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N-1A
THE RBB FUND TRUST
2026-05-12
Investment
Objective
<p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zGrUPF6z50Ve" 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">The
investment objective of the Equity Partners ETF (the “Fund”) is to seek long-term capital appreciation.</span></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>
Fees
and Expenses
<p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_z89k8lQve6Fg" 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">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 table
and Example below.</b></span></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>
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
<div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zXmeX05vUHs8"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zuFQVeCeeXXd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="display: none; visibility: hidden; vertical-align: bottom">
<td style="padding-top: 2.9pt; padding-bottom: 6pt; padding-left: 9pt; text-indent: -9pt"> </td>
<td id="xdx_49E_20260511__20260511__oef--ClassAxis__custom--C000272400Member_zFVvrX8Ch57j" style="padding-top: 2.9pt; padding-bottom: 6pt; text-align: right"> </td></tr>
<tr id="xdx_40F_eoef--ManagementFeesOverAssets_dp_zdls2tmSokW1" style="vertical-align: bottom">
<td style="width: 88%; padding-top: 2.9pt; padding-bottom: 6pt; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
Fees<sup id="xdx_F48_zHxyu626Ua65">(1)</sup></span></td>
<td style="width: 12%; padding-top: 2.9pt; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.65%</span></td></tr>
<tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dp_zD4JslbmZvB2" style="vertical-align: bottom">
<td style="padding-top: 2.9pt; padding-bottom: 6pt; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution
(12b-1) Fees</span></td>
<td style="padding-top: 2.9pt; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr>
<tr id="xdx_40D_eoef--OtherExpensesOverAssets_dp_zJlgudwvftI6" style="vertical-align: bottom">
<td style="padding-top: 2.9pt; padding-bottom: 6pt; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
Expenses<sup id="xdx_F4D_zEP8btgfLs53">(2)</sup></span></td>
<td style="padding-top: 2.9pt; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.05%</span></td></tr>
<tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zukyOy3KiT95" style="vertical-align: bottom">
<td style="padding-top: 2.9pt; padding-bottom: 6pt; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired
Fund Fees and Expenses <sup id="xdx_F43_zde6mrQbm3Jc">(3)</sup></span></td>
<td style="padding-top: 2.9pt; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01%</span></td></tr>
<tr id="xdx_407_eoef--ExpensesOverAssets_dp_z8T7tJRajp73" style="vertical-align: bottom">
<td style="padding-top: 2.9pt; padding-bottom: 6pt; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Annual Fund Operating Expenses</span></td>
<td style="padding-top: 2.9pt; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.71%</span></td></tr>
<tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dp_zAh2rQHTsOHe" style="vertical-align: bottom">
<td style="padding-top: 2.9pt; padding-bottom: 6pt; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
Waivers and/or Expense Reimbursement<sup id="xdx_F44_z7D7BozpilV4">(4)</sup></span></td>
<td style="padding-top: 2.9pt; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.10)%</span></td></tr>
<tr id="xdx_405_eoef--NetExpensesOverAssets_dp_zw2igYKu4Uxc" style="vertical-align: bottom">
<td style="padding-top: 2.9pt; padding-bottom: 6pt; padding-left: 9pt; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement</span></td>
<td style="padding-top: 2.9pt; padding-bottom: 6pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.61%</span></td></tr>
</table>
<p style="margin-top: 0; margin-bottom: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"></p>
<div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="border-top: Black 1pt solid; font-size: 1pt; width: 20%"> </div></div>
<p style="margin-top: 0; margin-bottom: 0"></p>
<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: 0pt"></td><td style="width: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_zoPQBs3sJRK6">(1)</sup></span></td><td style="padding-bottom: 6pt; text-align: justify"><span id="xdx_F15_zeSMp9L7O9ce" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seven
Post Investment Office LP (the “Adviser”) has contractually agreed to limit the
management fees charged to the Fund to 0.55% of the Fund’s average daily net assets
until December 31, 2027. This contractual limitation may not be terminated prior to
that date without the approval of the Board of Trustees (the “Board”) of The
RBB Fund Trust (the “Trust”).</span></td></tr><tr style="vertical-align: top">
<td></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zEzgh21h4cog">(2)</sup></span></td><td style="padding-bottom: 6pt; text-align: justify"><span id="xdx_F1D_zxmJ0c02TEq6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260511__20260511__dei--LegalEntityAxis__custom--S000101983Member_zToGt9oF4PDl">“Other
Expenses” are estimated for the current fiscal year.</span></span></td></tr><tr style="vertical-align: top">
<td></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0B_zO4W2UTIOs7l">(3)</sup></span></td><td style="padding-bottom: 6pt; text-align: justify"><span id="xdx_F1C_zShZDsiJzOz9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--AcquiredFundFeesAndExpensesBasedOnEstimates_c20260511__20260511__dei--LegalEntityAxis__custom--S000101983Member_zLrDXl730Ue4">“Acquired
Fund Fees and Expenses” are estimated for the current fiscal year and are indirect
fees and expenses that the Fund incurs from investing in the shares of other investment
companies, including money market funds and exchange-traded funds.</span></span></td></tr><tr style="vertical-align: top; text-align: justify">
<td></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F08_zUhQn92BsZta">(4)</sup></span></td><td style="text-align: justify"><span id="xdx_F1D_zAsUmbZDQ553" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Adviser has contractually agreed to waive and/or reimburse certain fees and expenses so that
the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses (“AFFE”),
brokerage commissions, extraordinary items, interest or taxes) (“annual operating expenses”)
is limited to 0.75% of the Fund’s average daily net assets until <span id="xdx_908_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260511__20260511__oef--ClassAxis__custom--C000272400Member_zIbswPxlwSh5">December 31, 2027</span>. This contractual limitation may not be terminated prior to that date without the approval
of the Board of the Trust.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><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 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>
0.0065
0.0000
0.0005
0.0001
0.0071
-0.0010
0.0061
“Other
Expenses” are estimated for the current fiscal year.
“Acquired
Fund Fees and Expenses” are estimated for the current fiscal year and are indirect
fees and expenses that the Fund incurs from investing in the shares of other investment
companies, including money market funds and exchange-traded funds.
December 31, 2027
Example
<p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zwxcBdtr19se" 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">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 (taking into account the contractual expense limitation and management fee waiver being in effect for the period through December
31, 2027). 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrykPjssNsCb"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z0gLVG6yThUa" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; background-color: white; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example">
<tr style="vertical-align: bottom">
<td id="xdx_484_eoef--ExpenseExampleYear01_zNaWuuQb7Vze" style="width: 50%; padding-top: 2.9pt; padding-bottom: 4.5pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
Year</b></span></p></td>
<td id="xdx_482_eoef--ExpenseExampleYear03_zDXEoKLQjFii" style="width: 50%; padding-top: 2.9pt; padding-bottom: 4.5pt"><p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3
Years</b></span></p></td></tr>
<tr id="xdx_41B_20260511__20260511__oef--ClassAxis__custom--C000272400Member_z19fY6MdGi1c" style="vertical-align: bottom">
<td style="padding-top: 2.9pt; padding-bottom: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$62</span></td>
<td style="padding-top: 2.9pt; padding-bottom: 0.1in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$217</span></td></tr>
</table>
62
217
Portfolio
Turnover
<p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zreNjdXTVYfe" 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">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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
Principal
Investment Strategies
<p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zkdOyfpU84T6" 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">The
Fund is an actively managed exchange-traded fund (“ETF”) whose investment objective is long-term capital appreciation. The
Fund invests in a broad range of equity and equity-related securities including common and preferred stocks, depositary receipts, ordinary
foreign shares, real estate investment trusts (REITs), master limited partnerships (MLPs), and shares of other investment companies.
The Fund may invest in issuers of any market capitalization. <span id="xdx_905_eoef--StrategyPortfolioConcentration_c20260511__20260511__dei--LegalEntityAxis__custom--S000101983Member_zmJvYKbgyEc9">Under normal conditions, the Fund will invest at least 80% of its net assets
(plus any borrowings for investment purposes) in equity and equity-related securities issued by U.S. and non-U.S. issuers.</span></span></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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund incorporates both “top-down” and “bottom-up” security selection processes that utilize qualitative
and quantitative methods. As a result, the Fund will have holdings that are the result of multiple investment approaches.</span></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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Adviser uses the top-down approach to manage the Fund’s overall portfolio risk. This approach incorporates assessments of
regional, country, and industry dynamics such as country risk, valuation and macroeconomic conditions. Consideration is also given
to individual security concentration within the Fund (as an overall percentage of Fund assets). Allocation decisions across regions,
sectors, and individual securities are based on the Adviser’s assessment. The Adviser may selectively integrate factor indices
into the analytical process, to gain efficient exposure to targeted factors such as value, quality, momentum, low volatility or
other strategies. These factor-based positions may provide alternative weighting strategies (relative to market capitalization
weighting) and are designed to maintain broad, balanced factor representation while enhancing overall portfolio diversification.</span></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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
bottom-up approach focuses on the analysis of individual securities, including fundamental operating performance of the underlying
business, and relative value of the security compared to the Fund’s overall opportunity set. Accordingly, the Adviser seeks
to identify and invest in companies with sustainable competitive advantages, strong balance sheets, and attractive valuations
relative to their operating fundamentals. The bottom-up research approach for equity positions may be augmented by the integration
of third-party indices and model portfolios. Third-party indices and model portfolios may be used in its entirety or partially
for a portion of the portfolio.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">The
Fund’s investment philosophy emphasizes diversification and long-term compounding. The Fund may invest in securities of
issuers located in any country, sector or industry. The Fund seeks to invest at least 70% of its net assets in U.S. domiciled
securities. The Fund’s non-U.S. investments may include securities of companies that are established or operate in developed
or emerging market countries (which the Adviser defines as countries included in the MSCI Emerging Markets Index).</span></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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Adviser has retained Exchange Traded Concepts, LLC (“ETC” or the “Sub-Adviser”), which is responsible
for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or
in connection with any rebalancing of the Fund.</span></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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Fund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”)
under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”).</span></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>
Under normal conditions, the Fund will invest at least 80% of its net assets
(plus any borrowings for investment purposes) in equity and equity-related securities issued by U.S. and non-U.S. issuers.
Loss
of money is a risk of investing in the Fund.
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AsianInvestmentsRiskMember_zZ8gC4xvUQa3"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Asian
Investments Risk.</b> The Fund invests in Asian securities. Investments in securities
of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific
region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific
countries have experienced expropriation and/or nationalization of assets, confiscatory
taxation, political instability, armed conflict and social instability as a result of
religious, ethnic, socio-economic and/or political unrest. Some economies in this region
are dependent on a range of commodities, and are strongly affected by international commodity
prices and particularly vulnerable to price changes for these products.</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--CurrencyRiskMember_zFop8vR9AAJ6"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency
Risk. </b>Investment in foreign securities also involves currency risk associated
with securities that trade or are denominated in currencies other than the U.S. dollar
and which may be affected by fluctuations in currency exchange rates. An increase in
the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar
value of an investment in that country to decline. Foreign currencies also are subject
to risks caused by possible imposition of exchange control regulations or currency restrictions
that would prevent cash from being brought back to the United States; less public information
with respect to issuers of securities or other investment products; less governmental
supervision of stock exchanges, securities brokers, and issuers of securities; less developed
or less efficient trading markets; different accounting, auditing and financial reporting
standards; different settlement periods and trading practices; less liquidity and frequently
greater price volatility in foreign markets than in the United States; imposition of
foreign taxes; and sometimes less advantageous legal, operational and financial protections
applicable to foreign custodial or sub-custodial arrangements. The laws of certain countries
may limit the ability to recover such assets if a foreign bank or depository or their
agents goes bankrupt and the assets of the Fund may be exposed to risk in circumstances
where the custodian/sub-custodian will have no liability.</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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_ziKAE6MOuBW2"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="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, 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_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptRiskMember_z13Sjf9y0tYj"></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; text-align: justify">
<td style="width: 18pt"></td><td style="width: 13.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depositary
Receipt Risk.</b> Depositary receipts may be purchased through “sponsored” or “unsponsored” facilities. A sponsored
facility is established jointly by the issuer of the underlying security and a depositary, whereas a depositary may establish an unsponsored
facility without participation by the issuer of the depositary security. Holders of unsponsored depositary receipts generally bear all
the costs of such facilities and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder
communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts of
the deposited securities. In addition, investment in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European
Depositary Receipts (“EDRs”) may be less liquid than the underlying shares in their primary trading 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>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zATGLNkoWmHj"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging
Markets Risk<i>.</i></b> Investment in emerging market securities involves greater
risk than that associated with investment in securities of issuers in developed foreign
countries. These risks include volatile currency exchange rates, periods of high inflation,
increased risk of default, greater social, economic and political uncertainty and instability,
less governmental supervision and regulation of securities markets, weaker auditing and
financial reporting standards, lack of liquidity in the markets, and the significantly
smaller market capitalizations of emerging market issuers. The information available
of an emerging market issuer may be less reliable than for comparable issuers in more
developed capital markets. In addition, investments in certain emerging markets are subject
to an elevated risk of loss resulting from market manipulation and the imposition of
exchange controls (including repatriation restrictions). The legal rights and remedies
available for investors in emerging markets may be more limited than the rights and remedies
available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department
of Justice) to bring actions against bad actors in emerging markets may be limited.</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--EquitySecuritiesRiskMember_zh0n7UrTHAV3"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="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 and Underlying Funds 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"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zAiymmB1PwQd"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z1riW9YH0I9f"></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: 31.5pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td><td style="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.</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--SecondaryMarketTradingRiskMember_zRNO27TBsOEl"></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: 31.5pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">o</span></td><td style="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, New
York Stock Exchange (“NYSE” or 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNAVRiskMember_zaHNrl61TYY1"></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: 31.5pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">o</span></td><td style="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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EuropeanInvestmentsRiskMember_z34PYPv5NoD1"></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; text-align: justify">
<td style="width: 18pt"></td><td style="width: 13.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>European
Investments Risk.</b> The Fund invests in European securities. The economies and markets of European countries are often closely
connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Securities
of issuers that are located in, or have significant operations in or exposure to, member states of the European Union (the “EU”)
are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets
have experienced volatility, economic and financial difficulties, and other adverse trends in recent years. Responses to financial
problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result
in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Political, social or
economic disruptions in the region, even in countries in which the Fund is not invested, and adverse changes in the value and
exchange rate of the euro and other currencies, may adversely affect the value of investments held by the Fund.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -13.5pt"><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 0pt 27pt; text-align: justify; text-indent: -13.5pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignCustodyRiskMember_zogBfyNY3WD8"></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; text-align: justify">
<td style="width: 18pt"></td><td style="width: 13.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Custody Risk. </b>The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed
by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new
to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over
or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s
ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even
greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often
undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level
of investor protection as would apply in developed countries.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_ziGaBsm1UrXe"></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; text-align: justify">
<td style="width: 18pt"></td><td style="width: 13.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Securities Risk.</b> The Fund may invest in foreign investments, including ADRs, GDRs
and EDRs. Foreign investments, which can be denominated in any applicable foreign currency,
are susceptible to less politically, economically and socially stable environments, foreign
currency and exchange rate changes, and adverse changes to government regulations. While
depositary receipts provide an alternative to directly purchasing the underlying foreign
securities in their respective national markets and currencies, investments in ADRs, GDRs
and EDRs continue to be subject to many of the risks associated with investing directly in
foreign investments.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationAndDeflationRiskMember_zCGJg9piTvS2"></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; text-align: justify">
<td style="width: 18pt"></td><td style="width: 13.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation
and Deflation Risk. </b>Inflation risk is the risk that the value of assets or income from the Fund’s investments
will be worth less in the future as inflation decreases the value of payments at future dates. Inflation rates may change frequently
and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in
economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to shareholders.
