whereby the gain or loss from such regulated futures contracts are 60% long term capital gain/loss and 40% short-term capital gain/loss. Because the Fund expects to make such investments in swaps through the Subsidiary to comply with qualifying income limitations discussed above, the income received by the Fund from the Subsidiary will be ordinary income or loss regardless of whether the Subsidiary invested in regulated futures contracts subject to the special tax treatment.

&nbsp;&nbsp;&nbsp;&nbsp;● **Valuation Risk**. The Fund or the Subsidiary may hold securities or other assets that may be valued on the basis of factors other than
market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market
turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations
are not readily available. The value established for any portfolio holding at a point in time might differ from what would be
produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using
techniques other than market quotations, including "fair valued" assets or securities, may be subject to greater fluctuation
in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the
Fund or the Subsidiary could sell or close out a portfolio position for the value established for it at any time, and it is possible
that the Fund or the Subsidiary would incur a loss because a portfolio position is sold or closed out at a discount to the valuation
established by the Fund or the Subsidiary at that time. The Fund's ability to value investments may be impacted by technological
issues or errors by pricing services or other third-party service providers.

&nbsp;&nbsp;&nbsp;&nbsp;● **Investment Company and Exchange-Traded Fund Risk**. An investment company or other pooled investment vehicle, including any ETFs or
 money market funds, in which the Fund invests may not achieve its investment objective or execute its investment strategies
 effectively. Significant purchase or redemption activity by shareholders of such an investment company might negatively affect
 the value of its shares. The Fund must pay its pro rata portion of an investment company's fees and expenses. In addition,
 by investing in the Fund, shareholders indirectly bear fees and expenses charged by the acquired investment companies or other
 pooled investment vehicles in addition to the Fund's direct fees and expenses. As a result, the cost of investing in
 the Fund may exceed the costs of investing directly in investment companies or pooled investment vehicles.

Through its investments in other investment companies or pooled investment vehicles, the Fund is subject to the risks associated with such fund's investments, including the possibility that the value of the instruments held by the other fund could decrease. These risks include any combination of the risks described below, as well as certain of the other risks described in this section. The Fund's exposure to a particular risk will be proportionate to the Fund's overall allocation to the other fund and the other fund's asset allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Agricultural Commodities Risk.* The price and availability of agricultural commodities are affected by many factors, including but not
 limited to: farmer planting decisions; weather conditions, including hurricanes, tornadoes, storms and droughts; changes in
 global supply and demand for agriculture products; the price and quantity of imports and exports of agricultural commodities;
 general economic and market factors; political conditions, including embargoes and war, in or affecting agricultural production,
 imports and exports; and technological advances in agricultural production.

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| **Summary Prospectus** November 1, 2025 | 6 of 11 | **The 2023 ETF Series Trust** |

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Agricultural commodity production is subject to government regulation that may materially affect operations. Governmental policies related to taxes, tariffs, duties, subsidies, incentives, acreage control, and import and export restrictions on agricultural commodities and commodity products, can influence the planting of certain crops, the location and size of crop production, the volume and types of imports and exports, and industry profitability. Additionally, commodity production is affected by laws and regulations relating to, but not limited to, the sourcing, transporting, storing and processing of agricultural raw materials as well as the transporting, storing and distributing of related agricultural products. Agricultural commodity producers also may need to comply with various environmental laws and regulations, such as those regulating the use of certain pesticides, and local laws that regulate the production of genetically modified crops. In addition, international trade disputes can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions.

○ *Treasury Inflation Protected Securities Risk ("TIPS")*. The value of TIPS generally fluctuates in response to inflationary concerns. As inflationary expectations increase, TIPS will become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, TIPS will become less attractive and less valuable.

&nbsp;&nbsp;&nbsp;&nbsp;● **Counterparty Risk**. The Fund runs the risk that the counterparty to a derivatives contract, a clearing member used by the Fund
 to hold a cleared derivatives contract, or a borrower of the Fund's securities is unable or unwilling to make timely
 settlement payments, return the Fund's collateral or otherwise honor its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;● **Issuer Risk**. the risk that the value of a security may decline for a reason directly related to the issuer, such as management
 performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's
 goods or services.

