0001750821 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:ClimateInvestingConsiderationsRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:GeneralMarketRiskRecentMarketEventsMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:SmallFundRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:CommonStockRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:LargecapitalizationRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:SectorRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:IndustryConcentrationRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:PassiveInvestmentRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:IndexCalculationRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:CybersecurityRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:ThirdpartyDataRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:TrackingErrorRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:OperationalRiskMember 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:C000247983Member 2026-01-28 2026-01-28 0001750821 cik0001750821:S000083897Member cik0001750821:C000264391Member 2026-01-28 2026-01-28 0001750821 cik0001750821:C000247983Member 2022-01-01 2022-12-31 0001750821 cik0001750821:C000247983Member 2023-01-01 2023-12-31 0001750821 cik0001750821:C000247983Member 2024-01-01 2024-12-31 0001750821 cik0001750821:C000247983Member 2025-01-01 2025-12-31 0001750821 cik0001750821:C000247983Member 2026-01-28 2026-01-28 0001750821 cik0001750821:C000247983Member 2021-10-04 2025-12-31 0001750821 cik0001750821:C000247983Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001750821 cik0001750821:C000247983Member oef:AfterTaxesOnDistributionsMember 2021-10-04 2025-12-31 0001750821 cik0001750821:C000247983Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001750821 cik0001750821:C000247983Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-10-04 2025-12-31 0001750821 cik0001750821:C000264391Member 2025-01-01 2025-12-31 0001750821 cik0001750821:C000264391Member 2021-10-04 2025-12-31 0001750821 cik0001750821:C000264391Member 2026-01-28 2026-01-28 0001750821 cik0001750821:C000247983Member cik0001750821:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001750821 cik0001750821:C000247983Member cik0001750821:SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-10-04 2025-12-31 0001750821 cik0001750821:C000247983Member cik0001750821:Sphere500FossilFreeIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2025-01-01 2025-12-31 0001750821 cik0001750821:C000247983Member cik0001750821:Sphere500FossilFreeIndexReflectsNoDeductionForFeesExpensesOrTaxesMember 2021-10-04 2025-12-31 iso4217:USD pure false 485BPOS 0001750821 2026-01-28 N-1A Exchange Place Advisors Trust 2026-01-28 SUMMARY SECTION Investment Objective The Sphere 500 Climate Fund (the “Fund”) seeks to track the performance, before fees and expenses, of the Sphere 500 Fossil-Free Index™ (the “Index”). 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. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Expense Example below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zRd3kC5hhFO1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z9fGPlO1rjnj" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #E0E0E0"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; width: 68%; text-align: left; padding-bottom: 3pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_496_20260128__20260128__dei--LegalEntityAxis__custom--S000083897Member__oef--ClassAxis__custom--C000247983Member_zlFVC9RQhijd" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; width: 15%; text-align: center; padding-bottom: 3pt">Class R6</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_49B_20260128__20260128__dei--LegalEntityAxis__custom--S000083897Member__oef--ClassAxis__custom--C000264391Member_zcGOlERriqb5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; vertical-align: bottom; width: 15%; text-align: center; padding-bottom: 3pt">Institutional Class</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zjXZDEx5VmRi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Management Fee(1)</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.07%</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.07%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zwySItU97Rwf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Distribution (12b-1) and/or Service Fees</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.00%</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">0.10%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_z6f2zYZwvaV4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Other Expenses(2)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.88%(3)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.88%(3)</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zq16PUPVghre" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">0.95%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">1.05%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zNAoeuU7reo" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Fee Waivers and/or Expense Reimbursement</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(0.88)%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">(0.75)%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zxJ29t6h1Tqh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements(4)</td> <td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">0.07%</td> <td style="border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: center">0.30%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Restated to reflect current fees. Effective as of September 16, 2025, the Fund’s management fee structure changed from a “unitary fee” structure in which the Fund’s investment adviser, Reflection Asset Management, LLC (the “Adviser”), had agreed to pay all expenses of the Fund, except for: the 0.07% unified management fee payable to the Adviser pursuant to the prior Investment Advisory Agreement, interest charges on any borrowings, 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, distribution (12b-1) fees and expenses, and shareholder service fees and expenses pursuant to the shareholder servicing plan adopted by the Fund.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Annualized.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">“Other Expenses” have been restated and are based on estimated amounts for the current fiscal year with the change in advisory fee structure; actual expenses may vary.