As inflation increases, the real value of the Fund’s Shares and distributions on those Shares can decline. In addition,
during any periods of rising inflation, interest rates on any borrowings by the Fund would likely increase, which would tend to
further reduce returns to the holders of Shares. Deflation risk is the risk that prices throughout the economy decline
over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which
may result in a decline in the value of the Fund’s portfolio and the value of the Shares.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InkindContributionRiskMember_zSUvQwWwaQo7"></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; text-align: justify">
<td style="width: 18pt"></td><td style="width: 13.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>In-Kind
Contribution Risk. </b>At its launch, the Fund expects to acquire a material amount of assets
through one or more in-kind contributions that are intended to qualify as tax-deferred transactions
governed by Section 351 of the Code. If one or more of the in-kind contributions fails to
qualify for tax-deferred treatment or are made by a corporation who does not electe the special
deemed-sale status for the contribution, then the Fund can face negative tax consequences
and become liable for additional taxes than it otherwise would have.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -9pt"><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 0pt 27pt; text-align: justify; text-indent: -9pt"><span style="font: 10pt Times New Roman, Times, Serif"></span></p>
<div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompaniesRiskMember_zvwxNuQCvRa1"></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; text-align: justify">
<td style="width: 18pt"></td><td style="width: 13.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="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: 0pt 0 0pt 27pt; text-align: justify; text-indent: -9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zcCrXiQ6HgD9"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="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 result in tax consequences to shareholders and 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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zYyMcgD8hRIi"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management
Risk. </b>The Adviser actively manages the Fund’s investments. Consequently, the
Fund is subject to the risk that the investment techniques employed by the Adviser may
not produce the desired results. This could cause the Fund to lose value or its investment
results to lag relevant benchmarks or other funds with similar objectives. Additionally,
legislative, regulatory or tax developments may affect the investment techniques available
to the Adviser in connection with managing the Fund and may also adversely affect the
ability of the Fund to achieve its investment goal.</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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ztJ0OAAtPte8"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="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_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MlpRiskMember_zu9P3OTjq9Nh"></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: 18pt"></td><td style="width: 13.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MLP
Risk. </b>MLPs involve risks that differ from investments in common stocks, including
risks related to limited control and limited rights to vote on matters affecting the
MLP, risks related to potential conflicts of interest between the MLP and its general
partner, cash flow risks, dilution risks and risks related to the general partner’s
limited call right. MLPs are subject to various risks related to the underlying operating
companies they control, including dependence upon specialized management skills and the
risk that such companies may lack or have limited operating histories. Some amounts received
by the Fund with respect to its investments in MLPs may, if distributed by the Fund,
be treated as a return of capital to Fund shareholders for federal income tax purposes.
In addition, there is the risk that a MLP could be, contrary to its intention, taxed
as a corporation, resulting in decreased returns from the MLP. Most MLPs do not pay U.S.
federal income tax at the partnership level, but an adverse change in tax laws could
result in MLPs being treated as corporations for federal income tax purposes which could
either reduce or eliminate distributions paid by the MLPs to 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>
<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_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewAdviserRiskMember_zr4e0tvRqtoh"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
Adviser Risk. </b>Seven Post 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 Adviser and it is possible the 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_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_ziDpgr31lFB7"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="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 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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zkqtzitkCeB5"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zQYZRcNAV6E"></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; text-align: justify">
<td style="width: 18pt"></td><td style="width: 13.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
Stock Risk. </b>Preferred stocks are subject to the risks of equity securities generally
and also risks associated with fixed-income securities, such as interest rate risk. A company’s
preferred stock generally pays dividends only after the company makes required payments to
creditors. As a result, the value of a company’s preferred stock will react more strongly
than bonds and other debt to actual or perceived changes in the company’s financial
condition or prospects.</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--QuantitativeInvestingRiskMember_zk1voK4yjpN7"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quantitative
Investing Risk.</b> To implement its investment strategy, the Adviser may require access
to large amounts of financial data and other data supplied by various data providers.
The inability to access large amounts of financial and other data from data providers
could adversely affect the Adviser’s ability to use quantitative methods to select
investments. The Adviser uses quantitative methods as part of its investment selection
process for the Fund. Securities or other investments selected using quantitative methods
may perform differently from the market as a whole or from their expected performance
for many reasons, including factors used in building the quantitative analytical framework,
the weights placed on each factor, changing sources of market returns, changes from the
factors’ historical trends, and technical issues in the construction and implementation
of the models (including, for example, data problems and/or software issues), among others.
Any errors or imperfections in quantitative databases, historical financial databases,
and historical databases with other information, analyses or models, or in the data on
which they are based, could adversely affect the ability of the Adviser to use such analyses
or models effectively, which in turn could adversely affect the Fund’s performance.
