# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-26-005013
**Filing Date:** 2026-3
**Character Count:** 23819
**Document Hash:** d41a28602b28542fa34a2fb97c9093b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005013.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001999371-26-005013

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265972
- **FILM NUMBER:** 26719813

**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

## Series and Classes Contracts Data

### Polen International Dividend Income ETF (Series ID: S000089318)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000255835 | Polen International Dividend Income ETF | IDVZ            |

**POLEN INTERNATIONAL DIVIDEND INCOME ETF**

**(formerly, THE OPAL INTERNATIONAL DIVIDEND INCOME ETF)**

**Summary Prospectus**

**March 2, 2026**

**Trading Symbol: **IDVZ**

**Listed on Cboe BZX Exchange, Inc.**

**www.true-shares.com**

Before you invest, you may want to review the Polen International Dividend Income ETF (the "Fund") statutory prospectus and statement of additional information, which contain more information about the Fund and its risks. The current statutory prospectus and statement of additional information dated January 8, 2026, are incorporated by reference into this Summary Prospectus. You can find the Fund's statutory prospectus, statement of additional information, reports to shareholders, and other information about the Fund online at www.true-shares.com. You can also get this information at no cost by calling 1.877.875-TRUE (8783) or by sending an e-mail request to info@true-shares.com.

**Investment Objective**

The investment objective of the Polen International Dividend Income ETF (fka, The Opal International Dividend Income ETF) (the "Fund") is to provide capital appreciation with lower volatility and a higher dividend yield compared to the MSCI ACWI ex USA High Dividend Yield Total Return Index.

**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** |  |
| (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fees | 0.75% |
| Distribution and/or Service (12b-1) Fees |  |
| Other Expenses | 0.00%  |
| **Total Annual Fund Operating Expenses** | **0.75%** |

---

**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:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;$77 | &nbsp;&nbsp;$240 | $417 | $930 |

---

**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. For the fiscal year ended October 31, 2025, the Fund's portfolio turnover rate was 35% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund is an actively-managed ETF that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in securities of dividend-paying companies.

The Fund's portfolio typically consists of 40-60 companies that pay dividends and that the sub-adviser, Opal Capital LLC ("Opal"), expects will grow the dividends over time and are trading at attractive valuations at the time of the investment. The sub-adviser seeks companies that are established businesses with high cash flow, stable revenue streams, and disciplined capital reinvestment programs that may, as a result, experience lower volatility relative to the overall international equity market.

The Fund invests in non-U.S. companies with market capitalizations greater than $8 billion, but may include companies with market capitalizations of less than $8 billion if their dividend yields are above the market average. The Fund typically invests in non-U.S. companies through sponsored and/or unsponsored American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") but may directly invest in such companies on foreign exchanges. The sub-adviser makes its initial identification of potential portfolio securities based on its assessment of a company's ability and commitment to sustain and grow its dividends. The sub-adviser next identifies "high quality companies," which are generally defined as companies with a sustainable competitive advantage, offering stable and growing free cash flows, and quality management teams that have the capital discipline to distribute dividends to shareholders. The sub-adviser then selects companies whose stock is trading at a valuation that it believes offers an opportunity to generate above average returns over time.

The Fund invests at least 40% of its net assets in securities of companies that are economically tied to a country or countries outside the U.S., including emerging markets, meaning the company (i) is organized outside of the U.S.; (ii) has a class of securities whose principal securities market is outside of the U.S.; (iii) derives more than 50% of total revenues or earnings from goods produced, sales made, or services provided outside of the U.S.; or (iv) maintains more than 50% of its employees, assets, investments, operations, or other business activity outside of the U.S.

The MSCI ACWI ex USA High Dividend Yield Total Return Index (the "Index") referenced in the objective of the Fund is designed to reflect the performance of equities in the MSCI ACWI ex USA (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The Index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.

The Fund is classified as a "non-diversified" investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a "diversified" fund.

**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."

&nbsp;&nbsp;&nbsp;&nbsp;● **Active Management Risk**. The portfolio manager's judgment about an investment may prove to be incorrect because the
 portfolio manager applies poor judgment to otherwise effective investment techniques or relies on ineffective investment
 techniques and analyses. There is no guarantee that the portfolio manager's judgment will produce the desired results.
 This could adversely impact the Fund's performance and cause investors to lose money as a result.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment Risk.** The Fund invests in securities of companies domiciled in countries outside the U.S. that may experience
 more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. These companies
 may be subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility,
 expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, and less
 stringent investor protection and disclosure standards than those of the U.S. market.

&nbsp;&nbsp;&nbsp;&nbsp;● **ADRs and GDRs Risk.** ADRs and GDRs are receipts, issued by depository banks in the United States or elsewhere, for shares
 of a foreign-based company that entitle the holder to dividends and capital gains on the underlying security. ADRs and
 GDRs may be sponsored or unsponsored. In addition to the risks of investing in foreign securities, there is no guarantee
 that an ADR or GDR issuer will continue to offer a particular ADR or GDR. As a result, the Fund may have difficulty selling
 the ADRs or GDRs, or selling them quickly and efficiently at the prices at which they have been valued. The issuers of
 unsponsored ADRs or GDRs are not obligated to disclose information that is considered material in the U.S. and voting
 rights with respect to the deposited securities are not passed through. ADRs or GDRs may not track the prices of the underlying
 foreign securities on which they are based, and their values may change materially at times when U.S. markets are not
 open for trading. Certain ADRs or GDRs are not listed on an exchange and therefore may be less liquid than exchange traded
 securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Dividend Paying Risk.** While the Fund may hold stocks of companies that have historically paid a high dividend yield, those companies may
 reduce or discontinue their dividends, reducing the yield of the Fund. 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 companies involves
 the risk that such companies may fall out of favor with investors and underperform the market.

&nbsp;&nbsp;&nbsp;&nbsp;● **Equity Risk.** The NAV of the Fund will fluctuate based on changes in the value of the equity securities held by the Fund. Equity prices
 can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political
 or market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;● **Non-Diversification Risk.** Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified
 fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund's share
 price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a
 single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

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

○ *Authorized Participants ("APs"), 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 market makers 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) 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.

○ *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 Cboe BZX Exchange, Inc. (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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Exchanges Risk** *.* Because some securities held by the Fund may trade on foreign exchanges that may be closed when
 the Fund's primary listing exchange is open, there are likely to be deviations between the current price of a security
 and the security's last quoted price from the closed foreign market. This may result in premiums and discounts that
 are greater than those experienced by domestic ETFs. If events materially affecting the value of a security in the Fund's
 portfolio occur after the close of trading on a foreign market, an investor who purchases shares of the Fund on the secondary
 market before the Fund prices its shares to reflect the fair value of the security may have purchased such shares at a premium
 or discount to NAV (depending on whether the events were positive).

&nbsp;&nbsp;&nbsp;&nbsp;● **Limited History Risk**. The Fund has a limited history of operations for investors to evaluate.
 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood
 that events or conditions in one region or financial market may adversely impact issuers in a different country, region or
 financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation),
 interest rates, global demand for particular products or resources, natural disasters, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market Capitalization Risk.** 

● *Large-Capitalization Investing* **.** The Fund's performance may be adversely affected if securities of large cap companies underperform securities of smaller-capitalization companies or the market as a whole. The securities of large cap companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

● *Mid-Capitalization Investing* **.** The Fund may invest in the securities of mid-capitalization companies. As a result, the Fund's performance may be adversely affected if securities of mid-capitalization companies underperform securities of other capitalization ranges or the market as a whole. Securities of smaller companies are often more vulnerable to market volatility than securities of larger companies.

&nbsp;&nbsp;&nbsp;&nbsp;● **Value Investing Risk.** Because the Fund may utilize a value style of investing, the Fund could suffer losses or produce poor results relative
 to other funds, even in a rising market, if the adviser's or sub-adviser's assessment of a company's value
 or prospects for exceeding earnings expectations or market conditions is incorrect.

**Performance**

The following performance information indicates some of the risks of investing in the Fund. The table shows the Fund's average annual total return over time compared to one or more broad measures of market performance. Both the bar chart and table assume that all dividends and distributions are reinvested in the Fund. The Fund's past performance (before and after taxes) may not indicate future results.

Updated performance information is available on the Fund's website at www.True-Shares.com (the website does not form a part of this prospectus) or at no charge by calling the Fund's Distributor at 1.877.774.TRUE (8783).

**Annual Total Returns (*For the Calendar Year ended 12/31*)**![](est_005.jpg)

---

| | | |
|:---|:---|:---|
| | **Return** | **Quarter/Year** |
| Highest Return | 11.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q1/2025 |
| Lowest Return | &nbsp;&nbsp;&nbsp;&nbsp; 3.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q4/2025 |

---

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns (*for the periods ended December 31, 2025*)**  | | |
| | **1 Year** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Since <br> Inception <br> (December 26, 2024)**  |
| Returns before taxes | 32.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.12% |
| Returns after taxes on distributions | 30.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.48% |
| Returns after taxes on distributions and sale of Fund shares | 19.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.18% |
| **S&P 500 Total Return Index (reflects no deduction for fees, expenses or taxes)** | 17.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.86% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through tax- deferred or tax-exempt arrangements such as 401(k) plans or individual retirement accounts ("IRAs").

**Management**

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| | |
|:---|:---|
| *Adviser:* | TrueMark Investments, LLC |
| *Sub-Adviser:* | Opal Capital LLC |
| *Portfolio Manager:* | Austin Graff, CFA, Founder, Chief Executive Officer, and Chief Investment Officer of Opal Capital LLC, has served the Fund as portfolio manager since it commenced operations in December 2024. |

---

**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.True-Shares.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, sub-adviser, or their 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.