# EDGAR Filing Document

**Accession Number:** 0001587551
**File Stem:** 0001580642-26-002850
**Filing Date:** 2026-5
**Character Count:** 40995
**Document Hash:** fb3534eac0102573c94fa665b07829b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-002850.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001580642-26-002850

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capitol Series Trust
- **CENTRAL INDEX KEY:** 0001587551

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-191495
- **FILM NUMBER:** 26932448

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 5135873447

**MAIL ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Sterling Capital Enhanced Core Bond ETF (Series ID: S000090923)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000258312 | Sterling Capital Enhanced Core Bond ETF | SCEC            |

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| | |
|:---|:---|
|  | **Summary Prospectus** April 30, 2026 |
| Sterling Capital Enhanced Core Bond ETF | Sterling Capital Enhanced Core Bond ETF |
| **SCEC** | **SCEC** |

---

Before you invest, you may want to review the Sterling Capital Enhanced Core Bond ETF's (the "Fund") Prospectus, which contains information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, both dated April 30, 2026, are incorporated by reference into this Summary Prospectus. You can find the Fund's Prospectus and other information about the Fund online at www.sterlingcapital.com/etf. You can also get this information at no cost by calling 1-888-637-7798 or by sending an e-mail request to fundinfo@sterlingcapital.com.

**Investment Objective**

Sterling Capital Enhanced Core Bond ETF (the "Fund") seeks high level of current income and a competitive total return.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund ("Shares"). **You may pay other fees on your purchases and sales of Shares, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.**

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| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fee<sup>(1)</sup> | 0.39% |
| Distribution and/or Service (12b 1) Fee<sup>(2)</sup> |  |
| Other Expenses | 0.00% |
| Total Annual Fund Operating Expenses | 0.39% |

---

(1) Sterling
 Capital Management LLC, the Fund's adviser ("Adviser" or "Sterling
 Capital"), has agreed to pay all other expenses of the Fund, except for the management
 fee, interest, 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, extraordinary expenses and distribution fees
 and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1
 under the Investment Company Act of 1940, as amended (the "1940 Act") (the "Excluded
 Expenses").

(2) The
 Fund has adopted a Rule 12b-1 Distribution Plan, and the Board of Trustees (the "Board")
 has authorized a 12b-1 fee not to exceed 0.25% of the average daily net assets of Fund shares.
 No Distribution/12b-1 fee is currently paid by the Fund or will be made during the first
 twelve (12) month period from the date of this prospectus. Thereafter, 12b-1 fees may only
 be imposed after approval by the Fund's Board.

**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. This Example does not reflect the effect of brokerage commissions or other transaction costs you paid in connection with the purchase or sale of Fund Shares. 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** | **3** | **5** | **10** |
| **Year** | **Years** | **Years** | **Years** |
| $40 | $125 | $219 | $493 |

---

**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 Fund 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. The Fund's portfolio turnover rate is normally expected to be under 75%. For the fiscal period March 13, 2025 (commencement of operations) to December 31, 2025, the Fund's portfolio turnover rate was 67% of the average value of its portfolio.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** | 1 of 6 | **Sterling Capital Enhanced Core Bond ETF** |

---

**Principal Investment Strategies**

The Fund is an actively traded ETF that seeks competitive total return through any combination of current income and capital appreciation. The Fund seeks to provide total return through a combination of income and capital appreciation by investing in a diversified portfolio of fixed-income securities. The Fund implements an "enhanced core" strategy by allocating assets between investment-grade bonds and high-yield, high-risk bonds to achieve the Fund's performance objectives. To pursue its investment objective, the Fund will invest, under normal circumstances, at least 80% of its net assets plus borrowings for investment purposes in a diversified portfolio of bonds, including: securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, corporate bonds, asset-backed securities, mortgage - backed securities, including commercial mortgage-backed securities and collateralized mortgage obligations, collateralized loan obligations ("CLOs"), municipal securities, restricted securities (including privately placed commercial paper and Rule 144A securities), and bonds that are below investment grade, which are commonly referred to as "high yield" or "junk" bonds. All securities will be U.S. dollar-denominated although the Fund may invest in U.S. dollar-denominated foreign and emerging market securities. The Fund under normal circumstances will invest at least 80% of its investable assets in securities that are investment grade (rated at the time of purchase in one of the four highest rating categories by a nationally recognized statistical rating organization ("NRSRO") or are determined by the portfolio manager to be of comparable quality), and will invest up to 20% of its investable assets in bonds that are below investment grade ("high yield" or "junk" bonds).