&nbsp;&nbsp;&nbsp;&nbsp;● **Government Bond Risk**. Investments in government bonds, including sovereign bonds and quasi-sovereign bonds, involve special risks
 not present in corporate bonds. The governmental authority or government entity that controls the repayment of the bond may
 be unable or unwilling to make interest payments and/or repay the principal on its debt or to otherwise honor its obligations.
 If an issuer of government bonds defaults on payments of principal and/or interest, the Fund may have limited recourse against
 the issuer. In the past, certain governments of emerging market countries have declared themselves unable to meet their financial
 obligations on a timely basis, which has resulted in losses for holders of government bonds.

&nbsp;&nbsp;&nbsp;&nbsp;● **Interest Rate Risk**. Interest rate risk is the risk that the value of the debt securities in the Fund's portfolio will decline
 because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher
 for longer-term debt securities. Duration is a reasonably accurate measure of a debt security's price sensitivity to
 changes in interest rates and a common measure of interest rate risk. Duration measures a debt security's expected life
 on a present value basis, taking into account the debt security's yield, interest payments and final maturity. In general,
 duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates.
 For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response
 to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive
 to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so
 will its duration.

&nbsp;&nbsp;&nbsp;&nbsp;● **Credit Risk**. Issuers or guarantors of debt instruments may be unable or unwilling to make timely interest and/or principal payments
 or to otherwise honor its obligations. Debt instruments are subject to varying degrees of credit risk, which may be reflected
 in credit ratings. There is the chance that any of the Fund's portfolio holdings will have its credit ratings downgraded
 or will default (fail to make scheduled interest or principal payments), potentially reducing the Fund's income level
 and share price.

&nbsp;&nbsp;&nbsp;&nbsp;● **Extension Risk**. During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly than
 originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund's income
 and potentially in the value of the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;● **Prepayment Risk**. During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the security's
 maturity, which may cause the Fund to have to reinvest in securities with lower yields or higher risk of default, resulting
 in a decline in the Fund's income or return potential.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small- and Mid-Capitalization Risk**. The small- and mid-capitalization companies in which the Fund invests may be more vulnerable
 to adverse business or economic events than larger, more established companies, and may underperform other segments of the
 market or the equity market as a whole. Securities of small- and mid-capitalization companies generally trade in lower volumes,
 are often more vulnerable to market volatility, and are subject to greater and more unpredictable price changes than larger
 capitalization stocks or the stock market as a whole.

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&nbsp;&nbsp;&nbsp;&nbsp;● **Large-Capitalization Company Risk**. The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization
 companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies
 and may not respond as quickly to market changes and opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Liquidity Risk**. Liquidity risk exists when particular investments are or become difficult or impossible to purchase or sell. Markets
 may become illiquid when, for example, there are few, if any, interested buyers or sellers or when dealers are unwilling or
 unable to make a market for certain securities. Securities of small-cap and mid-cap companies may be thinly traded. As a general
 matter, dealers recently have been less willing to make markets for fixed income securities. During times of market turmoil,
 there have been, and may be, no buyers for entire asset classes. The Fund's investments in illiquid investments may
 reduce the return of the Fund because it may be unable to sell such illiquid investments at an advantageous time or price.
 Illiquid investments may also be difficult to value.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Sovereign Debt Risk**. The Fund may invest in debt securities issued by non-U.S. governments. These types of debt securities
 are typically general obligations of the issuer and are typically guaranteed by such issuer. Despite this guarantee, such
 debt securities are subject to default, restructuring or changes to the terms of the debt to the detriment of security holders.
 Such an event impacting a security held by the Fund would likely have an adverse impact on the Fund's returns. Also,
 due to demand from other investors, certain types of these debt securities may be less accessible to the capital markets and
 may be difficult for the Fund to source. This may cause the Fund, at times, to pay a premium to obtain such securities for
 its own portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Securities Risk**. Investments in non-U.S. securities involve certain risks that may not be present with investments in
 U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations
 or to expropriation, nationalization or adverse political or economic developments. Foreign securities may have relatively
 low market liquidity and decreased publicly available information about issuers. Investments in non-U.S. securities also may
 be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational
 risks. Non-U.S. issuers may also be subject to inconsistent and potentially less stringent accounting, auditing, financial
 reporting and investor protection standards than U.S. issuers. These and other factors can make investments in the Fund more
 volatile and potentially less liquid than other types of investments. In addition, where all or a portion of the Fund's
 portfolio holdings trade in markets that are closed when the Fund's market is open, there may be changes between the
 last quote from its closed foreign market and the value of such security during the Fund's domestic trading day. This
 in turn could lead to differences between the market price of the Fund's shares and the underlying value of those shares.

