Fis Trust

11/03/2026 | Press release | Distributed by Public on 11/03/2026 10:37

Summary Prospectus by Investment Company (Form 497K)

Summary Prospectus

October 28, 2026

FIS Bright Portfolios Focused Equity ETF (BRIF)

Principal U.S. Listing Exchange for the Fund: NYSE Arca, Inc.

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders and other information about the Fund online at www.faithinvestorservices.com. You can also get this information at no cost by calling (833) 833-1311. The current prospectus and statement of additional information, dated October 28, 2026, as supplemented, are incorporated by reference into (legally made a part of) this summary prospectus. Information about the Fund's net asset value per share, market price, premiums and discounts, and bid-ask spreads can be found at www.faithinvestorservices.com.

The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.

Summary Information - FIS Bright Portfolios Focused Equity ETF

Investment Objective

FIS Bright Portfolios Focused Equity ETF (the "Fund") seeks long term capital appreciation.

Fund Fees and Expenses

The table below describes the fees and expenses that you pay if you buy, sell, and hold shares of the Fund ("Shares"). Future expenses may be greater or less. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or the examples below.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee 0.65%
Distribution and/or Service (12b-1) Fees None
Other Expenses 0.00%
Acquired Fund Fees and Expenses(1) 0.01%
Total Annual Fund Operating Expenses 0.66%
(1) Acquired Fund Fees and Expenses ("AFFE") are the indirect costs of investing in other investment companies.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account brokerage commissions that you pay when purchasing or selling Shares.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The example also assumes that your investment has a 5% annual return 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:

Year Expenses
1 $67
3 $211
5 $368
10 $822

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it purchases and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may result in higher transaction costs and higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses table or in the Example above, may affect the Fund's performance. For the fiscal year ended May 31, 2026, the Fund's portfolio turnover rate was 45% of the average value of its portfolio. For the period June 1, 2026, through June 30, 2026, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.

Principal Investment Strategies of the Fund

The Fund is an actively managed exchange traded fund ("ETF") that invests primarily in equity securities of large capitalization companies. Under normal circumstances, the Fund will invest at least 80% of its assets, plus the amount of any borrowings for investment purposes, in equity securities. Bright Portfolios, LLC (the "Sub-Adviser"), the Fund's sub-adviser, is responsible for the day-to-day management of the Fund's portfolio.

The Sub-Adviser manages the Fund using its proprietary integrated research methodology (the "Common Good Process"). The Common Good Process evaluates every potential investment candidate through one integrated analysis: i) an elimination framework that applies a values-based exclusion screen before any financial analysis; ii) a stakeholder evaluation consisting of a multi-dimensional evaluation of how an entity treats its stakeholders; and iii) an assessment of business quality, valuation, and the direction of earnings. An entity must clear the Common Good Process and earn the Sub-Adviser's conviction across these dimensions to be held by the Fund. The Elimination Framework is the only exclusionary screen applied by the Sub-Adviser. The components of the Common Good Process are applied in the following order: an entity must first pass the Elimination Framework; entities that pass are then evaluated through the Stakeholder Evaluation; and entities are then evaluated for quality, valuation, and the direction of earnings.

1

The Elimination Framework

In selecting investments for the Fund from a universe of equity securities, the Sub-Adviser first applies values-based exclusionary screening that eliminates companies whose revenue derives from business activities the Sub-Adviser has determined are inconsistent with its values-based investment criteria, including activities that destroy human life, that exploit addiction or financial desperation, or that treat persons or essential common goods as commodities. The screen is applied on the basis of a company's revenue rather than its internal practices, and no revenue materiality thresholds are applied: a company deriving revenue from an excluded activity is not eligible for investment. The specific business activities subject to exclusion, and the scope of each exclusion, are determined by the Sub-Adviser, are documented in its investment process records, and may change over time. This screening policy is not a fundamental policy of the Fund and may be changed without shareholder approval.

Stakeholder Evaluation

Entities that pass the Elimination Framework are evaluated across the Sub-Adviser's multi-dimensional stakeholder impact framework, assessing how an entity treats its employees, customers, supply chain, communities, and the natural environment. This evaluation draws on research compiled from multiple third-party data sources and is maintained on an ongoing basis. The Stakeholder Evaluation does not apply minimum thresholds and is not used to exclude an entity from the Fund's investable universe. Instead, the evaluation results in a score for each entity that the Sub-Adviser considers together with the other components of the Common Good Process; an entity with a lower Stakeholder Evaluation score is less likely to be selected for inclusion in the Fund's portfolio.

Quality, Valuation, and the Direction of Earnings

Entities that pass the Elimination Framework and have been evaluated through the Stakeholder Evaluation are then evaluated on the quality of the underlying business, what it is worth, and the direction of its earnings. The Sub-Adviser uses proprietary models to assess earnings momentum, business quality, and valuation. Model-driven analysis identifies investment opportunities; fundamental research - evaluating competitive position, capital allocation, management quality, and industry structure - determines whether the Sub-Adviser has conviction in them.

The result is a focused portfolio consisting of a specified number of holdings. Under normal circumstances, the Fund holds approximately 40 to 60 equity securities. The Fund does not concentrate its investments (i.e., invest more than 25% of its total assets) in any particular industry or group of industries.

The portfolio is regularly monitored to avoid any over-exposure to any single stock or industry which helps to achieve the benefits of diversification. The Sub-Adviser regularly monitors and reassesses the policies, practices, and financial characteristics of the entities held by the Fund for compliance with the Sub-Adviser's proprietary framework. The Sub-Adviser may sell an entity's securities or otherwise exclude future investments in such entity. As a result, the Fund may have to sell a security at a time when it would be disadvantageous to do so. The Fund may perform differently than other funds that do not invest within Christian values guidelines. The Sub-Adviser may also sell a stock for the following reasons: (i) if the stock experiences extreme price movements, (ii) if the stock exhibits weak performance relative to its peers and prospects for valuation expansion have declined, and/or (iii) for risk management. The Fund may also sell a stock if its price falls materially from cost and the Sub-Adviser determines, based on its fundamental research, the entity's prospects for valuation expansion have declined.

The Fund may invest up to 10% of its assets in cash and cash equivalents, including money market funds and other short-term fixed income investments, in seeking to protect principal, or when, in the Sub-Adviser's opinion, there are not sufficient investment opportunities. As an alternative to holding cash or cash equivalents, the Sub-Adviser may invest the Fund's assets in shares of other investment companies, including open-end and closed-end funds and ETFs (collectively, "Underlying Funds") in order for the Fund to be more fully invested.

The Fund may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies.

Vident Advisory, LLC d/b/a Vident Asset Management serves as the trading sub-adviser for the Fund and is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions.

Principal Risks of the Fund

There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Therefore, you should consider carefully the following risks before investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency.

2

Christian Values Risk. The Fund considers Christian values in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the Fund's guidelines. This means that the Fund may underperform other similar funds that do not consider Christian values when making investment decisions. In addition, there can be no guarantee that the industries and activities of the companies, or the people associated with the companies, identified by the Fund's investment process will align (or be perceived to align) with an investor's view of Christian values and/or all of the values contained in the Sub-Adviser's proprietary screening process. The Sub-Adviser may fail to identify all instances where the actions of a company or its management team are not consistent with the Sub-Adviser's proprietary screening process or Christian values, which may cause the Fund to be invested in a company that conflicts with the Fund's guidelines.

Active Management Risk. The Fund is actively managed, which means that investment decisions are made based on investment views of the Sub-Adviser. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the Fund. Active trading may also result in adverse tax consequences.

Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. Common stocks, which generally subject their holders to more risks than preferred stocks and debt securities because common stockholders' claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of the issuer.

Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large-capitalization companies has trailed the overall performance of the broader securities markets.

Absence of Prior Active Market Risk. While the Fund's Shares are listed on NYSE Arca, Inc. (the "Exchange"), there can be no assurance that an active trading market for Shares will develop or be maintained. The Fund's distributor does not maintain a secondary market in Shares.

Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

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

Exchange Traded Funds ("ETFs") Risk. The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:

● Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. Any of these factors may lead to the Shares trading at a premium or discount to the Fund's net asset value ("NAV").
● Shares May Trade at Prices Other Than NAV Risk. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.
○ In times of market stress, market makers may step away from their role market making in the Shares and in executing trades, which can lead to differences between the market value of the Shares and the Fund's NAV.
○ The market price of the 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 the Shares than the Fund's NAV, which is reflected in the bid and ask price for the Shares or in the closing price.

3

○ In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund's NAV.
○ Purchases and redemptions of creation units primarily with cash, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that it might not have incurred if it had made redemption in-kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant.

Issuer Risk. Changes in the financial condition or credit rating of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of security or issuer, and changes in general economic or political conditions can affect a security's or instrument's value. The values of securities of smaller, less well-known issuers can be more volatile than those of larger issuers. Issuer-specific events can have a negative impact on the value of the Fund.

Large Shareholder and Large-Scale Redemption Risk. Certain shareholders, including an Authorized Participant, a third-party investor, the Fund's adviser or an affiliate of the Fund's adviser, a market maker, or another entity, may from time to time own or manage a substantial amount of Fund shares, or may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year.

Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

Model and Data Risk. The Sub-Adviser will make use of proprietary models and information and data supplied by third parties. To the extent the models used by the Sub-Adviser or the information and data supplied by third parties are incorrect or incomplete, the decisions made by the Sub-Adviser in reliance thereon will expose the Fund to potential risks and could lead to the Fund incurring losses or missing gains on its investments.

New Fund Risk. The Fund is a new fund, with limited operating history, which may result in additional risks for investors in the Fund. 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. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders.

Portfolio Turnover Risk. Due to its investment strategy, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities, which may affect the Fund's performance.

Stakeholder Data Risk. The Sub-Adviser's stakeholder evaluation draws on research compiled from multiple third-party data sources. The accuracy of these evaluations depends on the completeness and timeliness of the underlying data. Data errors, gaps, or delays may cause a company to receive an inaccurate evaluation. When an error is identified, the Sub-Adviser corrects it as quickly as possible.

U.S. Government Securities Risk. U.S. government securities may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. government securities to decline.

Performance

The Fund acquired all of the assets and liabilities of the FIS Bright Portfolios Focused Equity ETF, a series of NEOS ETF Trust (the "Predecessor Fund"), in a tax-free reorganization in February, 2026. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund.

The performance information presented below provides some indication of the risks of investing in the Fund by showing the extent to which the Predecessor Fund's performance can change from year to year and over time. The bar chart below shows the Predecessor Fund's performance for calendar years set forth below. The table illustrates how the Fund's average annual returns for the 1 year and since inception periods compare with those of the MSCI USA Net Total Return USD Index. The Predecessor Fund's past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information and daily NAV per share information is available at no cost by visiting www.faithinvestorservices.com or by calling (833) 833-1311.

4

Performance Bar Chart For Calendar Year Ended December 31

Best Quarter: Q2 2025 11.19%
Worst Quarter: Q1 2025 -1.74%

Performance Table
Average Annual Total Returns
(For periods ended December 31, 2025)

One-year Since inception (12/20/24)
Return Before Taxes (No Load) 19.93% 19.95%
Return After Taxes on Distributions (No Load) 19.78% 19.80%
Return After Taxes on Distributions and Sale of Fund Shares (No Load) 11.90% 15.21%

MSCI USA Net Total Return USD Index (1)

(reflects no deduction for fees, expenses or taxes)

17.31% 16.96%
(1) The MSCI USA Net Total Return USD Index is calculated using a net return methodology, which generally assumes the reinvestment of dividends after the deduction of applicable withholding taxes as determined by the index provider. The withholding tax rates used by the index provider may differ from the rates applicable to the Fund, and as a result, index performance may be lower than if the index used the Fund's applicable withholding tax rates, if any.

Management

Investment Adviser

Faith Investor Services, LLC

Sub-Adviser

Bright Portfolios, LLC

Trading Sub-Adviser

Vident Asset Management

Portfolio Managers

The following portfolio managers have served as portfolio managers of the Fund since it commenced operations in December 2024.

Benjamin Malick, Chief Investment Officer of the Sub-Adviser

Joshua Barlow, Portfolio Manager of the Sub-Adviser

5

Austin Wen, CFA, Senior Portfolio Manager, Trading Sub-Adviser

Devin Ryder, CFA, Senior Portfolio Manager, Trading Sub-Adviser

Purchase and Sale of Fund Shares

Authorized Participants

The Fund issues and redeems Shares at NAV only in a large, specified number of Shares each called a "Creation Unit," or multiples thereof, and only with authorized participants ("Authorized Participants") which have entered into contractual arrangements with the Fund's distributor ("Distributor"). Creation Unit transactions are typically conducted in exchange for a portfolio of securities closely approximating the holdings of the Fund and/or cash.

Investors

Individual Shares of the Fund may only be purchased and sold on a national securities exchange through brokers. Shares of the Fund are listed on the Exchange and because Shares will trade at market prices rather than NAV, Shares of the Fund may trade at a price greater than or less than NAV.

Tax Information

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

Payments to Broker-Dealer and Other Financial Intermediaries

If you purchase Shares through a broker-dealer or other financial intermediary, the Adviser or other related companies may pay the intermediary for the sale of Shares or 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.

For more information, visit www.faithinvestorservices.com or call (833) 833-1311.

6

Fis Trust published this content on November 03, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 03, 2026 at 16:37 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]