The Fund may also invest in preferred stock, restricted securities and variable and floating rate instruments to achieve its investment objectives.

In managing the portfolio, the portfolio manager uses a "top down" investment management approach focusing on interest rate risk, allocation among sectors, credit risk, and individual securities selection. The portfolio manager focuses on macro trends in the economy to establish a duration target that reflects the outlook for the future direction of interest rates. For yield curve management, in addition to the trend in interest rates, other factors such as future inflation expectations, supply factors and future interest rate expectations are considered. Sector weightings are driven by a combination of the portfolio manager's macro view on interest rates and volatility as well as relative spread analysis (a comparison of current and historical valuation relationships between various sectors). Utilizing fundamental analysis, the portfolio manager then selects individual securities consistent with the target by looking for the best relative values within particular sectors. This includes an analysis of the structure and embedded features of potential securities. Features that are analyzed include puts, calls, sinking fund requirements (scheduled early retirements of the specific debt instrument), prepayment and extension risk, and individual company financial data for potential corporate holdings. Scenario analysis is typically used to estimate the future cash flows for structured products and other securities with potentially variable returns of principal. These analyses are used to estimate the potential risk of each security. By comparing valuations on securities in the same sector or industry with similar risk profiles, the manager can determine where investors are being best compensated for a commensurate level of risk.

The portfolio manager may consider selling a security owned by the Fund to reduce exposure to a particular sector, if the portfolio manager sees a deterioration in the underlying fundamentals of an issuer or if the actions of the issuer violate the investment thesis

of owning the security (or, in another words, the original reasoning for purchasing the security), when the portfolio manager finds other attractive securities that the portfolio manager believes are less expensive and offer relatively greater income or growth potential, and in response to macro level adjustments to duration and yield curve contributions (which are changes made to portfolio duration or yield curve positioning due to changes in the portfolio manager's macroeconomic outlook).

The Fund may invest in certain types of derivative instruments for hedging and investment purposes. Although the Fund may invest in derivatives of any kind, the Fund currently expects to invest in futures contracts and forward foreign currency contracts to gain efficient investment exposures as an alternative to cash investments or to hedge against portfolio exposures, and credit default swaps and interest rate swaps to gain indirect exposure to interest rates, issuers, currencies, or market sectors, or to hedge against portfolio exposures. While the use of derivatives is not a primary investment strategy of the Fund, there may be times when it becomes practical to invest in these instruments, particularly when managing risk. The most common use case for derivatives in the portfolio would be when the portfolio manager seeks to efficiently achieve a specific duration or yield curve positioning without needing to alter the underlying cash sector allocations. Derivatives may also be used as efficient substitutes for cash securities during large inflows or outflows to the Fund.

**80% Investment Policy**

In accordance with the Securities and Exchange Commission's "Names Rule" requirements, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in the following:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **"Core" Investments in Investment-Grade Bonds:** 

○ The Fund defines "investment-grade bonds" as securities that are rated in one of the four highest rating categories (AAA, AA, A or BBB) by at least one nationally recognized statistical rating organization (NRSRO) at the time of purchase. If a bond is not rated, the portfolio manager will determine if the bond is of comparable quality.

○ The Fund may continue to hold securities that are downgraded below investment grade after purchase, if the adviser determines it is in the best interest of shareholders to retain such securities.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **"Enhanced" Investments in High-Yield, High-Risk Bonds:** 

○ The Fund may invest in bonds rated below investment grade (commonly referred to as "junk bonds") to enhance performance. These investments are subject to higher credit risk, greater volatility, and potential illiquidity compared to investment-grade bonds, but also generally provide a higher yield than higher rated securities of similar maturity. Issuers of these securities may not be as strong financially as those issuing higher rated securities.

The Fund will regularly monitor its holdings to ensure compliance with this 80% investment policy. If the Fund falls out of compliance due to market fluctuations, downgrades, or other factors, it will take appropriate action (i.e. make trades to adjust the portfolio) to return to compliance within a reasonable period, not exceeding 30 calendar days.

The Fund's Principal Investment Risks described below encompass all of the Fund's principal investment risks, as well as the risks associated with the Fund's 80% investment policy.

