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THE RBB FUND TRUST
2026-10-16
Pathfinder Disciplined Midcap Equity ETF
SUMMARY SECTION
Investment Objective
<p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zmoi0vMdvos1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment objective of the Pathfinder Disciplined
Midcap Equity ETF (the “Fund”) is to seek long-term capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
Fees and Expenses
<p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zN6Lpai1a4J1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This table describes the fees and expenses that
you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table and Example below.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z9v5iFupSnMj"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zbpMwXCnkUeh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses">
<tr style="display: none; vertical-align: top">
<td> </td>
<td id="xdx_49F_20261016__20261016__oef--ClassAxis__custom--C000278738Member_zy78Vpt5G6xi" style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom">
<td colspan="2" id="xdx_982_eoef--OperatingExpensesCaption_c20261016__20261016__dei--LegalEntityAxis__custom--S000107763Member_zkdE792XrkJf"><span style="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_dpn_zzcY5S2lw7yj" style="vertical-align: bottom">
<td style="width: 82%"><span style="font-size: 10pt;">Management Fees</span></td>
<td style="width: 18%; text-align: right"><span style="font-size: 10pt;">0.65%</span></td></tr>
<tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJKmhMGUwXVl" style="vertical-align: bottom">
<td><span style="font-size: 10pt;">Distribution (12b-1) Fees</span></td>
<td style="text-align: right"><span style="font-size: 10pt;">0.00%</span></td></tr>
<tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zZL9CO47WAih" style="vertical-align: bottom">
<td><span style="font-size: 10pt;">Other Expenses<span id="xdx_F4F_zSrfWuIgcqRb"><sup>(1)</sup></span></span></td>
<td style="text-align: right"><span style="font-size: 10pt;">0.00%</span></td></tr>
<tr id="xdx_409_eoef--ExpensesOverAssets_dpn_z6CnvtVib7rc">
<td style="vertical-align: bottom"><span style="font-size: 10pt;">Total Annual Fund Operating Expenses</span></td>
<td style="vertical-align: top; text-align: right"><span style="font-size: 10pt;">0.65%</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </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 id="xdx_F0E_ztK9KcNl9MLf" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F1B_z6mBVKDDppQ2" style="text-align: justify"><span id="xdx_908_eoef--OtherExpensesNewFundBasedOnEstimates_c20261016__20261016__dei--LegalEntityAxis__custom--S000107763Member_zEGIwl05tG48">“Other Expenses” are estimated for the current fiscal year.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
0.0065
0.0000
0.0000
0.0065
“Other Expenses” are estimated for the current fiscal year.
Example
<p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zLZoNLkzQNm6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the
time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your
investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwDlBTJK84o3"></div>
<table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z0Vd1MGTLnwl" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 60%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example">
<tr>
<td id="xdx_484_eoef--ExpenseExampleYear01_z1gxKZspsIki" style="width: 32%; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">1 Year</span></b></span></td>
<td style="vertical-align: top; width: 35%; text-align: center"><span style="font-size: 10pt"><b> </b></span></td>
<td id="xdx_48A_eoef--ExpenseExampleYear03_zMkp1EwDSj4" style="width: 33%; text-align: center"><span style="font-size: 10pt"><b><span style="text-decoration: underline">3 Years</span></b></span></td></tr>
<tr id="xdx_418_20261016__20261016__oef--ClassAxis__custom--C000278738Member_zAVtuoYgFtQa">
<td style="text-align: center"><span style="font-size: 10pt">$66</span></td>
<td style="vertical-align: top; text-align: center"> </td>
<td style="text-align: center"><span style="font-size: 10pt">$208</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p>
66
208
Portfolio Turnover
<p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zb4sSWiYxte2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating
expenses or in the Example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund
had not commenced operations prior to the date of this Prospectus.</p>
<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>
Principal Investment Strategies
<p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zuOTIehexdo9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_902_eoef--StrategyPortfolioConcentration_c20261016__20261016__dei--LegalEntityAxis__custom--S000107763Member_zSrpvmAuHn36">The Fund is an actively managed exchange-traded
fund (“ETF”) and seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets
(plus the amount of any borrowings for investment purposes) in equity securities issued by mid-capitalization companies listed on a U.S.
exchange (the “80% Policy”).</span> The Fund defines mid-capitalization companies as companies that, at the time of purchase, fall
within the mid-sized segment of the U.S. equity market based on market capitalization, which may include companies ranked approximately
200th to 1,000th among publicly traded U.S. companies by market capitalization. As of September 30, 2026, this capitalization range would
be approximately $2 billion to $124 billion. <span>If the market capitalization of a company held by
the Fund moves outside this range, the Fund may, but is not required to, sell securities of that company.</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">The Fund will systematically seek to invest in
between 50 to 200 companies. Portfolio candidates are evaluated based on a combination of quantitative and qualitative criteria, including:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 13.7pt"></td><td style="width: 18pt; text-align: left">●</td><td style="text-align: justify">Momentum metrics including price momentum, business momentum
and technical indicators. Business momentum is measured by the efficiency of business operations. Technical indicators are measured by
on balance volume, which is a price and volume based technical indicator that determines whether volume is flowing in or out of a security
over a specified time horizon;</td>
</tr></table>
<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 13.7pt"></td><td style="width: 18pt; text-align: left">●</td><td style="text-align: justify">Sentiment metrics including analyst revision, ownership and
short interest. Ownership is measured by ownership by institutions, hedge funds and insiders through reference to public reports filed
under the Securities Exchange Act of 1934, as amended, or comparable publicly available information;</td>
</tr></table>
<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 13.7pt"></td><td style="width: 18pt; text-align: left">●</td><td style="text-align: justify">Growth metrics including earnings growth and investment in
growth initiatives;</td>
</tr></table>
<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 13.7pt"></td><td style="width: 18pt; text-align: left">●</td><td style="text-align: justify">Quality metrics including earnings quality, balance sheet
strength and management quality. Earnings quality is measured by profitability and capital allocation of the company. Management quality
is measured by the demographic and experience profile of the management team; and</td>
</tr></table>
<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 13.7pt"></td><td style="width: 18pt; text-align: left">●</td><td style="text-align: justify">Valuation metrics including both normalized and flow-based
measures (“normalized valuation measures” refer to commonly used financial metrics that evaluate a company’s valuation using
relatively stable financial characteristics, such as book-to-price ratio, cash-to-market value ratio, and dividend yield, while “flow-based
measures” refer to financial metrics that reflect a company’s operating performance and business activity, such as price-to-earnings
growth (PEG) ratio and operating cash flow).</td>
</tr></table>
<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Using a machine learning-enabled, multi-factor
process, Opal Capital LLC (the “Adviser”) seeks to identify over- and undervalued securities across a broad investment universe.
The machine learning-enabled multi-factor process evaluates securities using a broad set of quantitative inputs, including momentum, sentiment,
growth, quality and value and generates forward-looking outputs of expected return forecasts for securities within the universe. The Adviser
then applies advanced optimization techniques to the output to maximize the portfolio. Advanced optimization techniques refer to the use
of quantitative portfolio construction methodologies, including portfolio optimization tools provided by third-party vendors. These tools
assist the Adviser in evaluating portfolio trade-offs and constructing portfolios that seek to balance expected return, estimated risk,
transaction costs, diversification, and other investment objectives, while taking into account portfolio guidelines and constraints, including
limits on individual security, sector, and factor exposures.</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">By combining multi-factor insights with advanced
optimization techniques, the Adviser constructs a portfolio that balances expected return with risk, concentration, and transaction costs,
with the goal of achieving attractive risk-adjusted returns while maintaining investment discipline. The Adviser’s risk management
protocol is integrated throughout the investment process, including disciplined factor-, sector- and stock-level risk budgeting, in seeking
to preserve upside participation while mitigating downside risk. Disciplined factor-, sector-, and stock-level risk budgeting refers to
the establishment and ongoing monitoring of portfolio guidelines intended to manage exposures to investment factors, industry sectors,
and individual securities. The Adviser generally seeks to maintain these exposures within internally established parameters and may make
adjustments over time as market conditions, investment opportunities, portfolio objectives, or client guidelines change.</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">Equity securities in which the Fund will invest
include common stock and preferred stock.</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">The Adviser has retained Vident Advisory, LLC
d/b/a Vident Asset Management (the “Sub-Adviser”), which is responsible for trading portfolio securities for the Fund, including
selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of the Fund.</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">The Adviser may sell a security or reduce its
position if:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 13.7pt"></td><td style="width: 18pt">●</td><td>The original investment thesis for a company is no longer valid; or</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 13.7pt"></td><td style="width: 18pt">●</td><td style="text-align: justify">A more attractively priced security is found.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund intends to elect to be, and intends to
qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of
the Internal Revenue Code of 1986, as amended (the “Code”).</p>
The Fund is an actively managed exchange-traded
fund (“ETF”) and seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets
(plus the amount of any borrowings for investment purposes) in equity securities issued by mid-capitalization companies listed on a U.S.
exchange (the “80% Policy”).
Loss of
money is a risk of investing in the Fund.
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommonStockRiskMember_zGJn0wPykQ6g"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><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.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_zKpUgyqZQHZ2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><b>Cyber Security Risk. </b> Cyber security risk is the risk of an unauthorized breach and access to Fund
assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring
that causes the Fund, the Adviser, the Fund’s investment Sub-Adviser, custodian, transfer agent, distributor and other service providers
and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from
purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate
these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service
providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks
or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund
or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these
securities could decline if the issuers experience cyber-attacks or other cyber-failures.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityRiskMember_zYzZI1CXTSja"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><b>Equity Risk. </b>The value of the Fund’s portfolio holdings may fluctuate in response to the
risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors
affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which
may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than
debt securities.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zhE8J4ujiKt3"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><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.”</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zjoajYO1t9uc"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">○</td><td style="text-align: justify"><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.</td>
</tr></table>
<p style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"> </p>
<div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecondaryMarketTradingRiskMember_zjAKRPtAc3ek"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left">○</td><td style="text-align: justify"><i>Secondary Market Trading Risk.</i> Although Shares are listed
on a national securities exchange, the Nasdaq Stock Market LLC <span>(the “Exchange”)</span>,
and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them
will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market
conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent
to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s portfolio; or (b) whether
other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods
of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day
(discount). This risk is heightened in times of market volatility or periods of steep market declines.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavRiskMember_zi8yeXHSIS3l"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in">○</td><td style="text-align: justify"><i>Shares May Trade at Prices Other Than NAV Risk.</i><b> </b>As with all ETFs, Shares may be
bought and sold in the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from
the Fund’s NAV. Where all or a portion of the Fund’s underlying securities trade in a foreign market that is closed when the
market in which the Fund’s Shares are listed is open for trading, there may be changes between the last quote of the underlying
securities’ value in the closed foreign market and the value of such underlying securities during the Fund’s domestic trading
day.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zN4aQGOiezMb"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><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 impact the Fund’s ability to implement its investment strategy.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zuB4R5dheXng"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><b>Management Risk. </b>The Fund is subject to the risk of poor investment selection. In other words,
the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work
to achieve their desired result.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zeqvbdnSihW2"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><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. Rapid changes in prices or liquidity, which often are not anticipated and can relate to events not connected
to particular investments, may limit the ability of the Fund to dispose of its assets at the price or time of its choosing and can result
in losses. Changes in prices may be temporary or may last for extended periods.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompaniesRiskMember_z1beYq6x8RP5"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><b>Mid-Capitalization Companies
Risk.</b> Investments in securities of these companies may involve greater risks than investments
in larger, more established companies do. The prices of securities of mid-cap companies tend
to be more vulnerable to adverse developments specific to a company or its industry, or the
securities markets generally, than are securities of larger capitalization companies.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewFundRiskMember_za0Dn640Wq3e"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><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 may determine to liquidate the Fund.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zY0WhC99Qnac"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><span style="color: #212529"><b>Preferred Stock Risk.</b> Preferred stocks
are subject to the risks associated with other types of equity securities, as well as additional risks, such as potentially greater volatility
and risks related to deferral, non-cumulative dividends, subordination, liquidity, limited voting rights, and special redemption rights.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
<div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--QuantitativeTradingStrategiesRiskMember_zl2ENSSqibea"></div>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">•</td><td style="text-align: justify"><b>Quantitative Trading Strategies
Risk.</b> The Adviser utilizes quantitative models to select Fund investments. Securities
or other investments selected using quantitative models may perform differently from the
market as a whole or from their expected performance for many reasons, including factors
used in building the quantitative analytical framework, the weights placed on each factor,
and changing sources of market returns, among others. Any errors or imperfections in quantitative
analyses or models, or in the data on which they are based, could adversely affect the ability
of the Adviser to use such analyses or models effectively, which in turn could adversely
affect the Fund’s performance. There can be no assurance that these methodologies will
help the Fund to achieve its investment objective.</td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p>
Performance
<p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zz8TxKq96Ld9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Performance information for the Fund is not included
because the Fund had not commenced operations prior to the date of this Prospectus. <span id="xdx_908_eoef--PerformanceOneYearOrLess_c20261016__20261016__dei--LegalEntityAxis__custom--S000107763Member_zr4u4V3RzAdk">Performance information will be available once the
Fund has at least one calendar year of performance.</span> <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20261016__20261016__dei--LegalEntityAxis__custom--S000107763Member_zguOpEgLfh1l">The Fund’s past performance, before and after taxes, is not necessarily an indication
of how the Fund will perform in the future and does not guarantee future results.</span> Updated performance information will be available on
the Fund’s website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20261016__20261016__dei--LegalEntityAxis__custom--S000107763Member_zkeTncZAEFOj">www.pathfinderetf.com</span>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </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.pathfinderetf.com