ck0001511699-20261007

Filed with the Securities and Exchange Commission on October 7, 2026

1933 Act Registration File No. 333-172080

1940 Act File No. 811-22525

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		[	X	]
Pre-Effective Amendment No.		[		]
Post-Effective Amendment No.	661	[	X	]

and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		[	X	]
Amendment No.	662	[	X	]

(Check appropriate box or boxes.)

MANAGED PORTFOLIO SERIES

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of Principal Executive Offices, including Zip Code)

Registrant’s Telephone Number, including Area Code: (414) 765-6844

Brian R. Wiedmeyer, President and Principal Executive Officer

Managed Portfolio Series

615 East Michigan Street

Milwaukee, WI 53202

(Name and Address of Agent for Service)

Copy to:

Christopher D. Menconi, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Ave, NW

Washington, DC 20004

It is proposed that this filing will become effective (check appropriate box)


[	X	]	immediately upon filing pursuant to Rule 485(b)
[		]	On (date) pursuant to Rule 485(b)
[		]	60 days after filing pursuant to Rule(a)(1)
[		]	on (date) pursuant to Rule(a)(1)
[		]	75 days after filing pursuant to Rule(a)(2)
[		]	on (date) pursuant to Rule 485(a)(2).

If appropriate, check the following box:


[		]	This post-effective amendment designates a new effective date for a previously filed post- effective amendment.

Explanatory Note: This Post-Effective Amendment No. 661 to the Registration Statement of Managed Portfolio Series (the

“Trust”) is being filed for the purpose of updating the financial information and to make other permissible changes under Rule

485(b).

TUTTLE CAPITAL MANAGEMENT — MULTI-FUND ETFs — PROSPECTUS

TUTTLE CAPITAL MANAGEMENT, LLC

Multi-Fund Prospectus

Each Fund is a Series of Managed Portfolio Series

Listed on the Cboe BZX Exchange, Inc.

October 7, 2026




FUNDS INCLUDED IN THIS PROSPECTUS

GANZ	—	Tuttle Capital Thematic ETF
INFE	—	Tuttle Capital AI Inference ETF
TOKM	—	Tuttle Capital AI TokenMax ETF
SUBA	—	Tuttle Capital AI Substrate ETF
ATEQ	—	Tuttle Capital AI Test Equipment ETF
CAPQ	—	Tuttle Capital AI Capacitor ETF
SEEU	—	Tuttle Capital Robotic Perception ETF
TEMP	—	Tuttle Capital AI Thermal Management ETF
MWAL	—	Tuttle Capital AI Memory Wall ETF
DVAI	—	Tuttle Capital On-Device AI ETF
JUCE	—	Tuttle Capital AI DC Power Architecture ETF
NWRK	—	Tuttle Capital AI Network Fabric ETF
AIHC	—	Tuttle Capital AI Drug Discovery ETF
SEX	—	Tuttle Capital Space Data Centers ETF
MYNE	—	Tuttle Capital Owned Intelligence ETF

Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or

disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the

contrary is a criminal offense.

An investment in the Funds involves a high degree of risk. Each Fund is an actively managed ETF. There is no

guarantee that any Fund will achieve its investment objective. You may lose money by investing in a Fund.

Shares of the Funds are not individually redeemable. Shares may only be acquired and redeemed directly from the

applicable Fund in Creation Units. Individual shares may only be purchased and sold on a national securities exchange

through a broker-dealer and may trade at a premium or discount to net asset value.

www.tuttlecapital.com

TUTTLE CAPITAL MANAGEMENT — THEMATIC ETF — SUMMARY PROSPECTUS 1

Tuttle Capital Thematic ETF

A Series of Managed Portfolio Series | Ticker: GANZ | Exchange: Cboe BZX Exchange, Inc.

Investment Objective

The Tuttle Capital Thematic ETF (the “Fund”) seeks long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay

other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the

tables and Example below.


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees(1)	0.75%
Distribution and Service (Rule 12b-1) Fees	None
Other Expenses(2)	0.00%
Total Annual Fund Operating Expenses	0.75%

(1)Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management

fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution

fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies

or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and

redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities

lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary

expenses.

(2)Other Expenses are based on estimated amounts for the current fiscal year.

Example

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 sell all of your shares

at the end of those periods. The Example also assumes that your investment has a 5% return each year and that 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:


1 Year	3 Years
$77	$240

Portfolio Turnover

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 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. Because the Fund is new, no portfolio turnover rate information is available.