There can be no assurance that these methodologies will help the Fund to achieve its
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_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReitRiskMember_zRLT465GMCpe"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REIT
Risk. </b>REITs are subject to the risks associated with investing in the securities
of real property companies. In particular, REITs may be affected by changes in the values
of the underlying properties that they own or operate. The value of securities issued
by REITs is affected by tax and regulatory requirements and by perceptions of management
skill. They also may be affected by general economic conditions and are subject to heavy
cash flow dependency, defaults by borrowers or tenants, and self-liquidation at an economically
disadvantageous time. Further, REITs are dependent upon specialized management skills,
and their investments may be concentrated in relatively few properties, or in a small
geographic area or a single property type. REITs are also subject to heavy cash flow
dependency and, as a result, are particularly reliant on the proper functioning of capital
markets. A variety of economic and other factors may adversely affect a lessee’s
ability to meet its obligations to a REIT. In the event of a default by a lessee, the
REIT may experience delays in enforcing its rights as a lessor and may incur substantial
costs associated in protecting its investments. In addition, a REIT could fail to qualify
for favorable regulatory treatment.</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_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ResearchProviderRisksMember_zcm9oImzXSz3"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
Provider Risks. </b>Research providers may be engaged by the Adviser to provide asset
class or security level recommendations. Research providers are not fiduciaries to the
Adviser or the Fund. Most research providers also manage separate accounts or comingled
investment structures where they serve as fiduciaries to their clients. Investment trades
are conducted first by research provider firms on their separately managed accounts or
other investment vehicles. The Adviser will receive portfolio recommendations after research
provider accounts have already purchased or sold recommended securities. Research provider
recommendations and implementation may result in lower or higher returns compared to
the research provider’s fiduciary accounts. This delay can be influenced by various
factors, including contractual agreements, liquidity constraints, and compliance or operational
processes. Additionally, stock market volatility can further amplify this risk, as rapid
price movements may cause significant deviations from the original recommendations made
by the research provider.</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_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zpECPkkb6AL2"></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; text-align: justify">
<td style="width: 18pt"></td><td style="width: 13.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sector
Risk.</b> 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.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zzy0YSKau7ji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○
<i>Information Technology Sector Risk</i>. In addition to market or economic factors, companies in the information technology
sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles,
rapid product obsolescence, government regulation and competition.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 94.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationCompaniesRiskMember_z1t1c1a0PRgl"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="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>
<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_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundsRiskMember_ztK5ic8VIbcb"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underlying
Funds Risk. </b>To the extent the Fund invests in other investment companies, including
money market funds and ETFs (collectively, “Underlying Funds”), its performance
will be affected by the performance of those Underlying Funds. Investments in Underlying
Funds are subject to the risks of the Underlying Funds’ investments, as well as
to the Underlying Funds’ expenses. The Fund may incur brokerage fees in connection
with its purchase of ETF shares. An ETF may trade in the secondary market at a price
below the value of its underlying portfolio and may not be liquid. An actively managed
ETF’s performance will reflect its adviser’s ability to make investment decisions
that are suited to achieving the ETF’s investment objectives. A passively managed
ETF may not replicate the performance of the index it intends to track.</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_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestmentStrategyRiskMember_zUYEKwtUVU75"></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: 18pt"></td><td style="width: 13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Value
Investment Strategy Risk. </b>An investment made at a perceived “margin of
safety” or “discount to intrinsic or fundamental value” can trade at
prices substantially lower than when an investment is made, so that any perceived “margin
of safety” or “discount to value” is no guarantee against loss. “Value”
investments, as a category, or entire industries or sectors associated with such investments,
may lose favor with investors as compared to those that are more “growth”
oriented. In such an event, the Fund’s investment returns would be expected to
lag relative to returns associated with more growth-oriented investment strategies. Investing
in or having exposure to “value” securities presents the risk that such securities
may never reach what the Adviser believes are their full market values.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
Performance
<p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zi8jzwqoimC2" 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">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_90B_eoef--PerformanceOneYearOrLess_c20260511__20260511__dei--LegalEntityAxis__custom--S000101983Member_zJAH52aRazl2">Performance
information will be available in the Prospectus once the Fund has at least one calendar year of performance.</span> <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20260511__20260511__dei--LegalEntityAxis__custom--S000101983Member_z2Lv2EvWjLva">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> Updated performance information will be available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260511__20260511__dei--LegalEntityAxis__custom--S000101983Member_z6KjeGlBpFIl">www.EquityPartnerFunds.com</span>.</span></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>
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.
www.EquityPartnerFunds.com