&nbsp;&nbsp;&nbsp;&nbsp;● **Tax Risk**. As a RIC within the meaning of Subchapter M of the Code, the Fund must derive at least 90% of its gross income each taxable
 year from certain qualifying sources of income under the Code. The income of the Fund from investments in certain trusts and structured
 notes that provide exposure to gold and other commodities will be treated as non-qualifying income for purposes of the Fund's
 qualification as a RIC, in which case, the Fund might fail to qualify as a RIC and be subject to federal income tax at the Fund level.
 The Fund may satisfy a redemption request by transferring the securities of commodity trusts and not recognize income from such disposition.
 In such a case, the Fund does not expect to recognize non-qualifying income for purposes of the qualifying income requirements applicable
 to RICs. If, however, the Internal Revenue Service ("IRS") were to disagree with the Fund's position and instead
 treat such disposition as generating non-qualifying income, the Fund could generate non-qualifying income in excess of the qualifying
 income requirements and fail to qualify as a RIC. Failure to qualify as a RIC would likely reduce the value of the Fund's shares.
 To the extent the Fund invests in trusts and structured notes that provide exposure to gold and other commodities, the Fund intends
 to restrict its income from such investments that do not generate qualifying income to a maximum of 10% of its gross income (when
 combined with its other investments that produce non-qualifying income) to comply with the qualifying income test necessary for the
 Fund to qualify as a RIC under Subchapter M of the Code. However, the Fund may generate more non-qualifying income than anticipated,
 may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income test,
 or may not be able to accurately predict the non-qualifying income from these investments. The extent to which the Fund invests in
 trusts or notes that provide exposure to gold and other commodities may be limited by the qualifying income and asset diversification
 tests, which the Fund must continue to satisfy to maintain its status as a RIC.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market Disruption and Geopolitical Risk**. Geopolitical and other events (e.g., wars, pandemics, sanctions, terrorism) often
 disrupt securities markets and adversely affect the general economy or particular economies and markets. Those events, as
 well as other changes in non-U.S. and U.S. economic and political conditions, could exacerbate other risks or otherwise reduce
 the value of the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;● **Management and Operational Risk**. The Fund runs the risk that Atlas's investment techniques will fail to produce
 intended results. The Fund also runs the risk that Atlas's assessment of an investment (including a security's
 fundamental fair (or intrinsic) value) is wrong or that deficiencies in Atlas's or another service provider's
 internal systems or controls will cause losses for the Fund or impair Fund operations.

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&nbsp;&nbsp;&nbsp;&nbsp;● **Short Selling Risk**. Short selling involves selling securities, which may or may not be owned, and borrowing the same securities
 for delivery to the purchaser, with an obligation to replace the borrowed securities at a later date. Short selling allows
 an investor to seek profits from declines in the prices of securities. A short sale creates the risk of a theoretically unlimited
 loss because the price of the underlying security could theoretically increase without limit and increase the cost of buying
 those securities to close the short position. There can be no assurance that the securities necessary to close a short position
 will be available for purchase. Purchasing securities to close out the short position can itself cause the price of the securities
 to rise further, thereby exacerbating the loss. Short strategies can also be implemented synthetically through various instruments
 and be used with respect to indices or in the over-the-counter market and with respect to futures and other instruments. There
 can be no assurance that such market makers will be willing to make such quotes. Short strategies can also be implemented
 on a leveraged basis. Lastly, even though the Fund can generally secure a "good borrow" of the security sold short
 at the time of execution, the lending institution may recall the lent security at any time, thereby forcing the Fund to purchase
 the security at the then-prevailing market price, which may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;● **Preferred Stock Risk**. Preferred stock is subordinated to bonds and other debt instruments in a company's capital structure
 and, therefore, will be subject to greater credit risk than those debt instruments. In addition, preferred stock is subject
 to other risks such as having no or limited voting rights, being subject to special redemption rights, having distributions
 deferred or skipped, having limited liquidity, changing tax treatments, and possibly being in heavily regulated industries.

&nbsp;&nbsp;&nbsp;&nbsp;● **Depositary Receipts Risk**. The risks of investments in depositary receipts, such as ADRs, are substantially similar to the risks of
 investing directly in foreign securities. In addition, depositary receipts may not track the price of, or may be less liquid
 than, their underlying foreign securities, and the value of depositary receipts may change materially at times when the U.S.
 markets are not open for trading.

&nbsp;&nbsp;&nbsp;&nbsp;● **Geographic Focus Risk**. The performance of a fund that is less diversified across countries or geographic regions will be closely
 tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the country or
 region in which the fund invests, and may be more volatile than the performance of a more geographically-diversified fund.

○ *Gulf Region*. The economies of most countries in the Gulf Region are dominated by petroleum exports. A sustained decrease in commodity prices, particularly oil and natural gas, could have a negative impact on all aspects of these countries' economies. The non-oil economies of certain Gulf Region countries, which tend to be concentrated in the service sector, could be affected by declines in tourism, real estate, banking and re-export trade. The governments of certain Gulf Region countries may exercise substantial influence over many aspects of the private sector. Governmental actions could have a significant effect on economic conditions, which could adversely affect the value of the Fund. Recent political instability and protests in the larger Middle East have caused significant disruptions to many industries. Continued political and social unrest in these areas may adversely affect the value of the Fund. Further, countries in the Gulf Region are located in a part of the world that has historically been prone to natural disasters and are economically sensitive to environmental events. Any such event may adversely impact a Gulf Region country's economy or business operations of companies in the country, causing an adverse impact on the value of the Fund.

○ *United States.* A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States are changing many aspects of financial, commercial, public health, environmental, and other regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated public debt service costs may constrain future economic growth.

&nbsp;&nbsp;&nbsp;&nbsp;● **ETF Risks**. The Fund is an exchange-traded fund and, as a result of this structure, it is exposed to the following risks:

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

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○ *Limited Authorized Participants, Market Makers and Liquidity Providers Risk*. Because the Fund is an ETF, only a limited number of institutional investors (known as "Authorized Participants") are authorized to purchase and redeem shares directly from the Fund. Retail investors cannot transact directly with the Fund. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace to transact in Fund shares, there may be demand for Fund shares thereby increasing the market price above net asset value ("NAV"), or lack of demand, which may decrease the market price below NAV, or in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. As a result of these considerations, Fund shares may trade at a material premium or discount to NAV or these factors may, in turn, lead to wider spreads between the bid and ask price of Fund shares. In addition, the Fund may face possible delisting if: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

○ *Trading Risk*. Shares of the Fund may trade on the Nasdaq Stock Market, LLC (the "Exchange") above (premium) or below (discount) their NAV. In stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings, which may increase the variance between the market price of the Fund shares and the value of its underlying holdings. This can be reflected as a spread between the bid and ask prices for the Fund shares quoted during the day or a premium or discount in the closing price from the Fund's NAV. In addition, although the Fund's shares are currently listed on the Exchange, there can be no assurance that an active trading market for Fund shares will develop or be maintained. Trading in Fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares of the Fund inadvisable.

&nbsp;&nbsp;&nbsp;&nbsp;● **Subsidiary Investment Risk**. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's
 investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted
 to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The
 Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the
 investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the
 inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund.
 For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on
 the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would
 likely suffer decreased investment returns.