Principal Investment Strategies

The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”). Under normal market conditions, the

Fund seeks to achieve its investment objective by investing primarily in equity securities of U.S.-listed companies,

including common stocks, exchange-listed options on individual equity securities, and exchange-listed equity index

options.

The Adviser employs a proprietary “Thematic Hierarchy” investment process: (1) Macro Theme Identification — the

Adviser identifies the most compelling macro-level investment themes expected to drive capital flows and innovation

over the near to medium term (“Themes”); (2) Theme Winners — the Adviser selects companies positioned as direct

primary beneficiaries of such Themes; (3) First-Order Suppliers — the Adviser identifies companies providing essential

enabling inputs to the Theme winners; (4) Second-Order Suppliers — the Adviser identifies companies providing inputs

to the first-order suppliers; and (5) Additional Layers — the process continues down the supply chain as long as the

Adviser believes a meaningful, Theme-correlated investment opportunity exists. The Adviser typically invests a greater

TUTTLE CAPITAL MANAGEMENT — THEMATIC ETF — SUMMARY PROSPECTUS 2

percentage of the Fund’s assets in Theme Winners than First-Order Suppliers, and a greater percentage in First-Order

Suppliers than Second-Order Suppliers, but the Adviser also takes into account other factors, including market volatility,

correlation of stocks, and market capitalization when allocating Fund investments.

The Adviser uses its proprietary “H.E.A.T.” investment framework—Hedges, Edges, Asymmetry, and Themes—when

investing on behalf of the Fund. As described in greater detail below, the Adviser “hedges” against the Fund’s downside

risk attributable to equity securities using exchange-listed options, and, as noted above, the Adviser selects equities for

inclusion in the Fund’s portfolio from the eligible universe of issuers connected to a Theme. The Adviser selects

individual securities by evaluating (1) each issuer’s Edge, meaning the issuer’s differentiated competitive position (such

as market share, proprietary technology or intellectual property, or demonstrated revenue growth attributable to the

Theme), and (2) the Asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that

the potential upside of the position materially outweighs its identifiable downside risk, taking into account valuation and

identifiable catalysts. Securities within a Theme that the Adviser determines exhibit the strongest combination of Edge

and Asymmetric return potential are selected for inclusion in the Fund’s portfolio.

The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal

weight to each portfolio holding but may assign a higher or lower weight to portfolio holdings within a Theme based on

the Adviser’s assessment of the holding’s Edge and Asymmetric return potential and its relevance and business

exposure to the Theme.

The Fund may purchase exchange-listed options, including long call options to obtain leveraged or efficient exposure to

positions. The Fund may also purchase long put options as a hedge against downside risk or to express a bearish view

on a particular security or sector. The Fund does not use options for speculative purposes but may use them as part of

its overall risk management and thematic exposure framework.

The Fund may also take temporary defensive positions when the Adviser determines that market conditions are

unfavorable. During such periods, the Fund may hold a portion of its assets in cash, cash equivalents, U.S. government

securities, investment-grade short-term debt instruments, or inverse exchange-traded products.

The Fund’s holdings may represent multiple economic sectors that will vary at different points in time, subject to the

Fund’s policy not to concentrate its investments in an industry or group of industries. As of October 7, 2026, the Fund

expects to have significant exposure to the information technology sector, including artificial intelligence (“AI”)

companies.

The Fund may also invest in equity securities of non-U.S. companies, including through American Depositary Receipts

(“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges. The Fund may invest in equity

securities of companies of any market capitalization, including large-, mid- and small-capitalization companies.

The Fund may also engage in securities lending as part of the Fund’s principal investment strategy.

Principal Risks

The principal risks of investing in the Fund are summarized below. Shareholders of the Fund, as with all funds, are

subject to the risk that their investments could lose money. The Fund is not intended to be a complete investment

program. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any

government agency.

•General Market Risk. The Fund's net asset value (“NAV”) and investment return will fluctuate based upon

changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth

less than the price originally paid for them, or less than they were worth at an earlier time.

•Management Risk. The Fund may not meet its investment objective or may underperform the market or

comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.

•Equity Securities Risk. The equity securities held in the Fund's portfolio may experience sudden, unpredictable

drops in value or long periods of decline in value. This may occur because of factors that affect securities markets

generally or factors affecting specific industries, sectors, or companies in which the Fund invests

•Issuer-Specific Risk. Individual securities may experience sudden and unpredictable drops in value due to

company-specific factors such as management decisions, product failures, litigation, or regulatory actions.

•Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of

its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a

result, the Fund may be more exposed to the risks associated with and developments affecting an individual

issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility

and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s

performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated

investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the

“Code”).

TUTTLE CAPITAL MANAGEMENT — THEMATIC ETF — SUMMARY PROSPECTUS 3

•ETF Risks. 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. The Fund has

a limited number of financial institutions that 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 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.

◦Costs of Buying or Selling Shares. Due to the costs of buying or selling shares, including brokerage

commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly

reduce investment results and an investment in shares may not be advisable for investors who anticipate

regularly making small investments.

◦Shares May Trade at Prices Other Than NAV. 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) due to supply and demand of shares or

during periods of market volatility. This risk is heightened in times of market volatility, periods of steep

market declines, and periods when there is limited trading activity for shares in the secondary market, in

which case such premiums or discounts may be significant. Because securities held by the Fund may

trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, there are

likely to be deviations between the current price of a security and the security’s last quoted price from the

closed foreign market. This may result in premiums and discounts that are greater than those

experienced by domestic ETFs.

◦Trading. Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and

may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will

trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of

shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be

significantly less liquid than shares, and this could lead to differences between the market price of the

shares and the underlying value of those shares.

•Large-Capitalization Companies Risk. The Fund’s performance may be adversely affected if securities of large

cap companies underperform securities of smaller-capitalization companies or the market as a whole. The

securities of large cap companies may be relatively mature compared to smaller companies and therefore subject

to slower growth during times of economic expansion. Large-capitalization companies may also be unable to

respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

•Small- and Mid-Capitalization Companies Risk. Investments in smaller and mid-sized companies may involve

greater risk than investments in larger companies, including greater volatility, less liquidity, and less available

information.

•Limited History of Operations Risk. The Fund has a limited history of operations for investors to evaluate. The

Fund may fail to attract sufficient assets to operate efficiently.

•Sector Risk. To the extent the Fund's invests more heavily in particular sectors of the economy, its performance

will be especially sensitive to developments that significantly affect those sectors.

•Information Technology Sector Risk. Technology companies and companies that rely heavily on technological

advances may have limited product lines, markets, financial resources, supply chains and personnel. These

companies typically face intense competition, potentially rapid product obsolescence and changes in product

cycles and customer preferences. They may face unexpected risks and costs associated with technological

developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on

intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology

companies may face increased government scrutiny and may be subject to adverse government or legal action.

•Artificial Intelligence Companies Risk. Companies engaged in the development, production, or utilization of AI

technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and

related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes

in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may

fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.

•Securities Lending Risk. There are certain risks associated with securities lending, including the risk that the

borrower may fail to return the securities on a timely basis or even the loss of rights in the collateral deposited by

TUTTLE CAPITAL MANAGEMENT — THEMATIC ETF — SUMMARY PROSPECTUS 4

the borrower, if the borrower should fail financially. 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 investments made with cash

collateral. As a result, the Fund may lose money.

•Leverage Risk. The use of call options creates exposure to securities greater than the premium paid, which

magnifies both gains and losses.

•Hedging Risk. Hedges are not perfect instruments. A hedge may not eliminate or reduce all of the loss the Fund

otherwise would incur on a given position.

•Defensive Positioning Risk. To the extent that the Fund takes a temporary defensive position, the Fund may not

fully participate in market advances.

•Theme Selection Risk. Themes identified by the Adviser may fail to materialize, develop more slowly than

anticipated, or generate investment returns that are less than expected. In addition, Themes and the equity

securities of companies identified within the Thematic Hierarchy may underperform the broader equity market or

other funds that do not utilize such criteria when selecting investments.

•Foreign Securities Risk. Investments in securities of foreign companies, including through ADRs, involve certain

risks that may not be present with investments in U.S. securities. For example, the value of such securities may be

subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic

instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such

investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading,

settlement, custodial, and operational risks. These and other factors can make investments in the Fund more

volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not

subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in

the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or

complete. Foreign markets often have less reliable securities valuations and greater risk associated with the

custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for

investigations into or litigation against companies and shareholders may have limited legal remedies.

◦ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities, such as

changes in political or economic conditions of other countries and changes in the exchange rates of

foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and ADRs

entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares

(“Underlying Shares”). When the Fund invests in ADRs as a substitute for an investment directly in the

Underlying Shares, the Fund is exposed to the risk that the ADRs may not provide a return that

corresponds precisely with that of the Underlying Shares.

◦Emerging Markets Risk. Investments in securities and instruments traded in developing or emerging

markets, or that provide exposure to such securities or markets, can involve additional risks relating to

political, economic, or regulatory conditions not associated with investments in U.S. securities and

instruments or investments in more developed international markets. Such conditions may impact the

ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and

price for Shares and cause the Fund to decline in value.

◦Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the

securities of companies of a single country or region, it is more likely to be impacted by events or

conditions affecting that country or region.

◦Geopolitical Risk. Some countries and regions in which the Fund may invest have experienced security

concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and

environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to

increased short-term market volatility and may have adverse long-term effects on the U.S. and world

economies and markets generally, each of which may negatively impact the Fund’s investments.

◦Capital Controls and Sanctions Risk. Economic conditions, such as volatile currency exchange rates

and interest rates, political events, military action and other conditions may, without prior warning, lead to

foreign government intervention (including intervention by the U.S. government with respect to foreign

governments, economic sectors, foreign companies and related securities and interests) and the

imposition of capital controls and/or sanctions, which may also include retaliatory actions of one

government against another government, such as seizure of assets. Capital controls and/or sanctions

include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets.

Capital controls and/or sanctions may also impact the ability of the Fund to buy, sell or otherwise transfer

securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect

the trading market and price for Shares, and cause the Fund to decline in value.

TUTTLE CAPITAL MANAGEMENT — THEMATIC ETF — SUMMARY PROSPECTUS 5

•Derivatives Risk. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those

associated with directly investing in securities or other ordinary investments, including risk related to the market,

higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of

derivatives is a highly specialized activity that involves investment techniques and risks different from those

associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or

smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect

correlation between the value of the underlying securities and the derivative. Because derivatives often require

only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts

initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:

◦Options Risk. Purchasing options is a speculative activity and entails greater than ordinary investment

risk. Options enable the Fund to purchase exposure that is significantly greater than the premium paid.

Consequently, the value of such options can be volatile, and a small investment in options can have a

large impact on the performance of the Fund. The Fund risks losing all or part of the cash paid (premium)

for purchasing options. Even a small decline in the value of a reference asset underlying call options or a

small increase in the value of a reference asset underlying put options can result in the entire investment

in such options being lost. A long call option premium may be lost entirely if the reference asset does not

rise above the strike price. A long put option premium may be lost entirely if the reference asset does not

fall below the strike price. In addition, the value of an option may be adversely affected if the market for

the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the

option’s reference asset, an increase in interest rates, a change in the actual or perceived volatility of the

stock market or the reference asset and the remaining time to expiration. The Fund’s investment in

options may reduce the Fund’s profit from its other holdings and may result in a significantly greater

decline in the value of the Fund than if it had invested directly in the reference asset instead of using

options.

•Cybersecurity Risk. The Fund and its service providers may be susceptible to operational and information

security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose

money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact

the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of

proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and

the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service

providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund

(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many

of the same risks associated with direct cybersecurity breaches.

Performance Information

No performance information is presented for the Fund because it is a new fund and does not have a full calendar year

of performance history. Once the Fund has completed a full calendar year of operations, a bar chart and performance

table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at

https://www.tuttlecap.com/etfs.

Investment Adviser

Tuttle Capital Management, LLC (the “Adviser”)

Portfolio Manager

Matthew Tuttle, Chief Executive Officer of the Adviser, is primarily responsible for the day-to-day management of the

Fund's portfolio. Mr. Tuttle has served as portfolio manager of the Fund since its inception in October 2026.

Purchase and Sale of Fund Shares

Shares are listed on the Exchange, and individual Fund shares may only be bought and sold in the secondary market

through brokers at market prices, rather than NAV. Because Fund shares trade at market prices rather than NAV, Fund

shares may trade at a price greater than NAV (premium) or less than NAV (discount).

The Fund issues and redeems shares only to APs (typically, broker-dealer) in large blocks of shares known as “Creation

Units.” The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities and/or a

designated amount of U.S. cash.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase

Fund shares (bid) and the lowest price a seller is willing to accept for Fund shares (ask) when buying or selling shares

in the secondary market (the “bid-ask spread”). Recent information about the Fund, including its NAV, market price,

premiums and discounts, and bid-ask spreads is available on the Fund’s website at https://www.tuttlecap.com/etfs.

TUTTLE CAPITAL MANAGEMENT — AI INFERENCE ETF — SUMMARY PROSPECTUS 7

Tuttle Capital AI Inference ETF

A Series of Managed Portfolio Series | Ticker: INFE | Exchange: Cboe BZX Exchange, Inc.

Investment Objective

The Tuttle Capital AI Inference ETF (the “Fund”) seeks long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay

other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the

tables and Example below.


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees(1)	0.75%
Distribution and Service (Rule 12b-1) Fees	None
Other Expenses(2)	0.00%
Total Annual Fund Operating Expenses	0.75%

(1)Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management

fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, distribution

fees and expenses paid under the Fund’s 12b-1 plan, certain brokerage expenses and other fees, charges, taxes, levies

or expenses incurred in connection with the execution of portfolio transactions or in connection with creation and

redemption transactions, acquired fund fees and expenses, taxes, interest, fees and expenses related to securities

lending, litigation and arbitration expenses, certain shareholder meetings, proxy solicitations and other extraordinary

expenses.

(2)Other Expenses are based on estimated amounts for the current fiscal year.

Example

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 sell all of your shares

at the end of those periods. The Example also assumes that your investment has a 5% return each year and that 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:


1 Year	3 Years
$77	$240

Portfolio Turnover

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 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. Because the Fund is new, no portfolio turnover rate information is available.

Principal Investment Strategies

The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”).

Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment

purposes) in equity securities of “AI Inference Companies.” AI inference refers to the process by which trained AI

models generate outputs in response to real-time queries. The Adviser defines AI Inference Companies as companies

that derive at least 50% of their revenue or net income from, or that have invested at least 50% of the value of their

assets in, businesses related to the deployment and scaling of AI inference workloads, including companies engaged in

the development, production, or utilization of: (i) AI inference chips and accelerators, including graphics processing units

(GPUs), neural processing units (NPUs), and custom AI application-specific integrated circuits (ASICs); (ii) networking

hardware for AI inference clusters, including switch silicon, network interface cards (NICs), and cables; (iii) data center

infrastructure for AI inference; (iv) high-bandwidth memory essential to AI inference performance; and (v) cloud

infrastructure companies primarily monetizing AI inference workloads.

TUTTLE CAPITAL MANAGEMENT — AI INFERENCE ETF — SUMMARY PROSPECTUS 8

The Adviser first identifies the universe of issuers that satisfy the Fund’s 80% investment policy definition of AI Inference

Companies using company disclosures, industry and supply-chain research, and third-party financial and revenue-

segment data. From within that eligible universe, the Adviser uses its proprietary investment framework when investing

on behalf of the Fund. The Adviser selects individual securities by evaluating (1) each issuer’s “edge”, meaning the

issuer’s differentiated competitive position (such as market share or competitive position within the theme, proprietary

technology or intellectual property, or demonstrated revenue growth attributable to the Fund’s theme), and (2) the

asymmetric return profile of an investment in that issuer, meaning the Adviser’s assessment that the potential upside of

the position materially outweighs its identifiable downside risk, taking into account valuation and identifiable catalysts.

The Adviser may also consider other factors, such as a company’s liquidity, market capitalization, and valuation.

Securities that the Adviser determines exhibit the strongest combination of “edge” and “asymmetric” return potential are

selected for inclusion in the Fund’s portfolio.

The Fund generally uses a modified equal-weighted methodology, where the Adviser begins by assigning an equal

weight to each portfolio holding but may assign a higher or lower weight based on the Adviser’s assessment of the

holding’s edge and asymmetric return potential and its relevance and business exposure to the Fund’s theme.

The Fund may invest in equity securities of both U.S. and non-U.S. companies, including through American Depositary

Receipts (“ADRs”) and ordinary shares of foreign issuers traded on U.S. or foreign exchanges, including both developed

and emerging markets.

The Fund concentrates (i.e., invests more than 25% of its net assets) in the securities of companies in the

semiconductor industry. As of October 7, 2026, the Fund expects to have significant exposure to the information

technology sector, including artificial intelligence (“AI”) companies.

The Fund may invest in equity securities of companies of any market capitalization but expects to invest a significant

portion of its assets in the equity securities of large- and mid-capitalization companies. The Fund may also gain

exposure to equity securities by investing in derivative instruments, including total return swap agreements (“swaps”).