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N-1A
THE RBB FUND TRUST
2026-03-24
The
Snowball ETF
Investment
Objective
<p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_z12rJYfEIbQ6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
investment objective of The Snowball ETF (the “Fund”) is long-term capital growth.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
Fees
and Expenses
<p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zdi5TqYIi8Y2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You
may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables
and examples below.</b></span></p>
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
<div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zCfPVAm2KbOd"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zxpGWd7b5b7l" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: top; background-color: gainsboro">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt"> </td>
<td id="xdx_493_20260324__20260324__oef--ClassAxis__custom--C000272240Member_zNlKnFIUoJ0i" style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt; text-align: center"> </td></tr>
<tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zZcLvIJxarJc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: Gainsboro">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
Fee</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.50%</span></td></tr>
<tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zIIMTwy7SY6i" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt">Distribution (12b-1) Fees<sup id="xdx_F4B_zi6Fzi3mrdM9">(2)</sup></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt; text-align: center">0.00%</td></tr>
<tr id="xdx_407_eoef--Component1OtherExpensesOverAssets_dpn_zaQEfNf3tCNk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: Gainsboro">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
Expenses<sup id="xdx_F47_zw3IDFGDMJq9">(1)</sup></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
<tr id="xdx_402_eoef--Component2OtherExpensesOverAssets_dpn_zvC8hgstE9Mi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt">Interest expense
on borrowings<sup id="xdx_F44_zqyxXUMGVQ3d">(3)</sup></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt; text-align: center">0.83%</td></tr>
<tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zAR0V82VGpP6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: Gainsboro">
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Annual Fund Operating Expenses:</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding: 1.5pt 1.75pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.33%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F05_z8qEnLAiJ8uh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F10_zTCmCkwB9MIj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--OtherExpensesNewFundBasedOnEstimates_c20260324__20260324__dei--LegalEntityAxis__custom--S000101883Member_zwoXOZXxK805">“Other
Expenses” are based on estimated amounts for the current fiscal year.</span></span></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><span id="xdx_F0C_zRmGGbzF74if" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F13_zmyWdSVL5NTc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund's Rule 12b-1 Plan has been approved by the Board but has not been implemented, such
that no related fees accrue to the Fund.</span></td>
</tr></table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span id="xdx_F02_z7wZ7mqYvjI1">(3)</span></td>
<td style="text-align: justify"><span id="xdx_F1A_z8kVG4vI5iti">“Interest expense on borrowings” is based on estimated
amounts for the current fiscal year.</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
0.0150
0.0000
0
0.0083
0.0233
“Other
Expenses” are based on estimated amounts for the current fiscal year.
Example
<p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_z4sJiapAgWm4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end
of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating
expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPZW2cyVYqv8"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zm7Ogcm68sPa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
Year</b></span></td>
<td id="xdx_487_eoef--ExpenseExampleYear03_zV1thWhLqJr3" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
Years</b></span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; background-color: gainsboro">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_90F_eoef--ExpenseExampleYear01_d0_c20260324__20260324__oef--ClassAxis__custom--C000272240Member_zMlZBokH7ftf">236</span></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_904_eoef--ExpenseExampleYear03_d0_c20260324__20260324__oef--ClassAxis__custom--C000272240Member_zWQz8e8DrBg7">727</span></span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
236
727
Portfolio
Turnover
<p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zVUKcvp58ptj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s
performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date
of this Prospectus.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