&nbsp;&nbsp;&nbsp;&nbsp;● **Private Fund Risk**. The Fund's investments in Private Funds require it to bear a pro rata share of the vehicles' expenses,
 including management and performance fees. The fees the Fund pays to invest in a Private Investment Fund may be higher than
 if the manager of the Private Fund managed the Fund's assets directly. The performance fees paid by certain Private
 Funds potentially create an incentive for its manager to make investments that are riskier and/or more speculative than those
 it might have made in the absence of a performance fee. Furthermore, Private Funds are subject to specific risks, depending
 on the nature of the vehicle, including the frequency and amount of redemptions paid to the Fund, and also may employ leverage
 such that their returns are more than one times that of their benchmark which could amplify losses suffered by the Fund when
 compared to unleveraged investments. With respect to the frequency and amounts of redemptions paid to the Fund, there is no
 guarantee that the Fund will be paid all or any of the redemption amount at the time requested. Further, a Private Fund can
 suspend redemptions or pay a pro-rata portion of redemption requests if the general partner or its respective board deems
 it in the best interest of its shareholders. Shareholders of Private Funds are not entitled to the protections of the 1940
 Act. For example, Private Funds need not have independent boards, shareholder approval of advisory contracts may not be required,
 the funds may leverage to an unlimited extent, and the funds may engage in joint transactions with affiliates. Private Funds
 may permit redemptions only quarterly (or less frequently) and these withdrawal limitations restrict the Adviser's ability
 to terminate investments in Private Funds. If values are falling, the Fund may not be able to sell its Private Funds and the
 value of Fund shares will decline. These characteristics present additional risks for shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;● **Valuation of Private Funds**. Private Funds are not publicly traded. Accordingly, the Adviser may consider information provided by
 the institutional manager to determine the estimated value of the Fund's investment therein. The valuation provided
 by an institutional manager as of a specific date may vary from the actual sale price that may be obtained if such investment
 were sold to a third party, if a secondary market for such investment existed. For information about the value of the Fund's
 investment in Private Funds, the Adviser will be dependent on information provided by the Private Funds, which if inaccurate
 could adversely affect the Adviser's ability to value accurately the Fund's shares. Accordingly, there can be
 no assurance that the stated NAV of the Fund, as calculated based on such information, will be accurate on any given date,
 nor can there be any assurance that the sale of any property would be at a price equivalent to the last estimated value of
 such property. Further, the NAV of the Fund, as determined based on the fair value of its investments in Private Funds, may
 vary from the amount the Fund would realize on the withdrawal of its investments from the Private Funds. Such discrepancies
 can result in shareholders experiencing a windfall or shortfall, or dilution of their interest in the Fund.

**Performance Information**

The Fund commenced operations on November 20, 2024 and, therefore, does not have performance for a full calendar year. Once the Fund has completed a full calendar year of operations, a bar chart and table will be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns and comparing the Fund's performance to a broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. When available, updated performance information will be available on the Fund's website at www.actfund.io.

**Investment Adviser**

Atlas Capital Team Inc. serves as the investment adviser to the Fund.

**Portfolio Managers**

Puneet Agarwal, Chief Investment Strategy Officer of the Adviser, has served as a portfolio manager of the Fund since its inception in 2024.

Nouriel Roubini, Chief Economist of the Adviser, has served as a portfolio manager of the Fund since its inception in 2024.

Carlo Zola, Chief Operating Officer of the Adviser, has served as a portfolio manager of the Fund since its inception in 2024.

**Purchase and Sale of Fund Shares**

The Fund issues shares to, and redeems shares from, certain institutional investors known as "Authorized Participants" (typically market makers or other broker-dealers) only in large blocks of Fund shares known as "Creation Units." Creation Unit transactions are generally conducted in exchange for the deposit or delivery of a portfolio of in-kind securities designated by the Fund and a specified amount of cash.

Individual Fund shares may only be purchased and sold in the secondary market through a broker or dealer at a market price. Because Fund shares trade at market prices rather than at NAV, Fund shares may trade at a price greater than NAV (premium) or less than NAV (discount). When buying or selling shares in the secondary market, you may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) (the "bid-ask spread"). When available, recent information regarding the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be available at <u>www.actfund.io</u>.

**Tax Information**

Distributions made by the Fund may be taxable as ordinary income, qualified dividend income, or long-term capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or individual retirement account. In that case, you may be taxed when you take a distribution from such account, depending on the type of account, the circumstances of your distribution, and other factors.

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

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

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