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FUND TRUST 2026-10-14 LONGVIEW ADVANTAGE US EQUITY ETF   SUMMARY SECTION   Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zQsXqPcd9g3i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investment objective of the Longview Advantage US Equity ETF (the “Fund”) is to seek long-term capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zzHbAfivrauk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.</b> </span></p> <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zXfiz0rBGWp7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z14tluBnBE6j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49E_20261014__20261014__oef--ClassAxis__custom--C000281196Member_zX5FaNr8btSa" style="width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td colspan="2" id="xdx_989_eoef--OperatingExpensesCaption_c20261014__20261014__dei--LegalEntityAxis__custom--S000109972Member_zKtoVQKeQB1c"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</b></span></td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp_zAfXnpxhIir7" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.25 %</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp_zPxzG9brCsY8" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) Fees</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.00 %</span></td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp_znqgNA67jtgc" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F43_zyeavQ7gu8G5">(1)</sup></span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.09 %</span></td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zE9FAOvZoID2" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F47_zhiFGo90UvVi">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.01 %</span></td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dp_zE9iLQ7Bg5h7" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.35 %</span></td></tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_dp_z2IwPvzWDcPg" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waiver and/or Expense Reimbursements<sup id="xdx_F42_zAdPL1VWtK15">(3)</sup></span></td> <td style="border-bottom: black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> -0.10 %</span></td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_z7xHB8jdJgr7" style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursements</span></td> <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.25 %</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F05_zMFE09WCSQtk">(1)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1A_zYM90Q3QVy7f" style="font-family: Times New Roman, Times, Serif; font-size: 8pt; background-color: white"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20261014__20261014__dei--LegalEntityAxis__custom--S000109972Member_zNGh7Hu5xeT5">“Other Expenses” are estimated for the current fiscal year.</span></span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F0D_zneiaQFv5cUf">(2)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F11_z9RoobSwOQtd" style="font-family: Times New Roman, Times, Serif; font-size: 8pt; background-color: white"><span id="xdx_90D_eoef--AcquiredFundFeesAndExpensesBasedOnEstimates_c20261014__20261014__dei--LegalEntityAxis__custom--S000109972Member_zCcCyGO078Zc">“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.</span></span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F06_zYLBRywmhvQ1">(3)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1F_zfPDocOQs80b" style="font-family: Times New Roman, Times, Serif; font-size: 8pt; background-color: white">Hill Investment Group Partners, LLC d/b/a Longview Research Partners (the “Adviser”) has contractually agreed to limit the management fees charged to the Fund to 0.15% of the Fund’s average daily net assets. This contractual limitation is in effect until <span id="xdx_907_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261014__20261014__oef--ClassAxis__custom--C000281196Member_zyjttdAAfiFg">December 31, 2027</span> and may not be terminated prior to that date without approval of the Board of Trustees (the “Board”) of The RBB Fund Trust (the “Trust”).</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0025 0.0000 0.0009 0.0001 0.0035 -0.0010 0.0025 “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_A8C_eoef--ExpenseExampleNarrativeTextBlock_zNctKMR64dil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same (taking into account the management fee limitation for the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zP3ZLJORT8E6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z5JWXOOCLpjg" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_480_eoef--ExpenseExampleYear01_zBg3Gmedzoz5" style="border-bottom: black 1pt solid; width: 51%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_483_eoef--ExpenseExampleYear03_zM2NrVl1nfm9" style="border-bottom: black 1pt solid; width: 49%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_418_20261014__20261014__oef--ClassAxis__custom--C000281196Member_zS6wcn2TCOEl"> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$26</span></td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$102</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 26 102 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_z65g6oqsoha1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_z2pHHF7O0NAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively-managed exchange-traded fund (“ETF”) and pursues its investment objective by implementing an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--StrategyPortfolioConcentration_c20261014__20261014__dei--LegalEntityAxis__custom--S000109972Member_zk2Dc98Jac9c">Under normal circumstances, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. companies.</span> The Fund invests in a diverse group of U.S. companies across market sectors, market capitalizations, and industry groups. Equity securities in which the Fund may invest include common stock, equity ETFs, and derivative instruments that give exposure to equities, such as futures contracts, including futures contracts of U.S. indices. To determine whether a company is a U.S. company, the Adviser will consider various factors, including where the company is headquartered, where the company’s principal operations are located, where a majority of the company’s revenues are derived, where the principal trading market is located, the country in which the company was legally organized, and whether the company is in the Fund’s benchmark—the Bloomberg US 3000 Total Return Index.</span><span style="font: 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks equity securities of U.S. companies that it expects to have higher returns by placing an enhanced emphasis on securities of companies with higher profitability-to-value ratios. Conversely, the Fund seeks to underweight or exclude securities it expects to have lower returns, such as securities with lower profitability-to-value ratios.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Adviser defines “value” characteristics mainly using book/price ratios and defines “profitability” characteristics mainly as operating profits to book value ratio. The Fund may also consider other factors when selecting or excluding a security, including industry classification, price momentum, liquidity, float, securities lending, market capitalization, profitability growth, and asset growth.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In managing the Fund’s investment portfolio, the Adviser regularly reviews and adjusts the Fund’s allocations to maintain a diversified mix of investments that the Adviser believes offer the best overall potential for long-term capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may lend its portfolio securities to generate additional income. The Fund may lend its portfolio securities to brokers, dealers and other financial institutions desiring to borrow securities to complete transactions and for other purposes. In connection with such loans, the Fund receives liquid collateral equal to at least 102% of the value of the portfolio securities being lent. This collateral is marked to market on a daily basis. The Fund may lend its portfolio securities in an amount up to 33 1/3% of its total assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Adviser may sell a security or reduce its position if: </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● The original investment thesis for a company’s securities is no longer valid; or </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● A more attractively priced security is found.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund intends to elect to be and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”).</span></p> Under normal circumstances, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. companies. Loss of money is a risk of investing in the Fund. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_ztw8jsmjRzL"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Management Risk.</b> The Fund is subject to management risk as an actively-managed investment portfolio. The Adviser’s investment approach may fail to produce the intended result.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStockRiskMember_zYcQEobt6K79"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Stock Risk. </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.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_zz8SKOgWOc4j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging Shares or receiving distributions. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zHoi1SigtSuk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures contracts. The Fund’s holdings of derivative instruments may result in losses exceeding the amounts invested. 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 counterparty, or legality or enforceability of a contract.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketsRiskMember_zayZXhxrMCqc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Markets Risk. </b>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 issuers, industries, or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zTNSZyWWs0P6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.”</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0">  </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zRC5SexfZFuf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecondaryMarketTradingRiskMember_zBSZte0wW9O9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>○</i></span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Secondary Market Trading Risk</i>. Although Shares are listed on a national securities exchange, The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavRiskMember_zlAc63SxBJY5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsAndRelatedRisksMember_zTy1QTs9Ez95"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Futures Contracts and Related Risks</b>. The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are:</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">futures contracts have a high degree of price variability and are subject to occasional rapid and substantial changes;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the imperfect correlation between the change in market value of the futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">possible market disruption or other extraordinary events, including but not limited to, governmental intervention;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potentially unlimited losses caused by unanticipated market movements;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fund’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possibility that the counterparty will default in the performance of its obligations; and</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its derivative instruments or close certain positions at a time when it may be disadvantageous to do so.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The use of futures contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility, which means the Fund will have the potential for greater losses than if the Fund did not employ leverage in its investment activity. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an asset class and may cause the value of the Fund’s securities or related derivatives instruments to be volatile. Accordingly, the Fund’s NAV may be volatile because of its investment exposure to the Fund. There is no assurance that the Fund’s investment in a derivative instrument with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexFuturesRiskMember_z3eSB9ozHDa2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index Futures Risk</b>. An index future obligates the Fund to pay or receive an amount of cash equal to a fixed dollar amount specified in the futures contract multiplied by the difference between the settlement price of the contract on the contract’s last trading day and the value of the index based on the prices of the securities that comprise the index at the opening of trading in such securities on the next business day. No physical delivery of the securities comprising the index is made; generally contracts are closed out prior to the expiration date of the contract.</span></td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market value of a stock index futures contract is based primarily on the value of the underlying index. Changes in the value of the index will cause roughly corresponding changes in the market price of the futures contract. If a stock index is established that is made up of securities whose market characteristics closely parallel the market characteristics of the securities in the Fund’s portfolio, then the market value of a futures contract on that index should fluctuate in a way closely resembling the market fluctuation of the portfolio. Thus, for example, if the Fund sells futures contracts, a decline in the market value of the portfolio will be offset by an increase in the value of the short futures position to the extent of the hedge (i.e., the size of the futures position). However, if the market value of the portfolio were to increase, the Fund would lose money on the futures contracts. Stock index futures contracts are subject to the same risks as other futures contracts.</span></p> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationAndDeflationRiskMember_zUKteBG7KER5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation and Deflation Risk.</b> Inflation risk is the risk that the value of assets or income from 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.</span></td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InKindContributionRiskMember_zCtcUL8KDsj4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>●</b></span></td> <td style="vertical-align: top; text-align: justify; width: 94%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>In-Kind Contribution Risk. </b>At its launch, the Fund expects to acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Code. If one or more of the in-kind contributions fails to qualify for tax-deferred treatment or are made by a corporation who does not elect the special deemed-sale status for the contribution, then the Fund can face negative tax consequences and become liable for additional taxes than it otherwise would have.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zA5dh6DbjxFk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Shareholder Risk. </b>Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund’s Shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z4URmxGiYgrl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zVGagyeIKdG1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of the Trust may determine to liquidate the Fund.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ProfitabilityInvestmentRiskMember_ztgdP62PyWz3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Profitability Investment Risk.</b> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Fund to at times underperform equity funds that use other investment strategies. </span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z1YAdSnaL1ff"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapAndMidcapCompaniesRiskMember_zKBHx3AIwNfg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Small-Cap and Mid-Cap Companies Risk. </b>Securities of companies with small- and mid-size capitalizations tend to be riskier than securities of companies with large capitalizations. This is because small- and mid-cap companies typically have smaller product lines and less access to liquidity than large cap companies, and are therefore more sensitive to economic downturns. In addition, growth prospects of small- and mid-cap companies tend to be less certain than large cap companies, and the dividends paid on small- and mid-cap stocks are frequently negligible. Moreover, small- and mid-cap stocks have, on occasion, fluctuated in the opposite direction of large cap stocks or the general stock market. Consequently, securities of small- and mid-cap companies tend to be more volatile than those of large-cap companies. The market for small-cap securities may be thinly traded and as a result, greater fluctuations in the price of small-cap securities may occur.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p></td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zs84nhRqiv0h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify; width: 94%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Tax Risk. </b>The Fund may accept securities in transactions intended to qualify for nonrecognition treatment under Section 351 of the Internal Revenue Code. The U.S. Department of the Treasury and Internal Revenue Service have indicated that they are reviewing certain transactions involving Section 351 and exchange traded funds. Future legislation, regulations, administrative guidance or other actions could affect the tax treatment of these transactions. There can be no assurance that the intended tax treatment of a particular transaction will be respected or that future developments will not adversely affect the availability or tax consequences of similar transactions.</span></span></td></tr> <tr> <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundsRiskMember_zV8fAuL1TSuk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Underlying Funds Risk. </b>To the extent the Fund invests in other investment companies, including money market funds and ETFs (collectively, “Underlying Funds”), its performance will be affected by the performance of those Underlying Funds. Investments in Underlying Funds are subject to the risks of the Underlying Funds’ investments, as well as to the Underlying Funds’ expenses. The Fund may incur brokerage fees in connection with its purchase of ETF shares. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.</span></span></td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zipBxtXKHqP4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td> <td style="vertical-align: top; text-align: justify; width: 94%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Valuation Risk.</b> The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestmentRiskMember_zQI60Fcnelvd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Value Investment Risk.</b> Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time. </span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zCgMTGGgVILh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. <span id="xdx_900_eoef--PerformanceOneYearOrLess_c20261014__20261014__dei--LegalEntityAxis__custom--S000109972Member_zak5rPd1gqaj">Performance information will be available once the Fund has at least one calendar year of performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20261014__20261014__dei--LegalEntityAxis__custom--S000109972Member_zxAYCe4SZ5Db">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 is available on the Fund’s website at <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20261014__20261014__dei--LegalEntityAxis__custom--S000109972Member_zpO1FvV2Cvki">www.longviewresearchpartners.com</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information will be available once the Fund has at least one calendar year of performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. www.longviewresearchpartners.com Longview Advantage Expected Return ETF   SUMMARY SECTION   Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_z45tZPsV3Yij" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The investment objective of the Longview Advantage Expected Return ETF (the “Fund”) is to seek long-term capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Fees and Expenses <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zM8pgse7b8ff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_z84AibfaVsAb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zm3wU6vJTEO2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="width: 79%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td id="xdx_49E_20261014__20261014__oef--ClassAxis__custom--C000281195Member_zR6XfMEEDOyc" style="width: 21%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr style="vertical-align: top"> <td colspan="2" id="xdx_989_eoef--OperatingExpensesCaption_c20261014__20261014__dei--LegalEntityAxis__custom--S000109971Member_zjxWboyYippa" style="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</b></span></td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp_zLD6lNxtcZ7e" style="vertical-align: top"> <td style="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.25 %</span></td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp_zSMZEKf8eUx3" style="vertical-align: top"> <td style="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution (12b-1) Fees</span></td> <td style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.00 %</span></td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp_zxd5rxC1D6yl" style="vertical-align: top"> <td style="padding: 2.15pt 1.15pt 1pt 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses<sup id="xdx_F44_zcM7lZFYV74l">(1)</sup></span></td> <td style="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.09 %</span></td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zfOOt3pgaUN9" style="vertical-align: top"> <td style="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired Fund Fees and Expenses<sup id="xdx_F4F_zdjYpLlOZ3dl">(2)</sup></span></td> <td style="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.01 %</span></td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dp_zRqWiPNVOAze" style="vertical-align: top"> <td style="padding-top: 1.15pt; padding-bottom: 1pt; padding-left: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.35 %</span></td></tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_dp_zopijQh3OoR8" style="vertical-align: top"> <td style="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee Waiver and/or Expense Reimbursements<sup id="xdx_F49_zd87bWuFkFUl">(3)</sup></span></td> <td style="border-bottom: black 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> -0.18 %</span></td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_iT_dp_zfcG3z3EaNP5" style="vertical-align: top"> <td style="padding-top: 1.15pt; padding-bottom: 1pt; padding-left: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursements</span></td> <td style="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 0.17 %</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F0A_zEKQEYngJVgc">(1)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F1D_zp2HpBhMshV6" style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20261014__20261014__dei--LegalEntityAxis__custom--S000109971Member_zb3wIJxnDV33">“Other Expenses” are estimated for the current fiscal year.</span></span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F0B_zPbiCfg3fC3c">(2)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F16_z3a82DMVnaFb" style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><span id="xdx_901_eoef--AcquiredFundFeesAndExpensesBasedOnEstimates_c20261014__20261014__dei--LegalEntityAxis__custom--S000109971Member_zlH0GDHPfn9">“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.</span></span></td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><sup id="xdx_F05_zRblxy9iviU4">(3)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span id="xdx_F18_zCQq0PnWvCc7" style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Hill Investment Group Partners, LLC d/b/a Longview Research Partners (the “Adviser”) has contractually agreed to limit the management fees charged to the Fund to 0.07% of the Fund’s average daily net assets. This contractual limitation is in effect until <span id="xdx_907_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20261014__20261014__oef--ClassAxis__custom--C000281195Member_zp5bfWQVMfmg">December 31, 2027</span> and may not be terminated prior to that date without approval of the Board of Trustees (the “Board”) of The RBB Fund Trust (the “Trust”).</span></td> </tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0025 0.0000 0.0009 0.0001 0.0035 -0.0018 0.0017 “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_A88_eoef--ExpenseExampleNarrativeTextBlock_zCTakdtYETsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same (taking into account the management fee limitation for the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxT2IkJPCFPf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zgIacV3zDxj8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr> <td id="xdx_485_eoef--ExpenseExampleYear01_zcX8b9HJW9u6" style="border-bottom: black 1pt solid; width: 51%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 Year</b></span></td> <td id="xdx_485_eoef--ExpenseExampleYear03_zuNASIv7A90b" style="border-bottom: black 1pt solid; width: 49%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3 Years</b></span></td></tr> <tr id="xdx_418_20261014__20261014__oef--ClassAxis__custom--C000281195Member_zs182i2z2Hd7"> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$17</span></td> <td style="padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$94</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 17 94 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zWpVp5fn8Soj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zTYunG6d9t69" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is an actively-managed exchange-traded fund (“ETF”) and pursues its investment objective by implementing an integrated investment approach that combines research, portfolio design, portfolio ma<span>nagement, and trading functions.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_900_eoef--StrategyPortfolioConcentration_c20261014__20261014__dei--LegalEntityAxis__custom--S000109971Member_zpk6XWVU9pWc">Under normal circumstances, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. publicly traded companies that the Adviser determines have the highest expected returns based on valuation and profitability characteristics, with investments generally limited to approximately the top 2.5% of the U.S. equity market based on those expected returns.</span> The Fund invests in a diverse group of U.S. companies across market sectors and industry groups. Equity securities in which the Fund may invest include common stock, equity ETFs, and derivative instruments that give exposure to equities, such as futures contracts, including futures contracts of U.S. indices. To determine whether a company is a U.S. company, the Adviser will consider various factors, including where the company is headquartered, where the company’s principal operations are located, where a majority of the company’s revenues are derived, where the principal trading market is located, the country in which the company was legally organized, and whether the company is in the Bloomberg US 3000 Total Return Index.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">The Fund will place an enhanced emphasis on securities of U.S. companies with higher profitability-to-value ratios. The Adviser defines “value” chara</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cteristics mainly using book/price ratios, and defines “profitability” characteristics mainly as operating profits to book value ratio. The Fund may vary the exposure to companies with higher profitability-to-value ratio over time. The Fund may also consider other factors when selecting or excluding a security, including industry classification, price momentum, liquidity, float, securities lending, market capitalization, profitability growth, and asset growth.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In managing the Fund’s investment portfolio, the Adviser regularly reviews and adjusts the Fund’s allocations to maintain a diversified mix of investments that the Adviser believes offer the best overall potential for long-term capital appreciation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may lend its portfolio securities to generate additional income. The Fund may lend its portfolio securities to brokers, dealers and other financial institutions desiring to borrow securities to complete transactions and for other purposes. In connection with such loans, the Fund receives liquid collateral equal to at least 102% of the value of the portfolio securities being lent. This collateral is marked to market on a daily basis. The Fund may lend its portfolio securities in an amount up to 33 1/3% of its total assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Adviser may sell a security or reduce its position if:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● The original investment thesis for a company’s securities is no longer valid; or </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">● A more attractively priced security is found.  </span></p> Under normal circumstances, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. publicly traded companies that the Adviser determines have the highest expected returns based on valuation and profitability characteristics, with investments generally limited to approximately the top 2.5% of the U.S. equity market based on those expected returns. Loss of money is a risk of investing in the Fund. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_ztzsPZSu6djg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Active Management Risk.</b> The Fund is subject to management risk as an actively-managed investment portfolio. The Adviser’s investment approach may fail to produce the intended result.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStockRiskMember_zbUzaY67duT9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="margin-top: 0; margin-bottom: 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common Stock Risk. </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.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_zsddoi2FUwp9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging Shares or receiving distributions. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zAYGnuGYMee4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures contracts. The Fund’s holdings of derivative instruments may result in losses exceeding the amounts invested. 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 counterparty, or legality or enforceability of a contract.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityMarketsRiskMember_zXvUS4mtoghl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Markets Risk. </b>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 issuers, industries, or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zQ9BYl0RjrZ7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.”</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0">  </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z58MkWxx40g9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecondaryMarketTradingRiskMember_zfD5FEVUNIve"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>○</i></span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Secondary Market Trading Risk</i>. Although Shares are listed on a national securities exchange, The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavRiskMember_zTN48QmS47M7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsAndRelatedRisksMember_zzBU2UrMRETa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Futures Contracts and Related Risks</b>. The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are:</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">futures contracts have a high degree of price variability and are subject to occasional rapid and substantial changes;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the imperfect correlation between the change in market value of the futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">possible market disruption or other extraordinary events, including but not limited to, governmental intervention;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potentially unlimited losses caused by unanticipated market movements;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Fund’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors;</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the possibility that the counterparty will default in the performance of its obligations; and</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 11%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">○</span></td> <td style="vertical-align: top; width: 86%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its derivative instruments or close certain positions at a time when it may be disadvantageous to do so.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"> </td> <td style="vertical-align: top; width: 3%"> </td> <td style="vertical-align: top; text-align: justify; width: 94%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The use of futures contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility, which means the Fund will have the potential for greater losses than if the Fund did not employ leverage in its investment activity. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an asset class and may cause the value of the Fund’s securities or related derivatives instruments to be volatile. Accordingly, the Fund’s NAV may be volatile because of its investment exposure to the Fund. There is no assurance that the Fund’s investment in a derivative instrument with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.</span></p></td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexFuturesRiskMember_zF7sS2VYbljh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Index Futures Risk</b>. An index future obligates the Fund to pay or receive an amount of cash equal to a fixed dollar amount specified in the futures contract multiplied by the difference between the settlement price of the contract on the contract’s last trading day and the value of the index based on the prices of the securities that comprise the index at the opening of trading in such securities on the next business day. No physical delivery of the securities comprising the index is made; generally contracts are closed out prior to the expiration date of the contract.</span></td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">The market value of a stock index futures contract is based primarily on the value of the underlying index. Changes in the value of the index will cause roughly corresponding changes in the market price of the futures contract. If a stock index is established that is made up of securities whose market characteristics closely parallel the market characteristics of the securities in the Fund’s portfolio, then the market value of a futures contract on that index should fluctuate in a way closely resembling the market fluctuation of the portfolio. Thus, for example, if the Fund sells futures contracts, a decline in the market value of the portfolio will be offset by an increase in the value of the short futures position to the extent of the hedge (i.e., the size of the futures position). However, if the market value of the portfolio were to increase, the Fund would lose money on the futures contracts. Stock index futures contracts are subject to the same risks as other futures contracts.</span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif"></span></p> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationAndDeflationRiskMember_zG16sOkjlnd5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Inflation and Deflation Risk.</b> Inflation risk is the risk that the value of assets or income from 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.</span></td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InKindContributionRiskMember_zIesryOsOzeg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td> <td style="vertical-align: top; text-align: justify; width: 94%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>In-Kind Contribution Risk. </b>At its launch, the Fund may acquire a material amount of assets through one or more in-kind contributions that are intended to qualify as tax-deferred transactions governed by Section 351 of the Code. If one or more of the in-kind contributions fails to qualify for tax-deferred treatment or are made by a corporation who does not elect the special deemed-sale status for the contribution, then the Fund can face negative tax consequences and become liable for additional taxes than it otherwise would have.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zfVHi8O4VoSb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>●</b></span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Shareholder Risk. </b>Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund’s Shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zU55ZI6NNEgf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk. </b>The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_zylUoxk7hPbf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New Fund Risk. </b>The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of the Trust may determine to liquidate the Fund.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ProfitabilityInvestmentRiskMember_zdmzOaUsByn6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Profitability Investment Risk.</b> High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Fund to at times underperform equity funds that use other investment strategies.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="margin-top: 0; margin-bottom: 0"></p> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zaHmkCKPL245"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapAndMidcapCompaniesRiskMember_zvSBWHT8inw9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="width: 94%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small-Cap and Mid-Cap Companies Risk. </b>Securities of companies with small- and mid-size capitalizations tend to be riskier than securities of companies with large capitalizations. This is because small- and mid-cap companies typically have smaller product lines and less access to liquidity than large cap companies, and are therefore more sensitive to economic downturns. In addition, growth prospects of small- and mid-cap companies tend to be less certain than large cap companies, and the dividends paid on small- and mid-cap stocks are frequently negligible. Moreover, small- and mid-cap stocks have, on occasion, fluctuated in the opposite direction of large cap stocks or the general stock market. Consequently, securities of small- and mid-cap companies tend to be more volatile than those of large-cap companies. The market for small-cap securities may be thinly traded and as a result, greater fluctuations in the price of small-cap securities may occur.</span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zAwh3VuHSKx8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="width: 3%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td> <td style="text-align: justify; width: 94%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Tax Risk. </b>The Fund may accept securities in transactions intended to qualify for nonrecognition treatment under Section 351 of the Internal Revenue Code. The U.S. Department of the Treasury and Internal Revenue Service have indicated that they are reviewing certain transactions involving Section 351 and exchange traded funds. Future legislation, regulations, administrative guidance or other actions could affect the tax treatment of these transactions. There can be no assurance that the intended tax treatment of a particular transaction will be respected or that future developments will not adversely affect the availability or tax consequences of similar transactions.</span></span></td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td style="text-align: justify"> </td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundsRiskMember_zbOfbKyKFOL9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td> <td style="vertical-align: top; text-align: justify; width: 94%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Underlying Funds Risk. </b>To the extent the Fund invests in other investment companies, including money market funds and ETFs (collectively, “Underlying Funds”), its performance will be affected by the performance of those Underlying Funds. Investments in Underlying Funds are subject to the risks of the Underlying Funds’ investments, as well as to the Underlying Funds’ expenses. The Fund may incur brokerage fees in connection with its purchase of ETF shares. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.</span></span></td></tr> <tr> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z0WsMoXTmPp2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td> <td style="vertical-align: top; text-align: justify; width: 94%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Valuation Risk.</b> The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available.</span></span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValueInvestmentRiskMember_zNE2vSSYqjcc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 3%"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">●</span></span></td> <td style="vertical-align: top; width: 94%; text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif"><b>Value Investment Risk.</b> Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Fund to at times underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time. </span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> Performance <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zLKHTpP1z885" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. <span id="xdx_907_eoef--PerformanceOneYearOrLess_c20261014__20261014__dei--LegalEntityAxis__custom--S000109971Member_z34kkdecwNgb">Performance information will be available once the Fund has at least one calendar year of performance.</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20261014__20261014__dei--LegalEntityAxis__custom--S000109971Member_zQFxyyhH5gta">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 is available on the Fund’s website at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20261014__20261014__dei--LegalEntityAxis__custom--S000109971Member_zSbGCMoe1gwc">www.longviewresearchpartners.com</span>.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Performance information will be available once the Fund has at least one calendar year of performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. www.longviewresearchpartners.com “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. Hill Investment Group Partners, LLC d/b/a Longview Research Partners (the “Adviser”) has contractually agreed to limit the management fees charged to the Fund to 0.15% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2027 and may not be terminated prior to that date without approval of the Board of Trustees (the “Board”) of The RBB Fund Trust (the “Trust”). “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. Hill Investment Group Partners, LLC d/b/a Longview Research Partners (the “Adviser”) has contractually agreed to limit the management fees charged to the Fund to 0.07% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2027 and may not be terminated prior to that date without approval of the Board of Trustees (the “Board”) of The RBB Fund Trust (the “Trust”).