Principal
Investment Strategies
<p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zK3OwOdkj18h" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund is an actively managed exchange-traded fund (“ETF”) whose investment objective is long-term capital growth. The
Fund seeks to achieve its investment objective by investing in equity securities (e.g. common and preferred stock). The Fund primarily
invests in securities of U.S. issuers and may invest in securities of issuers of foreign developed markets through investments
in American Depositary Receipts (“ADRs”).</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s investment strategy
is to generally invest in equity securities of companies that exhibit strong capital appreciation potential. Snowball Advisors,
LLC (“Snowball” or the “Sub-Adviser”) assembles the Fund’s portfolio based on applying fundamental
analysis and valuation models to a select universe of companies in order to identify investment opportunities. The Sub-Adviser
employs a qualitative analysis approach based upon the Sub-Adviser’s fundamental research on individual securities and asset
classes. The Sub-Adviser’s research focuses on identifying and modeling companies operating in established and growing industries,
which may include industries supported by durable demand, favorable competitive dynamics, and long-term growth drivers. The Sub-Adviser
evaluates companies that have demonstrated the ability to grow market share, exercise pricing power (i.e., the ability to sustain
or increase prices without a commensurate decline in demand or unit volumes), maintain a competitive advantage (“moat”),
generate attractive return on invested capital (“ROIC”), and generally exhibit strong cash flow generation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Sub-Adviser manages risk by generally diversifying among major market sectors, the Sub-Adviser may emphasize a particular
business sector or sectors based on market opportunities. The Sub-Adviser does not limit the Fund’s investments to any particular
market capitalization but generally focuses on large capitalization companies. The Fund may borrow
for investment purposes. The Fund may purchase instruments that involve the use of investment leverage, such as options and total
return swaps, in order to enhance the Fund’s return or as a substitute for a position or security. Traditional exchange-traded
options contracts have standardized terms, such as the type (call or put), the reference asset, the strike price and expiration
date. Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation ("OCC"). FLEX
Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize key
terms like type, strike price and expiration date that are standardized in a typical options contract. FLEX Options are also guaranteed
for settlement by the OCC.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the Sub-Adviser’s focus on qualitative stock selection, the Fund will typically own a limited number of stocks (generally
15 to 25 companies) at any given time. The Fund is non-diversified and may invest a larger percentage of its assets in fewer issuers
than diversified funds.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--StrategyPortfolioConcentration_c20260324__20260324__dei--LegalEntityAxis__custom--S000101883Member_z4356hal0JFj">Under
normal circumstances, the Fund will be fully invested; however, the Sub-Adviser may also invest its assets in cash and cash equivalents,
or money market instruments for temporary defensive purposes in response to adverse market, economic or political conditions,
which may result in the Fund not achieving its investment objective.</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sub-Adviser will use various criteria in determining whether to sell an investment, which may include whether the stock price
is approaching its target, deterioration in the company's competitive position, poor execution by the company's management, or
identification of more attractive alternative investment ideas.</span></p>
Under
normal circumstances, the Fund will be fully invested; however, the Sub-Adviser may also invest its assets in cash and cash equivalents,
or money market instruments for temporary defensive purposes in response to adverse market, economic or political conditions,
which may result in the Fund not achieving its investment objective.
As a result, you may
lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective.
<div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_z4SDCnXjx1kg"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active
Management Risk.</b> The Fund is subject to management risk as an actively-managed inv<span>estment
portfolio. The Adviser’s investment approach may fail to produce the intended result.</span></span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>
<div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--BorrowingRiskMember_zs9E0db7ZdSe"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><b>Borrowing Risk.</b><i> </i> Borrowing will cost the Fund interest expenses and other fees.
The costs of borrowing may reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not
be advantageous to do so to satisfy its related obligations. The interests of persons with whom the Fund enters into leverage arrangements
will not necessarily be aligned with the interests of the Fund’s shareholders and such persons will have claims on the Fund’s
assets that are senior to those of the Fund’s shareholders.</td></tr></table>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_zKLIZSmHptW5"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cyber
Security Risk.</b> Cyber security risk is the risk of an unauthorized breach and access
to Fund assets, Fund or customer data (including private shareholder information), or
proprietary information, or the risk of an incident occurring that causes the Fund, the
Adviser, the Fund’s investment sub-adviser, custodian, transfer agent, distributor
and other service providers and financial intermediaries to suffer data breaches, data
corruption or lose operational functionality or prevent Fund investors from purchasing,
redeeming or exchanging shares or receiving distributions. The Fund and the Adviser have
limited ability to prevent or mitigate cyber security incidents affecting third-party
service providers and such third-party service providers may have limited indemnification
obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures
or events affecting the Fund or its service providers may adversely impact and cause
financial losses to the Fund or its shareholders. Issuers of securities in which the
Fund invests are also subject to cyber security risks, and the value of these securities
could decline if the issuers experience cyber-attacks or other cyber-failures.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zS39cohhYtQ"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depositary
Receipts Risk.</b> The Fund may purchase depositary receipts (ADRs) to facilitate its
investments in foreign securities. By investing in ADRs rather than investing directly
in the securities of foreign issuers, the Fund can avoid currency risks during the settlement
period for purchase and sales. However, ADRs do not eliminate all the risks inherent
in investing in the securities of foreign issuers.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zgbouslg8fof"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><b>Derivatives
Risk.</b> Derivatives include instruments and contracts that are based on, and are valued
in relation to, one or more underlying securities, financial benchmarks or indices, such
as options contracts. Derivatives typically have economic leverage inherent in their
terms. Such leverage will magnify any losses. See “Leverage Risk” below.
The use of derivatives is a highly specialized activity that involves investment techniques
and risks different from those associated with investments in more traditional securities
and instruments. The use of derivatives is also subject to operational and legal risks.
Operational risks generally refer to risks related to potential operational issues, including
documentation issues, settlement issues, system failures, inadequate controls and human
error. Legal risks generally refer to risks of loss resulting from insufficient documentation,
insufficient capacity or authority of a counterparty, or legality or enforceability of
a contract. The primary types of derivatives in which the Fund expects to invest are
options contracts, including call options and FLEX Options, and total return swaps.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zxkJqD8E9t54"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF
Risk</b>. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed
to the following risks: “Authorized Participants, Market Makers and Liquidity Providers
Concentration Risk,” “Secondary Market Trading Risk,” and “Shares
May Trade at Prices Other Than NAV Risk.”</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zVlg6QSEfMBf"></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: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized
Participants, Market Makers and Liquidity Providers Concentration Risk</i>. 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 are institutional investors
and may act as authorized participants (“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 net asset value (“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. These events, among others, may
lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or
less) than the NAV when you buy Shares in the secondary market, and you may receive less
(or more) than NAV when you sell those Shares in the secondary market. A diminished market
for an ETF’s shares substantially increases the risk that a shareholder may pay
considerably more or receive significantly less than the underlying value of the ETF
shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity
providers may be less willing to transact in Shares. Further, the Fund is utilizing a
novel and unique structure, which may affect the number of entities willing to act as
APs, market makers and/or liquidity providers.</span></td></tr></table>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecondaryMarketTradingRiskMember_zDx0gjJZ6x7b"></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: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Secondary
Market Trading Risk</i>. Although Shares are listed on a national securities exchange, The
New York Stock Exchange (the “Exchange”), and may be traded on U.S. exchanges
other than the Exchange, there can be no assurance that an active or liquid trading market
for them will develop or be maintained. In addition, trading in Shares on the Exchange may
be halted. Trading may be halted because of market conditions or for reasons that, in the
view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent
to which trading is not occurring in the securities and/or the financial instruments composing
the Fund’s portfolio; or (b) whether other unusual conditions or circumstances detrimental
to the maintenance of a fair and orderly market are present. During periods of market stress,
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). This risk is heightened in times of market volatility
or periods of steep market declines.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavRiskMember_z0bxqMLNLaj2"></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: 0.75in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares
May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and
sold in the secondary market at market prices. There is a risk that market prices for
Fund Shares will vary significantly from the Fund’s NAV.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z9iWq5rUce5j"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Securities Risk. </b>Equity securities represent ownership interests in a company
and consist of common stocks, preferred stocks, warrants to acquire common stock, and
securities convertible into common stock. Investments in equity securities in general
are subject to market risks that may cause their prices to fluctuate over time. Equity
securities tend to be more volatile than other investment choices, such as debt and money
market instruments. Fluctuations in the value of equity securities in which the Fund
invests will cause the NAV of the Fund to fluctuate. The value of an investment may decrease
in response to overall stock market movements or the value of individual securities.
The Fund purchases equity securities traded in the U.S. on registered exchanges or the
over-the-counter market.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FlexOptionsRiskMember_zrpCSAPkPTe5"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><b>FLEX
Options Risk</b>. FLEX Options are exchange-traded options contracts with customizable
terms like exercise price, style, and expiration date. Due to their customization and
potentially unique terms, FLEX Options may be less liquid than other securities, such
as standard exchange listed options. In less liquid markets for the FLEX Options, the
Fund may have difficulty closing out certain FLEX Options at desired times and prices.
The value of FLEX Options will be affected by, among others, changes in the underlying
share or equity index price, changes in actual and implied interest rates, changes in
the actual and implied volatility of the underlying Shares or equity index and the remaining
time until the FLEX Options expire. The value of the FLEX Options will be determined
based upon market quotations or using other recognized pricing methods, in accordance
with the Trust’s pricing policies and procedures. During periods of reduced market
liquidity or in the absence of readily available market quotations for the holdings of
the Fund, the ability of the Fund to value the FLEX Options becomes more difficult and
the judgment of the Adviser (employing the fair value procedures adopted by the Board
of Trustees of the Trust) may play a greater role in the valuation of the Fund’s
holdings due to reduced availability of reliable objective pricing data.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zl76UkL6mnuh"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Securities Risk. </b>International investing may be subject to special risks, including,
but not limited to, currency exchange rate volatility, political, social or economic
instability, less publicly available information, less stringent investor protections,
and differences in taxation, auditing and other financial practices. The Fund may invest
in equity securities of foreign issuers that are traded in the markets of the United
States as ADRs. The ADRs may not necessarily be denominated in the same currency as the
foreign securities underlying the ADRs.
</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_ziaqLNpecPqc"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large
Capitalization Companies Risk.</b> The Fund may invest in larger, more established companies,
the securities of which may be unable to respond quickly to new competitive challenges
like changes in consumer tastes or innovative smaller competitors. Larger companies are
sometimes unable to attain the high growth rates of successful, smaller companies, especially
during extended periods of economic expansion. The Fund considers large companies to
be companies with market capitalizations of $10 billion or greater.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zgAy4MzaWm71"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large
Shareholder Risk.</b> Certain large shareholders, including APs, may from time to time
own a substantial amount of the Fund’s shares. There is no requirement that these
shareholders maintain their investment in the Fund. There is a risk that such large shareholders
or that the Fund’s shareholders generally may redeem all or a substantial portion
of their investments in the Fund in a short period of time, which could have a significant
negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions
could also impact the Fund’s ability to implement its investment strategy.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z1O0ZUnzE2d1"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage
Risk.</b> Leverage amplifies changes in the Fund’s NAV and may make the Fund
more volatile. Derivatives may create leverage and can result in losses to the Fund that
exceed the amount originally invested and may accelerate the rate of losses. There can
be no assurance that the Fund’s use of any leverage will be successful.</span></td></tr></table>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zMieWcB1oZTe"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management
Risk.</b> The Fund is subject to the risk of poor investment selection. In other words,
the individual investments of the Fund may not perform as well as expected, and/or the
Fund’s portfolio management practices may not work to achieve their desired result.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zTgBEuXahph1"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market
Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio
positions. Investors may lose money. The value of investments held by the Fund may increase
or decrease in response to economic, political, financial, public health crises (such
as epidemics or pandemics) or other disruptive events (whether real, expected or perceived)
in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes
will produce less volatility, there is no guarantee that the stocks will perform as expected.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewAdviserRiskMember_zdgJOX49167k"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
Adviser Risk.</b> The Sub-Adviser is a newly registered investment adviser and has not
had an extensive history of serving as an adviser or sub-adviser to a registered investment
company. As a result, there is no long-term track record against which an investor may
judge the Sub-Adviser and it is possible the Sub-Adviser may not achieve the Fund’s
intended investment objective.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zBTIk8wT2Ayd"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
Fund Risk.</b> The Fund is a newly organized management investment company with no operating
history. In addition, there can be no assurance that the Fund will grow to, or maintain,
an economically viable size, in which case the Board of Trustees (“Board”)
of the Trust may determine to liquidate the Fund.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zBbWgVQYLmj"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversification
Risk. </b>The Fund is a non-diversified investment company, which means that more of
the Fund’s assets may be invested in the securities of a single issuer than could
be invested in the securities of a single issuer by a diversified investment company.
This may make the value of the Shares more susceptible to certain risks than shares of
a diversified investment company. As a non-diversified fund, the Fund has a greater potential
to realize losses upon the occurrence of adverse events affecting a particular issuer.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_z7iOEJWBlFJ6"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational
Risk.</b> The Fund is exposed to operational risks arising from a number of factors,
including, but not limited to, human error, processing and communication errors, errors
of the Fund’s service providers, counterparties, or other third parties, failed
or inadequate processes and technology or systems failures. The Fund and its Adviser
and Sub-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
significant operational risks.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zFFULYGXtNr8"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Options
Risk.</b> Purchasing and writing put and call options are highly specialized activities
and entail greater than ordinary investment risks. The Fund may not fully benefit from
or may lose money on an option if changes in its value do not correspond as anticipated
to changes in the value of the underlying securities.</span></td></tr></table>
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<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><b>Sector
Risk</b>. To the extent that the Fund focuses its investments in the securities of issuers
in one or more sectors, the Fund may be subjected, to a greater extent than if its investments
were diversified across different sectors, to the risks of volatile economic cycles and/or
conditions and developments that may be particular to that sector, such as adverse economic,
business, political, environmental, or other developments.</td></tr></table>
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<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationCompaniesRiskMember_z0H2IRGufdD7"></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"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small
and Medium Capitalization Companies Risk. </b>The Fund may invest in small and medium-size
companies, the securities of which can be more volatile in price than those of larger
companies. Positions in smaller companies, especially when the Fund is a large holder
of a small company’s securities, also may be more difficult or expensive to trade.
The Fund considers small companies to be companies with market capitalizations of less
than $1 billion and medium-size companies to have market capitalizations of less than
$10 billion but greater than or equal to $1 billion.</span></td></tr></table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zSZrG2IADbYh"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">●</span></td><td style="text-align: justify"><b>Swaps
Risk</b>. In a typical swap transaction, the counterparties agree to exchange the return
earned on a specified underlying assets or references for a fixed return or the return
from another underlying asset or reference during a specified period of time. Swaps may
be illiquid and difficult to value. A Fund’s investments in swaps could result
in losses if the underlying asset or reference does not perform as anticipated. Swaps
create significant investment leverage and small price movements in a swap could immediately
cause significant losses to the Fund. Certain swaps, such as short swap transactions
and total return swaps, present the potential for unlimited losses, regardless of the
size of the initial position. Swaps can increase the Fund’s risk exposure to underlying
assets or references and their associated risks.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
Performance
Information
<p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zTgK9yojAaMl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance
information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. <span id="xdx_907_eoef--PerformanceOneYearOrLess_c20260324__20260324__dei--LegalEntityAxis__custom--S000101883Member_zMpFfVaRR8zg">Performance
information will be available in the Prospectus once the Fund has at least one calendar year of performance.</span></span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260324__20260324__dei--LegalEntityAxis__custom--S000101883Member_zvVedhIQww72" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and
does not guarantee future results.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance
information will be available on the Fund’s website at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260324__20260324__dei--LegalEntityAxis__custom--S000101883Member_zgJjGA4DB2h7">snowballetf.com</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>
Performance
information will be available in the Prospectus once the Fund has at least one calendar year of performance.
The
Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and
does not guarantee future results.
snowballetf.com