---

| | | |
|:---|:---|:---|
| **Summary Prospectus** | 2 of 6 | **Sterling Capital Enhanced Core Bond ETF** |

---

**Principal Investment Risks**

All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. You may lose money by investing in the Fund.

Listed below are the principal risks of investing in the Fund. The first five risks are presented in an order that reflects the Adviser's current assessment of relative importance, but this assessment could change over time as the Fund's portfolio changes or in light of changes in the market or the economic environment, among other things. The remaining risks are presented in alphabetical order to facilitate your ability to find particular risks and compare them with the risk of other funds. The Fund is not required to and will not update this Prospectus solely because its assessment of the relative importance of the principal risks of investing in the Fund changes. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Please see "Additional Principal Risk Information" in this Prospectus for a more detailed description of the Fund's risks.

**Interest Rate Risk:** The possibility that the value of the Fund's investments will decline due to an increase in interest rates. Interest rate risk is generally higher for longer-term debt instruments and lower for shorter-term debt instruments.

**Fixed Income Market Risk:** Fixed income securities markets may, in response to governmental intervention, economic or market developments (including potentially a reduction in the number of broker-dealers willing to engage in market-making activity), or other factors, experience periods of increased volatility and reduced liquidity.

**Credit Risk:** The possibility that an issuer cannot make timely interest and principal payments on its debt securities such as bonds. The lower a security's rating, the greater its credit risk. Changes in actual or perceived creditworthiness may occur quickly.

**Mortgage-Backed and Asset-Backed Securities Risk:** Mortgage-backed and other asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Rising interest rates tend to extend the duration of mortgage-backed securities, making them more sensitive to changes in interest rates, and may reduce the market value of the securities. Mortgage-backed securities are also subject to pre-payment risk. Due to their often-complicated structures, various mortgage - backed and asset-backed securities may be difficult to value and may constitute illiquid securities. Furthermore, debtors may be entitled to the protection of a number of state and federal consumer protection credit laws with respect to these securities, which may give the debtor the right to avoid or reduce payment.

**High-Yield/High-Risk Debt Securities:** High-yield/high- risk debt securities are securities, otherwise known as "junk bonds" are rated below investment grade by the primary rating agencies. These securities are considered speculative and involve greater risk of loss than investment grade debt securities. High-yield/high-risk debt securities are subject to credit risk, market risk, interest rate risk, cyclical economic risk, and price volatility risk. Cyclical economic risk refers to the high correlation of performance of high-yield securities with the ebbs and flows of the business cycle. When the economy grows, this supports earnings and credit quality for high-yield companies. As the risk of recession rises, this negatively impacts the business performance of these companies and the willingness of investors to take risk in their securities.

**Active Trading Risk:** The Fund may trade securities actively, which could increase its transaction costs (thereby lowering its performance) and may increase the amount of taxes that a shareholder pays, by increasing the amount of the Fund's realized capital gains and increasing the portion of the Fund's realized capital gains that are short-term capital gains.

**Cash Transactions Risk:** Exchange-Traded Funds (ETFs) are known for their tax efficiency, which is created primarily by their unique "in-kind" redemption process. In this process, authorized participants exchange ETF shares for a basket of the fund's underlying securities, allowing the ETF to offload appreciated assets without triggering taxable events for its shareholders. This process helps minimize capital gains distributions, enhancing tax efficiency. However, to the extent that the Fund effects its creation and redemptions in cash, as it intends regularly to do, the Fund may need to sell securities to generate the necessary funds for a redemption. Such sales may result in the Fund realizing capital gains, which under applicable tax regulations must be distributed to all shareholders, leading to potential tax liabilities for shareholders that would not have been incurred had the redemptions been in-kind. Such cash redemptions may also result in the Fund incurring brokerage costs that might not have been incurred if the purchase or redemption of creation units were effected in kind, and the imposition of such costs may decrease the Fund's net asset value. The use of cash creations and redemptions may also cause the Fund's shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund's NAV.

**Collateralized Loan Obligations Risk:** Collateralized loan obligations are investment vehicles typically collateralized by a pool of loans, which may include, among others, senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Collateralized loan obligations are subject to the risks of substantial losses due to actual defaults by borrowers of the loans underlying the collateralized loan obligations, which will be greater during periods of economic or financial stress. Collateralized loan obligations may also lose value due to collateral defaults and disappearance of subordinate tranches, market anticipation of defaults, and investor aversion to collateralized loan obligation securities as a class. The Fund may invest in collateralized loan obligations that hold loans of uncreditworthy borrowers, which may absorb losses from underlying borrower defaults before senior tranches. Investments in such collateralized loan obligations present a greater risk of loss. In addition, collateralized loan obligations are subject to interest rate risk and credit risk.

**Counterparty Risk:** The possibility that a counterparty to a contract will default or otherwise become unable to honor a financial obligation.

**Derivatives Risk:** The possibility that the Fund will suffer a loss from its use of derivatives. The primary risk with many derivatives is that they can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative instrument. It is possible that the Fund's liquid assets may be insufficient to support its obligations under its derivatives positions. The Fund's use of derivatives such as futures transactions and swap transactions involves other risks, such as the credit risk relating to the other party to a derivative contract (which is heightened for over-the-counter swaps and other derivatives as compared to centrally cleared derivatives), the risk of difficulties in pricing and valuation, and the risk that changes in the value of a derivative may not correlate perfectly with relevant assets, rates or indices. There is also the risk that the Fund may be unable to terminate or sell a derivatives position at an advantageous time or price.

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| | | |
|:---|:---|:---|
| **Summary Prospectus** | 3 of 6 | **Sterling Capital Enhanced Core Bond ETF** |

---

**Emerging Markets Risk:** The risks associated with foreign investments (see "Foreign Investment Risk") are particularly pronounced in connection with investments in emerging markets.

**Estimated Maturity Risk:** The possibility that an underlying security holder will exercise its right to pay principal on an obligation earlier or later than expected. This may happen when there is a rise or fall in interest rates. These events may shorten or lengthen the duration (i.e., interest rate sensitivity) and potentially reduce the value of these securities

**ETF Specific Risks:** The Fund is structured as an ETF and as a result is subject to special risks, including:

●  ***Limited Authorized Participants, Market Makers and Liquidity Providers Risk.*** Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. Particularly in times of market stress, Authorized Participants, market makers, or liquidity providers may exit the business, reduce their business activities, or otherwise become unable to process creation and/or redemption orders, and there is a possibility that no other entities will step forward to perform these services. This may result in a significantly diminished trading market for the Fund's shares, differences between the market price of the Fund's shares and the underlying value of those shares, and delisting of the shares.

●  ***Not Individually Redeemable.*** Shares are not redeemable by retail investors and may be redeemed only by the Authorized Participants NAV and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.

●  ***Trading Issues.*** Trading in Shares on the Cboe BZX Exchange, Inc. ("CBOE" or the "Exchange") may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. An exchange or market may close or impose a market trading halt 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. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange, which may result in the Fund's shares being delisted. An active trading market for Shares may not be developed or maintained. If Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for Shares.

●  ***Market Price Variance Risk.*** Individual Shares that are listed for trading on the Exchange can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares. There may be times when the market price and the NAV vary significantly and you may pay more than NAV when buying Shares on the secondary market, and you may receive less than NAV when you sell those Shares. The market price of Shares, like the price of any exchange-traded security, includes a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the

particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that Shares may trade at a discount to NAV and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. The Fund's investment results are measured based upon the daily NAV of the Fund over a period of time. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those Authorized Participants creating and redeeming directly with the Fund.

○ In times of market stress, market makers may step away from their role market making in Shares and in executing trades, which can lead to differences between the market value of Shares and the Fund's NAV.

○ The market price for Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Shares than the Fund's NAV, which is reflected in the bid and ask price for Fund shares or in the closing price.

○ When all or a portion of the Fund's underlying securities trade in a market that is closed when the market for Shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of Shares and the Fund's NAV.

○ In stressed market conditions, the market for Shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of Shares may, in turn, lead to differences between the market value of Shares and the Fund's NAV. The existence of a difference between the market value of an actively managed ETF and its Net Asset Value (NAV) poses a risk to investors because it can result in premium or discount trading, meaning that investors might buy or sell shares at a price that does not accurately reflect the true value of the ETF's underlying assets. This risk may manifest in several ways: (1) Premium Risk: If the ETF trades at a premium (higher than its NAV), investors may overpay for the shares. If the premium later disappears, the investor may suffer losses when selling the ETF; (2) Discount Risk: If the ETF trades at a discount (lower than its NAV), investors may receive less than the true value of the underlying assets when selling their shares; (3) Market Liquidity and Trading Inefficiency: Unlike mutual funds, which always redeem at NAV, ETFs rely on market makers and the arbitrage mechanism to keep prices aligned with NAV. If market makers fail to keep the ETF price close to its NAV due to liquidity issues or extreme market conditions, price inefficiencies can persist, leading to larger deviations; (4) Breakdown in the Arbitrage Mechanism: Arbitrageurs normally help align an ETF's price with its NAV by buying or selling ETF shares and the underlying assets. However, in an actively managed ETF, where holdings may not be as transparent or liquid, arbitrage may be less efficient, leading to sustained price discrepancies; and (5) Market Volatility Impact: During periods of high volatility, an ETF may experience larger-than-usual deviations from its NAV due to trading imbalances, increased spreads, or lack of active arbitrage participants.

***Foreign Currency Transaction Risk:*** Funds that invest directly in foreign currencies and in securities that trade in, or receive revenues in, foreign currencies are subject to the risk that those currencies will fluctuate in value relative to the U.S. dollar.

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| | | |
|:---|:---|:---|
| **Summary Prospectus** | 4 of 6 | **Sterling Capital Enhanced Core Bond ETF** |

---

***Foreign Investment Risk:*** Investments in foreign securities involve risks not typically associated with investing in U.S. securities. Foreign securities may be adversely affected by various factors, including currency fluctuations and social, economic or political instability. Weaker regulatory requirements and weaker scrutiny in foreign securities provide less transparent information than U.S. investments. These risks are particularly pronounced for emerging markets.

***Income Risk:*** The possibility that the Fund's income will decline due to a decrease in interest rates. Income risk is generally higher for shorter-term bonds and lower for longer-term bonds.

***Liquidity Risk:*** The possibility that certain securities or derivatives may be difficult or impossible to sell at the time and the price that would normally prevail in the market. The seller may have to lower the price, sell other securities instead or forego an investment opportunity, any of which could have a negative effect on Fund management or performance.

***Management Risk:*** The risk that an investment technique used by the Fund's portfolio manager may fail to produce the intended result. The portfolio managers' judgments about the markets, the economy or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may negatively affect the return on your investment.

***Market Risk:*** The risk that the market value of a security may move up and down, sometimes rapidly and unpredictably for a variety of reasons, including general financial market conditions, changing market perceptions and changes in government intervention in the financial markets. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industrial sector of the economy or the market as a whole. For fixed income securities, market risk is largely, but not exclusively, influenced by changes in interest rates.

***Municipal Securities Risk:*** Municipal obligations are issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies and instrumentalities and the District of Columbia to obtain funds for various public purposes. Municipal obligations are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the United States. The ability of municipalities to meet their obligations will depend on the availability of tax and other revenues, economic, political and other conditions within the state and municipality, and the underlying fiscal condition of the state and municipality. As with other fixed income securities, municipal securities also expose their holders to market risk because their values typically change as interest rates fluctuate.

***New Fund Risk:*** The Fund is newly formed, which may result in additional risk. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time.

***Operational and Technology Risk:*** Cyber-attacks, disruptions, or failures that affect the Fund's service providers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

***Preferred Stock Risk:*** Preferred stock represents an interest in a company that generally entitles the holder to receive, in preference

to the holders of common stock, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred stocks do not offer as great a degree of protection of capital or assurance of continued income as investments in corporate debt securities. Preferred stocks are generally subordinated in right of payment to all debt obligations and creditors of the issuer, and convertible preferred stocks may be subordinated to other preferred stock of the same issuer.

***Prepayment/Call Risk:*** When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. Call risk is the possibility that, during periods of declining interest rates, a bond issuer will "call" — or repay — higher-yielding bonds before their stated maturity date. In both cases, investors receive their principal back and are typically forced to reinvest it in bonds that pay lower interest rates.

***Restricted Securities/Private Placement Risk:*** The Fund's investment in restricted securities, such as Rule 144A securities and privately placed commercial paper, have multiple risks, including (1) liquidity risk; (2) valuation risk; (3) credit risk; (4) redemption and fund liquidity risk; and (5) regulatory and compliance risks.

***Secondary Market Liquidity Risk:*** Shares of the Fund may trade at prices other than NAV. As with all exchange traded funds ("ETFs"), Fund shares may be bought and sold in the secondary market at market prices. The trading prices of the Fund's shares in the secondary market generally differ from the Fund's daily NAV and there may be times when the market price of the shares is more than the NAV (premium) or less than the NAV (discount). This risk is heightened in times of market volatility or periods of steep market declines. Additionally, in stressed market conditions, the market for the Fund's shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. When an ETF is first launched, it is unlikely to have immediate secondary market liquidity. There is likely to be a lead market maker making markets of significant size, but it is unlikely there will be many market participants on day one of trading. This lack of secondary market liquidity may make it difficult for investors to transact in Fund shares in the market, and the market price consequently may deviate from the Fund's NAV. As the Fund begins to trade and as client interest increases, an increasing number of market participants buy or sell shares of the Fund and secondary market liquidity will grow. While all ETFs can be held for prolonged periods or intraday, some ETFs experience more secondary market trading than others.

***Smaller Fund Risk:*** A smaller fund's performance may not represent how the fund is expected to or may perform in the long term if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in smaller funds. Smaller funds may also require a period of time before they are fully invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Fund performance may be lower or higher during this "ramp-up" period, and may also be more volatile, than would be the case after the fund is fully invested. Similarly, a smaller fund's investment strategy may require a longer period of time to show returns that are representative of the strategy. Smaller funds may not attract sufficient assets to achieve investment and trading efficiencies. If a smaller fund were to fail to successfully implement its investment strategies or achieve its investment objective, performance may be negatively impacted.

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| | | |
|:---|:---|:---|
| **Summary Prospectus** | 5 of 6 | **Sterling Capital Enhanced Core Bond ETF** |

---

***U.S. Government Securities Risk:*** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities (such as Fannie Mae or Freddie Mac securities). Although U.S. government securities issued directly by the U.S. government are guaranteed by the U.S. Treasury, other U.S. government securities issued by an agency or instrumentality of the U.S. government may not be. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.

***Variable and Floating Rate Instrument Risk:*** Variable and floating rate instruments are generally less sensitive to interest rate changes than other fixed rate instruments; however, the value of floating rate instruments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Inverse floating rate securities may also exhibit greater price volatility than a fixed rate obligation with similar credit quality. When a Fund holds variable or floating rate securities, a decrease (or, in the case of inverse floating rate securities, an increase) in market interest rates will adversely affect the income received from such securities and the net asset value of the Fund's shares.

For more information about the Fund's risks, please see the "Additional Principal Investment Risk Information" section in this Prospectus.

**Performance Information**

The Fund commenced operations on March 13, 2025, and therefore does not have a full calendar year of performance history. In the future, performance information will be presented in this section of the Prospectus. Performance information will contain a bar chart and table that provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing the Fund's average annual returns for certain time periods as compared to a broad measure of market performance. Investors should be aware that past performance before and after taxes is not necessarily an indication of how the Fund will perform in the future. *Updated performance information is available at no cost by visiting www.sterlingcapital.com/etf or by calling 1-888-637-7798.*

**Investment Adviser**

Sterling Capital Management LLC

**Portfolio Managers**

Mark M. Montgomery, CFA®, Senior Managing Director, CIO and Head of Fixed Income, Peter L. Brown, CFA®, Managing Director and Head of Investment-Grade Credit, and Robert Brown, CFA®, Managing Director, Fixed Income Portfolio Manager and Head of Non-Investment Grade Credit, are the Fund's Portfolio Managers and have served as such since the Fund commenced operations in March 2025.

**Purchase and Sale of Fund Shares**

The Fund will issue and redeem Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit") to Authorized Participants who have entered into agreements with the Fund's distributor. Creation Units re issued and redeemed for cash and/or in-kind for securities. Individual Shares of the Fund may only be purchased and sold in secondary market transactions through a broker dealer. Except when aggregated in Creation Units, the Shares are not redeemable securities of the Fund.

Shares are listed for trading on the Exchange and trade at market prices rather than NAV. Shares may trade at a price that is greater than, at, or less than, NAV.

**Tax Information**

The Fund's distributions generally will be taxable as ordinary income or long-term capital gains. A sale of Shares may result in capital gain or loss.

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

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its related companies may pay the intermediary for the sale of 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.

SCEC-0426

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| **Summary Prospectus** | 6 of 6 | **Sterling Capital Enhanced Core Bond ETF** |

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