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N-1A RBB FUND, INC. 2026-06-10 SUMMARY SECTION – F/m Accumulator Ultrashort U.S. Treasury Fund (SGVA) Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zlfVur8uXNh2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment objective of the F/m Accumulator Ultrashort U.S. Treasury Fund (the “F/m Accumulator Ultrashort Treasury Fund” or the “Fund”) is to generate total return through exposure to U.S. Treasury securities with remaining maturities between zero (0) to twelve (12) months while minimizing dividend and/or distribution payments.</p> Fees and Expenses <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zbkuirMCDXr6" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">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></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0.0007 0 0.0022 Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zL4TwIOPQEc8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</p> 23 71 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zRybDZ1ryDvj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and the underlying funds in which the Fund invests pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or underlying funds may indicate higher transaction costs and may result in the Fund or underlying funds incurring increased expenses and/or 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. Portfolio turnover rate may vary from year-to-year or within a year. No portfolio turnover rate is provided for the Fund because the Fund did not commence operations prior to the date of this Prospectus.</p> Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zjfsLEyjc63c" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The F/m Accumulator Ultrashort Treasury Fund is an actively managed exchange-traded fund (“ETF”) that seeks to generate total return, through exposure to U.S. Treasury securities with remaining maturities between zero (0) months to twelve (12) months (“Ultrashort U.S. Treasury Securities”) while minimizing dividend and/or distribution payments. The Fund is a “fund of funds,” meaning that rather than directly investing in Ultrashort U.S. Treasury Securities, the Fund primarily invests its assets in the shares of affiliated and unaffiliated underlying funds that are registered under the Investment Company Act of 1940, more specifically, ETFs (each an “Underlying Fund” and together, the “Underlying Funds”) that invest in, or provide exposure to, Ultrashort U.S. Treasury Securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in one or more Underlying Funds, which at the discretion of the Adviser may include the iShares 0-3 Month Treasury Bond ETF (SGOV), State Street SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), iShares 0-1 Year Treasury Bond ETF (SHV), the F/m US Treasury 3-Month Bill ETF (TBIL), the Vanguard 0-3 Month Treasury Bill ETF (VBIL), the State Street SPDR Bloomberg 3-12 Month T-Bill ETF (BILS), Invesco Short-Term Treasury ETF (TBLL) and/or other Underlying Funds that invest primarily in Ultrashort U.S. Treasury Securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser seeks to manage the Fund’s portfolio such that the Fund minimizes any dividend or other income distributions to shareholders each year. The strategy has been designed for investors seeking to achieve tax-managed exposure to Ultrashort U.S. Treasury Securities. Underlying Fund dividends are paid to shareholders of record on the record date, and the Adviser seeks to manage the Fund’s portfolio such that it does not hold Underlying Fund shares on any dividend record date. Accordingly, the Fund may temporarily rotate into and out of Underlying Funds at the discretion of the Adviser to avoid receiving a dividend distribution, or for other reasons. To achieve such a rotation, the Fund typically will effect in-kind creation and redemption transactions, which the Adviser does not expect to have tax implications beyond those ordinarily associated with in-kind transactions.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also invest in cash and cash equivalents or money market instruments for cash management purposes. Additionally, the Fund may also invest in derivatives such as options, futures contracts, or swap agreements in order to achieve its investment objective.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% for domestic issuers and 105% of foreign issuers of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds and affiliated Underlying Funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments, although it may only do so for up to 90 days. A defensive position, taken at the wrong time, may have an adverse impact on the Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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”).</p> 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. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_919_ecustom--ActiveManagementRiskMember_zojzJ0kUtyPf">Active Management Risk</span></b>. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_913_ecustom--AffiliatedFundRiskMember_zFNDBt7AWKai">Affiliated Fund Risk</span></b>. Affiliated fund risk is the risk that the Adviser may select Underlying Funds and/or investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because affiliated Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_918_ecustom--AssetClassRiskMember_zPCUtRJeyFJk">Asset Class Risk</span></b>. The securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_910_ecustom--CallRiskMember_zNCVqyCF68M2">Call Risk</span></b>. During periods of falling interest rates, an issuer of a callable bond held by an Underlying Fund may “call” or repay the security before its stated maturity, and the Underlying Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s performance, or in securities with greater risks or with other less favorable features.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_911_ecustom--CashOrCashEquivalentsRiskMember_zuEUK31b0Oj5">Cash or Cash Equivalents Risk</span>. </b>At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objectives.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91A_ecustom--ConcentrationRiskMember_zftihYAjpeL3">Concentration Risk</span>.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by such Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91B_ecustom--CyberSecurityRiskMember_z50aiCsMkaX5">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s 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, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging Shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. 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 cyberattacks or other cyber-failures.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_914_ecustom--DerivativesRiskMember_zs0m8b6GwRl5">Derivatives Risk</span></b>. A derivative is an instrument with a value based on the performance of an underlying currency, security, index or other reference asset. The use of derivatives involves risks different from, or greater than, the risks associated with investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, and difficult to value. The Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. The use of derivatives could also result in a loss if the counterparty to the transaction does not perform as promised, including because of such counterparty’s bankruptcy or insolvency. The investment results achieved by the use of derivatives by the Fund may not match or fully offset changes in the value of the underlying security, index or other reference asset that it was attempting to hedge or the investment opportunity the Fund was attempting to pursue.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_919_ecustom--DurationRiskMember_z2z24Gg3ej64">Duration Risk</span>.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. For example, if a bond has an effective duration of three years, a 1% increase in general interest rates would be expected to cause the bond’s value to decline about 3% while a 1% decrease in general interest rates would be expected to cause the bond’s value to increase 3%. The duration of a debt security may be equal to or shorter than the full maturity of a debt security.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91A_ecustom--EtfRiskMember_zUP8PIJjh9Vk">ETF Risk</span>.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk</i>. Only an authorized participant (“AP”) 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 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, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) if 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 Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund 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 Fund Shares.</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i>Secondary Market Trading Risk</i>. Although Shares are intended to be listed on a national securities exchange, The Nasdaq Stock Market LLC (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. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV.</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">As the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to the above ETF risks.</p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_911_ecustom--FixedIncomeMarketRiskMember_zvuNKZRsXpB5">Fixed-Income Market Risk</span>.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s Share price and increase the Fund’s liquidity risk, expenses and/or taxable distributions.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_919_ecustom--FixedIncomeSecuritiesRiskMember_zfXHPHbr59Zj">Fixed-Income Securities Risk</span></b>. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer, willingness of broker-dealers and other market participants to make markets in the applicable securities, and general market liquidity (i.e., market risk). Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. There is a risk that a lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91C_ecustom--FundOfFundsRiskMember_zHmvCzmxKDJb">Fund of Funds Risk</span></b>. Because it invests primarily in other funds, including ETFs, the Fund’s investment performance largely depends on the investment performance of the selected Underlying Funds. The Fund is indirectly exposed to all of the risks of an investment in an Underlying Fund. In addition, at times, certain of the segments of the market represented by an Underlying Fund in which the Fund invests may be out of favor and underperform other segments. The Fund will also bear the proportionate share of the fees and expenses of an Underlying Fund in which it invests, which can result in higher expenses.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91D_ecustom--FuturesRiskMember_zm2XJohTcmq9">Futures Risk</span></b>. Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91A_ecustom--HighPortfolioTurnoverRiskMember_zZyeDUdRrx9f">High Portfolio Turnover Risk</span>.</b> Active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91C_ecustom--IncomeRiskMember_zeqvFKqVAb7b">Income Risk</span></b>. Under certain market conditions, the Fund may invest in Underlying Funds that are subject to income risk. The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91E_ecustom--InflationRiskMember_ziSWayYeWycl">Inflation Risk</span></b>. Under certain market conditions, the Fund may invest in an Underlying Fund that is subject to inflation risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets may decline.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Interest-Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. The historically low-interest rate environment in recent years heightens the risks associated with rising interest rates.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_917_ecustom--IssuerRiskMember_z69ofRUQCUY3">Issuer Risk</span></b>. The performance of the Fund’s investment in Underlying Funds depends on the performance of individual securities or other assets to which the Underlying Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_914_ecustom--LiquidityRiskMember_zkeO65YAntHe">Liquidity Risk</span>. </b>Certain securities held by an Underlying Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, an Underlying Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that an Underlying Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_915_ecustom--ManagementRiskMember_zH0BL2a3CCX5">Management Risk</span>. </b>The Fund is subject to management risk, which is the risk that the Adviser’s analysis of economic conditions and expectations regarding the performance of Underlying Funds or other Fund investments may fail to produce the intended results. 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> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91C_ecustom--MarketRiskMember_zMCOt8oJnLZe">Market Risk</span></b>. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The value of the Fund and/or the Underlying Fund’s investments may be negatively affected by adverse changes in overall economic or market conditions, such as the level of economic activity and productivity, unemployment and labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources including labor, and debt levels and credit ratings, among other factors. Such adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets. The Fund and the Underlying Funds subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund and the Underlying Funds’ NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91F_ecustom--MarketPriceRiskMember_zUuTwUBJoAZc">Market Price Risk</span></b>. Fund Shares are listed for trading on an exchange and are bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate, in some cases materially, in response to changes in the NAV and supply and demand for Shares. As a result, the trading prices of Shares may deviate significantly from the NAV during periods of market volatility. The Adviser cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units (defined below), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained in the long-term. If market makers exit the business or are unable to continue making markets in Fund Shares, Shares may trade at a discount to NAV like closed-end fund shares and may even face delisting (that is, investors would no longer be able to trade Shares in the secondary market). Further, while the creation/redemption feature is designed to make it likely that Shares normally will trade close to the value of the Fund’s holdings, disruptions to creations and redemptions, including disruptions at market makers, APs or market participants, or during periods of significant market volatility, may result in market prices that differ significantly from the value of the Fund’s holdings. Although market makers will generally take advantage of differences between the NAV and the market price of Fund Shares through arbitrage opportunities, there is no guarantee that they will do so. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s Shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV is likely to widen. Further, secondary markets may be subject to irregular trading activity, wide bid-ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those APs creating and redeeming Shares directly with the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_918_ecustom--MarketTradingRiskMember_zd8o2XCtKC95">Market Trading Risk</span></b>. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund Shares. Any of these factors, among others, may lead to the Fund’s Shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund Shares at a time when the market price is at a premium to NAV or sell Fund Shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91B_ecustom--NewFundRiskMember_zL1waHRyDve6">New Fund Risk</span>.</b> The Fund is a newly-organized management investment company with a limited 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 Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_910_ecustom--OperationalRiskMember_z75dmhTmsP48">Operational Risk</span></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 the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_913_ecustom--OptionsRiskMember_zZlyRygwrMn6">Options Risk</span></b>. If the Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. The Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, the Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. In order for a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_913_ecustom--PremiumDiscountRiskMember_zRyPOVzEbiHk">Premium/Discount Risk</span></b>. The market price of the Fund’s Shares will generally fluctuate in accordance with changes in the Fund’s NAV as well as the relative supply of and demand for Shares on the Exchange. The Adviser cannot predict whether Shares will trade below, at, or above their NAV because the Shares trade on the Exchange at market prices and not at NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that Shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained. During stressed market conditions, the market for the Fund’s Shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying holdings, which could in turn lead to differences between the market price of the Fund’s Shares and their NAV and the bid/ask spread on the Fund’s Shares may widen.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91E_ecustom--PrepaymentAndExtensionRiskMember_z04M81n82oBc">Prepayment and Extension Risk</span></b>. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund’s Shares price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_913_ecustom--PricingRiskMember_z8gjnmuGRKil">Pricing Risk</span></b>. If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_914_ecustom--RatingAgenciesRiskMember_zXI67FwdZ7nb">Rating Agencies Risk</span>.</b> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which an Underlying Fund invests.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91B_ecustom--ReinvestmentRiskMember_zgNyPyC8cZs2">Reinvestment Risk</span></b>. Reinvestment risk is the risk that the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91E_ecustom--ReverseRepurchaseAgreementsRiskMember_zBzCc9BkPEQg">Reverse Repurchase Agreements Risk</span>.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding Shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_912_ecustom--RiskOfInvestingInTheUSMember_zoaEPq2pPqQe">Risk of Investing in the U.S.</span> </b>Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_911_ecustom--SectorRiskMember_zF1Tp20KSAlg">Sector Risk</span>. </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> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91A_ecustom--SecuritiesLendingRiskMember_zkbTD8qLaxJ9">Securities Lending Risk</span>.</b> The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investment made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91D_ecustom--TaxRiskMember_zq1yJffciuKb">Tax Risk</span></b>. Because the Fund is expected to invest in the Underlying Funds, distributions of short-term capital gains by an Underlying Fund will be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an Underlying Fund, if any, will not be available to offset net capital gains of the Fund. Further, the Fund’s realized losses on sales of shares of an Underlying Fund may be indefinitely or permanently deferred as “wash sales” to the extent it re-acquires shares of the same Underlying Fund within the 61-day period beginning 30 days prior to the disposition date. Additionally, the Fund intends to qualify annually to be treated as a RIC under the Code. To qualify as a RIC under the Code, the Fund must invest in assets which produce the types of income specified in the Code and the Treasury regulations (“Qualifying Income”). If the Fund’s income is determined to not be Qualifying Income, it may cause the Fund to fail to qualify as a RIC under the Code.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_913_ecustom--UnderlyingFundsRiskMember_z5Vx2pvKM1k">Underlying Funds Risk</span></b>. The Fund’s investment in shares of Underlying Funds subjects it to the risks of owning the securities of the Underlying Fund, as well as the same structural risks faced by an investor purchasing shares of the Underlying Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses. Since the Fund invests in the Underlying Funds, the Fund’s investment performance and risks are likely to be directly related to those of the Underlying Funds. The Fund’s NAV will change with changes in the value of the Underlying Funds and other assets that the Fund holds. The shares of an Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV. Investors in the Fund will indirectly bear the expenses charged by the Underlying Funds, and an investment in the Fund may entail more expenses than a direct investment in the Underlying Funds.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_913_ecustom--USGovernmentObligationsRiskMember_zCD3RJhaIo8c">U.S. Government Obligations Risk</span>.</b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Such instruments may include, without limitation, floating rate Treasury notes. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91E_ecustom--USTreasuryAndAgencyMarketRiskMember_z3PFbnSPuQAh">U.S. Treasury and Agency Market Risk</span></b>. The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_910_ecustom--ValuationRiskMember_zMPAqQExSF7g">Valuation Risk</span>. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span></td></tr> </table> <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zxFzCAZGUnU8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Performance Information: </b>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_908_eoef--PerformanceOneYearOrLess_c20260610__20260610__dei--LegalEntityAxis__custom--S000105628Member_zzana9TSWML5">Performance information will be included once the Fund has at least one calendar year of performance.</span> Updated performance information will be available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260610__20260610__dei--LegalEntityAxis__custom--S000105628Member_zbzz1HD7WtP5">www.fminvest.com</span></span>.</p> Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m Accumulator Intermediate U.S. Treasury Fund (VGTA) Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zLIuv9uDR0be" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment objective of the F/m Accumulator Intermediate U.S. Treasury Fund (the “F/m Accumulator Intermediate Treasury Fund” or the “Fund”) is to generate total returns through exposure to U.S. Treasury securities with remaining maturities of three (3) to ten (10) years, while minimizing dividend and/or distribution payments.</p> Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zKgKtNw29IY" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0.0003 0 0.0018 Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_z6Sh298UY1ob" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</p> 18 58 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zfopKo5jPWWd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and the underlying funds in which the Fund invests pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or underlying funds may indicate higher transaction costs and may result in the Fund or underlying funds incurring increased expenses and/or 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. The portfolio turnover rate may vary from year-to-year or within a year. No portfolio turnover rate is provided for the Fund because the Fund did not commence operations prior to the date of this Prospectus.</p> Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zQK6s2tq9Hed" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The F/m Accumulator Intermediate Treasury Fund is an actively managed exchange-traded fund (“ETF”) that seeks to generate total return through exposure to U.S. Treasury securities with remaining maturities of three (3) to ten (10) years (“Intermediate U.S. Treasury Securities”), while minimizing dividend and/or distribution payments. The Fund is a “fund of funds,” meaning that rather than investing directly in Intermediate U.S. Treasury Securities, the Fund primarily invests its assets in the shares of affiliated and unaffiliated underlying funds that are registered under the Investment Company Act of 1940, as amended, more specifically, ETFs (each an “Underlying Fund” and together, the “Underlying Funds”) that invest in, or provide exposure to, Intermediate U.S. Treasury Securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in one or more Underlying Funds, which, at the discretion of the Adviser, may include the Vanguard Intermediate-Term Treasury Index Fund ETF (VGIT), iShares 3-7 Year Treasury Bond ETF (IEI), Schwab Intermediate-Term U.S. Treasury ETF (SCHR), State Street® SPDR® Portfolio Intermediate Term Treasury ETF (SPTI) and/or other Underlying Funds that invest primarily in Intermediate U.S. Treasury Securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser seeks to manage the Fund’s portfolio such that the Fund minimizes any dividend or other income distributions to shareholders each year. The strategy has been designed for investors seeking to achieve tax-managed exposure to Intermediate U.S. Treasury Securities. Underlying Fund dividends are paid to shareholders of record on the record date, and the Adviser seeks to manage the Fund’s portfolio such that it does not hold Underlying Fund shares on any dividend record date. Accordingly, the Fund may temporarily rotate into and out of Underlying Funds at the discretion of the Adviser to avoid receiving a dividend distribution, or for other reasons. To achieve such a rotation, the Fund typically will effect in-kind creation and redemption transactions, which the Adviser does not expect to have tax implications beyond those ordinarily associated with in-kind transactions.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also invest in cash and cash equivalents or money market instruments for cash management purposes. Additionally, the Fund may also invest in derivatives such as options, futures contracts, or swap agreements in order to achieve its investment objective.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% for domestic issuers and 105% of foreign issuers of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds and affiliated Underlying Funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments, although it may only do so for up to 90 days. A defensive position, taken at the wrong time, may have an adverse impact on the Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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”).<b> </b></p> 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. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Active Management Risk</b>. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Affiliated Fund Risk</b>. Affiliated fund risk is the risk that the Adviser may select Underlying Funds and/or investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because affiliated Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Asset Class Risk</b>. The securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Call Risk</b>. During periods of falling interest rates, an issuer of a callable bond held by an Underlying Fund may “call” or repay the security before its stated maturity, and the Underlying Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s performance, or in securities with greater risks or with other less favorable features</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Cash or Cash Equivalents Risk. </b>At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objectives.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by such Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s 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, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging Shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. 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 cyberattacks or other cyber-failures.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Derivatives Risk</b>. A derivative is an instrument with a value based on the performance of an underlying currency, security, index or other reference asset. The use of derivatives involves risks different from, or greater than, the risks associated with investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, and difficult to value. The Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. The use of derivatives could also result in a loss if the counterparty to the transaction does not perform as promised, including because of such counterparty’s bankruptcy or insolvency. The investment results achieved by the use of derivatives by the Fund may not match or fully offset changes in the value of the underlying security, index or other reference asset that it was attempting to hedge or the investment opportunity the Fund was attempting to pursue.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. For example, if a bond has an effective duration of three years, a 1% increase in general interest rates would be expected to cause the bond’s value to decline about 3% while a 1% decrease in general interest rates would be expected to cause the bond’s value to increase 3%. The duration of a debt security may be equal to or shorter than the full maturity of a debt security.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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:</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk</i>. Only an authorized participant (“AP”) 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 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, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) if 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 Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund 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 Fund Shares.</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i>Secondary Market Trading Risk</i>. Although Shares are intended to be listed on a national securities exchange, The Nasdaq Stock Market LLC (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. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV.</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify">As the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to the above ETF risks.</p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s Share price and increase the Fund’s liquidity risk, expenses and/or taxable distributions.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fixed-Income Securities Risk</b>. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer, willingness of broker-dealers and other market participants to make markets in the applicable securities, and general market liquidity (i.e., market risk). Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. There is a risk that a lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Futures Risk</b>. Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fund of Funds Risk</b>. Because it invests primarily in other funds, including ETFs, the Fund’s investment performance largely depends on the investment performance of the selected Underlying Funds. The Fund is indirectly exposed to all of the risks of an investment in an Underlying Fund. In addition, at times, certain of the segments of the market represented by an Underlying Fund in which the Fund invests may be out of favor and underperform other segments. The Fund will also bear the proportionate share of the fees and expenses of an Underlying Fund in which it invests, which can result in higher expenses.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>High Portfolio Turnover Risk.</b> Active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Income Risk</b>. Under certain market conditions, the Fund may invest in Underlying Funds that are subject to income risk. The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Inflation Risk</b>. Under certain market conditions, the Fund may invest in an Underlying Fund that is subject to inflation risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets may decline.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Interest-Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. The historically low-interest rate environment in recent years heightens the risks associated with rising interest rates.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Issuer Risk</b>. The performance of the Fund’s investment in Underlying Funds depends on the performance of individual securities or other assets to which the Underlying Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Liquidity Risk. </b>Certain securities held by an Underlying Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, an Underlying Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that an Underlying Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Management Risk. </b>The Fund is subject to management risk, which is the risk that the Adviser’s analysis of economic conditions and expectations regarding the performance of Underlying Funds or other Fund investments may fail to produce the intended results. 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> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Market Risk</b>. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The value of the Fund and/or the Underlying Fund’s investments may be negatively affected by adverse changes in overall economic or market conditions, such as the level of economic activity and productivity, unemployment and labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources including labor, and debt levels and credit ratings, among other factors. Such adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets. The Fund and the Underlying Funds subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund and the Underlying Funds’ NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Market Price Risk</b>. Fund Shares are listed for trading on an exchange and are bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate, in some cases materially, in response to changes in the NAV and supply and demand for Shares. As a result, the trading prices of Shares may deviate significantly from the NAV during periods of market volatility. The Adviser cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units (defined below), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained in the long-term. If market makers exit the business or are unable to continue making markets in Fund Shares, Shares may trade at a discount to NAV like closed-end fund shares and may even face delisting (that is, investors would no longer be able to trade Shares in the secondary market). Further, while the creation/redemption feature is designed to make it likely that Shares normally will trade close to the value of the Fund’s holdings, disruptions to creations and redemptions, including disruptions at market makers, APs or market participants, or during periods of significant market volatility, may result in market prices that differ significantly from the value of the Fund’s holdings. Although market makers will generally take advantage of differences between the NAV and the market price of Fund Shares through arbitrage opportunities, there is no guarantee that they will do so. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s Shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV is likely to widen. Further, secondary markets may be subject to irregular trading activity, wide bid-ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those APs creating and redeeming Shares directly with the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Market Trading Risk</b>. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund Shares. Any of these factors, among others, may lead to the Fund’s Shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund Shares at a time when the market price is at a premium to NAV or sell Fund Shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>New Fund Risk.</b> The Fund is a newly-organized management investment company with a limited 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 Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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 the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Options Risk</b>. If the Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. The Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, the Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. In order for a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Premium/Discount Risk</b>. The market price of the Fund’s Shares will generally fluctuate in accordance with changes in the Fund’s NAV as well as the relative supply of and demand for Shares on the Exchange. The Adviser cannot predict whether Shares will trade below, at, or above their NAV because the Shares trade on the Exchange at market prices and not at NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that Shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained. During stressed market conditions, the market for the Fund’s Shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying holdings, which could in turn lead to differences between the market price of the Fund’s Shares and their NAV and the bid/ask spread on the Fund’s Shares may widen.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Prepayment and Extension Risk</b>. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund’s Shares price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Pricing Risk</b>. If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Rating Agencies Risk.</b> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which an Underlying Fund invests.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Reinvestment Risk</b>. Reinvestment risk is the risk that the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding Shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Risk of Investing in the U.S. </b>Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Securities Lending Risk.</b> The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investment made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Tax Risk</b>. Because the Fund is expected to invest in the Underlying Funds, distributions of short-term capital gains by an Underlying Fund will be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an Underlying Fund, if any, will not be available to offset net capital gains of the Fund. Further, the Fund’s realized losses on sales of shares of an Underlying Fund may be indefinitely or permanently deferred as “wash sales” to the extent it re-acquires shares of the same Underlying Fund within the 61-day period beginning 30 days prior to the disposition date. Additionally, the Fund intends to qualify annually to be treated as a RIC under the Code. To qualify as a RIC under the Code, the Fund must invest in assets which produce the types of income specified in the Code and the Treasury regulations (“Qualifying Income”). If the Fund’s income is determined to not be Qualifying Income, it may cause the Fund to fail to qualify as a RIC under the Code.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Underlying Funds Risk</b>. The Fund’s investment in shares of Underlying Funds subjects it to the risks of owning the securities of the Underlying Fund, as well as the same structural risks faced by an investor purchasing shares of the Underlying Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses. Since the Fund invests in the Underlying Funds, the Fund’s investment performance and risks are likely to be directly related to those of the Underlying Funds. The Fund’s NAV will change with changes in the value of the Underlying Funds and other assets that the Fund holds. The shares of an Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV. Investors in the Fund will indirectly bear the expenses charged by the Underlying Funds, and an investment in the Fund may entail more expenses than a direct investment in the Underlying Funds.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>U.S. Government Obligations Risk.</b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Such instruments may include, without limitation, floating rate Treasury notes. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>U.S. Treasury and Agency Market Risk</b>. The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span></td></tr> </table> <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zLidCAlICcg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Performance Information: </b>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_900_eoef--PerformanceOneYearOrLess_c20260610__20260610__dei--LegalEntityAxis__custom--S000105625Member_z19qlWyM7Aw9">Performance information will be included once the Fund has at least one calendar year of performance.</span> Updated performance information will be available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260610__20260610__dei--LegalEntityAxis__custom--S000105625Member_zVJYWv7oLVA2">www.fminvest.com</span></span>.</p> Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m Accumulator Long-Term U.S. Treasury Fund (TLTA) Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zXA3gGCUJ2p2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The investment objective of the F/m Accumulator Long-Term U.S. Treasury Fund (the “F/m Accumulator Long Treasury Fund” or the “Fund”) is to generate total returns through exposure to U.S. Treasury securities with remaining maturities greater than twenty (20) years, while minimizing dividend and/or distribution payments.</p> Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zr4SOCoqOkOe" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">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></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0.0015 0 0.0030 Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zWwkOduBXpq7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</p> 31 97 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zqNFivp1ypei" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and the underlying funds in which the Fund invests pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or underlying funds may indicate higher transaction costs and may result in the Fund or underlying funds incurring increased expenses and/or 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. Portfolio turnover rate may vary from year-to-year or within a year. No portfolio turnover rate is provided for the Fund because the Fund did not commence operations prior to the date of this Prospectus.</p> Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zde6ClLww7ih" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The F/m Accumulator Long Treasury Fund is an actively managed exchange-traded fund (“ETF”) that seeks to generate total return through exposure to U.S. Treasury securities with remaining maturities of greater than twenty (20) years (“Long-Term U.S. Treasury Securities”), while minimizing dividend and/or distribution payments. The Fund is a “fund of funds,” meaning that, rather investing directly in Long-Term U.S. Treasury Securities, the Fund primarily invests its assets in the shares of affiliated and unaffiliated underlying funds that are registered under the Investment Company Act of 1940, as amended, more specifically, ETFs (each an “Underlying Fund” and together, the “Underlying Funds”) that invest in, or provide exposure to, Long-Term U.S. Treasury Securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in one or more Underlying Funds, which, at the discretion of the Adviser, may include the iShares 20+ Year Treasury Bond ETF (TLT), iShares 10-20 Year Treasury Bond ETF (TLH), State Street® SPDR® Portfolio Long Term Treasury ETF (SPTL), Vanguard Long-Term Treasury Index Fund ETF (VGLT) and/or other Underlying Funds that invest primarily in Long-Term U.S. Treasury Securities.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser seeks to manage the Fund’s portfolio such that the Fund minimizes any dividend or other income distributions to shareholders each year. The strategy has been designed for investors seeking to achieve tax-managed exposure to Long-Term U.S. Treasury Securities. Underlying Fund dividends are paid to shareholders of record on the record date, and the Adviser seeks to manage the Fund’s portfolio such that it does not hold Underlying Fund shares on any dividend record date. Accordingly, the Fund may temporarily rotate into and out of Underlying Funds at the discretion of the Adviser to avoid receiving a dividend distribution, or for other reasons. To achieve such a rotation, the Fund typically will effect in-kind creation and redemption transactions, which the Adviser does not expect to have tax implications beyond those ordinarily associated with in-kind transactions.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also invest in cash and cash equivalents or money market instruments for cash management purposes. Additionally, the Fund may also invest in derivatives such as options, futures contracts, or swap agreements in order to achieve its investment objective.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% for domestic issuers and 105% of foreign issuers of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds and affiliated Underlying Funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments. A defensive position, taken at the wrong time, may have an adverse impact on the Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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”).</p> 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. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Active Management Risk</b>. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Affiliated Fund Risk</b>. Affiliated fund risk is the risk that the Adviser may select Underlying Funds and/or investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because affiliated Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Asset Class Risk</b>. The securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Call Risk</b>. During periods of falling interest rates, an issuer of a callable bond held by an Underlying Fund may “call” or repay the security before its stated maturity, and the Underlying Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s performance, or in securities with greater risks or with other less favorable features</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Cash or Cash Equivalents Risk. </b>At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objectives.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by such Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s 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, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging Shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. 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 cyberattacks or other cyber-failures.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Derivatives Risk</b>. A derivative is an instrument with a value based on the performance of an underlying currency, security, index or other reference asset. The use of derivatives involves risks different from, or greater than, the risks associated with investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, and difficult to value. The Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. The use of derivatives could also result in a loss if the counterparty to the transaction does not perform as promised, including because of such counterparty’s bankruptcy or insolvency. The investment results achieved by the use of derivatives by the Fund may not match or fully offset changes in the value of the underlying security, index or other reference asset that it was attempting to hedge or the investment opportunity the Fund was attempting to pursue.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. For example, if a bond has an effective duration of three years, a 1% increase in general interest rates would be expected to cause the bond’s value to decline about 3% while a 1% decrease in general interest rates would be expected to cause the bond’s value to increase 3%. The duration of a debt security may be equal to or shorter than the full maturity of a debt security.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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:</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk</i>. Only an authorized participant (“AP”) 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 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, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) if 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 Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund 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 Fund Shares.</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i>Secondary Market Trading Risk</i>. Although Shares are intended to be listed on a national securities exchange, The Nasdaq Stock Market LLC (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. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.15pt; text-indent: -20.15pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV.</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: -20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify">As the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to the above ETF risks.</p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s Share price and increase the Fund’s liquidity risk, expenses and/or taxable distributions.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fixed-Income Securities Risk</b>. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer, willingness of broker-dealers and other market participants to make markets in the applicable securities, and general market liquidity (i.e., market risk). Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. There is a risk that a lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fund of Funds Risk</b>. Because it invests primarily in other funds, including ETFs, the Fund’s investment performance largely depends on the investment performance of the selected Underlying Funds. The Fund is indirectly exposed to all of the risks of an investment in an Underlying Fund. In addition, at times, certain of the segments of the market represented by an Underlying Fund in which the Fund invests may be out of favor and underperform other segments. The Fund will also bear the proportionate share of the fees and expenses of an Underlying Fund in which it invests, which can result in higher expenses.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Futures Risk</b>. Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>High Portfolio Turnover Risk. A</b>ctive and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Income Risk</b>. Under certain market conditions, the Fund may invest in Underlying Funds that are subject to income risk. The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Inflation Risk</b>. Under certain market conditions, the Fund may invest in an Underlying Fund that is subject to inflation risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets may decline.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Interest-Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. The historically low-interest rate environment in recent years heightens the risks associated with rising interest rates.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Issuer Risk</b>. The performance of the Fund’s investment in Underlying Funds depends on the performance of individual securities or other assets to which the Underlying Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Liquidity Risk. </b>Certain securities held by an Underlying Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, an Underlying Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that an Underlying Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Management Risk. </b>The Fund is subject to management risk, which is the risk that the Adviser’s analysis of economic conditions and expectations regarding the performance of Underlying Funds or other Fund investments may fail to produce the intended results. 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> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Market Risk</b>. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The value of the Fund and/or the Underlying Fund’s investments may be negatively affected by adverse changes in overall economic or market conditions, such as the level of economic activity and productivity, unemployment and labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources including labor, and debt levels and credit ratings, among other factors. Such adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets. The Fund and the Underlying Funds subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund and the Underlying Funds’ NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Market Price Risk</b>. Fund Shares are listed for trading on an exchange and are bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate, in some cases materially, in response to changes in the NAV and supply and demand for Shares. As a result, the trading prices of Shares may deviate significantly from the NAV during periods of market volatility. The Adviser cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units (defined below), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained in the long-term. If market makers exit the business or are unable to continue making markets in Fund Shares, Shares may trade at a discount to NAV like closed-end fund shares and may even face delisting (that is, investors would no longer be able to trade Shares in the secondary market). Further, while the creation/redemption feature is designed to make it likely that Shares normally will trade close to the value of the Fund’s holdings, disruptions to creations and redemptions, including disruptions at market makers, APs or market participants, or during periods of significant market volatility, may result in market prices that differ significantly from the value of the Fund’s holdings. Although market makers will generally take advantage of differences between the NAV and the market price of Fund Shares through arbitrage opportunities, there is no guarantee that they will do so. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s Shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV is likely to widen. Further, secondary markets may be subject to irregular trading activity, wide bid-ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those APs creating and redeeming Shares directly with the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Market Trading Risk</b>. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund Shares. Any of these factors, among others, may lead to the Fund’s Shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund Shares at a time when the market price is at a premium to NAV or sell Fund Shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>New Fund Risk.</b> The Fund is a newly-organized management investment company with a limited 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 Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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 the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Options Risk</b>. If the Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. The Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, the Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. In order for a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Premium/Discount Risk</b>. The market price of the Fund’s Shares will generally fluctuate in accordance with changes in the Fund’s NAV as well as the relative supply of and demand for Shares on the Exchange. The Adviser cannot predict whether Shares will trade below, at, or above their NAV because the Shares trade on the Exchange at market prices and not at NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that Shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained. During stressed market conditions, the market for the Fund’s Shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying holdings, which could in turn lead to differences between the market price of the Fund’s Shares and their NAV and the bid/ask spread on the Fund’s Shares may widen.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Prepayment and Extension Risk</b>. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund’s Shares price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Pricing Risk</b>. If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Rating Agencies Risk.</b> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which an Underlying Fund invests.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Reinvestment Risk</b>. Reinvestment risk is the risk that the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding Shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Risk of Investing in the U.S. </b>Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Securities Lending Risk.</b> The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investment made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Tax Risk</b>. Because the Fund is expected to invest in the Underlying Funds, distributions of short-term capital gains by an Underlying Fund will be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an Underlying Fund, if any, will not be available to offset net capital gains of the Fund. Further, the Fund’s realized losses on sales of shares of an Underlying Fund may be indefinitely or permanently deferred as “wash sales” to the extent it re-acquires shares of the same Underlying Fund within the 61-day period beginning 30 days prior to the disposition date. Additionally, the Fund intends to qualify annually to be treated as a RIC under the Code. To qualify as a RIC under the Code, the Fund must invest in assets which produce the types of income specified in the Code and the Treasury regulations (“Qualifying Income”). If the Fund’s income is determined to not be Qualifying Income, it may cause the Fund to fail to qualify as a RIC under the Code.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Underlying Funds Risk</b>. The Fund’s investment in shares of Underlying Funds subjects it to the risks of owning the securities of the Underlying Fund, as well as the same structural risks faced by an investor purchasing shares of the Underlying Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses. Since the Fund invests in the Underlying Funds, the Fund’s investment performance and risks are likely to be directly related to those of the Underlying Funds. The Fund’s NAV will change with changes in the value of the Underlying Funds and other assets that the Fund holds. The shares of an Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV. Investors in the Fund will indirectly bear the expenses charged by the Underlying Funds, and an investment in the Fund may entail more expenses than a direct investment in the Underlying Funds.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>U.S. Government Obligations Risk.</b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Such instruments may include, without limitation, floating rate Treasury notes. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>U.S. Treasury and Agency Market Risk</b>. The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span></td></tr> </table> Performance Information: Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at www.fminvest.com. Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m Accumulator TIPS Fund (ZTIP) Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zQ0r3BbKsVNe" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment objective of the F/m Accumulator TIPS Fund (the “F/m Accumulator TIPS Fund” or the “Fund”) is to seek to deliver investment returns that correspond (before fees and expenses) with the U.S. Treasury Inflation-Protected Securities (TIPS) market, while minimizing dividend and/or distribution payments.</p> Fees and Expenses <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zHXJ9keGii54" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0022 0 0.0003 0 0.0025 Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zaqYMNX8Azwc" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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:</p> 26 80 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_z2j6xnqzakCh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and the underlying funds in which the Fund invests pays transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or underlying funds may indicate higher transaction costs and may result in the Fund or underlying funds to incur increased expenses and/or higher taxes when Fund 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. Portfolio turnover rate may vary from year-to-year or within a year. No portfolio turnover rate is provided for the Fund because the Fund did not commence operations prior to the date of this Prospectus.</p> Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zbQbL83wxI9e" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The F/m Accumulator TIPS Fund is an actively managed exchange-traded fund (“ETF”) that seeks to deliver investment returns that correspond (before fees and expenses) with the U.S. Treasury Inflation-Protected Securities (“TIPS”) market, while minimizing dividend and/or distribution payments. The Fund is a “fund of funds,” meaning that rather than directly investing in TIPS, the Fund primarily invests its assets in the shares of affiliated and unaffiliated underlying funds that are registered under the Investment Company Act of 1940, as amended, more specifically, ETFs (each an “Underlying Fund” and together, the “Underlying Funds”) that invest in, or provide exposure to, TIPS of any maturity. For purposes of this Fund, TIPS are defined as income-generating instruments whose interest and principal payments are adjusted for inflation. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, the non-seasonally adjusted Consumer Price Index for All Urban Consumers (“CPI-U”), and TIPS’ principal payments are adjusted according to changes in the CPI-U. A fixed coupon rate is applied to the inflation-adjusted principal so that, as inflation rises, both the principal value and the interest payments increase. This can provide a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in one or more Underlying Funds, which, at the discretion of the Adviser, may include the iShares TIPS Bond ETF (TIP), the Vanguard Short-Term Inflation-Protected Securities ETF (VTIP), the Schwab U.S. TIPS ETF (SCHP), the F/m Ultrashort Treasury Inflation-Protected Securities (TIPS) ETF (RBIL) and/or other Underlying Funds that invest primarily in TIPS of any maturity.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Adviser seeks to manage the Fund’s portfolio such that the Fund minimizes any dividend or other income distributions to shareholders each year. The strategy has been designed for investors seeking to achieve tax-managed exposure to TIPS. Underlying Fund dividends are paid to shareholders of record on the record date, and the Adviser seeks to manage the Fund’s portfolio such that it does not hold Underlying Fund shares on any dividend record date. Accordingly, the Fund may temporarily rotate into and out of Underlying Funds at the discretion of the Adviser to avoid receiving a dividend distribution, or for other reasons. To achieve such a rotation, the Fund typically will effect in-kind creation and redemption transactions, which the Adviser does not expect to have tax implications beyond those ordinarily associated with in-kind transactions.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also invest in cash and cash equivalents or money market instruments for cash management purposes. Additionally, the Fund may also invest in derivatives such as options, futures contracts, or swap agreements in order to achieve its investment objective.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed).</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% for domestic issuers and 105% of foreign issuers of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds and affiliated Underlying Funds.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments, although it may only do so for up to 90 days. A defensive position, taken at the wrong time, may have an adverse impact on the Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has elected 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”).</p> 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. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Active Management Risk</b>. The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Affiliated Fund Risk</b>. Affiliated fund risk is the risk that the Adviser may select Underlying Funds and/or investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because affiliated Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Asset Class Risk</b>. The securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Call Risk</b>. During periods of falling interest rates, an issuer of a callable bond held by an Underlying Fund may “call” or repay the security before its stated maturity, and the Underlying Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s performance, or in securities with greater risks or with other less favorable features</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Cash or Cash Equivalents Risk. </b>At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objectives.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by such Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s 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, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging Shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. 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 cyberattacks or other cyber-failures.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Derivatives Risk</b>. A derivative is an instrument with a value based on the performance of an underlying currency, security, index or other reference asset. The use of derivatives involves risks different from, or greater than, the risks associated with investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, and difficult to value. The Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. The use of derivatives could also result in a loss if the counterparty to the transaction does not perform as promised, including because of such counterparty’s bankruptcy or insolvency. The investment results achieved by the use of derivatives by the Fund may not match or fully offset changes in the value of the underlying security, index or other reference asset that it was attempting to hedge or the investment opportunity the Fund was attempting to pursue.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. For example, if a bond has an effective duration of three years, a 1% increase in general interest rates would be expected to cause the bond’s value to decline about 3% while a 1% decrease in general interest rates would be expected to cause the bond’s value to increase 3%. The duration of a debt security may be equal to or shorter than the full maturity of a debt security.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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:</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk</i>. Only an authorized participant (“AP”) 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 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, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) if 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 Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund 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 Fund Shares.</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.15pt; text-indent: -20.15pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><i>Secondary Market Trading Risk</i>. Although Shares are intended to be listed on a national securities exchange, The Nasdaq Stock Market LLC (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. 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: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.15pt; text-indent: -20.15pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt"> </td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV.</span></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to the above ETF risks.</p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s Share price and increase the Fund’s liquidity risk, expenses and/or taxable distributions.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fixed-Income Securities Risk</b>. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer, willingness of broker-dealers and other market participants to make markets in the applicable securities, and general market liquidity (i.e., market risk). Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. There is a risk that a lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Fund of Funds Risk</b>. Because it invests primarily in other funds, including ETFs, the Fund’s investment performance largely depends on the investment performance of the selected Underlying Funds. The Fund is indirectly exposed to all of the risks of an investment in an Underlying Fund. In addition, at times, certain of the segments of the market represented by an Underlying Fund in which the Fund invests may be out of favor and underperform other segments. The Fund will also bear the proportionate share of the fees and expenses of an Underlying Fund in which it invests, which can result in higher expenses.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Futures Risk</b>. Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>High Portfolio Turnover Risk. A</b>ctive and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Income Risk</b>. Under certain market conditions, the Fund may invest in Underlying Funds that are subject to income risk. The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Inflation Risk</b>. Under certain market conditions, the Fund may invest in an Underlying Fund that is subject to inflation risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets may decline.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_912_ecustom--InflationIndexedBondsRiskMember_zMJejxtBDEPk">Inflation-Indexed Bonds Risk</span></b>. The principal value of an investment is not protected or otherwise guaranteed by virtue of the Fund’s investments in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal value. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Short-term increases in inflation may lead to a decline in value. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. Periodic adjustments for inflation to the principal amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund’s gross income. Due to original issue discount, the Fund may be required to make annual distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a return of capital.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b><span id="xdx_91F_ecustom--InflationLinkedSecuritiesRiskMember_zchCUvPN9fpf">Inflation-Linked Securities Risk</span></b>. In general, the value of an inflation-linked security, including TIPS, will typically decrease when real interest rates (nominal interest rates reduced by the expected impact of inflation) increase and increase when real interest rates decrease. When inflation is negative or concerns over inflation are low, the value and income of inflation-linked securities could fall and result in losses for the Fund and during periods of very low inflation, the yield on an inflation-linked security may be negative. Conversely, during sustained periods of high inflation, the Fund’s yield should increase, which may not be repeated. Funds that invest heavily in inflation-linked securities do not always move in lockstep with inflation because they do not necessarily buy inflation-linked securities when they are originally issued or hold them until maturity. In addition, the accrual of inflation adjustments on the Fund’s holdings may significantly impact the current level of dividends actually paid to shareholders. Changes in inflation rates and/or interest rates may cause the Fund’s yield to vary substantially over time.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Interest-Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. The historically low-interest rate environment in recent years heightens the risks associated with rising interest rates.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Issuer Risk</b>. The performance of the Fund’s investment in Underlying Funds depends on the performance of individual securities or other assets to which the Underlying Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Liquidity Risk. </b>Certain securities held by an Underlying Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, an Underlying Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that an Underlying Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Management Risk. </b>The Fund is subject to management risk, which is the risk that the Adviser’s analysis of economic conditions and expectations regarding the performance of Underlying Funds or other Fund investments may fail to produce the intended results. 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> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Market Risk</b>. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The value of the Fund and/or the Underlying Fund’s investments may be negatively affected by adverse changes in overall economic or market conditions, such as the level of economic activity and productivity, unemployment and labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources including labor, and debt levels and credit ratings, among other factors. Such adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets. The Fund and the Underlying Funds subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund and the Underlying Funds’ NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Market Price Risk</b>. Fund Shares are listed for trading on an exchange and are bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate, in some cases materially, in response to changes in the NAV and supply and demand for Shares. As a result, the trading prices of Shares may deviate significantly from the NAV during periods of market volatility. The Adviser cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units (defined below), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained in the long-term. If market makers exit the business or are unable to continue making markets in Fund Shares, Shares may trade at a discount to NAV like closed-end fund shares and may even face delisting (that is, investors would no longer be able to trade Shares in the secondary market). Further, while the creation/redemption feature is designed to make it likely that Shares normally will trade close to the value of the Fund’s holdings, disruptions to creations and redemptions, including disruptions at market makers, APs or market participants, or during periods of significant market volatility, may result in market prices that differ significantly from the value of the Fund’s holdings. Although market makers will generally take advantage of differences between the NAV and the market price of Fund Shares through arbitrage opportunities, there is no guarantee that they will do so. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s Shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV is likely to widen. Further, secondary markets may be subject to irregular trading activity, wide bid-ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those APs creating and redeeming Shares directly with the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Market Trading Risk</b>. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund Shares. Any of these factors, among others, may lead to the Fund’s Shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund Shares at a time when the market price is at a premium to NAV or sell Fund Shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>New Fund Risk.</b> The Fund is a newly-organized management investment company with a limited 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 Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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 the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Options Risk</b>. If the Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. The Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, the Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. In order for a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Premium/Discount Risk</b>. The market price of the Fund’s Shares will generally fluctuate in accordance with changes in the Fund’s NAV as well as the relative supply of and demand for Shares on the Exchange. The Adviser cannot predict whether Shares will trade below, at, or above their NAV because the Shares trade on the Exchange at market prices and not at NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that Shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained. During stressed market conditions, the market for the Fund’s Shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying holdings, which could in turn lead to differences between the market price of the Fund’s Shares and their NAV and the bid/ask spread on the Fund’s Shares may widen.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Prepayment and Extension Risk</b>. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund’s Shares price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Pricing Risk</b>. If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Rating Agencies Risk.</b> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which an Underlying Fund invests.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Reinvestment Risk</b>. Reinvestment risk is the risk that the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding Shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Risk of Investing in the U.S. </b>Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><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> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Securities Lending Risk.</b> The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investment made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Tax Risk</b>. Because the Fund is expected to invest in the Underlying Funds, distributions of short-term capital gains by an Underlying Fund will be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an Underlying Fund, if any, will not be available to offset net capital gains of the Fund. Further, the Fund’s realized losses on sales of shares of an Underlying Fund may be indefinitely or permanently deferred as “wash sales” to the extent it re-acquires shares of the same Underlying Fund within the 61-day period beginning 30 days prior to the disposition date. Additionally, the Fund intends to qualify annually to be treated as a RIC under the Code. To qualify as a RIC under the Code, the Fund must invest in assets which produce the types of income specified in the Code and the Treasury regulations (“Qualifying Income”). If the Fund’s income is determined to not be Qualifying Income, it may cause the Fund to fail to qualify as a RIC under the Code.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Underlying Funds Risk</b>. The Fund’s investment in shares of Underlying Funds subjects it to the risks of owning the securities of the Underlying Fund, as well as the same structural risks faced by an investor purchasing shares of the Underlying Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses. Since the Fund invests in the Underlying Funds, the Fund’s investment performance and risks are likely to be directly related to those of the Underlying Funds. The Fund’s NAV will change with changes in the value of the Underlying Funds and other assets that the Fund holds. The shares of an Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV. Investors in the Fund will indirectly bear the expenses charged by the Underlying Funds, and an investment in the Fund may entail more expenses than a direct investment in the Underlying Funds.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>U.S. Government Obligations Risk.</b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Such instruments may include, without limitation, floating rate Treasury notes. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>U.S. Treasury and Agency Market Risk</b>. The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government.</span></td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0pt"></td> <td style="width: 20pt; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">●</span></td> <td style="text-align: justify; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span></td></tr> </table> Performance Information: Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at www.fminvest.com. Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE.