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Staysail:S000109867Member oef:RiskLoseMoneyMember 2026-10-29 2026-10-29 0001508033 Staysail:S000109865Member oef:RiskLoseMoneyMember 2026-10-29 2026-10-29 0001508033 Staysail:S000109866Member oef:RiskLoseMoneyMember 2026-10-29 2026-10-29 iso4217:USD pure false 485BPOS 0001508033 2026-10-29 N-1A Staysail Series Trust 2026-10-30 BRANDYWINE LARGE CAP ETF - FUND SUMMARY Investment Objective Brandywine Large Cap ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). 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. <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z4AGIQPg4Pq3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zEVJPjiSuuzf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_989_eoef--OperatingExpensesCaption_c20261029__20261029__dei--LegalEntityAxis__custom--S000109868Member_z0zy1xtdUbId" style="border-top: black 1pt solid;">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49A_20261029__20261029__oef--ClassAxis__custom--C000280993Member_zVSlOqH5tUNg" style="border-top: black 1pt solid;"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zyAknWQkPZ96" style="vertical-align: top"> <td style="width: 92%">Management Fees </td> <td style="width: 8%; text-align: center">0.68%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zYAQC7AqWs5" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zu4jEwsMZUEd" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses(2) (3)</td> <td style="text-align: center">0.02%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zxzsawBjNoO9" style="vertical-align: top"> <td>Other Expenses(2)</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zg9JhKr0kuf5" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: black 2.25pt double;text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid;"> </td> <td style="border-bottom: black 1pt solid;"> </td></tr> </table> <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%">(1)</td> <td style="text-align: justify; width: 97%">The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td>Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td style="text-align: justify">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0 0.0002 0.0000 0.0070 Based on estimated amounts for the current fiscal year. AFFE in the table above is estimated for the first year of operations. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zeJTRLX1abic"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zTdeaQFqZhuj" 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 style="vertical-align: top"> <td id="xdx_48D_eoef--ExpenseExampleYear01_ze9nGe34oEP9" style="border-bottom: black 1pt solid; width: 47%; text-align: center">1 Year</td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td id="xdx_489_eoef--ExpenseExampleYear03_z3CstN48m5O4" style="border-bottom: black 1pt solid; width: 45%; text-align: center">3 Years</td></tr> <tr id="xdx_413_20261029__20261029__oef--ClassAxis__custom--C000280993Member_zi0ZiBr8QTy7" style="vertical-align: top"> <td style="text-align: center"> 72</td> <td> </td> <td style="text-align: center"> $225</td></tr> </table> 72 225 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Core Strategy The Fund, an actively-managed exchange-traded fund (“ETF”), seeks to achieve its investment objective by providing broad-based exposure to equity securities of large-cap U.S. companies (“large-cap U.S. equity securities”) (“Equity Strategy”). The Fund obtains this exposure primarily through investments in other ETFs, rather than through direct investments in individual equity securities. However, initially it may be seeded and invested in primarily in individual equity securities. The Fund considers large-cap U.S. companies to be those companies listed or domiciled in the U.S. with a market capitalization of $10 billion or more at the time of purchase. In addition, the Fund seeks to provide risk-managed downside protection by purchasing put options on indices that Brandywine Asset Management, Inc., the Fund’s investment adviser (the “Adviser” or “Brandywine”), has determined are most closely correlated with the Fund’s Equity Strategy and therefore offer the best downside protection for the Fund (“Protection Strategy”). Finally, the Fund seeks to offset the cost of the purchased put options utilized by the Protection Strategy by investing in a portfolio of futures contracts broadly diversified across multiple trading strategies and global asset classes, together designed to provide modest returns with low correlation and volatility relative to the Fund’s core exposure to large-cap U.S. equity securities (the “Return Driver Diversifier Portfolio”). For the Equity Strategy, the Fund primarily invests in other ETFs that provide exposure to one or more indices comprised of large-cap U.S. equity securities (each, an “LC Index”), each of which is a widely recognized, broad-based index of large-capitalization U.S. companies representing a significant portion of the overall U.S. equity market. Brandywine considers an index to be an LC Index if at least 80% of the index’s total market capitalization is comprised of large-cap U.S. equity securities. The other ETFs that the Fund invests in primarily have an objective to track the performance of a particular LC Index. The Fund may also invest in index futures contracts based on an LC Index, and from time to time the Fund may borrow for investment purposes to achieve the target equity exposure. When Brandywine determines it is in the best interests of the Fund, the Fund may also invest directly in a portfolio of individual large-cap U.S. equity securities where the risk, return and other characteristics of such portfolio are expected to closely resemble the risk, return and other characteristics of a particular LC Index. The Equity Strategy is designed to provide the Fund with approximately 100% notional exposure to large-cap U.S. equity securities, though this exposure amount may fluctuate over time. For the Protection Strategy, the Fund typically purchases out-of-the-money put options on an LC Index. The aggregate notional (face) value of the put options is generally expected to represent approximately 45% of the Fund’s total portfolio value. When purchasing put options, the Fund pays a premium in exchange for the downside protection offered by the options. The Fund’s use of put options is designed to provide a measure of downside mitigation during periods of market declines. The level of protection achieved will vary based on market conditions, option pricing, strike levels, and the timing of option purchases. Accordingly, the Fund does not seek to provide complete protection against losses, but instead seeks to achieve partial downside protection generally corresponding to the notional exposure of the put options held in the portfolio. For the Return Driver Diversifier Portfolio, the Fund invests in a portfolio of actively traded futures contracts providing long and short exposure to a range of global asset classes. These exposures are obtained through futures on currencies, interest rates, equity indices, and commodities, including metals, energy, and agricultural products. The Return Driver Diversifier Portfolio’s investments are tied to developed and, to a lesser extent, emerging markets, and therefore may be subject to risks associated with emerging markets. The Fund defines “emerging markets” to include the economies of a developing country that is transitioning toward greater economic growth, industrialization, and integration into global markets, but has not yet reached the full economic and institutional maturity of a developed economy. As of October 2026, Registrant considers the following to be emerging markets: China, India, Taiwan, South Korea, Saudi Arabia, South Africa, United Arab Emirate, Brazil, Poland, Indonesia, Vietnam, Philippines, Thailand, Malaysia, Turkey, Mexico, Argentina, Colombia, Peru, Egypt, Nigeria, Kenya, and Ghana. The Return Driver Diversifier Portfolio does not invest directly in individual equity or fixed income securities. The Return Diversifier Portfolio will obtain its equity exposure through futures and equity indices and will obtain its fixed income exposure through interest rate futures, which reference government securities and yield curves across various maturities and geographies. The Return Driver Diversifier Portfolio systematically allocates across a broad set of trading strategies, representing approximately three dozen quantitative approaches that evaluate opportunities across more than 100 global futures markets. The Return Driver Diversifier Portfolio seeks to provide absolute returns over time in an amount that may help offset the options premiums from the Protection Strategy, however there can be no assurance that the Return Driver Diversifier Portfolio will achieve this objective. The Return Driver Diversifier Portfolio is also intended to provide low correlation and volatility when compared to the Fund’s core exposure to large-cap U.S. equity securities. Its performance may vary across different market environments, and it is not possible to predict with precision how it will perform under specific or varying market conditions. The investment process for the Return Driver Diversifier Portfolio, implemented by the Adviser, is to evaluate each asset class individually and to identify trading strategies for each that the Adviser believes will offer the best opportunity for the Fund to achieve its investment objective. The Adviser uses a variety of trading strategies to select the positions held and traded in the Return Driver Diversifier Portfolio. These include trading strategies based on market fundamentals (e.g., analysis of specific market or broad economic and political trends to make investment decisions across various asset classes), investor sentiment (e.g., basing investment decisions on the overall investor mood), arbitrage opportunities (e.g., investment opportunities arising from market mispricings or volatility caused by both market-specific and/or significant, large-scale economic or political events) and momentum (e.g., strategies that seek to capitalize on the continuation of existing price trends in financial and other assets). Cayman Subsidiary The Fund intends to gain exposure to certain futures contracts indirectly through a wholly-owned Cayman Islands subsidiary (the “Subsidiary”) that is advised by the Adviser and is not registered as an investment company under the 1940 Act. The Fund and the Subsidiary operate on an integrated basis. The Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies and restrictions, including as set forth in Section 8 of the 1940 Act, on an aggregated basis with the Subsidiary. The Fund will comply with the provisions of the 1940 Act governing capital structure and leverage provisions, including as set forth in Section 18 of the 1940 Act, on an aggregated basis with the Subsidiary. For purposes of determining compliance with Section 18, the Fund treats the assets, liabilities, indebtedness, and other obligations of the Subsidiary as if they were those of the Fund. As investment adviser to the Subsidiary, the Adviser complies with the provisions of the 1940 Act governing investment advisory agreements, including Section 15 of the 1940 Act, in a manner consistent with the obligations applicable to an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Board will oversee the Adviser’s management of the Subsidiary in substantially the same manner as it oversees the Adviser’s management of the Fund. The Subsidiary will comply with the provisions of the 1940 Act relating to affiliated transactions and custody, including as set forth in Section 17 of the 1940 Act. The assets of the Subsidiary will be maintained in the custody of the Fund’s custodian, UMB Bank, N.A. and the Subsidiary’s custody arrangements will be subject to the same oversight and controls applicable to the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate “qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may invest without limitation in such investments. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. For financial reporting purposes, the financial statements of the Subsidiary will be consolidated with the financial statements of the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Other Fund Attributes Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to large-cap U.S. companies. The Fund counts the notional value of any options invested in as part of the Protection Strategy and the notional value of any futures contracts invested in as part of the Equity Strategy towards compliance with the 80% policy noted above. The Fund generally holds between 40 and 130 different portfolio holdings. Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to large-cap U.S. companies. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities 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. General Market Risk. Economies and financial markets throughout the world are interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Fund’s portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Underlying ETFs Risks. The Fund may suffer losses due to the investment practices of the ETFs in which the Fund invests (“Underlying ETFs”). The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, the market price of the shares of an Underlying ETF in which the Fund invests will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF’s shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. Underlying ETFs are also subject to the “ETF Risks” described below. Protection Strategy Risk. The Fund’s Protection Strategy utilizes put options that are designed to provide partial downside mitigation; however, such protection is limited. The Fund will incur costs in the form of option premiums, which will reduce returns, particularly in periods when the options expire without value. The level of protection achieved will vary based on market conditions, option pricing and portfolio positioning, and the Fund does not seek to provide complete protection against losses. As a result, the Fund may experience significant losses despite the implementation of the Protection Strategy. Return Driver Diversifier Strategy Risk. The Fund’s Return Driver Diversifier Strategy involves investments in actively traded futures contracts across multiple asset classes and trading strategies. This strategy is intended to generate returns that may help offset the costs associated with the Protection Strategy; however, there can be no assurance that it will be successful in doing so. The strategy may underperform or experience losses, and its returns may be insufficient to offset, in whole or in part, the costs of the Protection Strategy, which would adversely affect the Fund’s overall performance. In addition, because the strategy employs a variety of trading approaches across numerous global markets, its performance may vary significantly over time and across different market environments, and it may not achieve its intended results during certain periods. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund’s / Subsidiary’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund / Subsidiary uses derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund and the Subsidiary to losses in excess of those amounts initially invested. In addition, the investments in derivatives are subject to the following risks: <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsMember_zjTEsZ13SJ9d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund / Subsidiary to make daily cash payments to maintain its required margin, particularly at times when the Fund / Subsidiary may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.</td></tr> </table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zvVx7vC5HG1g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. In particular, the value of the options contracts in which the Fund invests are substantially influenced by the value of the underlying asset. The Fund and the Subsidiary may experience substantial downside from specific option positions and certain option positions held by the Fund / Subsidiary may expire worthless. The options held by the Fund / Subsidiary are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts.</td></tr> </table> Fixed Income Securities Risk. The Fund’s assets may include exposure to the fixed income asset class. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. Leverage Risk. Using derivatives such as futures, or borrowing from a line of credit, to increase the Fund’s combined long and short exposure creates leverage, which can magnify the potential for loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Commodities Risk. The Fund’s exposure to investments in physical commodities subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including: overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Fund and the Subsidiary in varying ways, and different factors may cause the value and the volatility of the Fund and the Subsidiary to move in inconsistent directions at inconsistent rates. The current or “spot” prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Currency Risk: The Fund’s assets may include exposure to the foreign currencies. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may negatively impact the Fund’s performance. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund and the Subsidiary. This risk includes the potential for underperformance or failure to meet investment goals due to the Adviser’s decisions and implementation of investment strategies over time. Limited Adviser Experience Risk. The Adviser has no experience with managing an ETF, which may limit the Adviser’s effectiveness. Adviser Litigation Risk. The Adviser is currently engaged in three litigation matters, none of which involve the Trust, the Funds, or the Subsidiaries. The litigation could divert the Adviser’s resources and management attention, harm its reputation, or, if decided adversely against the Adviser, impair the Adviser’s ability to manage the Funds and their Subsidiaries, which could adversely affect a Fund and its shareholders. The first matter claims breach of contract and unjust enrichment based on a dispute over the purchase price of a particular investment fund. The relief requested includes compensatory damages and equitable relief. The Adviser believes that it has meritorious defenses against the claims asserted in this proceeding and intends to defend the action vigorously. The remaining two related actions arise out of the Adviser’s management of a legacy hedge fund that has since closed. These two actions claim fraud and breach of fiduciary duty, and seek a variety of relief including compensatory and punitive damages as well as equitable relief. The Adviser believes it has meritorious defenses to the claims asserted in these proceedings and intends to defend the actions vigorously. Nevertheless, the outcome of litigation is uncertain and there can be no assurance that the Adviser will prevail in any of the matters, or that any judgment or settlement will be favorable to the Adviser. An adverse judgment or settlement in any of these proceedings could result in substantial financial liabilities and could materially adversely affect the Adviser’s financial condition, operations, and ability to continue providing investment advisory services to the Trust. Such an outcome could require the Trust to make alternative investment advisory arrangements, including the possible retention of a replacement investment adviser, or to close and liquidate the Fund. Cayman Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”), the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund’s investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund’s investments in the Subsidiary were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. Commodity Pool Regulatory Risk. The Fund’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund and Subsidiary to regulation under the Commodities Exchange Act of 1936, as amended (the “CEA”) and CFTC rules. The Adviser is currently registered as a commodity pool operator (“CPO”) and the Fund and the Subsidiary will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser, the Fund and the Subsidiary related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund and the Subsidiary. However, the Fund’s or the Subsidiary’s status as a commodity pool and the Adviser’s registration as a CPO are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Tax Risk. The Fund intends to treat any income received by the Subsidiary as “qualifying income” under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings (“PLRs”) provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund’s value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund’s investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. ETF Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zzBXGX1GmLf8"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z7cihXw9Vqa8"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_z8MVdrRxbm8k"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zzv7IgMvmKRi"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_z0NVcO841t8d"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as New York Stock Exchange Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on Share liquidity, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Market Capitalization Risk. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingRiskMember_zjpjE127v275"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">●</td> <td>Large-Capitalization Investing Risk. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Foreign Securities Risk. The Return Diversifier Portfolio’s futures investments may provide exposure securities of non-U.S. issuers. Such securities involve certain risks not involved in domestic investments and such investments may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zVKS4Ml0r1f5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Emerging Markets Risk. Investments in futures which provide exposure to securities traded in developing or “emerging markets”, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value. .</td></tr> </table> Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.brandywineetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.brandywineetfs.com BRANDYWINE LARGE CAP GROWTH ETF - FUND SUMMARY Investment Objective Brandywine Large Cap Growth ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). 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. <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zUDDM6LlblMl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zZU47fdgO1eh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_98D_eoef--OperatingExpensesCaption_c20261029__20261029__dei--LegalEntityAxis__custom--S000109869Member_zbQhNv6iqU48" style="border-top: black 1pt solid;">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49F_20261029__20261029__oef--ClassAxis__custom--C000280994Member_ziBniWtX1vp6" style="border-top: black 1pt solid;"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zBEP8THX28Dl" style="vertical-align: top"> <td style="width: 92%">Management Fees </td> <td style="width: 8%; text-align: center">0.68%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zG8STZ4yhor5" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zmbnAP1cCDsc" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses(2) (3)</td> <td style="text-align: center">0.02%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zFYbLxe9sRue" style="vertical-align: top"> <td>Other Expenses(2)</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zu78uDEim2t8" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: black 2.25pt double;text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid;"> </td> <td style="border-bottom: black 1pt solid;"> </td></tr> </table> <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%">(1)</td> <td style="text-align: justify; width: 97%">The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td style="text-align: justify">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0 0.0002 0.0000 0.0070 Based on estimated amounts for the current fiscal year. AFFE in the table above is estimated for the first year of operations. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKPGwCUiq5Dl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zI03oPdcd83h" 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 style="vertical-align: top"> <td id="xdx_481_eoef--ExpenseExampleYear01_zlDiiGEp5LU6" style="border-bottom: black 1pt solid; width: 47%; text-align: center">1 Year</td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_za6oXjlw3D92" style="border-bottom: black 1pt solid; width: 45%; text-align: center">3 Years</td></tr> <tr id="xdx_418_20261029__20261029__oef--ClassAxis__custom--C000280994Member_zzr8wS4eauA7" style="vertical-align: top"> <td style="text-align: center"> $72</td> <td> </td> <td style="text-align: center"> $225</td></tr> </table> 72 225 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Core Strategy The Fund, an actively-managed exchange-traded fund (“ETF”), seeks to achieve its investment objective by providing broad-based exposure to equity securities of large-cap U.S. companies that are included on the Russell 1000 Growth Index (“large-cap U.S. growth securities”) (“Equity Strategy”). While the Fund obtains this exposure primarily through investment in other ETFs, rather than through direct investments in individual equity securities, initially it may be seeded and invested primarily in individual equity securities. The Fund considers large-cap U.S. companies to be those companies listed or domiciled in the U.S. with a market capitalization of $10 billion or more at the time of purchase. In addition, the Fund seeks to provide risk-managed downside protection by purchasing put options on indices that Brandywine Asset Management, Inc., the Fund’s investment adviser (the “Adviser” or “Brandywine”), has determined are most closely correlated with the Fund’s Equity Strategy and therefore offer the best downside protection for the Fund (“Protection Strategy”). Finally, the Fund seeks to offset the cost of the purchased put options utilized by the Protection Strategy by investing in a portfolio of futures contracts broadly diversified across multiple trading strategies and global asset classes, together designed to provide modest returns with low correlation and volatility relative to the Fund’s core exposure to large-cap U.S. growth securities (the “Return Driver Diversifier Portfolio”). For the Equity Strategy, the Fund primarily invests in other ETFs that provide exposure to the Russell 1000 Growth Index. . The other ETFs that the Fund invests in primarily have an objective to track the performance of the Russell 1000 Growth Index. The Fund may also invest in index futures contracts based on the Russell 1000 Growth Index, and from time to time the Fund may borrow for investment purposes to achieve the target equity exposure. When Brandywine determines it is in the best interests of the Fund, the Fund may also invest directly in a portfolio of individual “large-cap U.S. growth securities” where the risk, return and other characteristics of such portfolio are expected to closely resemble the risk, return and other characteristics of a the Russell 1000 Growth Index. The Equity Strategy is designed to provide the Fund with approximately 100% notional exposure to large-cap U.S. growth securities, though this exposure amount may fluctuate over time. For the Protection Strategy, the Fund typically purchases out-of-the-money put options on the Russell 1000 Growth Index. These put options seek to provide some downside protection for the Fund in a declining market. When purchasing put options, the Fund pays a premium in exchange for the downside protection offered by the options. For the Return Driver Diversifier Portfolio, the Fund invests in a portfolio of actively traded futures contracts providing long and short exposure to various global asset classes, including currencies, fixed income securities, equities and commodities. The Return Driver Diversifier Portfolio seeks to provide absolute returns over time in an amount sufficient to offset the options premiums from the Protection Strategy, with low correlation and volatility when compared to the Fund’s core exposure to large-cap U.S. growth securities. The investment process for the Return Driver Diversifier Portfolio, implemented by the Adviser, is to evaluate each asset class individually and to identify trading strategies for each that the Adviser believes will offer the best opportunity for the Fund to achieve its investment objective. The Adviser uses a variety of trading strategies to select the positions held and traded in the Return Driver Diversifier Portfolio. These include trading strategies based on market fundamentals (e.g., analysis of specific market or broad economic and political trends to make investment decisions across various asset classes), investor sentiment (e.g., basing investment decisions on the overall investor mood), arbitrage opportunities (e.g., investment opportunities arising from market mispricings or volatility caused by both market-specific and/or significant, large-scale economic or political events) and momentum (e.g., strategies that seek to capitalize on the continuation of existing price trends in financial and other assets). With respect to its investments in other ETFs, the Fund will consider an eligible ETF to have growth characteristics (“Large-Cap Growth ETF”) if it: (i) has a policy to invest at least 80% of its net assets in companies included on the Russell 1000 Growth Index; or (ii) has an investment objective to track the returns of the Russell 1000 Growth Index. In the case of direct investments, Brandywine will consider a company to be a “large-cap U.S. growth security” if it is included on the Russell 1000 Growth Index at the time the Fund acquires the direct investment. Cayman Subsidiary The Fund intends to gain exposure to certain futures contracts indirectly through a wholly-owned Cayman Islands subsidiary (the “Subsidiary”) that is advised by the Adviser and is not registered as an investment company under the 1940 Act. The Fund and the Subsidiary operate on an integrated basis. The Fund will follow the same compliance policies and procedures as the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies and restrictions, including as set forth in Section 8 of the 1940 Act, on an aggregated basis with the Subsidiary. The Fund will comply with the provisions of the 1940 Act governing capital structure and leverage provisions, including as set forth in Section 18 of the 1940 Act, on an aggregated basis with the Subsidiary. For purposes of determining compliance with Section 18, the Fund treats the assets, liabilities, indebtedness, and other obligations of the Subsidiary as if they were those of the Fund. As investment adviser to the Subsidiary, the Adviser complies with the provisions of the 1940 Act governing investment advisory agreements, including Section 15 of the 1940 Act, in a manner consistent with the obligations applicable to an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Board will oversee the Adviser’s management of the Subsidiary in substantially the same manner as it oversees the Adviser’s management of the Fund. The Subsidiary will comply with the provisions of the 1940 Act relating to affiliated transactions and custody, including as set forth in Section 17 of the 1940 Act. The assets of the Subsidiary will be maintained in the custody of the Fund’s custodian, UMB Bank, N.A. and the Subsidiary’s custody arrangements will be subject to the same oversight and controls applicable to the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate “qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may invest without limitation in such investments. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. For financial reporting purposes, the financial statements of the Subsidiary will be consolidated with the financial statements of the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Other Fund Attributes Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to “large-cap U.S. growth securities” directly or through Large-Cap Growth ETFs. The Fund counts the notional value of any options invested in as part of the Protection Strategy and the notional value of any futures contracts invested in as part of the Equity Strategy towards compliance with the 80% policy noted above. The Fund generally holds between 40 and 130 different portfolio holdings. Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to “large-cap U.S. growth securities” directly or through Large-Cap Growth ETFs. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities 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. Growth Investing Risk. Investors expect growth companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Growth companies also typically do not pay dividends. Companies that pay dividends may experience less significant stock price declines during market downturns. General Market Risk. Economies and financial markets throughout the world are interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Fund’s portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Underlying ETFs Risks. The Fund may suffer losses due to the investment practices of the ETFs in which the Fund invests (“Underlying ETFs”). The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, the market price of the shares of an Underlying ETF in which the Fund invests will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF’s shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. Underlying ETFs are also subject to the “ETF Risks” described below. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund’s / Subsidiary’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund/ Subsidiary uses derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund and the Subsidiary to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks: <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsMember_zoYrqvOFFFcl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund / Subsidiary to make daily cash payments to maintain its required margin, particularly at times when the Fund / Subsidiary may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zfrnrHt8ncoa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. In particular, the value of the options contracts in which the Fund invests are substantially influenced by the value of the underlying asset. The Fund and the Subsidiary may experience substantial downside from specific option positions and certain option positions held by the Fund / Subsidiary may expire worthless. The options held by the Fund / Subsidiary are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts.</td></tr> </table> Fixed Income Securities Risk. The Fund’s assets may include exposure to the fixed income asset class. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. Leverage Risk. Using derivatives such as futures, or borrowing from a line of credit, to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Commodities Risk. The Fund’s exposure to investments in physical commodities subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including: overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Fund and the Subsidiary in varying ways, and different factors may cause the value and the volatility of the Fund and the Subsidiary to move in inconsistent directions at inconsistent rates. The current or “spot” prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Currency Risk: The Fund’s assets may include exposure to the foreign currencies. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may negatively impact the Fund’s performance. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund and the Subsidiary. This risk includes the potential for underperformance or failure to meet investment goals due to the Adviser’s decisions and implementation of investment strategies over time. Limited Adviser Experience Risk. The Adviser has no experience with managing an ETF, which may limit the Adviser’s effectiveness. Adviser Litigation Risk. The Adviser is currently engaged in three litigation matters, none of which involve the Trust, the ETFs, or the Cayman Subsidiaries. The litigation could divert the Adviser’s resources and management attention, harm its reputation, or, if decided adversely against the Adviser, impair the Adviser’s ability to manage the ETFs and Cayman Subsidiaries, which could adversely affect an ETF and its shareholders. The first matter claims breach of contract and unjust enrichment based on a dispute over the purchase price of a particular investment fund. The relief requested includes compensatory damages and equitable relief. The Adviser believes that it has meritorious defenses against the claims asserted in this proceeding and intends to defend the action vigorously. The remaining two related actions arise out of the Adviser’s management of a legacy hedge fund that has since closed. The two actions claim fraud and breach of fiduciary duty, and seek a variety of relief including compensatory and punitive damages as well as equitable relief. The Adviser believes it has meritorious defenses to the claims asserted in these proceedings and intends to defend the actions vigorously. Nevertheless, the outcome of litigation is uncertain and there can be no assurance that the Adviser will prevail in any of the matters, or that any judgment or settlement will be favorable to the Adviser. An adverse judgment or settlement in any of these proceedings could result in substantial financial liabilities and could materially adversely affect the Adviser’s financial condition, operations, and ability to continue providing investment advisory services to the Trust. Such an outcome could require the Trust to make alternative investment advisory arrangements, including the possible retention of a replacement investment adviser, or to close and liquidate an ETF. Cayman Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”), the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund’s investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund’s investments in the Subsidiary were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. Commodity Pool Regulatory Risk. The Fund’s and the Subsidiary’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund and Subsidiary to regulation under the Commodities Exchange Act of 1936, as amended (the “CEA”) and CFTC rules. The Adviser is currently registered as a commodity pool operator (“CPO”) and the Fund and the Subsidiary will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser, the Fund and the Subsidiary related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund and the Subsidiary. However, the Fund’s or the Subsidiary’s status as a commodity pool and the Adviser’s registration as a CPO are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Tax Risk. The Fund intends to treat any income received by the Subsidiary as “qualifying income” under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings (“PLRs”) provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund’s value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund’s investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. ETF Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zqFUzC9E9e0j"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z5Jox7EGH6E7"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.</td></tr> </table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zwbLfcQrfns9"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_ztvPvqndoC4h"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zds0jJcx1FCd"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as New York Stock Exchange Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on Share liquidity, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Market Capitalization Risk. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingRiskMember_zTzOcLHoWcI7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">●</td> <td>Large-Capitalization Investing Risk. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.brandywineetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.brandywineetfs.com BRANDYWINE LARGE CAP VALUE ETF - FUND SUMMARY Investment Objective Brandywine Large Cap Value ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). 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. <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zSUa85VbjPvi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zDthSxhPvpFh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_988_eoef--OperatingExpensesCaption_c20261029__20261029__dei--LegalEntityAxis__custom--S000109870Member_zbs9U7r2urtf" style="border-top: black 1pt solid;">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49C_20261029__20261029__oef--ClassAxis__custom--C000280995Member_zJT0PzdhkXK4" style="border-top: black 1pt solid;"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z29HqQHV3dk6" style="vertical-align: top"> <td style="width: 92%">Management Fees </td> <td style="width: 8%; text-align: center">0.68%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7t5sp6dZvmf" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zO3feNrTOE3j" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses (2) (3)</td> <td style="text-align: center">0.02%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zuIeSistj5zi" style="vertical-align: top"> <td>Other Expenses(2)</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zlXNQfZ7ITN8" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: black 2.25pt double;text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid;"> </td> <td style="border-bottom: black 1pt solid;"> </td></tr> </table> <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%">(1)</td> <td style="text-align: justify; width: 97%">The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td style="text-align: justify">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0 0.0002 0.0000 0.0070 Based on estimated amounts for the current fiscal year. AFFE in the table above is estimated for the first year of operations. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zg9I1zpybfS6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zq70bd5ZQSL4" 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 style="vertical-align: top"> <td id="xdx_482_eoef--ExpenseExampleYear01_zsPFF1FRWYek" style="border-bottom: black 1pt solid; width: 47%; text-align: center">1 Year</td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td id="xdx_484_eoef--ExpenseExampleYear03_zP4i1AnK5dGk" style="border-bottom: black 1pt solid; width: 45%; text-align: center">3 Years</td></tr> <tr id="xdx_410_20261029__20261029__oef--ClassAxis__custom--C000280995Member_ztsHVXqLCwa2" style="vertical-align: top"> <td style="text-align: center"> $72</td> <td> </td> <td style="text-align: center">$225</td></tr> </table> 72 225 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Core Strategy The Fund, an actively-managed exchange-traded fund (“ETF”), seeks to achieve its investment objective by providing broad-based exposure to equity securities of large-cap U.S. companies that are included on the Russell 1000 Value Index (“large-cap U.S. value securities”) (“Equity Strategy”). The Fund considers large-cap U.S. companies to be those companies listed or domiciled in the U.S. with a market capitalization of $10 billion or more at the time of purchase. In addition, the Fund seeks to provide risk-managed downside protection by purchasing put options on indices that Brandywine Asset Management, Inc., the Fund’s investment adviser (the “Adviser” or “Brandywine”), has determined are most closely correlated with the Fund’s Equity Strategy and therefore offer the best downside protection for the Fund (“Protection Strategy”). Finally, the Fund seeks to offset the cost of the purchased put options utilized by the Protection Strategy by investing in a portfolio of futures contracts broadly diversified across multiple trading strategies and global asset classes, together designed to provide modest returns with low correlation and volatility relative to the Fund’s core exposure to large-cap U.S. value securities (the “Return Driver Diversifier Portfolio”). For the Equity Strategy, the Fund primarily invests in other ETFs that provide exposure to the Russell 1000 Value. The other ETFs that the Fund invests in primarily have an objective to track the performance of the Russell 1000 Value Index. The Fund may also invest in index futures contracts based on the Russell 1000 Value Index, and from time to time the Fund may borrow for investment purposes to achieve the target equity exposure. When Brandywine determines it is in the best interests of the Fund, the Fund may also invest directly in a portfolio of individual large-cap U.S. value securities where the risk, return and other characteristics of such portfolio are expected to closely resemble the risk, return and other characteristics of a particular LC Value Index. The Equity Strategy is designed to provide the Fund with approximately 100% notional exposure to large-cap U.S. value securities, though this exposure amount may fluctuate over time. For the Protection Strategy, the Fund typically purchases out-of-the-money put options on the Russell 1000 Value Index. These put options seek to provide some downside protection for the Fund in a declining market. When purchasing put options, the Fund pays a premium in exchange for the downside protection offered by the options. For the Return Driver Diversifier Portfolio, the Fund invests in a portfolio of actively traded futures contracts providing long and short exposure to various global asset classes, including currencies, fixed income securities, equities and commodities. The Return Driver Diversifier Portfolio seeks to provide absolute returns over time in an amount sufficient to offset the options premiums from the Protection Strategy, with low correlation and volatility when compared to the Fund’s core exposure to large-cap U.S. value securities. The investment process for the Return Driver Diversifier Portfolio, implemented by the Adviser, is to evaluate each asset class individually and to identify trading strategies for each that the Adviser believes will offer the best opportunity for the Fund to achieve its investment objective. The Adviser uses a variety of trading strategies to select the positions held and traded in the Return Driver Diversifier Portfolio. These include trading strategies based on market fundamentals (e.g., analysis of specific market or broad economic and political trends to make investment decisions across various asset classes), investor sentiment (e.g., basing investment decisions on the overall investor mood), arbitrage opportunities (e.g., investment opportunities arising from market mispricings or volatility caused by both market-specific and/or significant, large-scale economic or political events) and momentum (e.g., strategies that seek to capitalize on the continuation of existing price trends in financial and other assets). With respect to its investments in other ETFs, the Fund will consider an eligible ETF to have value characteristics (“Large-Cap Value ETF”) if the ETF: (i) has a policy to invest at least 80% of its net assets in companies included on the Russell 1000 Value Index; or (ii) has an investment objective to track the returns of the Russell 1000 Value Index. In the case of direct investments, Brandywine will consider a company to have value characteristics if it is a holding of a Value ETF or included on the Russell 1000 Value Index at the time the Fund acquires the direct investment. Cayman Subsidiary The Fund intends to gain exposure to certain futures contracts indirectly through a wholly-owned Cayman Islands subsidiary (the “Subsidiary”) that is advised by the Fund’s Adviser and is not registered as an investment company under the 1940 Act. The Fund and the Subsidiary operate on an integrated basis. The Fund will follow the same compliance policies and procedures as the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies and restrictions, including as set forth in Section 8 of the 1940 Act, on an aggregated basis with the Subsidiary. The Fund will comply with the provisions of the 1940 Act governing capital structure and leverage provisions, including as set forth in Section 18 of the 1940 Act, on an aggregated basis with the Subsidiary. For purposes of determining compliance with Section 18, the Fund treats the assets, liabilities, indebtedness, and other obligations of the Subsidiary as if they were those of the Fund. As investment adviser to the Subsidiary, the Adviser complies with the provisions of the 1940 Act governing investment advisory agreements, including Section 15 of the 1940 Act, in a manner consistent with the obligations applicable to an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Board will oversee the Adviser’s management of the Subsidiary in substantially the same manner as it oversees the Adviser’s management of the Funds. Each Subsidiary will comply with the provisions of the 1940 Act relating to affiliated transactions and custody, including as set forth in Section 17 of the 1940 Act. The assets of each Subsidiary will be maintained in the custody of the Fund’s custodian, UMB Bank, N.A. and the Subsidiary’s custody arrangements will be subject to the same oversight and controls applicable to the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate “qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may invest without limitation in such investments. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. For financial reporting purposes, the financial statements of the Subsidiary will be consolidated with the financial statements of the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary Other Fund Attributes Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to “large-cap U.S. value securities” directly or through Large-Cap Value ETFs. The Fund counts the notional value of any options invested in as part of the Protection Strategy and the notional value of any futures contracts invested in as part of the Equity Strategy towards compliance with the 80% policy noted above. The Fund generally holds between 40 and 130 different portfolio holdings. Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to “large-cap U.S. value securities” directly or through Large-Cap Value ETFs. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities 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. Value Investing Risk. Investing in “value” stocks presents the risk that the stocks may never reach what the Adviser believes are their full market values. In addition, value stocks may fall out of favor with investors and underperform other stocks (such as growth stocks) during given periods. General Market Risk. Economies and financial markets throughout the world are interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Fund’s portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Underlying ETFs Risks. The Fund may suffer losses due to the investment practices of the ETFs in which the Fund invests (“Underlying ETFs”). The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, the market price of the shares of an Underlying ETF in which the Fund invests will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF’s shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. Underlying ETFs are also subject to the “ETF Risks” described below. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund’s /Subsidiary’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund/ Subsidiary uses derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund and the Subsidiary to losses in excess of those amounts initially invested. In addition, the investments in derivatives are subject to the following risks: <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsMember_zHldUv8UGqm6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund / Subsidiary to make daily cash payments to maintain its required margin, particularly at times when the Fund / Subsidiary may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.</td></tr> </table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zWWYrwuHhqQ4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund and the Subsidiary may experience substantial downside from specific option positions and certain option positions held by the Fund / Subsidiary may expire worthless. The options held by the Fund / Subsidiary are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts.</td></tr> </table> Fixed Income Securities Risk. The Fund’s assets may include exposure to the fixed income asset class. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. Leverage Risk. Using derivatives such as futures, or borrowing from a line of credit, to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Commodities Risk. The Fund’s exposure to investments in physical commodities subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including: overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Fund and the Subsidiary in varying ways, and different factors may cause the value and the volatility of the Fund and the Subsidiary to move in inconsistent directions at inconsistent rates. The current or “spot” prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Currency Risk: The Fund’s assets may include exposure to the foreign currencies. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may negatively impact the Fund’s performance. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund and the Subsidiary. This risk includes the potential for underperformance or failure to meet investment goals due to the Adviser’s decisions and implementation of investment strategies over time. Limited Adviser Experience Risk. The Adviser has no experience with managing an ETF, which may limit the Adviser’s effectiveness. Adviser Litigation Risk. The Adviser is currently engaged in three litigation matters, none of which involve the Trust, the Funds, or the Subsidiaries. The litigation could divert the Adviser’s resources and management attention, harm its reputation, or, if decided adversely against the Adviser, impair the Adviser’s ability to manage the Funds and their Subsidiaries, which could adversely affect an ETF and its shareholders. The first matter claims breach of contract and unjust enrichment based on a dispute over the purchase price of a particular investment fund. The relief requested includes compensatory damages and equitable relief. The Adviser believes that it has meritorious defenses against the claims asserted in this proceeding and intends to defend the action vigorously. The remaining two related actions arise out of the Adviser’s management of a legacy hedge fund that has since closed. The two actions claim fraud and breach of fiduciary duty, and seek a variety of relief including compensatory and punitive damages as well as equitable relief. The Adviser believes it has meritorious defenses to the claims asserted in these proceedings and intends to defend the actions vigorously. Nevertheless, the outcome of litigation is uncertain and there can be no assurance that the Adviser will prevail in any of the matters, or that any judgment or settlement will be favorable to the Adviser. An adverse judgment or settlement in any of these proceedings could result in substantial financial liabilities and could materially adversely affect the Adviser’s financial condition, operations, and ability to continue providing investment advisory services to the Trust. Such an outcome could require the Trust to make alternative investment advisory arrangements, including the possible retention of a replacement investment adviser, or to close and liquidate the Fund. Cayman Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”), the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund’s investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund’s investments in the Subsidiary were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. Commodity Pool Regulatory Risk. The Fund’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund and Subsidiary to regulation under the Commodities Exchange Act of 1936, as amended (the “CEA”) and CFTC rules. The Adviser is registered as a commodity pool operator (“CPO”) and the Fund and the Subsidiary will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser , the Fund, and the Subsidiary related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund and the Subsidiary. However, the Fund’s or the Subsidiary’s status as a commodity pool and the Adviser’s registration as a CPO are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Tax Risk. The Fund intends to treat any income received by the Subsidiary as “qualifying income” under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings (“PLRs”) provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund’s value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund’s investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. ETF Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z5bfxbw4iSxj"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zQTRipMfOxwl"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken-up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.</td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zOlaMSscHws1"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zPAbDsI3dt2f"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zoYCSVTo1K0e"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as New York Stock Exchange Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on Share liquidity, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Market Capitalization Risk. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingRiskMember_z1rXFwkJryFk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">●</td> <td>Large-Capitalization Investing Risk. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.brandywineetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.brandywineetfs.com BRANDYWINE SMALL CAP ETF - FUND SUMMARY Investment Objective Brandywine Small Cap ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). 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. <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_za3H8eSXbdY3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z1gQt0nDehwd" style="font: 10pt Times New Roman, Times, Serif; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_988_eoef--OperatingExpensesCaption_c20261029__20261029__dei--LegalEntityAxis__custom--S000109871Member_zHiHrHukZyDh" style="border-top: black 1pt solid;">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_493_20261029__20261029__oef--ClassAxis__custom--C000280996Member_zWUmTDsn4Z55" style="border-top: black 1pt solid;"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zPi75Mt7vpCl" style="vertical-align: top"> <td style="width: 92%">Management Fees </td> <td style="width: 8%; text-align: center">0.68%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zUPHUGhD1wK4" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zzEhgsNY1RU8" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses(2)(3)</td> <td style="text-align: center"> 0.02%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zpE51Rakpsbi" style="vertical-align: top"> <td>Other Expenses(2)</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_z6w2eoX2rqmi" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: black 2.25pt double;text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid;"> </td> <td style="border-bottom: black 1pt solid;"> </td></tr> </table> <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: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td style="text-align: justify">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0 0.0002 0.0000 0.0070 Based on estimated amounts for the current fiscal year. AFFE in the table above is estimated for the first year of operations. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWI33LGUchHj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zyqEl6in45Ji" 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 style="vertical-align: top"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zceyxSRk0rWl" style="border-bottom: black 1pt solid; width: 47%; text-align: center">1 Year</td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td id="xdx_485_eoef--ExpenseExampleYear03_zpcQ8DAiEH2j" style="border-bottom: black 1pt solid; width: 45%; text-align: center">3 Years</td></tr> <tr id="xdx_410_20261029__20261029__oef--ClassAxis__custom--C000280996Member_z4PHXrZlthUl" style="vertical-align: top"> <td style="text-align: center">$72</td> <td> </td> <td style="text-align: center">$225 </td></tr> </table> 72 225 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Core Strategy The Fund, an actively-managed exchange-traded fund (“ETF”), seeks to achieve its investment objective by providing broad-based exposure to equity securities of small-cap U.S. companies (“small-cap U.S. equity securities”) (“Equity Strategy”). The Fund considers small-cap U.S. companies to be those companies listed or domiciled in the U.S. with a market capitalization less than $4 billion at the time of purchase. In addition, the Fund seeks to provide risk-managed downside protection by purchasing put options on indices that Brandywine Asset Management, Inc., the Fund’s investment adviser (the “Adviser” or “Brandywine”), has determined are most closely correlated with the Fund’s Equity Strategy and therefore offer the best downside protection for the Fund (“Protection Strategy”). Finally, the Fund seeks to offset the cost of the purchased put options utilized by the Protection Strategy by investing in a portfolio of futures contracts broadly diversified across multiple trading strategies and global asset classes, together designed to provide modest returns with low correlation and volatility relative to the Fund’s core exposure to small-cap U.S. equity securities (the “Return Driver Diversifier Portfolio”). For the Equity Strategy, the Fund primarily invests in other ETFs that provide exposure to an index comprised of small-cap U.S. equity securities (each, an “SC Index”). Brandywine considers an index to be an SC Index if at least 80% of the index’s total market capitalization is comprised of small-cap U.S. equity securities. The other ETFs that the Fund invests in primarily have an objective to track the performance of a particular SC Index. The Fund may also invest in index futures contracts based on an SC Index, and from time to time the Fund may borrow for investment purposes to achieve the target equity exposure. When Brandywine determines it is in the best interests of the Fund, the Fund may also invest directly in a portfolio of individual small-cap U.S. equity securities where the risk, return and other characteristics of such portfolio are expected to closely resemble the risk, return and other characteristics of a particular SC Index. The Equity Strategy is designed to provide the Fund with approximately 100% notional exposure to small-cap U.S. equity securities, though this exposure amount may fluctuate over time. For the Protection Strategy, the Fund typically purchases out-of-the-money put options on an SC Index. These put options seek to provide some downside protection for the Fund in a declining market. When purchasing put options, the Fund pays a premium in exchange for the downside protection offered by the options. For the Return Driver Diversifier Portfolio, the Fund invests in a portfolio of actively traded futures contracts providing long and short exposure to various global asset classes, including currencies, fixed income securities, equities and commodities. The Return Driver Diversifier Portfolio seeks to provide absolute returns over time in an amount sufficient to offset the options premiums from the Protection Strategy, with low correlation and volatility when compared to the Fund’s core exposure to small-cap U.S. equity securities. The investment process for the Return Driver Diversifier Portfolio, implemented by the Adviser, is to evaluate each asset class individually and to identify trading strategies for each that the Adviser believes will offer the best opportunity for the Fund to achieve its investment objective. The Adviser uses a variety of trading strategies to select the positions held and traded in the Return Driver Diversifier Portfolio. These include trading strategies based on market fundamentals (e.g., analysis of specific market or broad economic and political trends to make investment decisions across various asset classes), investor sentiment (e.g., basing investment decisions on the overall investor mood), arbitrage opportunities (e.g., investment opportunities arising from market mispricings or volatility caused by both market-specific and/or significant, large-scale economic or political events) and momentum (e.g., strategies that seek to capitalize on the continuation of existing price trends in financial and other assets). Cayman Subsidiary The Fund intends to gain exposure to certain futures contracts indirectly through a wholly-owned Cayman Islands subsidiary (the “Subsidiary”) that is advised by the Fund’s Adviser and is not registered as an investment company under the 1940 Act. The Fund and the Subsidiary operate on an integrated basis. The Fund will follow the same compliance policies and procedures as the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies and restrictions, including as set forth in Section 8 of the 1940 Act, on an aggregated basis with the Subsidiary. The Fund will comply with the provisions of the 1940 Act governing capital structure and leverage provisions, including as set forth in Section 18 of the 1940 Act, on an aggregated basis with the Subsidiary. For purposes of determining compliance with Section 18, the Fund treats the assets, liabilities, indebtedness, and other obligations of the Subsidiary as if they were those of the Fund. As investment adviser to the Subsidiary, the Adviser complies with the provisions of the 1940 Act governing investment advisory agreements, including Section 15 of the 1940 Act, in a manner consistent with the obligations applicable to an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Board will oversee the Adviser’s management of the Subsidiary in substantially the same manner as it oversees the Adviser’s management of the Funds. Each Subsidiary will comply with the provisions of the 1940 Act relating to affiliated transactions and custody, including as set forth in Section 17 of the 1940 Act. The assets of each Subsidiary will be maintained in the custody of the Fund’s custodian, UMB Bank, N.A. and the Subsidiary’s custody arrangements will be subject to the same oversight and controls applicable to the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate “qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may invest without limitation in such investments. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. For financial reporting purposes, the financial statements of the Subsidiary will be consolidated with the financial statements of the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Other Fund Attributes Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to small-cap U.S. companies. The Fund counts the notional value of any options invested in as part of the Protection Strategy and the notional value of any futures contracts invested in as part of the Equity Strategy towards compliance with the 80% policy noted above. The Fund generally holds between 40 and 130 different portfolio holdings. Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to small-cap U.S. companies. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities 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. General Market Risk. Economies and financial markets throughout the world are interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Fund’s portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Underlying ETFs Risks. The Fund may suffer losses due to the investment practices of the ETFs in which the Fund invests (“Underlying ETFs”). The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, the market price of the shares of an Underlying ETF in which the Fund invests will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF’s shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. Underlying ETFs are also subject to the “ETF Risks” described below. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund’s / Subsidiary’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund / Subsidiary use derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund and the Subsidiary to losses in excess of those amounts initially invested. In addition, the investments in derivatives are subject to the following risks: <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsMember_zxJ2X5hiPkF"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund / Subsidiary to make daily cash payments to maintain its required margin, particularly at times when the Fund / Subsidiary may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zXWcn7YAvw15"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund and the Subsidiary may experience substantial downside from specific option positions and certain option positions held by the Fund / Subsidiary may expire worthless. The options held are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts.</td></tr> </table> Fixed Income Securities Risk. The Fund’s assets may include exposure to the fixed income asset class. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. Leverage Risk. Using derivatives such as futures, or borrowing from a line of credit, to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Commodities Risk. The Fund’s exposure to investments in physical commodities subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including: overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Fund and the Subsidiary in varying ways, and different factors may cause the value and the volatility of the Fund and the Subsidiary to move in inconsistent directions at inconsistent rates. The current or “spot” prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Currency Risk: The Fund’s assets may include exposure to the foreign currencies. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may negatively impact the Fund’s performance. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund and the Subsidiary. This risk includes the potential for underperformance or failure to meet investment goals due to the Adviser’s decisions and implementation of investment strategies over time. Limited Adviser Experience Risk. The Adviser has no experience with managing an ETF, which may limit the Adviser’s effectiveness. Adviser Litigation Risk. The Adviser is currently engaged in three litigation matters, none of which involve the Trust, the Funds, or their Subsidiaries. The litigation could divert the Adviser’s resources and management attention, harm its reputation, or, if decided adversely against the Adviser, impair the Adviser’s ability to manage the Funds and Subsidiaries, which could adversely affect an ETF and its shareholders. The first matter claims breach of contract and unjust enrichment based on a dispute over the purchase price of a particular investment fund. The relief requested includes compensatory damages and equitable relief. The Adviser believes that it has meritorious defenses against the claims asserted in this proceeding and intends to defend the action vigorously. The remaining two related actions arise out of the Adviser’s management of a legacy hedge fund that has since closed. The two actions claim fraud and breach of fiduciary duty, and seek a variety of relief including compensatory and punitive damages as well as equitable relief. The Adviser believes it has meritorious defenses to the claims asserted in these proceedings and intends to defend the actions vigorously. Nevertheless, the outcome of litigation is uncertain and there can be no assurance that the Adviser will prevail in any of the matters, or that any judgment or settlement will be favorable to the Adviser. An adverse judgment or settlement in any of these proceedings could result in substantial financial liabilities and could materially adversely affect the Adviser’s financial condition, operations, and ability to continue providing investment advisory services to the Trust. Such an outcome could require the Trust to make alternative investment advisory arrangements, including the possible retention of a replacement investment adviser, or to close and liquidate the Fund. Cayman Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”), the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund’s investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund’s investments in the Subsidiary were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. Commodity Pool Regulatory Risk. The Fund’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund and Subsidiary to regulation under the Commodities Exchange Act of 1936, as amended (the “CEA”) and CFTC rules. The Adviser is currently registered as a commodity pool operator (“CPO”) and the Fund and the Subsidiary will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser, the Fund and the Subsidiary related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund and the Subsidiary. However, the Fund’s or the Subsidiary’s status as a commodity pool and the Adviser’s registration as a CPO are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Tax Risk. The Fund intends to treat any income received by the Subsidiary as “qualifying income” under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings (“PLRs”) provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund’s value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund’s investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. ETF Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z4W2Ki4OEZJj"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zMkfVHBlr3l"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.</td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zaLwlC8fYBBk"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_z4mtWAzMZqC5"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zXUz4iUG35yh"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as New York Stock Exchange Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on Share liquidity, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Market Capitalization Risk. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingRiskMember_zAInB3bljC61"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Small-Capitalization Investing Risk. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr> </table> Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.brandywineetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.brandywineetfs.com BRANDYWINE SMALL CAP GROWTH ETF - FUND SUMMARY Investment Objective Brandywine Small Cap Growth ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). 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. <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zHoZPzPVQKP6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zhRxlgAIcoD2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_98F_eoef--OperatingExpensesCaption_c20261029__20261029__dei--LegalEntityAxis__custom--S000109872Member_zFFQx42dZnK7" style="border-top: black 1pt solid;">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_497_20261029__20261029__oef--ClassAxis__custom--C000280997Member_zvRCK88khjCe" style="border-top: black 1pt solid;"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zVJuZfhOgu06" style="vertical-align: top"> <td style="width: 92%">Management Fees </td> <td style="width: 8%; text-align: center">0.68%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zS3iNHOZvgK6" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zwRtyL8XHkp2" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses(2)(3)</td> <td style="text-align: center">0.02%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_za2jP6XdqL5j" style="vertical-align: top"> <td>Other Expenses(2)</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z9w6LsRMUf77" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: black 2.25pt double;text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid;"> </td> <td style="border-bottom: black 1pt solid;"> </td></tr> </table> <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: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td> Based on estimated amounts for the current fiscal year. </td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td> Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0 0.0002 0.0000 0.0070 Based on estimated amounts for the current fiscal year. AFFE in the table above is estimated for the first year of operations. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8Rxfq4djERf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zGZdXO8eJj2e" 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 style="vertical-align: top"> <td id="xdx_485_eoef--ExpenseExampleYear01_zTT8QxE0TcA4" style="border-bottom: black 1pt solid; width: 47%; text-align: center">1 Year</td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td id="xdx_484_eoef--ExpenseExampleYear03_z3JmTsZQJdxi" style="border-bottom: black 1pt solid; width: 45%; text-align: center">3 Years</td></tr> <tr id="xdx_41F_20261029__20261029__oef--ClassAxis__custom--C000280997Member_zqk8cqqRuO0g" style="vertical-align: top"> <td style="text-align: center"> 72</td> <td> </td> <td style="text-align: center"> $225</td></tr> </table> 72 225 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Core Strategy The Fund, an actively-managed exchange-traded fund (“ETF”), seeks to achieve its investment objective by providing broad-based exposure to equity securities of small-cap U.S. companies that are included on the Russell 2000 Growth Index (“small-cap U.S. growth securities”) (“Equity Strategy”). The Fund considers small-cap U.S. companies to be those companies listed or domiciled in the U.S. with a market capitalization less than $4 billion at the time of purchase. In addition, the Fund seeks to provide risk-managed downside protection by purchasing put options on indices that Brandywine Asset Management, Inc., the Fund’s investment adviser (the “Adviser” or “Brandywine”), has determined are most closely correlated with the Fund’s Equity Strategy and therefore offer the best downside protection for the Fund (“Protection Strategy”). Finally, the Fund seeks to offset the cost of the purchased put options utilized by the Protection Strategy by investing in a portfolio of futures contracts broadly diversified across multiple trading strategies and global asset classes, together designed to provide modest returns with low correlation and volatility relative to the Fund’s core exposure to small-cap U.S. growth securities (the “Return Driver Diversifier Portfolio”). For the Equity Strategy, the Fund primarily invests in other ETFs that provide exposure to the Russell 2000 Growth Index. The other ETFs that the Fund invests in primarily have an objective to track the performance of the Russell 2000 Growth Index. The Fund may also invest in index futures contracts based on the Russell 2000 Growth Index, and from time to time the Fund may borrow for investment purposes to achieve the target equity exposure. When Brandywine determines it is in the best interests of the Fund, the Fund may also invest directly in a portfolio of individual small-cap U.S. growth securities that are included on the Russell 2000 Growth Index. The Equity Strategy is designed to provide the Fund with approximately 100% notional exposure to small-cap U.S. growth securities, though this exposure amount may fluctuate over time. For the Protection Strategy, the Fund typically purchases out-of-the-money put options on the Russell 2000 Growth Index. These put options seek to provide some downside protection for the Fund in a declining market. When purchasing put options, the Fund pays a premium in exchange for the downside protection offered by the options. For the Return Driver Diversifier Portfolio, the Fund invests in a portfolio of actively traded futures contracts providing long and short exposure to various global asset classes, including currencies, fixed income securities, equities and commodities. The Return Driver Diversifier Portfolio seeks to provide absolute returns over time in an amount sufficient to offset the options premiums from the Protection Strategy, with low correlation and volatility when compared to the Fund’s core exposure to small-cap U.S. growth securities. The investment process for the Return Driver Diversifier Portfolio, implemented by the Adviser, is to evaluate each asset class individually and to identify trading strategies for each that the Adviser believes will offer the best opportunity for the Fund to achieve its investment objective. The Adviser uses a variety of trading strategies to select the positions held and traded in the Return Driver Diversifier Portfolio. These include trading strategies based on market fundamentals (e.g., analysis of specific market or broad economic and political trends to make investment decisions across various asset classes), investor sentiment (e.g., basing investment decisions on the overall investor mood), arbitrage opportunities (e.g., investment opportunities arising from market mispricings or volatility caused by both market-specific and/or significant, large-scale economic or political events) and momentum (e.g., strategies that seek to capitalize on the continuation of existing price trends in financial and other assets). With respect to its investments in other ETFs, the Fund will consider an eligible ETF to have growth characteristics (“Small-Cap Growth ETF”) if it: (i) has a policy to invest at least 80% of its net assets in companies included on the Russell 2000 Growth Index; or (ii) has an investment objective to track the returns of the Russell 2000 Growth Index. In the case of direct investments, Brandywine will consider a company to have growth characteristics if it is included on the Russell 2000 Growth Index at the time the Fund acquires the direct investment. Cayman Subsidiary The Fund intends to gain exposure to certain futures contracts indirectly through a wholly-owned Cayman Islands subsidiary (the “Subsidiary”) that is advised by the Fund’s Adviser and is not registered as an investment company under the 1940 Act. The Fund and the Subsidiary operate on an integrated basis. The Fund will follow the same compliance policies and procedures as the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies and restrictions, including as set forth in Section 8 of the 1940 Act, on an aggregated basis with the Subsidiary. The Fund will comply with the provisions of the 1940 Act governing capital structure and leverage provisions, including as set forth in Section 18 of the 1940 Act, on an aggregated basis with the Subsidiary. For purposes of determining compliance with Section 18, the Fund treats the assets, liabilities, indebtedness, and other obligations of the Subsidiary as if they were those of the Fund. As investment adviser to the Subsidiary, the Adviser complies with the provisions of the 1940 Act governing investment advisory agreements, including Section 15 of the 1940 Act, in a manner consistent with the obligations applicable to an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Board will oversee the Adviser’s management of the Subsidiary in substantially the same manner as it oversees the Adviser’s management of the Funds. Each Subsidiary will comply with the provisions of the 1940 Act relating to affiliated transactions and custody, including as set forth in Section 17 of the 1940 Act. The assets of each Subsidiary will be maintained in the custody of the Fund’s custodian, UMB Bank, N.A. and the Subsidiary’s custody arrangements will be subject to the same oversight and controls applicable to the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate “qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may invest without limitation in such investments. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. For financial reporting purposes, the financial statements of the Subsidiary will be consolidated with the financial statements of the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Other Fund Attributes Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to “small-cap U.S. growth securities” directly or through Small-Cap Growth ETFs. The Fund counts the notional value of any options invested in as part of the Protection Strategy and the notional value of any futures contracts invested in as part of the Equity Strategy towards compliance with the 80% policy noted above. The Fund generally holds between 40 and 130 different portfolio holdings. Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to “small-cap U.S. growth securities” directly or through Small-Cap Growth ETFs. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities 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. Growth Investing Risk. Investors expect growth companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Growth companies also typically do not pay dividends. Companies that pay dividends may experience less significant stock price declines during market downturns. General Market Risk. Economies and financial markets throughout the world are interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Fund’s portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Underlying ETFs Risks. The Fund may suffer losses due to the investment practices of the ETFs in which the Fund invests (“Underlying ETFs”). The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, the market price of the shares of an Underlying ETF in which the Fund invests will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF’s shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. Underlying ETFs are also subject to the “ETF Risks” described below. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund’s / Subsidiary’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund / Subsidiary use derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund and the Subsidiary to losses in excess of those amounts initially invested. In addition, the investments in derivatives are subject to the following risks: <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsMember_zVmlRhHVzhc8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund / Subsidiary to make daily cash payments to maintain its required margin, particularly at times when the Fund / Subsidiary may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.</td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zuQtv6VXyOji"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund/ Subsidiary may expire worthless. The options held by the Fund/ Subsidiary are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts.</td></tr> </table> Fixed Income Securities Risk. The Fund’s assets may include exposure to the fixed income asset class. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. Leverage Risk. Using derivatives such as futures, or borrowing from a line of credit, to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Commodities Risk. The Fund’s exposure to investments in physical commodities subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including: overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Fund and the Subsidiary in varying ways, and different factors may cause the value and the volatility of the Fund and the Subsidiary to move in inconsistent directions at inconsistent rates. The current or “spot” prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Currency Risk: The Fund’s assets may include exposure to the foreign currencies. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may negatively impact the Fund’s performance. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund and the Subsidiary. This risk includes the potential for underperformance or failure to meet investment goals due to the Adviser’s decisions and implementation of investment strategies over time. Limited Adviser Experience Risk. The Adviser has no experience with managing an ETF, which may limit the Adviser’s effectiveness. Adviser Litigation Risk. The Adviser is currently engaged in three litigation matters, none of which involve the Trust, the ETFs, or the Subsidiaries. The litigation could divert the Adviser’s resources and management attention, harm its reputation, or, if decided adversely against the Adviser, impair the Adviser’s ability to manage the Funds and their Subsidiaries, which could adversely affect an ETF and its shareholders. The first matter claims breach of contract and unjust enrichment based on a dispute over the purchase price of a particular investment fund. The relief requested includes compensatory damages and equitable relief. The Adviser believes that it has meritorious defenses against the claims asserted in this proceeding and intends to defend the action vigorously. The remaining two related actions arise out of the Adviser’s management of a legacy hedge fund that has since closed. The two actions claim fraud and breach of fiduciary duty, and seek a variety of relief including compensatory and punitive damages as well as equitable relief. The Adviser believes it has meritorious defenses to the claims asserted in these proceedings and intends to defend the actions vigorously. Nevertheless, the outcome of litigation is uncertain and there can be no assurance that the Adviser will prevail in any of the matters, or that any judgment or settlement will be favorable to the Adviser. An adverse judgment or settlement in any of these proceedings could result in substantial financial liabilities and could materially adversely affect the Adviser’s financial condition, operations, and ability to continue providing investment advisory services to the Trust. Such an outcome could require the Trust to make alternative investment advisory arrangements, including the possible retention of a replacement investment adviser, or to close and liquidate the Fund. Cayman Islands Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”), the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund’s investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund’s investments in the Subsidiary were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. Commodity Pool Regulatory Risk. The Fund’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund and Subsidiary to regulation under the Commodities Exchange Act of 1936, as amended (the “CEA”) and CFTC rules. The Adviser is currently registered as a commodity pool operator (“CPO”) and the Fund and the Subsidiary will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser, the Fund and the Subsidiary related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund’s or the Subsidiary’s status as a commodity pool and the Adviser’s registration as a CPO are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Tax Risk. The Fund intends to treat any income received by the Subsidiary as “qualifying income” under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings (“PLRs”) provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund’s value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund’s investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. ETF Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_ziOavO6Okg68"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zIZtxBV4n1ee"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.</td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zy7cuvBqRVNg"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zLvuov6SuSIa"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zCQIfEWtXipb"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as New York Stock Exchange Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on Share liquidity, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Market Capitalization Risk. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingRiskMember_zyBHiIvXZTM9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Small-Capitalization Investing Risk. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr> </table> Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.brandywineetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.brandywineetfs.com BRANDYWINE SMALL CAP VALUE ETF - FUND SUMMARY Investment Objective Brandywine Small Cap Value ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). 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. <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zpwXMTBYCuuj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zdi3uedHYYkd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_984_eoef--OperatingExpensesCaption_c20261029__20261029__dei--LegalEntityAxis__custom--S000109873Member_zLKm4sqPvNL3" style="border-top: black 1pt solid;">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_493_20261029__20261029__oef--ClassAxis__custom--C000280998Member_zc2zSrGHHBsd" style="border-top: black 1pt solid;"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zdGbLSNVNCpl" style="vertical-align: top"> <td style="width: 92%">Management Fees </td> <td style="width: 8%; text-align: center">0.68%</td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_zKN49ijS0lq3" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z0Midnym2if1" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses(2)(3)</td> <td style="text-align: center">0.02%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zXRuGmWMsymc" style="vertical-align: top"> <td>Other Expenses(2)</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zJ4ikgXudfk1" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: black 2.25pt double;text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid;"> </td> <td style="border-bottom: black 1pt solid;"> </td></tr> </table> <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: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td> Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0 0.0002 0.0000 0.0070 Based on estimated amounts for the current fiscal year. AFFE in the table above is estimated for the first year of operations. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_za5xrY7it77h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zCvVA1Em9uD6" 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 style="vertical-align: top"> <td id="xdx_480_eoef--ExpenseExampleYear01_zRjoalLuCqxa" style="border-bottom: black 1pt solid; width: 47%; text-align: center">1 Year</td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td id="xdx_481_eoef--ExpenseExampleYear03_zB8PU3q9R2k7" style="border-bottom: black 1pt solid; width: 45%; text-align: center">3 Years</td></tr> <tr id="xdx_416_20261029__20261029__oef--ClassAxis__custom--C000280998Member_zK9agAgQMzDa" style="vertical-align: top"> <td style="text-align: center"> 72</td> <td> </td> <td style="text-align: center"> $225</td></tr> </table> 72 225 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Core Strategy The Fund, an actively-managed exchange-traded fund (“ETF”), seeks to achieve its investment objective by providing broad-based exposure to equity securities of small-cap U.S. companies that are included on the Russell 2000 Value Index (“small-cap U.S. value securities”) (“Equity Strategy”). The Fund considers small-cap U.S. companies to be those companies listed or domiciled in the U.S. with a market capitalization less than $4 billion at the time of purchase. In addition, the Fund seeks to provide risk-managed downside protection by purchasing put options on indices that Brandywine Asset Management, Inc., the Fund’s investment adviser (the “Adviser” or “Brandywine”), has determined are most closely correlated with the Fund’s Equity Strategy and therefore offer the best downside protection for the Fund (“Protection Strategy”). Finally, the Fund seeks to offset the cost of the purchased put options utilized by the Protection Strategy by investing in a portfolio of futures contracts broadly diversified across multiple trading strategies and global asset classes, together designed to provide modest returns with low correlation and volatility relative to the Fund’s core exposure to small-cap U.S. value securities (the “Return Driver Diversifier Portfolio”). For the Equity Strategy, the Fund primarily invests in other ETFs that provide exposure to the Russell 2000 Value Inex. Brandywine notes that the Russell 2000 Value Index’s total market capitalization is comprised of small-cap U.S. value securities. The other ETFs that the Fund invests in primarily have an objective to track the performance of the Russell 2000 Value Index. The Fund may also invest in index futures contracts based on the Russell 2000 Value Index, and from time to time the Fund may borrow for investment purposes to achieve the target equity exposure. When Brandywine determines it is in the best interests of the Fund, the Fund may also invest directly in a portfolio of individual small-cap U.S. value securities where the risk, return and other characteristics of such portfolio are expected to closely resemble the risk, return and other characteristics of the Russell 2000 Value Index. The Equity Strategy is designed to provide the Fund with approximately 100% notional exposure to small-cap U.S. value securities, though this exposure amount may fluctuate over time. For the Protection Strategy, the Fund typically purchases out-of-the-money put options on the Russell 2000 Value Index. These put options seek to provide some downside protection for the Fund in a declining market. When purchasing put options, the Fund pays a premium in exchange for the downside protection offered by the options. For the Return Driver Diversifier Portfolio, the Fund invests in a portfolio of actively traded futures contracts providing long and short exposure to various global asset classes, including currencies, fixed income securities, equities and commodities. The Return Driver Diversifier Portfolio seeks to provide absolute returns over time in an amount sufficient to offset the options premiums from the Protection Strategy, with low correlation and volatility when compared to the Fund’s core exposure to small-cap U.S. value securities. The investment process for the Return Driver Diversifier Portfolio, implemented by the Adviser, is to evaluate each asset class individually and to identify trading strategies for each that the Adviser believes will offer the best opportunity for the Fund to achieve its investment objective. The Adviser uses a variety of trading strategies to select the positions held and traded in the Return Driver Diversifier Portfolio. These include trading strategies based on market fundamentals (e.g., analysis of specific market or broad economic and political trends to make investment decisions across various asset classes), investor sentiment (e.g., basing investment decisions on the overall investor mood), arbitrage opportunities (e.g., investment opportunities arising from market mispricings or volatility caused by both market-specific and/or significant, large-scale economic or political events) and momentum (e.g., strategies that seek to capitalize on the continuation of existing price trends in financial and other assets). With respect to its investments in other ETFs, the Fund will consider an eligible ETF to have value characteristics (“Small-Cap Value ETF”) if the ETF: (i) has a policy to invest at least 80% of its net assets in companies included on the Russell 2000 Value Index; or (ii) has an investment objective to track the returns of the Russell 2000 Value Index. In the case of direct investments, Brandywine will consider a company to be a small-cap U.S. value company if it is included on the Russell 2000 Value Index at the time the Fund acquires the direct investment. Cayman Subsidiary The Fund intends to gain exposure to certain futures contracts indirectly through a wholly-owned Cayman Islands subsidiary (the “Subsidiary”) that is advised by the Fund’s Adviser and is not registered as an investment company under the 1940 Act. The Fund and the Subsidiary operate on an integrated basis. The Fund will follow the same compliance policies and procedures as the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies and restrictions, including as set forth in Section 8 of the 1940 Act, on an aggregated basis with the Subsidiary. The Fund will comply with the provisions of the 1940 Act governing capital structure and leverage provisions, including as set forth in Section 18 of the 1940 Act, on an aggregated basis with the Subsidiary. For purposes of determining compliance with Section 18, the Fund treats the assets, liabilities, indebtedness, and other obligations of the Subsidiary as if they were those of the Fund. As investment adviser to the Subsidiary, the Adviser complies with the provisions of the 1940 Act governing investment advisory agreements, including Section 15 of the 1940 Act, in a manner consistent with the obligations applicable to an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Board will oversee the Adviser’s management of the Subsidiary in substantially the same manner as it oversees the Adviser’s management of the Funds. Each Subsidiary will comply with the provisions of the 1940 Act relating to affiliated transactions and custody, including as set forth in Section 17 of the 1940 Act. The assets of each Subsidiary will be maintained in the custody of the Fund’s custodian, UMB Bank, N.A. and the Subsidiary’s custody arrangements will be subject to the same oversight and controls applicable to the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate “qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may invest without limitation in such investments. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. For financial reporting purposes, the financial statements of the Subsidiary will be consolidated with the financial statements of the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Other Fund Attributes Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to “small-cap U.S. value securities” directly or through Small-Cap Value ETFs. The Fund counts the notional value of any options invested in as part of the Protection Strategy and the notional value of any future contracts invested in as part of the Equity Strategy towards compliance with the 80% policy noted above. The Fund generally holds between 40 and 130 different portfolio holdings. Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to “small-cap U.S. value securities” directly or through Small-Cap Value ETFs. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities 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. Value Investing Risk. Investing in “value” stocks presents the risk that the stocks may never reach what the Adviser believes are their full market values. In addition, value stocks may fall out of favor with investors and underperform other stocks (such as growth stocks) during given periods. General Market Risk. Economies and financial markets throughout the world are interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Fund’s portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Underlying ETFs Risks. The Fund may suffer losses due to the investment practices of the ETFs in which the Fund invests (“Underlying ETFs”). The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, the market price of the shares of an Underlying ETF in which the Fund invests will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF’s shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. Underlying ETFs are also subject to the “ETF Risks” described below. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund’s / Subsidiary’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund/Subsidiary uses derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund and the Subsidiary to losses in excess of those amounts initially invested. In addition, the investments in derivatives are subject to the following risks: <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsMember_zSUhjn8P7gia"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund / Subsidiary to make daily cash payments to maintain its required margin, particularly at times when the Fund / Subsidiary may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.</td></tr> </table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zrZ6MxNTGCI7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund and the Subsidiary may experience substantial downside from specific option positions and certain option positions held by the Fund /Subsidiary may expire worthless. The options held by the Fund/ Subsidiary are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts.</td></tr> </table> Fixed Income Securities Risk. The Fund’s assets may include exposure to the fixed income asset class. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. Leverage Risk. Using derivatives such as futures, or borrowing from a line of credit, to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Commodities Risk. The Fund’s exposure to investments in physical commodities subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including: overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Fund and the Subsidiary in varying ways, and different factors may cause the value and the volatility of the Fund and the Subsidiary to move in inconsistent directions at inconsistent rates. The current or “spot” prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Currency Risk: The Fund’s assets may include exposure to the foreign currencies. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may negatively impact the Fund’s performance. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. This risk includes the potential for underperformance or failure to meet investment goals due to the Adviser’s decisions and implementation of investment strategies over time. Limited Adviser Experience Risk. The Adviser has no experience with managing an ETF, which may limit the Adviser’s effectiveness. Adviser Litigation Risk. The Adviser is currently engaged in three litigation matters, none of which involve the Trust, the ETFs, or the Subsidiaries. The litigation could divert the Adviser’s resources and management attention, harm its reputation, or, if decided adversely against the Adviser, impair the Adviser’s ability to manage the Funds and their Subsidiaries, which could adversely affect the Fund and its shareholders. The first matter claims breach of contract and unjust enrichment based on a dispute over the purchase price of a particular investment fund. The relief requested includes compensatory damages and equitable relief. The Adviser believes that it has meritorious defenses against the claims asserted in this proceeding and intends to defend the action vigorously. The remaining two related actions arise out of the Adviser’s management of a legacy hedge fund that has since closed. The two actions claim fraud and breach of fiduciary duty, and seek a variety of relief including compensatory and punitive damages as well as equitable relief. The Adviser believes it has meritorious defenses to the claims asserted in these proceedings and intends to defend the actions vigorously. Nevertheless, the outcome of litigation is uncertain and there can be no assurance that the Adviser will prevail in any of the matters, or that any judgment or settlement will be favorable to the Adviser. An adverse judgment or settlement in any of these proceedings could result in substantial financial liabilities and could materially adversely affect the Adviser’s financial condition, operations, and ability to continue providing investment advisory services to the Trust. Such an outcome could require the Trust to make alternative investment advisory arrangements, including the possible retention of a replacement investment adviser, or to close and liquidate the Fund. Cayman Island Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”), the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund’s investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund’s investments in the Subsidiary were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. Commodity Pool Regulatory Risk. The Fund’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund and Subsidiary to regulation under the Commodities Exchange Act of 1936, as amended (the “CEA”) and CFTC rules. The Adviser is currently registered as a commodity pool operator (“CPO”) and the Fund and the Subsidiary will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser, the Fund, and the Subsidiary related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund’s or the Subsidiary’s status as a commodity pool and the Adviser’s registration as a CPO are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Tax Risk. The Fund intends to treat any income received by the Subsidiary as “qualifying income” under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings (“PLRs”) provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund’s value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund’s investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. ETF Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zVpzmEI1K1z"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zQ9PeodfoPRf"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zDEp7c8Nm26d"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zLXcuEudS4t9"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zLmq90Ia0xTh"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as New York Stock Exchange Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on Share liquidity, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Market Capitalization Risk. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallcapitalizationInvestingRiskMember_z5iI90K9Ooq3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Small-Capitalization Investing Risk. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.</td></tr> </table> Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.brandywineetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.brandywineetfs.com BRANDYWINE INTERNATIONAL ETF - FUND SUMMARY Investment Objective Brandywine International ETF (the “Fund”) seeks long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). 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. <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zljZlEonW7gd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z9qLnGBUOy8c" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_987_eoef--OperatingExpensesCaption_c20261029__20261029__dei--LegalEntityAxis__custom--S000109867Member_zvnSTu6trCNe" style="border-top: black 1pt solid;">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_497_20261029__20261029__oef--ClassAxis__custom--C000280992Member_zeApaKwQnvV7" style="border-top: black 1pt solid;"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_zwRfdBvktqH5" style="vertical-align: top"> <td style="width: 92%">Management Fees </td> <td style="width: 8%; text-align: center">0.68%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zD09LEn5R4k3" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zcKMjYSHUJQ3" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses(2)(3)</td> <td style="text-align: center">0.02%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z1D0L8QGIj9i" style="vertical-align: top"> <td>Other Expenses(2)</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_z7YQGI4dHyGd" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: black 2.25pt double;text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid;"> </td> <td style="border-bottom: black 1pt solid;"> </td></tr> </table> <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: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td> Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0 0.0002 0.0000 0.0070 Based on estimated amounts for the current fiscal year. AFFE in the table above is estimated for the first year of operations. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zojrzryMiKc3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_znsIncL2TgT3" 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 style="vertical-align: top"> <td id="xdx_484_eoef--ExpenseExampleYear01_zvr6q0o1O1r6" style="border-bottom: black 1pt solid; width: 47%; text-align: center">1 Year</td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zqXNNZ16UZgk" style="border-bottom: black 1pt solid; width: 45%; text-align: center">3 Years</td></tr> <tr id="xdx_417_20261029__20261029__oef--ClassAxis__custom--C000280992Member_ze8Bu1VTgth7" style="vertical-align: top"> <td style="text-align: center"> 72</td> <td> </td> <td style="text-align: center"> $225</td></tr> </table> 72 225 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Core Strategy The Fund, an actively-managed exchange-traded fund (“ETF”), seeks to achieve its investment objective by providing broad-based exposure to equity securities of large- and mid-cap companies located in developed markets around the world, excluding the United States and Canada (“international equity securities”) (“Equity Strategy”). Brandywine Asset Management, Inc., the Fund’s investment adviser (the “Adviser” or “Brandywine”), considers a company to be located in a country if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the country, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets or production capacities in, the country. In addition, the Fund seeks to provide risk-managed downside protection by purchasing put options on indices that Brandywine has determined are most closely correlated with the Fund’s Equity Strategy and therefore offer the best downside protection for the Fund (“Protection Strategy”). Finally, the Fund seeks to offset the cost of the purchased put options utilized by the Protection Strategy by investing in a portfolio of futures contracts broadly diversified across multiple trading strategies and global asset classes, together designed to provide modest returns with low correlation and volatility relative to the Fund’s core exposure to international equity securities (the “Return Driver Diversifier Portfolio”). For the Equity Strategy, the Fund primarily invests in other ETFs that provide exposure to an index comprised of equity securities of companies located in developed markets outside the United States and Canada (each, an “IE Index”). The other ETFs that the Fund invests in primarily have an objective to track the performance of a particular IE Index. The Fund may also invest in index futures contracts based on an IE Index, and from time to time the Fund may borrow for investment purposes to achieve the target equity exposure. When Brandywine determines it is in the best interests of the Fund, the Fund may also invest directly in a portfolio of individual international equity securities where the risk, return and other characteristics of such portfolio are expected to closely resemble the risk, return and other characteristics of a particular IE Index. The Equity Strategy is designed to provide the Fund with approximately 100% notional exposure to international equity securities, though this exposure amount may fluctuate over time. For the Protection Strategy, the Fund typically purchases out-of-the-money put options on an IE Index. These put options seek to provide some downside protection for the Fund in a declining market. When purchasing put options, the Fund pays a premium in exchange for the downside protection offered by the options. For the Return Driver Diversifier Portfolio, the Fund invests in a portfolio of actively traded futures contracts providing long and short exposure to various global asset classes, including currencies, fixed income securities, equities and commodities. The Return Driver Diversifier Portfolio seeks to provide absolute returns over time in an amount sufficient to offset the options premiums from the Protection Strategy, with low correlation and volatility when compared to the Fund’s core exposure to international equity securities. The investment process for the Return Driver Diversifier Portfolio, implemented by the Adviser, is to evaluate each asset class individually and to identify trading strategies for each that the Adviser believes will offer the best opportunity for the Fund to achieve its investment objective. The Adviser uses a variety of trading strategies to select the positions held and traded in the Return Driver Diversifier Portfolio. These include trading strategies based on market fundamentals (e.g., analysis of specific market or broad economic and political trends to make investment decisions across various asset classes), investor sentiment (e.g., basing investment decisions on the overall investor mood), arbitrage opportunities (e.g., investment opportunities arising from market mispricings or volatility caused by both market-specific and/or significant, large-scale economic or political events) and momentum (e.g., strategies that seek to capitalize on the continuation of existing price trends in financial and other assets). Cayman Subsidiary The Fund intends to gain exposure to certain futures contracts indirectly through a wholly-owned Cayman Islands subsidiary (the “Subsidiary”) that is advised by the Fund’s Adviser and is not registered as an investment company under the 1940 Act. The Fund and the Subsidiary operate on an integrated basis. The Fund will follow the same compliance policies and procedures as the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies and restrictions, including as set forth in Section 8 of the 1940 Act, on an aggregated basis with the Subsidiary. The Fund will comply with the provisions of the 1940 Act governing capital structure and leverage provisions, including as set forth in Section 18 of the 1940 Act, on an aggregated basis with the Subsidiary. For purposes of determining compliance with Section 18, the Fund treats the assets, liabilities, indebtedness, and other obligations of the Subsidiary as if they were those of the Fund. As investment adviser to the Subsidiary, the Adviser complies with the provisions of the 1940 Act governing investment advisory agreements, including Section 15 of the 1940 Act, in a manner consistent with the obligations applicable to an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Board will oversee the Adviser’s management of the Subsidiary in substantially the same manner as it oversees the Adviser’s management of the Funds. Each Subsidiary will comply with the provisions of the 1940 Act relating to affiliated transactions and custody, including as set forth in Section 17 of the 1940 Act. The assets of each Subsidiary will be maintained in the custody of the Fund’s custodian, UMB Bank, N.A. and the Subsidiary’s custody arrangements will be subject to the same oversight and controls applicable to the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate “qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may invest without limitation in such investments. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. For financial reporting purposes, the financial statements of the Subsidiary will be consolidated with the financial statements of the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Other Fund Attributes The Fund generally holds between 40 and 130 different portfolio holdings. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities 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. Foreign Securities Risk. Investments in securities of non-U.S. issuers involve certain risks not involved in domestic investments and such investments may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. General Market Risk. Economies and financial markets throughout the world are interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Fund’s portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Underlying ETFs Risks. The Fund may suffer losses due to the investment practices of the ETFs in which the Fund invests (“Underlying ETFs”). The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, the market price of the shares of an Underlying ETF in which the Fund invests will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF’s shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. Underlying ETFs are also subject to the “ETF Risks” described below. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund’s/Subsidiary’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund/Subsidiary use derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund and the Subsidiary to losses in excess of those amounts initially invested. In addition, the investments in derivatives are subject to the following risks: <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsMember_zuBTCjwgsmi1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund / Subsidiary to make daily cash payments to maintain its required margin, particularly at times when the Fund / Subsidiary may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.</td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zdbbNmrBuyN5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund and the Subsidiary may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. The options held by the Fund are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts.</td></tr> </table> Fixed Income Securities Risk. The Fund’s assets may include exposure to the fixed income asset class. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. Leverage Risk. Using derivatives such as futures, or borrowing from a line of credit, to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Commodities Risk. The Fund’s exposure to investments in physical commodities subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including: overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Fund and the Subsidiary in varying ways, and different factors may cause the value and the volatility of the Fund and the Subsidiary to move in inconsistent directions at inconsistent rates. The current or “spot” prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Currency Risk: The Fund’s assets may include exposure to the foreign currencies. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may negatively impact the Fund’s performance. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund and the Subsidiary. This risk includes the potential for underperformance or failure to meet investment goals due to the Adviser’s decisions and implementation of investment strategies over time. Limited Adviser Experience Risk. The Adviser has no experience with managing an ETF, which may limit the Adviser’s effectiveness. Adviser Litigation Risk. The Adviser is currently engaged in three litigation matters, none of which involve the Trust, the Funds , or the Subsidiaries. The litigation could divert the Adviser’s resources and management attention, harm its reputation, or, if decided adversely against the Adviser, impair the Adviser’s ability to manage the Funds and their Subsidiaries, which could adversely affect the Fund and its shareholders. The first matter claims breach of contract and unjust enrichment based on a dispute over the purchase price of a particular investment fund. The relief requested includes compensatory damages and equitable relief. The Adviser believes that it has meritorious defenses against the claims asserted in this proceeding and intends to defend the action vigorously. The remaining two related actions arise out of the Adviser’s management of a legacy hedge fund that has since closed. The two actions claim fraud and breach of fiduciary duty, and seek a variety of relief including compensatory and punitive damages as well as equitable relief. The Adviser believes it has meritorious defenses to the claims asserted in these proceedings and intends to defend the actions vigorously. Nevertheless, the outcome of litigation is uncertain and there can be no assurance that the Adviser will prevail in any of the matters, or that any judgment or settlement will be favorable to the Adviser. An adverse judgment or settlement in any of these proceedings could result in substantial financial liabilities and could materially adversely affect the Adviser’s financial condition, operations, and ability to continue providing investment advisory services to the Trust. Such an outcome could require the Trust to make alternative investment advisory arrangements, including the possible retention of a replacement investment adviser, or to close and liquidate the Fund. Cayman Islands Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”), the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund’s investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund’s investments in the Subsidiary were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. Commodity Pool Regulatory Risk. The Fund’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund and Subsidiary to regulation under the Commodities Exchange Act of 1936, as amended (the “CEA”) and CFTC rules. The Adviser is currently registered as a commodity pool operator (“CPO”) and the Fund and the Subsidiary will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser, the Fund, and the Subsidiary related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund’s or the Subsidiary’s status as a commodity pool and the Adviser’s registration as a CPO are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Tax Risk. The Fund intends to treat any income received by the Subsidiary as “qualifying income” under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings (“PLRs”) provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund’s value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund’s investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. ETF Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zDqB95x2cQug"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z2BtgMCBo8Q3"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.</td></tr> </table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zAz4xDaYYds9"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zjSPJ68sWfF"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zzp54YeHxXt1"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as New York Stock Exchange Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on Share liquidity, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Market Capitalization Risk. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargecapitalizationInvestingRiskMember_zyu9COEtt2Va"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Large-Capitalization Investing Risk. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.</td></tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidcapitalizationInvestingRiskMember_zauCKimAQ9G3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Mid-Capitalization Investing Risk. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.</td></tr> </table> Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.brandywineetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.brandywineetfs.com BRANDYWINE CORE BOND ETF - FUND SUMMARY Investment Objective Brandywine Core Bond ETF (the “Fund”) seeks total return. Total return consists of income and long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). 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. <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zuA24ZwgNUK6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zUvkWAka9rn1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_98F_eoef--OperatingExpensesCaption_c20261029__20261029__dei--LegalEntityAxis__custom--S000109865Member_zU23xj09xiQl" style="border-top: black 1pt solid;">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20261029__20261029__oef--ClassAxis__custom--C000280990Member_zGEXeV1yi799" style="border-top: black 1pt solid;"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zlRnyQFgWXie" style="vertical-align: top"> <td style="width: 92%">Management Fees </td> <td style="width: 8%; text-align: center">0.68%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbMbNuNJEvQ8" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr style="vertical-align: top"> <td>Acquired Fund Fees and Expenses(2)(3)</td> <td style="text-align: center">0.02%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z0DPVGXSqzOe" style="vertical-align: top"> <td>Other Expenses(2)</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zs130Aa5JWRf" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: black 2.25pt double;text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid;"> </td> <td style="border-bottom: black 1pt solid;"> </td></tr> </table> <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%">(1)</td> <td style="width: 0%; text-align: justify"></td> <td style="width: 97%; text-align: justify">The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"></td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify"></td> <td> Based on estimated amounts for the current fiscal year. </td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td style="text-align: justify"> </td> <td>Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations.</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td> <td> </td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0 0.0000 0.0070 Based on estimated amounts for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zfQDdLjegpl3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zsDPRee3epX5" 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 style="vertical-align: top"> <td id="xdx_48E_eoef--ExpenseExampleYear01_zFnuH4auvAC5" style="border-bottom: black 1pt solid; width: 47%; text-align: center">1 Year</td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zPw2TlwV61si" style="border-bottom: black 1pt solid; width: 45%; text-align: center">3 Years</td></tr> <tr id="xdx_41B_20261029__20261029__oef--ClassAxis__custom--C000280990Member_z77GYjwtzJpc" style="vertical-align: top"> <td style="text-align: center">$72</td> <td> </td> <td style="text-align: center">$255</td></tr> </table> 72 255 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Core Strategy The Fund, an actively-managed exchange-traded fund (“ETF”), seeks to achieve its investment objective by providing broad-based exposure to investment grade U.S. fixed income securities (“U.S. fixed-income securities”) (“Bond Strategy”). In addition, the Fund seeks to provide risk-managed downside protection by purchasing put options on indices that Brandywine Asset Management, Inc., the Fund’s investment adviser (the “Adviser” or “Brandywine”), has determined are most closely correlated with the Fund’s Bond Strategy and therefore offer the best downside protection for the Fund (“Protection Strategy”). Finally, the Fund seeks to offset the cost of the purchased put options utilized by the Protection Strategy by investing in a portfolio of futures contracts broadly diversified across multiple trading strategies and global asset classes, together designed to provide modest returns with low correlation relative to the Fund’s core exposure to U.S. fixed-income securities (the “Return Driver Diversifier Portfolio”). For the Bond Strategy, the Fund primarily invests in other ETFs that provide exposure to an index comprised of U.S. fixed-income securities (each, a “USFI Index”). Brandywine considers an index to be a USFI Index if at least 80% of the index’s total market capitalization is comprised of U.S. fixed-income securities. Such indices are generally widely recognized benchmarks of investment-grade fixed income securities and include a broad range of holdings, such as U.S. Treasuries, agency mortgage-backed securities, investment-grade corporate bonds and other securitized assets (e.g., asset-backed and commercial mortgage-backed securities). In certain cases, such indices may also include global investment-grade fixed income securities, including both U.S. and non-U.S. government and corporate issuers, and may provide exposure to multiple currencies and geographic regions. These securities are typically U.S. dollar-denominated (except where non-U.S. exposure is included) and exhibit intermediate duration characteristics. For purposes of this Prospectus, “investment grade” refers to securities rated BBB- or higher by a nationally recognized statistical rating organization, or deemed by Brandywine to be of comparable credit quality. The other ETFs that the Fund invests in primarily have an objective to track the performance of a particular USFI Index. The Fund may also invest in index futures contracts based on a USFI Index, and from time to time the Fund may borrow for investment purposes to achieve the target bond exposure. When Brandywine determines it is in the best interests of the Fund, the Fund may also invest directly in a portfolio of individual U.S. fixed-income securities where the risk, return and other characteristics of such portfolio are expected to closely resemble the risk, return and other characteristics of a particular USFI Index. The Bond Strategy is designed to provide the Fund with approximately 100% notional exposure to U.S. fixed-income securities, though this exposure amount may fluctuate over time. For the Protection Strategy, the Fund typically purchases out-of-the-money put options on a USFI Index. These put options seek to provide some downside protection for the Fund in a declining market. When purchasing put options, the Fund pays a premium in exchange for the downside protection offered by the options. For the Return Driver Diversifier Portfolio, the Fund invests in a portfolio of actively traded futures contracts providing long and short exposure to various global asset classes, including currencies, fixed income securities, equities and commodities. The Return Driver Diversifier Portfolio seeks to provide absolute returns over time in an amount sufficient to offset the options premiums from the Protection Strategy, with low correlation when compared to the Fund’s core exposure to U.S. fixed-income securities. The investment process for the Return Driver Diversifier Portfolio, implemented by the Adviser, is to evaluate each asset class individually and to identify trading strategies for each that the Adviser believes will offer the best opportunity for the Fund to achieve its investment objective. The Adviser uses a variety of trading strategies to select the positions held and traded in the Return Driver Diversifier Portfolio. These include trading strategies based on market fundamentals (e.g., analysis of specific market or broad economic and political trends to make investment decisions across various asset classes), investor sentiment (e.g., basing investment decisions on the overall investor mood), arbitrage opportunities (e.g., investment opportunities arising from market mispricings or volatility caused by both market-specific and/or significant, large-scale economic or political events) and momentum (e.g., strategies that seek to capitalize on the continuation of existing price trends in financial and other assets). Cayman Subsidiary The Fund intends to gain exposure to certain futures contracts indirectly through a wholly-owned Cayman Islands subsidiary (the “Subsidiary”) that is advised by the Fund’s Adviser and is not registered as an investment company under the 1940 Act. The Fund and the Subsidiary operate on an integrated basis. The Fund will follow the same compliance policies and procedures as the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies and restrictions, including as set forth in Section 8 of the 1940 Act, on an aggregated basis with the Subsidiary. The Fund will comply with the provisions of the 1940 Act governing capital structure and leverage provisions, including as set forth in Section 18 of the 1940 Act, on an aggregated basis with the Subsidiary. For purposes of determining compliance with Section 18, the Fund treats the assets, liabilities, indebtedness, and other obligations of the Subsidiary as if they were those of the Fund. As investment adviser to the Subsidiary, the Adviser complies with the provisions of the 1940 Act governing investment advisory agreements, including Section 15 of the 1940 Act, in a manner consistent with the obligations applicable to an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Board will oversee the Adviser’s management of the Subsidiary in substantially the same manner as it oversees the Adviser’s management of the Funds. Each Subsidiary will comply with the provisions of the 1940 Act relating to affiliated transactions and custody, including as set forth in Section 17 of the 1940 Act. The assets of each Subsidiary will be maintained in the custody of the Fund’s custodian, UMB Bank, N.A. and the Subsidiary’s custody arrangements will be subject to the same oversight and controls applicable to the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate “qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may invest without limitation in such investments. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. For financial reporting purposes, the financial statements of the Subsidiary will be consolidated with the financial statements of the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Other Fund Attributes Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to bonds and other fixed-income securities. The Fund counts the notional value of any options invested in as part of the Protection Strategy and the notional value of any futures contracts invested in as part of the Bond Strategy towards compliance with the 80% policy noted above. The Fund generally holds between 40 and 130 different portfolio holdings. Under normal market conditions, the Fund invests at least 80% of its net assets (including any borrowings for investment purposes) in securities and instruments that provide exposure to bonds and other fixed-income securities. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. General Market Risk. Economies and financial markets throughout the world are interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Fund’s portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Underlying ETFs Risks. The Fund may suffer losses due to the investment practices of the ETFs in which the Fund invests (“Underlying ETFs”). The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, the market price of the shares of an Underlying ETF in which the Fund invests will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF’s shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. Underlying ETFs are also subject to the “ETF Risks” described below. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund and the Subsidiary to losses in excess of those amounts initially invested. In addition, the investments in derivatives are subject to the following risks: <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsMember_zgFbYiHtlL18"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund / Subsidiary to make daily cash payments to maintain its required margin, particularly at times when the Fund / Subsidiary may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.</td></tr> </table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zWwv8xnyjiul"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund and the Subsidiary may experience substantial downside from specific option positions and certain option positions may expire worthless. The options held by the Fund and the Subsidiary are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts.</td></tr> </table> Leverage Risk. Using derivatives such as futures, or borrowing from a line of credit, to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities 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. Commodities Risk. The Fund’s exposure to investments in physical commodities subjects the Fund and the Subsidiary to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including: overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Fund and the Subsidiary in varying ways, and different factors may cause the value and the volatility of the Fund to move in inconsistent directions at inconsistent rates. The current or “spot” prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Currency Risk: The Fund’s assets may include exposure to the foreign currencies. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may negatively impact the Fund’s performance. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund and the Subsidiary. This risk includes the potential for underperformance or failure to meet investment goals due to the Adviser’s decisions and implementation of investment strategies over time. Limited Adviser Experience Risk. The Adviser has no experience with managing an ETF, which may limit the Adviser’s effectiveness. Adviser Litigation Risk. The Adviser is currently engaged in three litigation matters, none of which involve the Trust, the Trusts, or the Subsidiaries. The litigation could divert the Adviser’s resources and management attention, harm its reputation, or, if decided adversely against the Adviser, impair the Adviser’s ability to manage the Funds and their Subsidiaries, which could adversely affect the Fund and its shareholders. The first matter claims breach of contract and unjust enrichment based on a dispute over the purchase price of a particular investment fund. The relief requested includes compensatory damages and equitable relief. The Adviser believes that it has meritorious defenses against the claims asserted in this proceeding and intends to defend the action vigorously. The remaining two related actions arise out of the Adviser’s management of a legacy hedge fund that has since closed. The two actions claim fraud and breach of fiduciary duty, and seek a variety of relief including compensatory and punitive damages as well as equitable relief. The Adviser believes it has meritorious defenses to the claims asserted in these proceedings and intends to defend the actions vigorously. Nevertheless, the outcome of litigation is uncertain and there can be no assurance that the Adviser will prevail in any of the matters, or that any judgment or settlement will be favorable to the Adviser. An adverse judgment or settlement in any of these proceedings could result in substantial financial liabilities and could materially adversely affect the Adviser’s financial condition, operations, and ability to continue providing investment advisory services to the Trust. Such an outcome could require the Trust to make alternative investment advisory arrangements, including the possible retention of a replacement investment adviser, or to close and liquidate the Fund. Cayman Islands Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”), the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund’s investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund’s investments in the Subsidiary were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. Commodity Pool Regulatory Risk. The Fund’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund and Subsidiary to regulation under the Commodities Exchange Act of 1936, as amended (the “CEA”) and CFTC rules. The Adviser is currently registered as a commodity pool operator (“CPO”) and the Fund and the Subsidiary will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser, the Fund and the Subsidiary related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund’s or the Subsidiary’s status as a commodity pool and the Adviser’s registration as a CPO are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Tax Risk. The Fund intends to treat any income received by the Subsidiary as “qualifying income” under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings (“PLRs”) provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund’s value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund’s investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. ETF Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_z6aBmnHzyJJa"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_z7bv3ttkxbzg"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.</td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_zgddV5mBBkfh"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zSvWcTddH174"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zXf0bbqSH8a2"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as New York Stock Exchange Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on Share liquidity, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.brandywineetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.brandywineetfs.com BRANDYWINE DIVERSIFIED INCOME ETF - FUND SUMMARY Investment Objective Brandywine Diversified Income ETF (the “Fund”) seeks total return. Total return consists of income and long-term capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). 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. <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zv9ENhhciFT3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zpf99o6c60y6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_981_eoef--OperatingExpensesCaption_c20261029__20261029__dei--LegalEntityAxis__custom--S000109866Member_z7lOk9MzAR76" style="border-top: black 1pt solid;">Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20261029__20261029__oef--ClassAxis__custom--C000280991Member_zL8Bo2G9aff7" style="border-top: black 1pt solid;"> </td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_z7fFoQBztD6" style="vertical-align: top"> <td style="width: 92%">Management Fees </td> <td style="width: 8%; text-align: center">0.68%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zR3OLkI6y2vb" style="vertical-align: top"> <td>Distribution and/or Service (12b-1) Fees </td> <td style="text-align: center">None</td></tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zUfkiQDaQtjj" style="vertical-align: top"> <td>Acquired Fund Fees and Expenses(2)(3)</td> <td style="text-align: center">0.02%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zhSD0tXXy2Pk" style="vertical-align: top"> <td>Other Expenses(2)</td> <td style="text-align: center">0.00%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zYQIi5MjDOd4" style="vertical-align: top"> <td>Total Annual Fund Operating Expenses(2)</td> <td style="border-bottom: black 2.25pt double;text-align: center">0.70%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: black 1pt solid;"> </td> <td style="border-bottom: black 1pt solid;"> </td></tr> </table> <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: 24px">(1)</td> <td style="text-align: justify">The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”).</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(2)</td> <td style="text-align: justify">Based on estimated amounts for the current fiscal year.</td></tr> <tr style="vertical-align: top"> <td> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td>(3)</td> <td style="text-align: justify">Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations.</td></tr> </table> Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0 0.0002 0.0000 0.0070 Based on estimated amounts for the current fiscal year. AFFE in the table above is estimated for the first year of operations. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_ziMBEQFU6LXc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zgCXAgj44qdc" 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 style="vertical-align: top"> <td id="xdx_483_eoef--ExpenseExampleYear01_z04lTufLEog3" style="border-bottom: black 1pt solid; width: 47%; text-align: center">1 Year</td> <td style="width: 8%; padding-bottom: 1pt"> </td> <td id="xdx_481_eoef--ExpenseExampleYear03_z39dz14Ffhm6" style="border-bottom: black 1pt solid; width: 45%; text-align: center">3 Years</td></tr> <tr id="xdx_415_20261029__20261029__oef--ClassAxis__custom--C000280991Member_zCVCitgzUSlc" style="vertical-align: top"> <td style="text-align: center"> 72</td> <td> </td> <td style="text-align: center"> $255</td></tr> </table> 72 255 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the expense example above, affect the Fund’s performance. Because the Fund is newly organized, portfolio turnover information is not yet available. Principal Investment Strategies Core Strategy The Fund, an actively-managed exchange-traded fund (“ETF”), seeks to achieve its investment objective by providing broad-based exposure to a portfolio of fixed-income securities issued or guaranteed by U.S. and foreign (including those located in emerging market countries) governmental or private-sector entities (“global fixed-income securities”) (“Bond Strategy”). In addition, the Fund seeks to provide risk-managed downside protection by purchasing put options on indices that Brandywine Asset Management, Inc., the Fund’s investment adviser (the “Adviser” or “Brandywine”), has determined are most closely correlated with the Fund’s Bond Strategy and therefore offer the best downside protection for the Fund (“Protection Strategy”). Finally, the Fund seeks to offset the cost of the purchased put options utilized by the Protection Strategy by investing in a portfolio of futures contracts broadly diversified across multiple trading strategies and global asset classes, together designed to provide modest returns with low correlation relative to the Fund’s core exposure to global fixed-income securities (the “Return Driver Diversifier Portfolio”). For the Bond Strategy, the Fund primarily invests in other ETFs that provide exposure to an index comprised of global fixed-income securities (each, a “GFI Index”). Brandywine considers an index to be a GFI Index if at least 80% of the index’s total market capitalization is comprised of global fixed-income securities. The other ETFs that the Fund invests in primarily have an objective to track the performance of a particular GFI Index. The Fund may also invest in index futures contracts based on a GFI Index, and from time to time the Fund may borrow for investment purposes to achieve the target bond exposure. The Bond Strategy includes exposure to fixed-income securities rated below investment grade (i.e., “high-yield” or “junk” bonds), which are speculative. When Brandywine determines it is in the best interests of the Fund, the Fund may also invest directly in a portfolio of individual global fixed-income securities where the risk, return and other characteristics of such portfolio are expected to closely resemble the risk, return and other characteristics of a particular GFI Index. The Bond Strategy is designed to provide the Fund with approximately 100% notional exposure to global fixed-income securities, though this exposure amount may fluctuate over time. For the Protection Strategy, the Fund typically purchases out-of-the-money put options on a GFI Index. These put options seek to provide some downside protection for the Fund in a declining market. When purchasing put options, the Fund pays a premium in exchange for the downside protection offered by the options. For the Return Driver Diversifier Portfolio, the Fund invests in a portfolio of actively traded futures contracts providing long and short exposure to various global asset classes, including currencies, fixed income securities, equities and commodities. The Return Driver Diversifier Portfolio seeks to provide absolute returns over time in an amount sufficient to offset the options premiums from the Protection Strategy, with low correlation when compared to the Fund’s core exposure to global fixed-income securities. The investment process for the Return Driver Diversifier Portfolio, implemented by the Adviser, is to evaluate each asset class individually and to identify trading strategies for each that the Adviser believes will offer the best opportunity for the Fund to achieve its investment objective. The Adviser uses a variety of trading strategies to select the positions held and traded in the Return Driver Diversifier Portfolio. These include trading strategies based on market fundamentals (e.g., analysis of specific market or broad economic and political trends to make investment decisions across various asset classes), investor sentiment (e.g., basing investment decisions on the overall investor mood), arbitrage opportunities (e.g., investment opportunities arising from market mispricings or volatility caused by both market-specific and/or significant, large-scale economic or political events) and momentum (e.g., strategies that seek to capitalize on the continuation of existing price trends in financial and other assets). Cayman Subsidiary The Fund intends to gain exposure to certain futures contracts indirectly through a wholly-owned Cayman Islands subsidiary (the “Subsidiary”) that is advised by the Fund’s Adviser and is not registered as an investment company under the 1940 Act. The Fund and the Subsidiary operate on an integrated basis. The Fund will follow the same compliance policies and procedures as the Fund. The Fund complies with the provisions of the 1940 Act governing investment policies and restrictions, including as set forth in Section 8 of the 1940 Act, on an aggregated basis with the Subsidiary. The Fund will comply with the provisions of the 1940 Act governing capital structure and leverage provisions, including as set forth in Section 18 of the 1940 Act, on an aggregated basis with the Subsidiary. For purposes of determining compliance with Section 18, the Fund treats the assets, liabilities, indebtedness, and other obligations of the Subsidiary as if they were those of the Fund. As investment adviser to the Subsidiary, the Adviser complies with the provisions of the 1940 Act governing investment advisory agreements, including Section 15 of the 1940 Act, in a manner consistent with the obligations applicable to an investment adviser to the Fund under Section 2(a)(20) of the 1940 Act. The Board will oversee the Adviser’s management of the Subsidiary in substantially the same manner as it oversees the Adviser’s management of the Funds. Each Subsidiary will comply with the provisions of the 1940 Act relating to affiliated transactions and custody, including as set forth in Section 17 of the 1940 Act. The assets of each Subsidiary will be maintained in the custody of the Fund’s custodian, UMB Bank, N.A. and the Subsidiary’s custody arrangements will be subject to the same oversight and controls applicable to the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of each fiscal quarter. The Subsidiary will generally invest in investments that do not generate “qualifying income” under the source of income test required to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may invest without limitation in such investments. Unlike the Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. Because the value of the Subsidiary must not exceed 25% of the Fund’s value at the close of any quarter, the Subsidiary may need to sell assets as a quarter end approaches and pay a dividend to the Fund. This dividend will constitute qualifying income for RIC purposes. For financial reporting purposes, the financial statements of the Subsidiary will be consolidated with the financial statements of the Fund. Except as otherwise noted, for purposes of this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Other Fund Attributes The Fund generally holds between 40 and 130 different portfolio holdings. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Fixed Income Securities Risk. The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. How specific fixed income securities may react to changes in interest rates will depend on the specific characteristics of each security. Interest Rate Risk. Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets. Sovereign Debt Risk. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. <div style="display: none"></div> High Yield Securities (Junk Bonds) Risk. High-yield bonds are considered speculative investments and are issued by entities that may be undergoing restructuring, are smaller or less creditworthy, or are more heavily indebted than other issuers. These bonds carry a greater risk of income and principal loss compared to higher-rated securities and are considered speculative. Their prices are more likely to react to adverse economic changes than higher-rated securities. During economic downturns or significant increases in interest rates, issuers of high-yield bonds may face financial difficulties, impacting their ability to meet payment obligations or secure additional financing. Foreign Securities Risk. Investments in securities of non-U.S. issuers involve certain risks not involved in domestic investments and such investments may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zMNXuLhyru2f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Emerging Markets Risk. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.</td></tr> </table> General Market Risk. Economies and financial markets throughout the world are interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. The market value of a security in the Fund’s portfolio may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price the Fund originally paid for it, or less than it was worth at an earlier time. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls. Underlying ETFs Risks. The Fund may suffer losses due to the investment practices of the ETFs in which the Fund invests (“Underlying ETFs”). The Fund will be subject to substantially the same risks as those associated with the direct ownership of securities held by the Underlying ETFs. Additionally, the market price of the shares of an Underlying ETF in which the Fund invests will fluctuate based on changes in the net asset value as well as changes in the supply and demand of its shares in the secondary market. It is also possible that an active secondary market for an Underlying ETF’s shares may not develop, and market trading in the shares of the Underlying ETF may be halted under certain circumstances. The Fund will incur higher and duplicative expenses because it invests in Underlying ETFs. Underlying ETFs are also subject to the “ETF Risks” described below. Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indices. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Subsidiary and the Fund to losses in excess of those amounts initially invested. In addition, the investments in derivatives are subject to the following risks: <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsMember_z60ttOaD3Ay2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Futures Contracts. Risks of futures contracts include: (i) an imperfect correlation between the value of the futures contract and the underlying asset; (ii) possible lack of a liquid secondary market; (iii) the inability to close a futures contract when desired; (iv) losses caused by unanticipated market movements, which may be unlimited; (v) an obligation for the Fund to make daily cash payments to maintain its required margin, particularly at times when the Fund may have insufficient cash; and (vi) unfavorable execution prices from rapid selling. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for settlement in cash based on the reference asset. As the futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as “rolling.” If the market for these contracts is in “contango,” meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to “roll” the futures contract. The actual realization of a potential roll cost will be dependent upon the difference in price of the near and distant contract.</td></tr> </table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsContractsMember_zHenC5K6emt3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px"> </td> <td style="width: 24px">●</td> <td style="text-align: justify">Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund in particular, the value of the options contracts in which it invests are substantially influenced by the value of the underlying asset. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund / Subsidiary may expire worthless. The options held by the Fund / Subsidiary are exercisable at the strike price on their expiration date. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate as the underlying asset. There may at times be an imperfect correlation between the movement in the values of options contracts and the underlying asset, and there may at times not be a liquid secondary market for certain options contracts.</td></tr> </table> Leverage Risk. Using derivatives such as futures, or borrowing from a line of credit, to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for loss and, therefore, amplify the effects of market volatility on the Fund’s share price. Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities 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. Commodities Risk. The Fund’s exposure to investments in physical commodities subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. The commodities markets may fluctuate rapidly based on a variety of factors, including: overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. Variables such as disease, drought, floods, weather, trade, embargoes, tariffs, and other political events, in particular, may have a larger impact on commodity prices than on traditional securities. The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Because certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers, political, economic, and supply-related events in such countries could have a disproportionate impact on the prices of such commodities. These factors may affect the value of the Subsidiary and the Fund in varying ways, and different factors may cause the value and the volatility of the Fund to move in inconsistent directions at inconsistent rates. The current or “spot” prices of physical commodities may also affect, in a volatile and inconsistent manner, the prices of futures contracts in respect of the relevant commodity. Currency Risk: The Fund’s assets may include exposure to the foreign currencies. Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may negatively impact the Fund’s performance. Management Risk. The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund and the Subsidiary. This risk includes the potential for underperformance or failure to meet investment goals due to the Adviser’s decisions and implementation of investment strategies over time. Limited Adviser Experience Risk. The Adviser has no experience with managing an ETF, which may limit the Adviser’s effectiveness. Adviser Litigation Risk. The Adviser is currently engaged in three litigation matters, none of which involve the Trust, the Funds , or the Subsidiaries. The litigation could divert the Adviser’s resources and management attention, harm its reputation, or, if decided adversely against the Adviser, impair the Adviser’s ability to manage the Funds and their Subsidiaries, which could adversely affect a Fund and its shareholders. The first matter claims breach of contract and unjust enrichment based on a dispute over the purchase price of a particular investment fund. The relief requested includes compensatory damages and equitable relief. The Adviser believes that it has meritorious defenses against the claims asserted in this proceeding and intends to defend the action vigorously. The remaining two related actions arise out of the Adviser’s management of a legacy hedge fund that has since closed. The two actions claim fraud and breach of fiduciary duty, and seek a variety of relief including compensatory and punitive damages as well as equitable relief. The Adviser believes it has meritorious defenses to the claims asserted in these proceedings and intends to defend the actions vigorously. Nevertheless, the outcome of litigation is uncertain and there can be no assurance that the Adviser will prevail in any of the matters, or that any judgment or settlement will be favorable to the Adviser. An adverse judgment or settlement in any of these proceedings could result in substantial financial liabilities and could materially adversely affect the Adviser’s financial condition, operations, and ability to continue providing investment advisory services to the Trust. Such an outcome could require the Trust to make alternative investment advisory arrangements, including the possible retention of a replacement investment adviser, or to close and liquidate the Fund. Cayman Islands Subsidiary Risk. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject, such as tax risks, commodity related risks, and market and data risks. Commodity-Linked Derivatives Tax Risk. The tax treatment of commodity-linked derivative instruments may be adversely affected by changes in legislation, regulations, or other legally binding authority. As a RIC, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income under the Code. If, as a result of any adverse future legislation, U.S. Treasury regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”), the income of the Fund from certain commodity-linked derivatives, including income from the Fund’s investments in the Subsidiary, were treated as non-qualifying income, the Fund may fail to qualify as RIC and/or be subject to federal income tax at the Fund level. The uncertainty surrounding the treatment of certain derivative instruments under the qualification tests for a RIC may limit the Fund’s use of such derivative instruments. The Fund intends to limit its investment in the Subsidiary to no more than 25% of the value of its total assets in order to satisfy certain asset diversification requirements for taxation as a regulated investment company. The Fund intends to manage the exposure to the Subsidiary so that the Fund’s investments in the Subsidiary do not exceed 25% of the total assets at the end of any quarter. If the Fund’s investments in the Subsidiary were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. Commodity Pool Regulatory Risk. The Fund’s investment exposure to futures instruments will cause it to be deemed to be a commodity pool, thereby subjecting the Fund and Subsidiary to regulation under the Commodities Exchange Act of 1936, as amended (the “CEA”) and CFTC rules. The Adviser is currently registered as a commodity pool operator (“CPO”) and the Fund and the Subsidiary will be operated in accordance with applicable CFTC rules, as well as the regulatory scheme applicable to registered investment companies. Registration as a CPO imposes additional compliance obligations on the Adviser, the Fund, and the Subsidiary related to additional laws, regulations, and enforcement policies, which could increase compliance costs and may affect the operations and financial performance of the Fund. However, the Fund’s or the Subsidiary’s status as a commodity pool and the Adviser’s registration as a CPO are not expected to materially adversely affect the Fund’s ability to achieve its investment objective. The CFTC has not passed on the adequacy of this Prospectus. Tax Risk. The Fund intends to treat any income received by the Subsidiary as “qualifying income” under the provisions of the Code applicable to RICs. The IRS has issued numerous private letter rulings (“PLRs”) provided to third parties not associated with the Fund or its affiliates (which only those parties may rely on as precedent) concluding that similar arrangements resulted in qualifying income. Many of such PLRs have now been revoked by the IRS. In March of 2019, the IRS published Regulations that concluded that income from a corporation similar to the Subsidiary would be qualifying income. Although the Regulations do not require distributions from the Subsidiary, the Fund intends to cause the Subsidiary to make distributions that would allow the Fund to make timely distributions to its shareholders and to meet the requirement that the Subsidiary have a value not in excess of 25% of the Fund’s value at the close of a quarter. The Fund generally will be required to include in its own taxable income the income of the Subsidiary for a tax year, regardless of whether the Fund receives a distribution of the Subsidiary’s income in that tax year, and this income would nevertheless be subject to the distribution requirement for qualification as a regulated investment company and would be taken into account for purposes of the 4% excise tax. In addition, to comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of instruments it holds whose value is determined by reference to a specific underlying issuer is never 25% of the total value of Fund assets at the close of any quarter. If the Fund’s investments in instruments whose value is determined by reference to a specific underlying issuer were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. ETF Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AuthorizedParticipantsMarketMakersAndLiquidityProvidersConcentrationRiskMember_zoffJNlG9eF4"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.</td></tr> </table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashRedemptionRiskMember_zRe3Tavc1w5c"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may have less cash efficiency and pay out higher annual capital gain distributions to shareholders than if the in-kind redemption process was used. In addition, cash redemption costs could include brokerage costs or taxable gains or losses, which might not have otherwise been incurred if the redemption was fully in-kind.</td></tr> </table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CostsOfBuyingOrSellingSharesMember_ztZeFACXqYAf"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.</td></tr> </table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SharesMayTradeAtPricesOtherThanNavMember_zJUmRSqAbE34"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.</td></tr> </table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingMember_zProNSnUphm6"></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: 48px"> </td> <td style="width: 48px">●</td> <td style="text-align: justify">Trading. Although Shares are listed for trading on a national securities exchange, such as New York Stock Exchange Arca, Inc. (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on Share liquidity, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.</td></tr> </table> Recent Market Events Risk. U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite efforts to address market disruptions. Performance Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. Updated performance information will be available on the Fund’s website at www.brandywineetfs.com. Performance information for the Fund is not included because the Fund has not completed a full calendar year of operations as of the date of this Prospectus. When such information is included, this section will provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance history from year to year and showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. Although past performance of the Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund. www.brandywineetfs.com The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations. The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. The Fund’s investment adviser, Brandywine Asset Management, Inc. (“Brandywine” or the “Adviser”), will pay all expenses incurred by the Fund (except for advisory fees as the case may be) excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), and litigation expenses, and other non-routine or extraordinary expenses (collectively, the “Excluded Expenses”). Based on estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are the indirect costs of investing in other investment companies. AFFE in the table above is estimated for the first year of operations.