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N-1A
THE RBB FUND TRUST
2026-06-12
SUMMARY
SECTION
Investment Objective
<p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zTHQApTpQ6T3" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The
investment objective of Synera Funds Japan Active+ ETF (the “Fund”) is capital appreciation.</p>
Fees and Expenses
<p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zpa346ATz209" style="font: 11pt Times New Roman, Times, Serif; margin: 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 table and Example
below.</b></p>
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
0.0200
0
0.0001
0
0.0201
-0.0115
0.0086
“Other
Expenses” are estimated for the current fiscal year.
“Acquired
Fund Fees and Expenses” are estimated for the current fiscal year and are indirect fees and expenses that the Fund incurs from investing
in the shares of other mutual funds, including money market funds and exchange-traded funds.
December
31, 2027
Example
<p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zDfOAsXqsaMe" style="font: 11pt Times New Roman, Times, Serif; margin: 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>
88
519
Portfolio Turnover
<p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zHHrLkw7j5X" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The
Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account.
These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. No portfolio
turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus.</p>
Principal Investment Strategies
<p id="xdx_A85_eoef--StrategyNarrativeTextBlock_ziCifm1zgOY8" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The
Fund is an actively managed exchange-traded fund (<span style="font-family: Times New Roman, Times, Serif">“</span>ETF<span style="font-family: Times New Roman, Times, Serif">”</span>)
whose investment objective is capital appreciation. The Fund seeks to achieve its investment objective by investing in Japanese
equity and equity-related securities (e.g. common and preferred stock) of all market
capitalizations. The Fund may invest directly in equity securities or in other ETFs, which may include other ETFs managed by the
Sub-Adviser, Twin Oak ETF Company (the <span style="font-family: Times New Roman, Times, Serif">“</span>Sub-Adviser<span style="font-family: Times New Roman, Times, Serif">”</span>
or <span style="font-family: Times New Roman, Times, Serif">“</span>Twin Oak<span style="font-family: Times New Roman, Times, Serif">”</span>),
that primarily invest in equity securities. The Fund may also invest in derivatives, including equity options, swaps, futures,
forwards and structured notes, to achieve the desired equities exposure.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under normal conditions, the Fund will invest at least
80% of its net assets (plus any borrowings for investment purposes) in Japanese equity and equity-related securities. For purposes of
this policy, the Fund considers all equities and initial public offerings listed on a Japanese exchange to be Japanese equity securities.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund seeks long-term capital appreciation by investing
primarily in equity securities of Japanese companies that Twin Oak believes are positioned to benefit from medium- to long-term structural
changes in society and industry. Twin Oak relies on a model portfolio compiled by Sumitomo Mitsui Trust Asset Management Americas, Inc.
(the <span style="font-family: Times New Roman, Times, Serif">“</span>Model Sub-Adviser<span style="font-family: Times New Roman, Times, Serif">”</span>)
to determine the investments in this Japanese equity portion of the investment strategy (the <span style="font-family: Times New Roman, Times, Serif">“</span>Japanese
Equity Portion<span style="font-family: Times New Roman, Times, Serif">”</span>). The Model Sub-Adviser employs a thematic investment
approach to identify areas of sustained growth potential and applies bottom-up fundamental research to select companies whose long-term
earnings prospects, in the judgment of the Model Sub-Adviser, are not fully reflected in current market prices.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Model Sub-Adviser begins with a broad universe
of Japanese equities and applies liquidity and credit risk screens to establish its research coverage universe. The Model Sub-Adviser
applies a liquidity screen to approximately 4,000 listed stocks, which tends to remove smaller market capitalization stocks, defined as
stocks with a market capitalization of less than 20 billion Japanese yen. . Credit risk of the remaining universe of stocks is monitored
through an internal review process, and securities identified as having elevated default risk are excluded from the eligible investment
universe and are not permitted to be held in the portfolio. The remaining research universe includes approximately 800 stocks representing
approximately over 90% of the Tokyo Stock Exchange’s market capitalization.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund will also implement a quantitative and systematic
trading methodology (the <span style="font-family: Times New Roman, Times, Serif">“</span>futures strategy<span style="font-family: Times New Roman, Times, Serif">”</span>),
based upon signals generated from an analysis of price, price-derivative, fundamental and other quantitative data, managed by the Adviser.
This portion (the <span style="font-family: Times New Roman, Times, Serif">“</span>Futures Portion<span style="font-family: Times New Roman, Times, Serif">”</span>)
of the Fund<span style="font-family: Times New Roman, Times, Serif">’</span>s portfolio will seek positive absolute returns over
time (periods of 3 to 5 years or longer) with low correlation to traditional securities portfolios by investing in futures and forward
contracts, and foreign currency spot transactions (and, potentially, option and swap contracts), seeking exposure to currencies, interest
rate instruments, stock indices, metals, energy and agricultural commodities. The Fund may take long or short positions. The Fund will
execute the commodities portion of its futures strategy primarily by investing in a wholly owned and controlled subsidiary (the <span style="font-family: Times New Roman, Times, Serif">“</span>Subsidiary<span style="font-family: Times New Roman, Times, Serif">”</span>).
Because the Fund intends to qualify for treatment as a regulated investment company under Subchapter M of the Internal Revenue Code, the
size of the Fund’s investment in the Subsidiary will not exceed 25% of the Fund’s total assets at each quarter end of the
Fund’s fiscal year.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Subsidiary is advised by the same investment advisers
and has the same investment objective as the Fund. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment
Company Act of 1940, as amended (the “1940 Act”). The Fund is the sole shareholder of its Subsidiary and does not expect Shares
of its Subsidiary to be offered or sold to other investors. The Subsidiary invests solely in commodity futures and cash and cash equivalents.
In compliance with Subchapter M of the Code, the Fund may invest up to 25% of its total assets in the Subsidiary. The Fund’s commodity
futures held in the Subsidiary are intended to provide the Fund with exposure to commodities consistent with current U.S. federal income
tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in commodities
and related instruments. The Subsidiary makes no independent investment decisions and has no investment or other discretion over the Fund’s
investable assets. To the extent they are applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to
the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund. The Fund complies
with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate
basis with the Subsidiary. The Subsidiary also complies with Section 17 of the 1940 Act relating to affiliated transactions and custody.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund anticipates that at least 80% of its investment
portfolio will be held in the Japanese Equity Portion and at least 10% of its investment portfolio will be held in the Futures Portion.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">Under normal market conditions, at the time of initial investment, the
Fund may invest up to 30% of its investment portfolio in derivatives. The Fund will also invest in cash, cash equivalents or securities
issued by the U.S. government for liquidity purposes, and to serve as margin or collateral for the derivatives positions of the Fund or
the Subsidiary to the extent necessary.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Adviser has engaged Exchange Traded Concepts,
LLC (<span style="font-family: Times New Roman, Times, Serif">“</span>ETC<span style="font-family: Times New Roman, Times, Serif">”</span>
or the <span style="font-family: Times New Roman, Times, Serif">“</span>Trading Sub-Adviser<span style="font-family: Times New Roman, Times, Serif">”</span>)
as the sub-adviser to provide trading services as well as proxy voting and other non-portfolio management services to the Fund.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is <span style="font-family: Times New Roman, Times, Serif">“</span>non-diversified<span style="font-family: Times New Roman, Times, Serif">”</span>
for purposes of the Investment Company Act of 1940, as amended, (the <span style="font-family: Times New Roman, Times, Serif">“</span>1940
Act<span style="font-family: Times New Roman, Times, Serif">”</span>), which means that the Fund may invest in fewer securities
at any one time than a diversified fund. The Fund is required to comply with Rule 18f-4 under the 1940 Act and has adopted and implemented
written policies and procedures reasonably designed to manage the Fund's derivatives risk and ensure compliance with Rule 18f-4. The Fund
may employ leverage to the full extent permitted in compliance with Rule 18f-4. Under Rule 18f-4, the Fund must comply with a relative
or absolute limit on Fund leverage risk calculated based on value-at-risk.</p>
Loss
of money is a risk of investing in the Fund.
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91C_ecustom--ActiveManagementRiskMember_zlFI2xe2X25b">Active Management Risk</span>. </b>The
Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund
performance.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_918_ecustom--AffiliatedFundRiskMember_zxFXW3HGO9H">Affiliated Fund Risk</span>. </b>Affiliated
fund risk is the risk that the Adviser may select investments in other investment companies, including ETFs, (collectively, “Underlying
Funds”) for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to
potential conflicts of interest in selecting the Underlying Funds because 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.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91C_ecustom--AgriculturalSectorRiskMember_zvDWlJxo5Cbh">Agricultural Sector Risk</span>.
</b>Economic forces, including forces affecting agricultural markets, as well as government policies and regulations affecting agriculture
companies, could adversely impact the Fund’s investments. Soft commodities, grains and livestock production, and trade flows are
significantly affected by government policies and regulation.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_917_ecustom--AllocationRiskMember_zB9BS43J2ME1">Allocation Risk</span>. </b>If a Fund’s
strategy for allocating assets among different asset classes does not work as intended, the Fund may not achieve its objective or may
underperform other funds with the same or similar investment strategy.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_915_ecustom--CashAndCashEquivalentsRiskMember_zWwkqlFLky6k">Cash and Cash Equivalents Risk</span>.
</b>At any time, the Fund may have significant investments in cash and cash equivalents. When a substantial portion of a portfolio is
held in cash and 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.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91D_ecustom--CommodityRiskMember_zwqN70XiCyd5">Commodity Risk</span>. </b>Investments linked
to commodity futures contracts can be highly volatile compared to investments in traditional securities, and funds holding instruments
linked to commodity futures contracts may experience large losses. The value of instruments linked to commodity futures contracts may
be affected by market movements, commodity benchmarks, volatility, changes in interest rates, or factors affecting a particular industry,
or commodity. For example, commodity futures contracts may be affected by numerous factors, including drought, floods, fires, weather,
livestock disease, pipeline ruptures or spills, embargoes, tariffs and international, economic, political or regulatory developments.
Trading in natural gas futures contracts (or other financial instruments linked to natural gas) has historically been very volatile and
can be expected to be very volatile in the future. High volatility may have an adverse impact on the Fund.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91A_ecustom--CommonStockRiskMember_zyxF6HOYZybb">Common Stock Risk</span>. </b>Investments
in common stocks are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an
investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91D_ecustom--CounterpartyRiskMember_zDg1cCJnvilf">Counterparty Risk</span>. </b>Some of the
derivatives entered into by the Fund are not traded on an exchange but instead will be privately negotiated in the over-the-counter market.
This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes
the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute
over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer
a loss. A counterparty defaulting on its payment obligations to the Fund will cause the value of an investment in the Fund to decrease.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91D_ecustom--CurrencyRiskMember_zm235Kf3qeU7">Currency Risk</span>.</b> Currency trading
risks include market risk, credit risk, and country risk. Market risk results from adverse changes in exchange rates in the currencies
the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government
may interfere with transactions in its currency.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_912_ecustom--CyberSecurityRiskMember_zCpvsuvFxTSe">Cyber Security Risk</span>.</b> Cyber
security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information),
or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, the Fund’s investment Sub-Advisers
custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption
or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions.
The use of artificial intelligence and machine learning could exacerbate these risks. 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 or the Sub-Advisers. Successful cyber-attacks or other cyber-failures or events
affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of
securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the
issuers experience cyber-attacks or other cyber-failures.</td></tr>
</table>
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<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91E_ecustom--DerivativesRiskMember_znCwAdIfzdc4">Derivatives Risk</span>. </b>Derivatives
include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks
or indices, such as futures, options, swap and forward contracts. Derivatives typically have economic leverage inherent in their terms.
Such leverage will magnify any losses. See “Leverage Risk” below. The use of derivatives is a highly specialized activity
that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.
The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential
operational issues, including documentation issues, settlement issues, system failures, inadequate controls and human error. Legal risks
generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of a counterparty, or legality
or enforceability of a contract. The primary types of derivatives in which the Fund invests in are swaps and options contracts.</td></tr>
</table>
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<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91C_ecustom--EarlyCloseTradingHaltRiskMember_zNdsXJZbnFoc">Early Close/Trading Halt Risk</span>.
</b>An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or
financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments.
In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur
substantial trading losses.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91D_ecustom--EnergySectorRiskMember_zI8AzlEN1HY7">Energy Sector Risk</span>. </b>Because
of the Fund’s managed futures exposure to this sector, the performance of the Fund is tied closely to and affected by developments
in the energy sector, such as the possibility that government regulation will negatively impact companies in this sector. Energy infrastructure
entities are subject to the risks specific to the industry they serve.</td></tr>
</table>
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<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91A_ecustom--EquitySecuritiesRiskMember_zjr9YmsiQWWk">Equity Securities Risk</span>. </b>Equity
securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock,
and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their
prices to fluctuate over time. Equity securities tend to be more volatile than other investment choices, such as debt and money market
instruments. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund and Underlying Funds
to fluctuate. The value of an investment may decrease in response to overall stock market movements or the value of individual securities.
The Fund purchases equity securities traded in the U.S. on registered exchanges or the over-the-counter market.</td></tr>
</table>
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<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_914_ecustom--EtfRiskMember_z2BDcCiAcod5">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: “Authorized Participants, Market Makers and Liquidity
Providers Concentration Risk,” “Cash Transactions Risk,” “Secondary Market Trading Risk,” and “Shares
May Trade at Prices Other Than NAV Risk.”</td></tr>
</table>
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<td style="width: 20pt">o</td>
<td style="text-align: justify"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized
participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions
that are institutional investors and may act as authorized participants (“APs”). In addition, there may be a limited number
of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at
a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become
unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or
liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform
their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or
less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares
in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably
more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market
makers and/or liquidity providers may be less willing to transact in Shares. Further, the Fund is utilizing a novel and unique structure,
which may affect the number of entities willing to act as APs, market makers and/or liquidity providers.</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -20pt"> </p>
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<tr style="vertical-align: top">
<td style="width: 40pt"></td>
<td style="width: 20pt">o</td>
<td style="text-align: justify"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially
or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to
realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs
may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may
be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions
wholly on an in-kind basis.</td></tr>
</table>
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<td style="width: 20pt">o</td>
<td style="text-align: justify"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, CBOE BZX
Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that
an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted.
Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable.
These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s
portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present.
During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than
the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify; text-indent: -20pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 40pt"></td>
<td style="width: 20pt">o</td>
<td style="text-align: justify"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in
the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund’s
NAV.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91F_ecustom--ForeignCustodyRiskMember_zdtU0ujQMaUc">Foreign Custody Risk</span>. </b>The
Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian
(each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In
some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations.
Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian
enters bankruptcy.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_914_ecustom--ForeignExchangesRiskMember_z1l9RLYQTNj4">Foreign Exchanges Risk</span>. </b>A
portion of the derivatives trades made by the Fund may take place on foreign markets. Neither the existing CFTC regulations nor regulations
of any other U.S. governmental agency apply to transactions on foreign markets. Some of these foreign markets, in contrast to U.S. Exchanges,
are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader
has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is
risk of bankruptcy or other failure or refusal to perform by the counterparty.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_911_ecustom--ForeignInvestmentRiskMember_zr6I97x4bnv4">Foreign Investment Risk</span>. </b>International
investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic
instability, less liquidity, less publicly available information, less stringent investor protections, less developed or less efficient
trading markets, and differences in taxation, legal, auditing and other financial practices and standards. Foreign securities and other
foreign investments in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore,
certain foreign securities and other foreign investments in which the Fund invests may be listed on foreign exchanges that trade on weekends
or other days when the Fund does not calculate its NAV. As a result, the value of the Fund's holdings may change on days when shareholders
are not able to purchase or redeem the Fund's shares.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_916_ecustom--ForwardsRiskMember_zJLZ39ysx947">Forwards Risk</span>. </b>Forward contracts
are individually negotiated and privately traded, so they are dependent upon the creditworthiness of the counterparty and subject to counterparty
default risk and liquidity risk. If a counterparty defaults and fails to deliver or settle a forward trade, replacing the transaction
may be costly. Liquidity risk exists because no organized secondary market exists to trade or dispose of forward obligations.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_915_ecustom--FuturesRiskMember_zfWSErA3ps1c">Futures Risk</span>. </b>The Fund’s use
of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other
traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that
changes in the value of the futures contract may not correlate perfectly with the underlying asset. Investments in futures involve leverage,
which means a small percentage of assets invest in futures can have a disproportionately large impact on the Fund. This risk could cause
the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to
the adviser’s expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts
may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and
because futures do no pay dividends unlike the stocks upon which they are based.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_913_ecustom--InflationAndDeflationRiskMember_z2I1e0ltesqa">Inflation and Deflation Risk</span>.
</b>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases
the value of money. As inflation increases, the real value of the Fund’s shares and any distributions thereon may decline. Inflation
rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy
and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to the
Fund’s shareholders. Deflation risk is the risk that the prices of goods and services in the U.S. and many foreign economies may
decline over time. Deflation may have an adverse effect on stock prices and the creditworthiness of issuers and may make defaults on debt
more likely. If a country’s economy slips into a deflationary pattern, it could last for a prolonged period and be difficult to
reverse.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b>Interest Rate Risk. </b>Interest rate changes can be sudden and unpredictable and a wide variety of factors
can cause interest rates to rise, such as central bank monetary policies, inflation rates, supply and demand and general economic conditions.
The value of the Fund’s shares generally is expected to increase during periods of falling interest rates and to decrease during
periods of rising interest rates. The magnitude of these fluctuations will generally be greater if the Fund holds securities with longer
maturities or lower quality ratings. The interest earned on the Fund’s investments in fixed income securities may decline when prevailing
interest rates fall. The Fund is also subject to the risk that the income generated by its investments may not keep pace with inflation.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_918_ecustom--IssuerRiskMember_zr0UIHHFcXYg">Issuer Risk</span>. </b>The performance of the
Fund depends on the performance of individual securities or other assets to which the 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.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_911_ecustom--JapaneseSecuritiesRiskMember_zuOt7a8sYikd">Japanese Securities Risk</span>.
</b>Because a significant portion of the assets of the Fund are invested in Japanese securities, the Fund’s performance is expected
to be closely tied to the political, social, and economic conditions within Japan. The Japanese economy has at times in the past been
negatively affected by government intervention and protectionism, a deflationary macroeconomic environment, a heavy reliance on international
trade and natural disasters. These factors, as well as an aging population, increases in government debt and changes to fiscal, monetary,
or trade policies, may affect Japanese markets and the Fund’s performance. As such, the Fund’s performance may be more volatile
than the performance of funds that are more geographically diverse.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_919_ecustom--LackOfNaturalResourcesRiskMember_zmQrd1lTlpke">Lack of Natural Resources Risk</span>.
</b>The Fund invests in Japan, which has few natural resources. Any fluctuation or shortage in the commodity markets could have a negative
impact on Japanese securities.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_919_ecustom--LargeCapitalizationCompaniesRiskMember_zHs7kwqZLsMf">Large Capitalization Companies
Risk</span>. </b>The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to
new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to
attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers
large companies to be companies with market capitalizations of $10 billion or greater.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_913_ecustom--LargeShareholderRiskMember_z5Yx8Pdibt56">Large Shareholder Risk</span>.</b>
Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund’s shares. There is no requirement
that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders
generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant
negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders
and impact the Fund’s ability to implement its investment strategy.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_911_ecustom--LeverageRiskMember_zVL6ECIhOE24">Leverage Risk</span>. </b>Leverage amplifies
changes in the Fund’s NAV and may make the Fund more volatile. Derivatives may create leverage and can result in losses to the Fund
that exceed the amount originally invested and may accelerate the rate of losses. There can be no assurance that the Fund’s use
of any leverage will be successful. The Fund’s investment exposure can exceed its net assets, sometimes by a significant amount.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_912_ecustom--LiquidityRiskMember_zvjyJ1lGLu2d">Liquidity Risk</span>.</b> The Fund is subject
to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund
may be unable to sell the derivative instrument or sell it at a reasonable price.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_918_ecustom--ManagementRiskMember_zz77nJruK7Xi">Management Risk</span>. </b>The Fund is subject
to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected,
and/or the Fund’s portfolio management practices may not work to achieve their desired result.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91C_ecustom--MarketRiskMember_zgPc4pZeARj2">Market Risk</span>.</b> The NAV of the Fund will
change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund
may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other
disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser
believes will produce less volatility, there is no guarantee that the stocks will perform as expected.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_910_ecustom--MarketTradingRiskMember_zgxKHoTni0E9">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.</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
<tr style="vertical-align: top; text-align: justify">
<td style="width: 20pt"></td>
<td style="width: 20pt; text-align: left">●</td>
<td style="text-align: justify"><b><span id="xdx_91E_ecustom--MetalsSectorRiskMember_z98LBUABPaci">Metals Sector Risk</span>:</b><i> </i>Because
the Fund invests in financial instruments that are linked to different types of commodities from the metals sector, the Fund is subject
to the risks inherent in the metals sector. Such risks may include, but are not limited to: general economic conditions or cyclical market
patterns that could negatively affect supply and demand in a particular industry; changes in environmental conditions, energy conservation
and environmental policies; competition for or depletion of resources; adverse labor relations; political or world events; increased regulatory
burdens; changes in exchange rates; imposition of import controls; obsolescence of technologies; and increased competition or new product
introductions.</td> </tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0">
<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_914_ecustom--ModelAndDataRiskMember_zkdqIpUb7rK1">Model and Data Risk</span>.</b> Like all
quantitative analysis, the investment models utilized by the Adviser carry the risk that the ranking system, valuation results and predictions
might be based on one or more incorrect assumptions, insufficient historical data, inadequate design, or may not be suitable for the purpose
intended. In addition, models may not perform as intended for many reasons, including errors, omissions, imperfections or malfunctions.
Because the use of models are usually based on data supplied by third parties, the success of the Adviser’s use of such models is
dependent on the accuracy and reliability of the supplied data. Historical data inputs may be subject to revision or corrections, which
may diminish data reliability and quality of predictive results. Changing and unforeseen market dynamics could also lead to a decrease
in the short-term or long-term effectiveness of a model. Models may lose their predictive validity and incorrectly forecast future market
behavior and asset prices, leading to potential losses. No assurance can be given that a model will be successful under all or any market
conditions.</td></tr>
</table>
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<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_912_ecustom--MoneyMarketFundsRiskMember_zd7dtWW1Pd53">Money Market Funds Risk</span>.</b>
Money market funds are subject to management fees and other expenses, and the Fund’s investments in money market funds will cause
it to bear proportionately the costs incurred by the money market funds’ operations while simultaneously paying its own management
fees and expenses.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91A_ecustom--NewAdviserRiskMember_zLsblM6XOYMa">New Adviser Risk</span>.</b> Twin Oak and
Model Sub-Adviser are newly registered investment advisers and have not had an extensive history of serving as an adviser or sub-adviser
to a registered investment company. As a result, there is no long-term track record against which an investor may judge Twin Oak and Model
Sub-Adviser and it is possible Twin Oak and Model Sub-Adviser may not achieve the Fund’s intended investment objective.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_917_ecustom--NewFundRiskMember_zpDIb7tPuo7c">New Fund Risk</span>.</b> The Fund is a newly
organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to,
or maintain, an economically viable size, in which case the Board of Trustees (the “Board”) of the Trust may determine to
liquidate the Fund.</td></tr>
</table>
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<td style="text-align: justify"><b>Non-Diversification Risk. </b>The Fund is a non-diversified investment company, which means that more of
the Fund’s assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer
by a diversified investment company. This may make the value of the Shares more susceptible to certain risks than shares of a diversified
investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events
affecting a particular issuer.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91C_ecustom--OperationalRiskMember_zxgb4Dh6uvj1">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 and the Sub-Advisers 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.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_917_ecustom--OptionsRiskMember_zUvmK03iVYQ6">Options Risk</span>.</b> Purchasing and writing
put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit
from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying
securities.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_910_ecustom--OptionsMarketRiskMember_zznZGzkwZvkl">Options Market Risk</span>.</b> Markets
for options may not always operate on a fair and orderly basis. At times, prices for options may not represent fair market value and prices
may be subject to manipulation, which may be extreme under some circumstances. The dysfunction and manipulation of volatility and options
markets may make it difficult for the fund to effectively implement its investment strategy and achieve its objectives and could potentially
lead to significant losses.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_911_ecustom--OtherInvestmentCompanyRiskMember_zx345uVrEoi9">Other Investment Company Risk</span>.</b>
To the extent the Fund holds shares of other investment companies, including ETFs, its performance will be affected by the performance
of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies’
investments, as well to the other investment companies’ expenses. As a result, shareholders of the Fund will indirectly be subject
to the fees and expenses that the Fund shareholders directly bear in connection with the Fund’s own operations. An ETF may trade
in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF’s
performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment
objective. A passively managed ETF may not replicate the performance of the index it intends to track.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_918_ecustom--PreferredStockRiskMember_zC7P4atF5a8e">Preferred Stock Risk</span>.</b> Preferred
stocks are equity securities that pay dividends at a specific rate or that have a preference over common stocks in dividend payments or
the liquidation of assets. Preferred stocks often behave like debt securities, but have a lower payment priority than the issuer’s
bonds or other debt securities. Therefore, they may be subject to greater credit risk than those of debt securities. A preferred stock
may decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_916_ecustom--RollingFuturesContractRiskMember_zsHLSCsMbWq5">Rolling Futures Contract Risk</span>.
</b>The Fund will invest in and have exposure to Futures Contracts and is subject to risks related to rolling. Rolling occurs when the
Fund closes out of a Futures Contract as it nears expiration and replaces it with a contract that has a later expiration. The Fund does
not intend to hold Futures Contracts through expiration but instead intends to “roll” its futures positions. When the market
for the Futures Contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the
sale during the course of the “rolling process” of the more nearby contract would take place at a price that is lower than
the price of the more distant contract. This pattern of higher Futures Contract prices for longer expiration contracts is often referred
to as “contango.” Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months
than in the more distant months, the sale during the course of the “rolling process” of the more nearby contract would take
place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration
futures contract is referred to as “backwardation.” Extended periods of contango or backwardation have occurred in the past
and can in the future cause significant losses for the Fund.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_918_ecustom--RegulatoryRiskMember_zpixzSfIhrY1">Regulatory Risk</span>. </b>Changes in the
laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair
the ability of the Fund to achieve its investment objective, and could increase the operating expenses of the Fund.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_914_ecustom--ReverseRepurchaseAgreementsRiskMember_zN77WL4mpS7j">Reverse Repurchase Agreements
Risk</span>. </b>Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees
to buy the securities back at a specified time and price. Reverse Repurchase agreements are primarily used by the Fund as a short-term
investment vehicle for cash positions.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_917_ecustom--SectorRiskMember_z7UJUYAq1vQi">Sector Risk</span>. </b>To the extent the Fund
emphasizes investments in particular sectors of the economy, the Fund will be subject to a greater degree of risks particular to those
sectors. Market conditions, interest rates, and economic, regulatory, financial or geopolitical developments could significantly affect
securities in particular sectors. Depending on the weightings of the Fund’s investments in particular sectors, the Fund may have
increased exposure to price movement of securities in those sectors.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91B_ecustom--ShortPositionRiskMember_zwiEWcnJAp1l">Short Position Risk</span>. </b>The Fund
will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of
the short position sale and the date on which the Fund purchases an offsetting position. Short positions may be considered speculative
transactions and involve special risks, including greater reliance on the ability to accurately anticipate the future value of a security
or instrument. The Fund’s losses are potentially unlimited in a short position transaction.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_918_ecustom--SmallAndMediumCapitalizationCompaniesRiskMember_zbUZI1w7VkN4">Small and Medium
Capitalization Companies Risk</span>. </b>The Fund may invest in small and medium-sized companies, the securities of which can be more
volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small
company’s securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with
market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion but greater
than or equal to $1 billion.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91A_ecustom--SubsidiaryInvestmentRiskMember_zwRdJd0rL3W5">Subsidiary Investment Risk</span>.
</b>Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary are organized, respectively,
could result in the inability of the Fund to operate as intended and could negatively affect the Fund and its shareholders. The Subsidiary
is not registered under the 1940 Act and is not subject to all the investor protections of the 1940 Act. Thus, the Fund, as an investor
in the Subsidiary, will not have all the protections offered to investors in registered investment companies.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_916_ecustom--SwapRiskMember_zS3kGANkCIp">Swap Risk</span>.</b> In a standard “swap”
transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the
“notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve
greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that the counterparty may
default on the obligation and may be difficult to value. Swaps are subject to tracking risk because they may not be perfect substitutes
for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent
in derivatives will tend to magnify the Fund’s losses.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_912_ecustom--TaxRiskMember_zGvMgP6jmudd">Tax Risk</span>.</b> By investing in commodities
indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply
to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments will be passed
through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91F_ecustom--TurnoverRiskMember_z8bGZnYlyl54">Turnover Risk</span>.</b> The Fund may have
a high turnover of the securities held in its portfolio. Increased portfolio turnover causes the Fund to incur higher brokerage costs,
which may adversely affect the Fund’s performance and may produce increased taxable distributions.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_913_ecustom--UnderlyingFundsRiskMember_z81ZATzLGfc2">Underlying Funds Risk</span>. </b>To
the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by
the performance of those Underlying Funds. Investments in Underlying Funds are subject to the risks of the Underlying Funds’ investments,
as well as to the Underlying Funds’ expenses. The Fund may incur brokerage fees in connection with its purchase of ETF shares. An
ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed
ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s
investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_91C_ecustom--USGovernmentObligationsRiskMember_zJdJlbN82cZd">U.S. Government Obligations
Risk</span>. </b>The Fund may invest in U.S. government or agency obligations. Securities issued or guaranteed by federal agencies and
U.S. government sponsored entities may or may not be backed by the full faith and credit of the U.S. government.</td></tr>
</table>
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<tr style="vertical-align: top">
<td style="width: 20pt"></td>
<td style="width: 20pt">●</td>
<td style="text-align: justify"><b><span id="xdx_918_ecustom--ValuationRiskMember_zEaf4yTtvwib">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.</td></tr>
</table>
Performance
<p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zh8ZUaIR0KUe" style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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_906_eoef--PerformanceOneYearOrLess_c20260612__20260612__dei--LegalEntityAxis__custom--S000104922Member_zHNa7XIsSQre">Performance
information will be available in the Prospectus once the Fund has at least one calendar year of performance.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260612__20260612__dei--LegalEntityAxis__custom--S000104922Member_ztlUfLvceWj7">The
Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and
does not guarantee future results.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260612__20260612__dei--LegalEntityAxis__custom--S000104922Member_zYnWD62ntXa6">https://twinoaketfs.com</span>.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b></b></p>
Performance
information will be available in the Prospectus once the Fund has at least one calendar year of performance.
The
Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and
does not guarantee future results.
https://twinoaketfs.com