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Fund’s investment adviser has contractually agreed to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding front-end or contingent deferred loads, interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, dividend and interest expenses relating to short sales, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, if any) (“Operating Expenses”) of the Fund are limited to 0.07% for Class R6 shares and 0.30% for Institutional Class shares, respectively, as a percentage of average net assets until December 31, 2030 and may not be terminated during its term without the consent of the Board of Trustees. The Fund’s investment adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior 36 months following the waiver or reimbursement with respect to any Class provided that repayment does not cause annual Operating Expenses to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser, whichever is lower.</td></tr> </table> 0.0007 0.0007 0.0000 0.0010 0.0088 0.0088 0.0095 0.0105 -0.0088 -0.0075 0.0007 0.0030 Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual 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 (taking into account the contractual fee waiver through December 31, 2030). 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 reflects the contractual fee waiver/expense reimbursement arrangement through December 31, 2030. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 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 (taking into account the contractual fee waiver through December 31, 2030). 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 reflects the contractual fee waiver/expense reimbursement arrangement through December 31, 2030. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCWUqfYi0DB4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zxWIfhcniXKf" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Class</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear01_znSnoSBU2Xqg" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">One Year</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_z8SYOIRtMPJd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Years</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_488_eoef--ExpenseExampleYear05_zA7tX9OzQ8l1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Five Years</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td id="xdx_487_eoef--ExpenseExampleYear10_zHcxiiclvZ27" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Ten Years</td></tr> <tr id="xdx_411_20260128__20260128__dei--LegalEntityAxis__custom--S000083897Member__oef--ClassAxis__custom--C000247983Member_zcXrp0u1zl6e" style="vertical-align: bottom"> <td style="width: 19%; text-align: center">Class R6</td> <td style="width: 2%"> </td> <td style="width: 18%; text-align: center">$7</td> <td style="width: 2%"> </td> <td style="width: 18%; text-align: center">$23</td> <td style="width: 2%"> </td> <td style="width: 18%; text-align: center">$40</td> <td style="width: 2%"> </td> <td style="width: 19%; text-align: center">$709</td></tr> <tr id="xdx_41C_20260128__20260128__dei--LegalEntityAxis__custom--S000083897Member_zc0953RAIpPh" style="vertical-align: bottom"> <td style="text-align: center">Institutional Class</td> <td> </td> <td style="text-align: center">$31</td> <td> </td> <td style="text-align: center">$97</td> <td> </td> <td style="text-align: center">$169</td> <td> </td> <td style="text-align: center">$898</td></tr> </table> 7 23 40 709 31 97 169 898 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 the annual fund operating expenses or in the Expense Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 49% of the average value of its portfolio. 0.49 Principal Investment Strategies The Fund employs a “passive management” (or indexing) investment approach designed to track the total return performance, before fees and expenses, of the Index. The Index is designed to reflect the performance of large companies listed on U.S. exchanges while excluding fossil fuel, utility and other companies with material climate-related risks. More information about the Index can be found at www.bitadata.com/pages/SPFFXI. The Index The Index is constructed beginning with the largest 500 U.S. companies that trade on regulated U.S. exchanges by market capitalization. As of December 31, 2025, the market capitalization of companies in the Index ranged from approximately $5.9 billion to $4.6 trillion. The index administrator, BITA GmbH (the “Index Administrator”), then eliminates companies from this investable universe using data obtained from As You Sow, an unaffiliated non-profit organization that promotes environmental responsibility through shareholder advocacy. As You Sow eliminates companies from the Index based primarily on their risk profile of being exposed to the fossil fuel industry and secondarily, by other exclusionary screens, including companies engaged in deforestation activities, civilian and military firearms manufacturing and related guns/arms sales, prison and border security operations, and tobacco and e-cigarette manufacturing. The elimination of these companies from the Index is intended to foster and support the climate-focused, social investing goals of the Fund. On a periodic basis, As You Sow publishes the current uninvestable lists, which are principally comprised of companies that contribute to climate change through fossil fuel activities. As You Sow designates a company as an uninvestable fossil fuel company if the company is engaged in producing, distributing, or refining fossil fuels; holding reserves of fossil fuels; is a utility that is primarily fossil fuel-powered, or is a producer of equipment for any of the above (i.e., companies that engage in oil, gas, or coal production, and related activities). The Index also excludes other uninvestable companies as determined from time to time by As You Sow. If a company is included in As You Sow’s uninvestable list, that company is not eligible for inclusion in the Index. The Index Administrator then re-weights the remaining companies on a free-float market capitalization basis. A company’s free float-adjusted market capitalization is calculated by multiplying the number of shares readily available in the market by the price of such shares. The Index is typically composed of approximately 400-450 companies and is rebalanced and reconstituted quarterly as of close on the third Friday of March, June, September, and December, respectively, based on data as of the close of business on the Friday of such reconstitution month. As of December 31, 2025, the Index was composed of 404 companies. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index in weightings that approximate the relative composition of the Index. By investing in component securities of the Index, under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities issued by companies that do not (1) derive any revenue from the sale of fossil fuels, (2) hold fossil fuel related assets or reserves, (3) use fossil fuels for power generation, or (4) produce fossil fuel-related equipment. By excluding companies that engage in these fossil fuel activities, the Index, and therefore the Fund, are not exposed to companies with material climate change risk. The Fund may invest in companies that use fossil fuel as part of their business or have used fossil fuels in the past. Reflection Asset Management, LLC (the “Adviser”), serves as the investment adviser for the Fund and is responsible for trading on behalf of the Fund in line with the Index. Consistent with the Index, the Adviser rebalances the Fund quarterly. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it will invest in all the component securities of the Index in approximately the same weightings as in the Index. This is referred to as a passive or indexing approach to investing. To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of the fiscal year ended September 30, 2025, the Index was not concentrated in any industry or group of industries; however, the Index, and therefore the Fund, had significant exposure to the information technology sector. As of the fiscal year ended September 30, 2025, the Fund had invested 40.25% of its net assets in the information technology sector. Climate-Focused Investing By investing in the Index, the Fund will not invest in companies that contribute to climate change in a material way through their fossil fuel activities. According to the U.S. Energy Information Administration, in 2022, 74% of greenhouse gas emissions came from burning fossil fuels. The Fund also seeks to vote proxies in a climate-focused way, such as voting for proposals to reduce or eliminate greenhouse gas emissions, using voting guidelines from As You Vote, an affiliate of As You Sow. Before investing in the Fund, you should carefully consider your own investment goals, the amount of time you are willing to leave your money invested, and the amount of risk you are willing to take. Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of your investment in the Fund over long or even short periods of time. The principal risks of investing in the Fund are: <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClimateInvestingConsiderationsRiskMember_zNupRXYBQrI5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Climate Investing Considerations Risk. Considerations related to climate risk, such as environmental criteria (e.g., fossil fuel screens), applied to the Index’s construction may limit the number of investment opportunities available to the Fund, and as a result, at times, the Fund may underperform funds that are not subject to similar investment restrictions. For example, the Index may exclude certain securities due to climate-focused considerations when other investment considerations would suggest that investing in such securities would be advantageous. The Fund may also underperform funds that invest in the energy and utilities sectors, particularly in times of rising oil, gas and energy prices.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeneralMarketRiskRecentMarketEventsMember_zKTHmYeJZvhj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">General Market Risk; Recent Market Events. The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as domestic and foreign (non-U.S.) economic growth and real or perceived adverse economic or political conditions throughout the world, including war, social unrest, natural disasters, public health crises (including the occurrence of a contagious disease or illness), changes in the general outlook for corporate earnings, inflation, changes in interest or currency rates or adverse investor sentiment generally. Although the U.S. government has honored its credit obligations, it remains possible that the U.S. could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the U.S. would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund’s investments. Similarly, political events within the U.S. at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of the Fund’s investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and imposed or threatened to impose significant import tariffs. These actions could lead to price volatility and overall declines in U.S. and global investment markets. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. These events may lead to economic uncertainty, decreased economic activity, and increased market volatility. Given the interconnectedness of markets around the world, even if these events or conditions affect only a single or small number of issuers or countries, they may have disruptive effects across global economies and markets. The change in the presidential administration in 2025 has resulted in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the securities markets generally.</td></tr> </table> Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the Fund’s returns. The Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallFundRiskMember_zqsIgr5oSRre"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Small Fund Risk. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. Liquidation of the Fund can be initiated without shareholder approval by the Board of Trustees if it determines that liquidation is in the best interest of shareholders. As a result, the timing of any potential liquidation of the Fund may not be favorable.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStockRiskMember_zc6USubsJFof"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Common Stock Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationRiskMember_z3GsUusuyRve"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Large-Capitalization Risk. Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zN2z5giEJyOe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">○</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Information Technology Sector Risk. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zp3ApD32vpph"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Industry Concentration Risk. In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that the Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also may concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If the Index is not concentrated in a particular industry or group of industries, the Fund will not concentrate in a particular industry or group of industries.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_z0LNdOiL3p6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Passive Investment Risk. The Fund is not actively managed and the Adviser will not sell a security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The Fund invests in securities included in the Index, regardless of their investment merits. The Fund does not take defensive positions under any market conditions, including conditions that are adverse to the performance of the Fund.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexCalculationRiskMember_zPYebcplphRd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Index Calculation Risk. There is no assurance that the Index Administrator will compile the Index accurately or that the Index will be reconstituted, rebalanced, calculated or disseminated accurately. The Index relies directly or indirectly on various sources of information to assess the criteria of issuers included in the Index, including information that may be based on assumptions and estimates. Neither the Fund, the Index Administrator, or the Adviser can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.</td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityRiskMember_zSASNdA2XDb4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Cybersecurity Risk. With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value (“NAV”), impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ThirdpartyDataRiskMember_z0vyCCHjnby7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Third-Party Data Risk. The composition of the Index, and consequently the Fund’s portfolio, is heavily dependent on information and data published by independent third parties (“Third-Party Data”). When Third-Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index that would have been excluded or included had the Third-Party Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can also be expected to reflect the errors.</td></tr> </table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zNm1ZE6p83Oe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index.</td></tr> </table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zs3forWTiT8g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Operational Risk. Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside the Adviser’s control, including instances at third parties. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.</td></tr> </table> Performance On April 12, 2024, the Fund acquired all of the assets and liabilities of the Sphere 500 Climate Fund, a series of Manager Directed Portfolios (the “Predecessor Fund”), in a tax-free reorganization (the “Reorganization”). In connection with the Reorganization, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Predecessor Fund commenced operations on October 4, 2021. The Fund’s performance for periods prior to April 12, 2024, is that of the Predecessor Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund. Prior to the Reorganization, the Fund was a “shell” fund with no assets and had not yet commenced operations. The bar chart and performance table below illustrate the risk of investing in the Fund by showing the performance of the Fund’s shares from year to year and by showing the Fund’s average annual total returns compared with those of a broad-based market index and the Index. The performance of the Fund and of the Predecessor Fund was calculated net of the Fund’s and Predecessor Fund’s respective fees and expenses. Institutional Class shares, which commenced operations on September 16, 2025, and therefore does not have a full calendar year of performance, would have had substantially similar annual returns because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the classes do not have the same expenses. The Fund’s performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. The Predecessor Fund’s performance is included because the Fund believes that the performance information presented is relevant for consideration by prospective Fund investors. Although the actual performance of the Predecessor Fund is not the performance of the Fund, the Fund has adopted the performance of the Predecessor Fund as its performance. Such performance is not necessarily indicative of the Fund’s future performance. The Fund’s Institutional Class shares commenced operations on September 16, 2025, and so the class does not have a full calendar year of performance. The information provided in the bar chart represents returns of Class R6 shares (which was previously an undesignated share class of the Fund). The Fund had a different fee structure prior to September 16, 2025. The Fund’s past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is also available on the Fund’s website at www.oursphere.org/fund. The bar chart and performance table below illustrate the risk of investing in the Fund by showing the performance of the Fund’s shares from year to year and by showing the Fund’s average annual total returns compared with those of a broad-based market index and the Index. The Fund’s past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.oursphere.org/fund Calendar Year Total Return (before taxes) as of December 31 – Class R6 Shares <img alt="" src="pro_002.jpg" style="height: 283px; width: 500px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zKfgzkVLPA8h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000247983Member_zHpbBOAjaJM4" style="display: none; text-align: center; width: 50%">-20.02%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000247983Member_zLgYyPAfQAm4" style="display: none; text-align: center">29.48%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000247983Member_zbOVa26SLCHk" style="display: none; text-align: center">25.12%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000247983Member_zHKp3A7QJz4a" style="display: none; text-align: center">18.04%</td></tr> </table> -0.2002 0.2948 0.2512 0.1804 During the period of time shown in the bar chart for Class R6 shares, the highest return for a calendar quarter was 12.92% for the quarter ended December 31, 2023, and the lowest return for a calendar quarter was -15.97% for the quarter ended June 30, 2022. the highest return for a calendar quarter was 0.1292 2023-12-31 the lowest return for a calendar quarter was -0.1597 2022-06-30 Average Annual Total Returns (For the Periods Ended December 31, 2025) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zw6OPdfOau08"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zbq0TK3J4gcb" style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #E0E0E0"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; white-space: nowrap; width: 68%; text-align: justify; padding-bottom: 3pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_496_20250101__20251231_zPkkIZmQ7hJ9" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; white-space: nowrap; width: 15%; text-align: center; padding-bottom: 3pt">1 Year</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%"> </td> <td id="xdx_499_20211004__20251231_zmWr0tEERI24" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; white-space: nowrap; width: 15%; text-align: center; padding-bottom: 3pt">Since Inception (October 4, 2021)</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Sphere 500 Climate Fund – Class R6</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000247983Member_z0V0co1a7q51" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Return Before Taxes</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">18.04%</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">12.84%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000247983Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zdLJqKhzHMz4" style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Return After Taxes on Distributions</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">15.69%</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">12.08%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000247983Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zpWQpjZnDBme" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">11.40%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">9.99%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left">Sphere 500 Climate Fund – Institutional Class</td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000264391Member_zIRfJV1BsrOk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; vertical-align: top; text-align: left">Return Before Taxes</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">17.93%(1)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">12.73%(1)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000247983Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zJLadUK7fchd" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 3pt">S&P 500® Index(2) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; padding-bottom: 3pt">17.88%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; padding-bottom: 3pt">13.25%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000247983Member__oef--PerformanceMeasureAxis__custom--Sphere500FossilFreeIndexReflectsNoDeductionForFeesExpensesOrTaxesMember_zJ08ulR9aBtk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left; padding-bottom: 3pt">Sphere 500 Fossil-Free Index™(3) (reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; padding-bottom: 3pt">17.46%</td> <td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; text-align: center; padding-bottom: 3pt">12.78%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="font: 10pt Times New Roman, Times, Serif; -sec-ix-redline: true; vertical-align: top"> <td id="xdx_F01_zahJO8Wxf90l" style="font: 10pt Times New Roman, Times, Serif">(1)</td> <td id="xdx_F1E_zTgFEtlCPijb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Institutional Class shares of the Fund commenced operations on September 16, 2025. The performance shown for Institutional Class shares for periods pre-dating the commencement of operations of the class reflects the performance of the Fund’s Class R6 shares, the initial share class, calculated using the fees and expenses of Institutional Class shares, and without the effect of any fee and expense limitations or waivers. If Institutional Class shares of the Fund had been available during periods prior to September 16, 2025, the performance shown may have been different.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">For additional information regarding this index, see the discussion under the sub-heading “The Index” in the Summary Section of this Prospectus. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing.</td></tr> </table> 2021-10-04 Return Before Taxes 0.1804 0.1284 0.1569 0.1208 0.1140 0.0999 Return Before Taxes 0.1793 0.1273 reflects no deduction for fees, expenses or taxes 0.1788 0.1325 reflects no deduction for fees, expenses or taxes 0.1746 0.1278 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 an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from taxation or hold their Predecessor Fund shares through tax-deferred or other tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. 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 an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who are exempt from taxation or hold their Predecessor Fund shares through tax-deferred or other tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Restated to reflect current fees. Effective as of September 16, 2025, the Fund’s management fee structure changed from a “unitary fee” structure in which the Fund’s investment adviser, Reflection Asset Management, LLC (the “Adviser”), had agreed to pay all expenses of the Fund, except for: the 0.07% unified management fee payable to the Adviser pursuant to the prior Investment Advisory Agreement, interest charges on any borrowings, 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, distribution (12b-1) fees and expenses, and shareholder service fees and expenses pursuant to the shareholder servicing plan adopted by the Fund. Annualized. “Other Expenses” have been restated and are based on estimated amounts for the current fiscal year with the change in advisory fee structure; actual expenses may vary. The Fund’s investment adviser has contractually agreed to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding front-end or contingent deferred loads, interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, dividend and interest expenses relating to short sales, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, if any) (“Operating Expenses”) of the Fund are limited to 0.07% for Class R6 shares and 0.30% for Institutional Class shares, respectively, as a percentage of average net assets until December 31, 2030 and may not be terminated during its term without the consent of the Board of Trustees. The Fund’s investment adviser is permitted, with Board approval, to be reimbursed for fee reductions and/or expense payments made in the prior 36 months following the waiver or reimbursement with respect to any Class provided that repayment does not cause annual Operating Expenses to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Institutional Class shares of the Fund commenced operations on September 16, 2025. The performance shown for Institutional Class shares for periods pre-dating the commencement of operations of the class reflects the performance of the Fund’s Class R6 shares, the initial share class, calculated using the fees and expenses of Institutional Class shares, and without the effect of any fee and expense limitations or waivers. If Institutional Class shares of the Fund had been available during periods prior to September 16, 2025, the performance shown may have been different. The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing. For additional information regarding this index, see the discussion under the sub-heading “The Index” in the Summary Section of this Prospectus. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing.