Lone Peak SMID Value's summary prospectus files as both series register for NYSE Arca

Exchange Place Advisors Trust put a Rule 497(k) summary prospectus in front of the SEC on Monday for Lone Peak SMID Value ETF —LPSV, the short-form document dated September 10 that a buyer would be handed. A Form 8-A12B dated September 9 registered that series and Lone Peak International Value ETF LPIV so their shares can list on NYSE Arca.

The two series are one lineup: an actively managed U.S. small- and mid-cap value ETF and an international value ETF from Lone Peak Global Investors, LLC, a value adviser founded in 2010, at the same 0.70% unitary fee.

A 0.70% unitary fee

In return for that fee, the adviser provides investment advisory services and is responsible for all of the fund's expenses and liabilities except brokerage fees and commissions, taxes, borrowing costs, acquired fund fees and expenses, merger or reorganization expenses, and extraordinary or non-recurring expenses. The holder still bears those excluded items. The 0.70% matches the expense ratio on Brandes U.S. Small-Mid Cap Value ETF BSMC, an actively managed U.S. small- and mid-cap value fund.

80% in U.S. small- and mid-cap value

Under normal market conditions the SMID fund will invest at least 80% of its net assets, including amounts borrowed for investment purposes, in equity securities of U.S. small- and mid-cap value companies. It defines value companies as those the adviser believes are trading at a discount to their intrinsic value, its estimate of what a company is worth, and that have potential for capital appreciation with acceptable downside risks. The valuation methods it names are value liquidation analysis, discounted cash flow analysis, and dividend discount models.

The adviser defines small-cap companies as stocks with a market capitalization of $100 million to $8.0 billion, and mid-cap companies as stocks starting at $8.0 billion up to the largest market capitalization in the Russell Midcap Index. As of May 31, 2026, that largest stock had a market capitalization of $250 billion.

The fund is jointly managed by Ryan P. Batchelor, CFA, CPA, who co-founded the adviser and serves as chief investment officer, and Roger Hill, the adviser's president and chief executive officer. Tidal Investments, LLC is the trading sub-adviser, the firm named to place the fund's trades; the adviser pays Tidal out of the unitary fee.

Both series registered for NYSE Arca

The September 9 filing is the Exchange Act registration NYSE Arca needs before it can list the shares. As of Tuesday morning, neither ticker had a market quote.