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long-term capital appreciation. Current income is a secondary objective. Expenses and Fees <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zLaZrY5dWLe4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (the “Shares”). <span id="xdx_90B_eoef--ExpenseBreakpointDiscounts_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member_zrIonOSIEZv1">You may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $<span id="xdx_90F_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000142999Member_z6XYwR8V9AXc">25,000</span> in Class A Shares or at least $<span id="xdx_90F_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000183090Member_zugOdrTkf5Mg">250,000</span> in Class T Shares of the Fund.</span> More information about these and other discounts is available from your financial professional, in the section of this Prospectus entitled “Shareholder Information – Sales Charges” and in the section of the Fund’s Statement of Additional Information (“SAI”) entitled “Purchase and Redemption Information – Reducing or Eliminating the Front-End Sales Charge.” <b>Financial intermediaries may impose different sales charge waivers for Class A Shares and Class T Shares, and these variations are described in </b><span style="text-decoration: underline"><b>Appendix A</b></span><b> of this Prospectus.</b> Additionally, you may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class I Shares of the Fund, which are not reflected in the tables or the examples below. </p> You may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in Class A Shares or at least $250,000 in Class T Shares of the Fund. 25000 250000 Shareholder Fees (fees paid directly from your investment) 0 0.0575 0 0.0250 0 0 0.0100 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0177 0.0177 0.0177 0.0177 0 0.0025 0.0100 0.0025 0.0008 0.0008 0.0008 0.0008 0.0185 0.0210 0.0285 0.0210 -0.0006 -0.0006 -0.0006 -0.0006 0.0179 0.0204 0.0279 0.0204 “Other Expenses” for Class T Shares, which had not commenced operations as of the date of this Prospectus, are estimated for the current fiscal year. December 31, 2026 Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zpe8NVV4wOO7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class A, Class C or Class T Shares, or $1,000,000 in Class I Shares, 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 (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs of investing in the Fund would be: </p> 18187 57587 99509 216427 770 1190 1634 2862 382 877 1498 3172 452 886 1345 2616 <p id="xdx_A80_eoef--ExpenseExampleNoRedemptionNarrativeTextBlock_zzIHTwy6iKef" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">You would pay the following expenses on Class C Shares if you did not redeem your shares at the end of the period: </p> 282 877 1498 3172 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zuT9KnYa3dX2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 Example, affect the Fund’s performance. During the most recent fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the <span id="xdx_909_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member_zPRJ6KAuMXze">0%</span> portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a high portfolio turnover rate. </span></p> 0 Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zlBjzqteX647" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy and a “Fixed Income” strategy. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Managed Futures strategy will be achieved by the Fund investing a portion of its assets in Abbey Capital Onshore Series LLC, a wholly-owned and controlled Delaware series limited liability company (the “Onshore Subsidiary”) and up to 25% of its total assets in Abbey Capital Master Offshore Fund Limited, a wholly-owned and controlled subsidiary of the Fund organized under the acts of the Cayman Islands (the “Cayman Subsidiary”). The Cayman Subsidiary will in turn invest all or substantially all of </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">its assets in segregated portfolios of Abbey Capital Offshore Fund SPC (the “SPC” and, together with the Onshore Subsidiary and the Cayman Subsidiary, the “Subsidiaries”), a wholly-owned and controlled segregated portfolio company incorporated under the acts of the Cayman Islands. The Cayman Subsidiary will serve solely as an intermediate entity through which the Fund will invest in the SPC. The Cayman Subsidiary makes no independent investment decisions and has no investment or other discretion over the Fund’s investable assets. The Adviser may allocate assets of the SPC and the Onshore Subsidiary to multiple Managed Futures portfolios (the “Segregated Portfolios”) that include investment styles or sub-strategies such as (i) trend following, (ii) discretionary, fundamentals-based investing with a focus on macroeconomic analysis, (iii) strategies that pursue both fundamental and technical trading approaches, (iv) other specialized approaches to specific or individual market sectors such as equities, interest rates, metals, agricultural and soft commodities, and (v) systematic trading strategies which incorporate technical and fundamental variables. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Managed Futures strategy investments are designed to achieve capital appreciation in the financial and commodities futures markets. The Adviser intends to allocate the assets of the SPC and the Onshore Subsidiary to one or more Trading Advisers to manage in percentages determined at the discretion of the Adviser. Each Trading Adviser will manage one or more of its own Segregated Portfolios. Each Trading Adviser invests according to a Managed Futures strategy in one or a combination of (i) options, (ii) futures, (iii) forwards, (iv) spot contracts, or (v) swaps, including total return swaps, each of which may be tied to (i) commodities, (ii) financial indices and instruments, (iii) foreign currencies, or (iv) equity indices. <b>All commodities futures and commodities-related investments will be made in the Segregated Portfolios of the SPC.</b> Each current Trading Adviser is registered with the CFTC as a Commodity Trading Advisor (“CTA”). Trading Advisers that are not registered with the SEC as investment advisers provide advice only regarding matters that do not involve securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fixed Income strategy invests the Fund’s assets primarily in investment grade fixed income securities (of all durations and maturities) in order to generate interest income and capital appreciation, which may add diversification to the returns generated by the Fund’s Managed Futures strategy. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s Adviser seeks returns, in part, by (i) using Managed Futures strategy investments that are not expected to have returns that are highly correlated to the broad equity market, and (ii) through actively managed Fixed Income strategy investments that are not expected to have returns that are highly correlated to the broad equity market or the Managed Futures strategy. The Adviser believes that utilizing non-correlated strategies may mitigate losses in generally declining markets. However, there can be no assurance that losses will be avoided. Investment strategies that have historically been non-correlated or demonstrated low correlations to one another or to major world financial market indices may become correlated at certain times, such as during a liquidity crisis in global financial markets. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The trading strategies employ several different trading styles using different research and trading methodologies, in a wide range of global financial and commodity markets operating over multiple time frames. Many of the styles use systematic, automated trading systems, using a combination of mathematical, statistical, technical analysis, pattern recognition and macroeconomic models aimed at profiting from market trends of different durations. Trading Advisers may use discretionary approaches aimed at identifying value investments and turning points in trends. All Trading Advisers utilize a disciplined approach to risk management. The Adviser and Trading Advisers from time to time will employ hedging techniques. Key principles of the Fund’s sell discipline include predetermined relative-value objectives for sectors, issuers and specific securities, pricing performance or fundamental performance that varies from expectations, deteriorating fundamentals, overvaluation and alternative investments offering the opportunity to achieve more favorable risk-adjusted returns. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The markets traded include bonds, money markets, foreign exchange markets and commodity markets. Most of the trading is done in derivative markets, usually listed futures markets, but some trading in cash markets may take place when this is the most effective way to enter or exit a trading position. Both long and short positions will be taken in all markets traded. Contracts are positioned either long or short based on various characteristics related to their prices. For example, the Fund may short a particular underlying security or instrument if the Adviser or a Trading Adviser believes the price of the underlying security or instrument will decrease. The Fund invests in U.S. and non-U.S. markets and in developed and emerging markets. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">As much of the trading within the Fund is in futures markets, the Fund is likely to have cash balances surplus to margin requirements. The cash portfolio will be invested on a short-term, highly liquid, basis, to meet margin calls on the futures positions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended, (the “1940 Act”) which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid investments. The Fund’s investments in certain derivative instruments and its short selling activities involve the use of leverage. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Generally, the SPC invests primarily in commodity futures but it may also invest in financial futures, options, forwards, spot contracts and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered pursuant to the 1940 Act and other investments intended to serve as margin or collateral for the SPC’s derivative positions. The Onshore Subsidiary only invests in financial futures, options, forwards, spot contracts and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered pursuant to the 1940 Act, and other investments intended to serve as margin or collateral for derivative positions. The Fund invests in the SPC in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Unlike the Fund and Onshore Subsidiary, the SPC may invest without limitation in commodity-linked derivatives. The Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Subsidiaries. The Subsidiaries also comply with Section 17 of the 1940 Act relating to affiliated transactions and custody. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">In addition, to the extent applicable to the investment activities of the Subsidiaries, the Subsidiaries are subject to the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, none of the Subsidiaries will seek to qualify as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is, directly or indirectly, the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors. </p> <b>You may lose part or all of your investment in the Fund</b> or your investment may not perform as well as other similar investments. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91A_ecustom--CommoditySectorRiskMember_zQhwF011xkS3">Commodity Sector Risk</span>:</b> Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, pandemics, embargoes or other trade barriers, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s Share value to fluctuate. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_910_ecustom--CounterpartyRiskMember_z8ZASpc6xi91">Counterparty Risk</span>:</b> Counterparty risk is the risk that the other party(s) to an agreement or a participant to a transaction, such as a broker or the futures commission merchant, might default on a contract or fail to perform by failing to pay amounts due or failing to fulfill the obligations of the contract or transaction. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b>Credit Risk:</b> Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_918_ecustom--CurrencyRiskMember_zHnuQuv9Zcb6">Currency Risk</span>:</b> Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91B_ecustom--CyberSecurityRiskMember_zf30CYhuVsTb">Cyber Security Risk</span>:</b> Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and its Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91B_ecustom--DerivativesRiskMember_zQJkln92P4Td">Derivatives Risk</span>:</b> The Fund’s investments in derivative instruments including options, forward currency exchange contracts, swaps and futures, which may be leveraged, may result in losses. Investments in derivative instruments may result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_910_ecustom--EmergingMarketsRiskMember_zkyTEvZ9Sbbf">Emerging Markets Risk</span>:</b> Investment in emerging market securities involves greater risk than that associated with investment in foreign securities of developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (<i>e.g.</i>, SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91D_ecustom--FixedIncomeSecuritiesRiskMember_zb5w8thPKuE8">Fixed Income Securities Risk</span>:</b> Fixed income securities in which the Fund may invest are subject to certain risks, including: interest rate risk, prepayment risk and credit/default risk. Interest rate risk involves the risk that prices of fixed income securities will rise and fall in response to interest rate changes. Prepayment risk involves the risk that in declining interest rate environments prepayments of principal could increase and require the Fund to reinvest proceeds of the prepayments at lower interest rates. Credit risk involves the risk that the credit rating of a security may be lowered. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91C_ecustom--ForeignInvestmentsRiskMember_zRbKClJxHEnk">Foreign Investments Risk</span>:</b> International investing may be subject to special risks, including currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. The Fund may invest in securities of foreign issuers either directly or through depositary receipts. Depositary receipts may be available through “sponsored” or “unsponsored” facilities. Holders of unsponsored depositary receipts generally bear all of the costs of the unsponsored facility. The depository of an unsponsored facility is frequently under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities. The depository of unsponsored depositary receipts may provide less information to receipt holders. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value (“NAV”). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91B_ecustom--ForwardAndFuturesRiskMember_zGqtSrdMpDO9">Forward and Futures Risk</span>:</b> The successful use of forward and futures contracts draws upon the Adviser’s and Trading Advisers’ skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market, and possible regulatory position limits and restrictions, for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Advisers and Trading Advisers’ inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91B_ecustom--GovernmentInterventionAndRegulatoryChangesMember_zOwCs0M051Aa">Government Intervention and Regulatory Changes</span>:</b> The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) (which was passed into law in July 2010) significantly revised and expanded the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. There can be no assurance that future regulatory actions including, but not limited to, those authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">In addition, Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company’s use of derivatives and certain related investments. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, treats derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation, and requires the Fund to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_914_ecustom--HedgingTransactionsRiskMember_zwqNxCt6nGfj">Hedging Transactions Risk</span>:</b> The Adviser and Trading Advisers from time to time employ various hedging techniques. The success of the Fund’s hedging strategy will be subject to the Adviser’s and Trading Advisers’ ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Fund’s hedging strategy will also be subject to the Adviser’s and Trading Advisers’ ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of reasons, the Adviser and Trading Advisers may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own cost. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_914_ecustom--HighPortfolioTurnoverRiskMember_zZ2fVuafwEU4">High Portfolio Turnover Risk</span>:</b> The risk that when investing on a shorter-term basis, the Fund may as a result trade more frequently and incur higher levels of brokerage fees and commissions, and cause higher levels of current tax liability to shareholders in the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b>Interest Rate Risk: </b>Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Adviser and Trading Advisers. Changing interest rates may have unpredictable effects on the markets and the Fund’s investments and may also affect the liquidity of fixed income securities and instruments held by the Fund. Declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield, and a decline in the Fund’s share price. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. Certain countries and regulatory bodies may use negative interest rates as a monetary policy tool to encourage economic growth during periods of deflation. In a negative interest rate environment, debt instruments may trade at negative yields, which means the purchaser of the instrument may receive at maturity less than the total amount invested. Interest rates in the United States and many other countries have risen in recent periods and may continue to remain elevated for the foreseeable future. In the case of the United States, longer-term inflationary pressure may result from the U.S. government’s fiscal policies and the Fund may experience higher interest rates over its investment horizon. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_911_ecustom--LeveragingRiskMember_zjraMNN9jJu5">Leveraging Risk</span>:</b> Investments in derivative instruments may give rise to a form of leverage. Trading Advisers may engage in speculative transactions which involve substantial risk and leverage, such as making short sales. The use of leverage by the Adviser and Trading Advisers may increase the volatility of the Fund. These leveraged instruments may result in losses to the Fund or may adversely affect the Fund’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Fund may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91C_ecustom--ManagementRiskMember_zCYtNQTOddL3">Management Risk</span>:</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_913_ecustom--ManagerRiskMember_zFPYrksZYLP3">Manager Risk</span>:</b> If the Adviser and Trading Advisers make poor investment decisions, it will negatively affect the Fund’s investment performance. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_918_ecustom--MarketRiskMember_z0oXEQRGVhng">Market Risk</span>:</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91C_ecustom--MultiManagerDependenceRiskMember_zgZX9YmUK3n7">Multi-Manager Dependence Risk</span>:</b> The success of the Fund’s investment strategy depends both on the Adviser’s ability to select Trading Advisers and to allocate assets to those Trading Advisers and on each Trading Adviser’s ability to execute the relevant strategy and select investments for the Fund and the Subsidiaries. The Trading Advisers’ investment styles may not always be complementary, which could adversely affect the performance of the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91B_ecustom--NewAdviserRiskMember_zPXrrC3AKiA2">New Adviser Risk</span>:</b> The Trading Advisers may be newly registered or not registered with the SEC and/or have not previously managed a mutual fund. Accordingly, investors in the Fund bear the risk that a Trading Adviser’s inexperience may limit its effectiveness. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b>Non-Diversification Risk:</b> The Fund is non-diversified. Compared to other funds, the Fund may invest more of its assets in a smaller number of companies. Gains or losses on a single stock may have greater impact on the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91E_ecustom--OptionsRiskMember_zLPKAp3uFhK6">Options Risk</span>:</b> Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_916_ecustom--QuantitativeTradingStrategiesRiskMember_zTBwQCOuf06b">Quantitative Trading Strategies Risk</span>:</b> The Adviser and Trading Advisers may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in quantitative </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">analyses or models, or in the data on which they are based, could adversely affect the ability of the Adviser or a Trading Adviser to use such analyses or models effectively, which in turn could adversely affect the Fund’s performance. There can be no assurance that these methodologies will help the Fund to achieve its investment objective. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91B_ecustom--ShortSalesRiskMember_zMoXT62lHbOi">Short Sales Risk</span>:</b> Short sales of securities may result in gains if a security’s price declines, but may result in losses if a security’s price rises. In a rising market, short positions may be more likely to result in losses because securities sold short may be more likely to increase in value. Short selling also involves the risks of: increased leverage, and its accompanying potential for losses; the potential inability to reacquire a security in a timely manner, or at an acceptable price; the possibility of the lender terminating the loan at any time, forcing the Fund to close the transaction under unfavorable circumstances; and the additional costs that may be incurred. The Fund may engage in short sales that are either “uncovered” or “against the box.” A short sale is “against the box” if at all times during which the short position is open, the Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. Short sales “against the box” may protect the Fund against the risk of losses in the value of a portfolio security because any decline in value of the security should be wholly or partially offset by a corresponding gain in the short position. Any potential gains in the security, however, would be wholly or partially offset by a corresponding loss in the short position. Short sales that are not “against the box” involve a form of investment leverage, and the amount of the Fund’s loss on a short sale is potentially unlimited. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91F_ecustom--SubsidiaryRiskMember_z3CcbEnMDWhg">Subsidiary Risk</span>:</b> By investing in the Subsidiaries, the Fund is indirectly exposed to the risks associated with each Subsidiary’s investments. The derivatives and other investments held by the Subsidiaries are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiaries are not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, are not subject to all the investor protections of the 1940 Act. Changes in the laws or acts of the United States, Delaware and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiaries to continue to operate as they currently do and could adversely affect the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_917_ecustom--TaxRiskMember_zqZXsOTs5t06">Tax Risk</span>: </b>In order to qualify as a RIC, the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. Under the test regarding the source of a RIC’s income, at least 90% of the gross income of the RIC each year must be qualifying income, which consists of dividends, interest, gains on investment assets and other categories of investment income. Treasury Regulations provide that income from a foreign subsidiary that is a controlled foreign corporation is qualifying income for purposes of the Fund remaining qualified as a RIC for U.S. federal income tax purposes. Notwithstanding the treatment of controlled foreign corporations in the regulations, the Internal Revenue Service (“IRS”) may take the position that income earned by the Fund through the Cayman Subsidiary may not be qualifying income because of its investment in commodities. Additionally, the IRS may take the position that certain commodity-linked structured notes may not be qualifying income. A recharacterization of income from the Cayman Subsidiary or commodity-linked structured notes could cause the Fund to fail to qualify as a RIC. If the Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Fund would be subject to diminished returns. Changes in the laws or acts of the United States, Delaware and/or the Cayman Islands could result in the inability of the Fund and/or its Subsidiaries to operate as described in this Prospectus and the SAI 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 Cayman Subsidiary or the SPC. If Cayman Islands act changes such that the Cayman Subsidiary and/or the SPC must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. </p> Performance Information <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zQ5qelmw627c" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund’s Class I Shares from year to year. The bar chart assumes reinvestment of all dividends and distributions. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member_zJ3is3BucUWf">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.</span> Updated performance information is available online at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member_zA1PC8HR7g6h">www.abbeycapital.com</span> or by calling <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member_zjG0bgYDQMw4">1-844-261-6484</span> (toll free). </p> Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.abbeycapital.com 1-844-261-6484 Abbey Capital Futures Strategy Fund – Class I Shares Total Returns for Calendar Years Ended December 31 0.0412 -0.0381 -0.0009 -0.0615 0.0885 0.0792 0.0337 0.1713 -0.0327 0.0112 <p id="xdx_A87_eoef--BarChartClosingTextBlock_z0RpYJaIiMmb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">During the period shown in the chart, the <span id="xdx_90F_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000143001Member_z7BHLn6rpHCi">highest quarterly return</span> was <span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000143001Member_z0iTfp8maC31">9.10%</span> (for the quarter ended <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000143001Member_zlPYP2zx6e5i">March 31, 2022</span>) and the <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000143001Member_zOpHsifPp0S1">lowest quarterly return</span> was <span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000143001Member_zVQmkrjFrGJ6">-5.87%</span> (for the quarter ended <span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000143001Member_zRjLLOB0yVnj">December 31, 2022</span>). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_900_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000143001Member_zIpSFVUS5Zvj">year-to-date total return</span> of the Fund’s Class I Shares as of <span id="xdx_90A_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000143001Member_zAsAGHqEzw2k">September 30, 2025</span> was <span id="xdx_904_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member__oef--ClassAxis__custom--C000143001Member_zOlWWbRhlY4j">-1.27%</span>. </span></p> highest quarterly return 0.0910 2022-03-31 lowest quarterly return -0.0587 2022-12-31 year-to-date total return 2025-09-30 -0.0127 Average Annual Total Returns <p id="xdx_A85_eoef--PerformanceTableNarrativeTextBlock_zZAybNTltmPe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--PerformanceTableDoesReflectSalesLoads_c20251231__20251231__dei--LegalEntityAxis__custom--S000045894Member_zdMHcXBuKDch">The following table, which includes all applicable sales loads, compares the average annual total returns of the Class I Shares, Class A Shares and Class C Shares for the one-year, five-year, and since inception periods to a broad-based market index for the same periods.</span> For Class A Shares, the table reflects the impact of the maximum sales charge of 5.75%. For this reason, returns for Class A Shares will be lower than those of Class I and Class C Shares. Average annual returns for Class T Shares are not included because they had not commenced operations prior to the date of this Prospectus. The returns for Class T Shares would be substantially similar to returns for Class I Shares because the shares are invested in the same portfolio of securities, and would differ only to the extent that the classes have different expenses. </p> The following table, which includes all applicable sales loads, compares the average annual total returns of the Class I Shares, Class A Shares and Class C Shares for the one-year, five-year, and since inception periods to a broad-based market index for the same periods. Average Annual Total Returns for the Periods Ended December 31, 2024 2014-07-01 2014-07-01 2014-07-01 2014-07-01 2014-07-01 2014-07-01 0.0112 0.0503 0.0271 0.0426 0.0026 0.0321 0.0148 0.0299 0.0066 0.0319 0.0161 0.0283 -0.0498 0.0351 0.0184 0.0341 -0.0092 0.0399 0.0170 0.0323 0.2502 0.1453 0.1310 0.1300 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I Shares only. SUMMARY SECTION Investment Objective The investment objective of the Abbey Capital Multi Asset Fund (the “Fund”) is to seek long-term capital appreciation. Current income is a secondary objective. Expenses and Fees <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zkU0OVkb7vAd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (the “Shares”). <span id="xdx_90C_eoef--ExpenseBreakpointDiscounts_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member_zJjuvj6iXpv7">You may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $<span id="xdx_900_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member_zKLdyD38O064">25,000</span> in Class A Shares of the Fund.</span> More information about these and other discounts is available from your financial professional, in the section of this Prospectus entitled “Shareholder Information – Sales Charges” and in the section of the Fund’s Statement of Additional Information (“SAI”) entitled “Purchase and Redemption Information – Reducing or Eliminating the Front-End Sales Charge.” <b>Financial intermediaries may impose different sales charge waivers for Class A Shares, and these variations are described in Appendix A of this Prospectus.</b> Additionally, you may be required to pay commissions and/or other forms of compensation to a broker for transactions in Class I Shares of the Fund, which are not reflected in the tables or the examples below. </p> You may qualify for sales charge discounts if you invest, or agree to invest in the future, at least $25,000 in Class A Shares of the Fund. 25000 Shareholder Fees (fees paid directly from your investment) 0 0.0575 0 0 0 0.0100 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0177 0.0177 0.0177 0 0.0025 0.0100 0.0010 0.0010 0.0010 0.0001 0.0001 0.0001 0.0188 0.0213 0.0288 -0.0008 -0.0008 -0.0008 0.0180 0.0205 0.0280 Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. AFFE are estimated for the current fiscal year. December 31, 2026 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zHHn7tYaEKfr" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class A or Class C Shares, or $1,000,000 in Class I Shares, of 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 (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs of investing in the Fund would be: </p> 18288 58311 100871 219447 771 1196 1646 2890 383 884 1511 3199 <p id="xdx_A8__eoef--ExpenseExampleNoRedemptionNarrativeTextBlock_zuMKczEpak6K" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">You would pay the following expenses on Class C Shares if you did not redeem your shares at the end of the period: </p> 283 884 1511 3199 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zLdL4sS0fAi3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 Example, affect the Fund’s performance. During the most recent fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was 0% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the <span id="xdx_902_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member_zRbQNXyiRfJc">0%</span> portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a higher portfolio turnover rate. </span></p> 0 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zVQnuVXKezVm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to achieve its investment objective by allocating its assets among a “Managed Futures” strategy, a “Long U.S. Equity” strategy and a “Fixed Income” strategy. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Managed Futures strategy will be achieved by the Fund investing in managed futures investments, including (i) options, (ii) futures, (iii) forwards, (iv) spot contracts, or (v) swaps, including total return swaps, each of which may be tied to (i) commodities, (ii) financial indices and instruments, (iii) foreign currencies, or (iv) equity indices (the “Futures Portfolio”). The Managed Futures strategy will be achieved by the Fund investing a portion of its assets in ACMAF Onshore Series LLC, a wholly-owned and controlled Delaware series limited liability company (the “Onshore Subsidiary”), and the Fund may invest up to 25% of its total assets in ACMAF Master Offshore Limited, a wholly-owned and controlled subsidiary of the Fund organized under the acts of the Cayman Islands (the “Cayman Subsidiary”). The Cayman Subsidiary will in turn invest all or substantially all of its assets in segregated portfolios of ACMAF Offshore SPC (the “SPC” and, together with the Onshore Subsidiary and the Cayman Subsidiary, the “Subsidiaries”), a wholly-owned and controlled segregated portfolio company incorporated under the acts of the Cayman Islands. The Cayman Subsidiary will serve solely as an intermediate entity through which the Fund will invest in the SPC. The Cayman Subsidiary makes no independent investment decisions and has no investment or other discretion over the Fund’s investable assets. The Adviser may allocate assets of the SPC and the Onshore Subsidiary to multiple Managed Futures portfolios (the “Segregated Portfolios”) that include investment styles or sub-strategies such as (i) trend following, (ii) discretionary, fundamentals-based investing with a focus on macroeconomic analysis, (iii) strategies that pursue both fundamental and technical trading approaches, (iv) other specialized approaches to specific or individual market sectors such as equities, interest rates, metals, agricultural and soft commodities, and (v) systematic trading strategies which incorporate technical and fundamental variables. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Managed Futures strategy investments are designed to achieve capital appreciation in the financial and commodities futures markets. The Adviser intends to allocate a portion of the assets of the SPC and the Onshore Subsidiary to one or more Trading Advisers to manage in percentages determined at the discretion of the Adviser. Each Trading Adviser will manage one or more of its own Segregated Portfolios. <b>All commodities futures and commodities-related investments will be made in the Segregated Portfolios of the SPC. </b>Each current Trading Adviser is registered with the Commodity Futures Trading Commission (“CFTC”) as a Commodity Trading Advisor (“CTA”). Trading Advisers that are not registered with the SEC as investment advisers provide advice only regarding matters that do not involve securities. The trading strategies employ several different trading styles using different research and trading methodologies, in a wide range of global financial and commodity markets operating over multiple time frames. Trading Advisers may use discretionary approaches aimed at identifying value investments and turning points in trends. The Fund invests in U.S. and non-U.S. markets and in developed and emerging markets. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Long U.S. Equity strategy will be achieved by the Adviser targeting an allocation of approximately 50% of the Fund’s total assets in a portfolio of one or more U.S. equity index futures (the “Equity Portfolio”) and/or one or more ETFs (as defined below). The Adviser will monitor the percentage of the Fund’s total assets that form the Equity Portfolio on a daily basis. The Adviser will establish ‘rebalancing thresholds’ so that if at any time the percentage of the Fund’s total assets invested in the Equity Portfolio is above or below the target allocation of approximately 50% by a specific amount, then the Adviser will seek to rebalance the Equity Portfolio back towards its target allocation of approximately 50%. Such rebalancing thresholds will be determined by the Adviser and may be subject to change from time to time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">As part of the Long U.S. Equity strategy, the Fund may invest in all types of equity and equity-related securities, including without limitation exchange-traded and over-the-counter common and preferred stocks, futures, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, participatory notes, limited partnership interests, and shares of other investment companies (including exchanged-traded funds (“ETFs”)) and real estate investment trusts (“REITs”). The Fund may also participate as a purchaser in initial public offerings of securities (“IPO”), a company’s first offering of stock to the public. The Fund defines United States companies as companies (i) that are organized under the laws of the United States; (ii) whose principal trading market is in a the United States; or (iii) that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, within the United States. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fixed Income strategy invests the Fund’s assets primarily in investment grade fixed income securities (of all durations and maturities) in order to generate interest income and capital appreciation, which may add diversification to the returns generated by the Fund’s Managed Futures and Long U.S. Equity strategies. The level of the Fund’s assets invested in the Fixed Income Strategy will be managed and rebalanced pursuant to thresholds determined by the Adviser, which may be subject to change from time to time. In line with these thresholds, any proceeds of maturing fixed income securities will be substantially reinvested into additional fixed income securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">To achieve its investment objective, the Fund’s Adviser will target approximately 100% exposure of the Fund’s net assets to Managed Futures strategy investments and approximately 50% exposure of the Fund’s net assets to Long U.S. Equity strategy investments. The Fund’s remaining net assets will be allocated to the Fixed Income strategy investments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">As much of the trading within the Fund is in futures markets, the Fund is likely to have cash balances surplus to margin requirements. The cash portfolio will be invested on a short-term, highly liquid, basis, to meet margin calls on the futures positions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is “non-diversified” for purposes of the Investment Company Act of 1940, as amended, (the “1940 Act”), which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid investments. The Fund’s investments in certain derivative instruments and its short selling activities involve the use of leverage. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Generally, the SPC invests primarily in commodity futures but it may also invest in financial futures, options, forwards, spot contracts and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered pursuant to the 1940 Act and other investments intended to serve as margin or collateral for the SPC’s derivative positions. The Onshore Subsidiary only invests in financial futures, options, forwards, spot contracts and swap contracts, fixed income securities, pooled investment vehicles, including those that are not registered pursuant to the 1940 Act, and other investments intended to serve as margin or collateral for derivative positions. The Fund invests in the SPC via the Cayman Subsidiary in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to regulated investment companies. Unlike the Fund and the Onshore Subsidiary, the SPC may invest without limitation in commodity-linked derivatives. The Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Subsidiaries. The Subsidiaries also comply with Section 17 of the 1940 Act relating to affiliated transactions and custody. In addition, to the extent applicable to the investment activities of the Subsidiaries, the Subsidiaries are subject to the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiaries will not seek to qualify as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is, directly or indirectly, the sole shareholder of each Subsidiary and does not expect shares of the Subsidiaries to be offered or sold to other investors. </p> <b>You may lose part or all of your investment in the Fund</b> or your investment may not perform as well as other similar investments. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91C_ecustom--CommoditySectorRiskMember_zaRsz6jaWtUj">Commodity Sector Risk</span>: </b>Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, pandemics, embargoes or other trade barriers, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s Share value to fluctuate. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91E_ecustom--CounterpartyRiskMember_z4arOugtlaKc">Counterparty Risk</span>: </b>Counterparty risk is the risk that the other party(s) to an agreement or a participant to a transaction, such as a broker or the futures commission merchant, might default on a contract or fail to perform by failing to pay amounts due or failing to fulfill the obligations of the contract or transaction. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b>Credit Risk:</b> Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_918_ecustom--CurrencyRiskMember_zAS2TwcWCf43">Currency Risk</span>: </b>Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">●<b><span id="xdx_915_ecustom--CyberSecurityRiskMember_zY6L8MFKgkK4"> Cyber Security Risk</span>: </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and its Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91D_ecustom--DerivativesRiskMember_zHUhejmo8nv5">Derivatives Risk</span>:</b> The Fund’s investments in derivative instruments including options, forward currency exchange contracts, swaps and futures, which may be leveraged, may result in losses. Investments in derivative instruments may result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91F_ecustom--EmergingMarketsRiskMember_zAJKgMdJJCf">Emerging Markets Risk</span>:</b> Investment in emerging market securities involves greater risk than that associated with investment in foreign securities of developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_916_ecustom--EquityandEquityRelatedSecuritiesRiskMember_zrhevfJaafAk">Equity and Equity-Related Securities Risk</span>:</b> Investments in equity securities and equity derivatives in general are subject to market risks that may cause their prices to fluctuate over time. The value of a convertible security may not increase or decrease as rapidly as the underlying common stock. Common stocks may decline over short or even extended periods of time. The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not executed prior to the right’s or warrant’s expiration. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_914_ecustom--FixedIncomeSecuritiesRiskMember_zVFTVZSLAUne">Fixed Income Securities Risk</span>:</b> Fixed income securities in which the Fund may invest are subject to certain risks, including: interest rate risk, prepayment risk and credit/default risk. Interest rate risk involves the risk that prices of fixed income securities will rise and fall in response to interest rate changes. Prepayment risk involves the risk that in declining interest rate environments prepayments of principal could increase and require the Fund to reinvest proceeds of the prepayments at lower interest rates. Credit risk involves the risk that the credit rating of a security may be lowered. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_910_ecustom--ForeignInvestmentsRiskMember_z3M87Eni0Ae4">Foreign Investments Risk</span>:</b> International investing may be subject to special risks, including currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. The Fund may invest in securities of foreign issuers either directly or through depositary receipts. Depositary receipts may be available through “sponsored” or “unsponsored” facilities. Holders of unsponsored depositary receipts generally bear all of the costs of the unsponsored facility. The depository of an unsponsored facility is frequently under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities. The depository of unsponsored depositary receipts may provide less information to receipt holders. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value (“NAV”). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_919_ecustom--ForwardAndFuturesRiskMember_zk53QXHKLmEj">Forward and Futures Risk</span>:</b> The successful use of forward and futures contracts draws upon the Adviser’s and Trading Advisers’ skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market, and possible regulatory position limits and restrictions, for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s and Trading Advisers’ inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_916_ecustom--GovernmentInterventionAndRegulatoryChangesRiskMember_zQNBdEYmVee4">Government Intervention and Regulatory Changes</span>: </b>The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) (which was passed into law in July 2010) significantly revised and expanded the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. There can be no assurance that future regulatory actions including, but not limited to, those authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">In addition, Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company’s use of derivatives and certain related investments. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, treats derivatives as senior securities so that a failure to comply </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">with the limits would result in a statutory violation, and requires the Fund to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91D_ecustom--HedgingTransactionsRiskMember_zk7a7F5FLzob">Hedging Transactions Risk</span>: </b>The Adviser and Trading Advisers from time to time employ various hedging techniques. The success of the Fund’s hedging strategy will be subject to the Adviser’s and Trading Advisers’ ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Fund’s hedging strategy will also be subject to the Adviser’s and Trading Advisers’ ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of reasons, the Adviser and Trading Advisers may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own cost. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_919_ecustom--HighPortfolioTurnoverRiskMember_zQNJ7Y3CGAGa">High Portfolio Turnover Risk</span>:</b> The risk that when investing on a shorter-term basis, the Fund may as a result trade more frequently and incur higher levels of brokerage fees and commissions, and cause higher levels of current tax liability to shareholders in the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b>Interest Rate Risk:</b> Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Adviser and Trading Advisers. Changing interest rates may have unpredictable effects on the markets and the Fund’s investments and may also affect the liquidity of fixed income securities and instruments held by the Fund. Declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield, and a decline in the Fund’s share price. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. Certain countries and regulatory bodies may use negative interest rates as a monetary policy tool to encourage economic growth during periods of deflation. In a negative interest rate environment, debt instruments may trade at negative yields, which means the purchaser of the instrument may receive at maturity less than the total amount invested. Interest rates in the United States and many other countries have risen in recent periods and may continue to remain elevated for the foreseeable future. In the case of the United States, longer-term inflationary pressure may result from the U.S. government’s fiscal policies and the Fund may experience higher interest rates over its investment horizon. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91A_ecustom--LeveragingRiskMember_z39UPBOmbanc">Leveraging Risk</span>:</b> Investments in derivative instruments may give rise to a form of leverage. Trading Advisers may engage in speculative transactions which involve substantial risk and leverage, such as making short sales. The use of leverage by the Adviser and Trading Advisers may increase the volatility of the Fund. These leveraged instruments may result in losses to the Fund or may adversely affect the Fund’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Fund may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">●<b><span id="xdx_919_ecustom--ManagementRiskMember_zqdsno58aAue"> Management Risk</span>: </b>The Fund is subject to the risk of poor investment selection. In other words, the individual investments of in the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">●<b><span id="xdx_912_ecustom--MarketRiskMember_zDbZ6zI348Il"> Manager Risk</span>: </b>If the Adviser and Trading Advisers make poor investment decisions, it will negatively affect the Fund’s investment performance. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91D_ecustom--ManagerRiskMember_zJciVkV4ncX1">Market Risk</span>:</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_911_ecustom--MultiManagerDependenceRiskMember_zxb57s8vXZ73">Multi-Manager Dependence Risk</span>: </b>The success of the Fund’s investment strategy depends both on the Adviser’s ability to select Trading Advisers and to allocate assets to those Trading Advisers and on each Trading Adviser’s ability to execute the relevant strategy and select investments for the Fund and each Subsidiary. The Trading Advisers’ investment styles may not always be complementary, which could adversely affect the performance of the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_917_ecustom--NewAdviserRiskMember_zIT8aizwZ6na">New Adviser Risk</span>:</b> The Trading Advisers may be newly registered or not registered with the SEC and/or have not previously managed a mutual fund. Accordingly, investors in the Fund bear the risk that a Trading Adviser’s inexperience may limit its effectiveness. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b>Non-Diversification Risk:</b> The Fund is non-diversified. Compared to other funds, the Fund may invest more of its assets in a smaller number of companies. Gains or losses on a single stock may have greater impact on the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span>● <b><span id="xdx_910_ecustom--OptionsRiskMember_zSySzjPnZo4h">Options Risk</span>:</b> Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">●    <b><span id="xdx_91E_ecustom--OtherInvestmentCompaniesRiskMember_ziMJHXdiPTJf">Other Investment Companies Risk</span>:</b> To the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies’ investments, as well as to the other investment companies’ expenses. In addition to risks generally associated with investments in investment company securities, ETFs are subject to the following risks that do not apply to traditional mutual funds: (i) an ETF’s shares may trade at a market price that is above or below their net asset value (“NAV”); (ii) an active trading market for an ETF’s shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; or (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_91E_ecustom--QuantitativeTradingStrategiesRiskMember_zs6ELgFfor7c">Quantitative Trading Strategies Risk</span>: </b>The Adviser and Trading Advisers may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in quantitative analyses or models, or in the data on which they are based, could adversely affect the ability of the Adviser or a Trading Adviser to use such analyses or models effectively, which in turn could adversely affect the Fund’s performance. There can be no assurance that these methodologies will help the Fund to achieve its investment objective. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_912_ecustom--SubsidiaryRiskMember_zfR7TJfKyBQ3">Subsidiary Risk</span>:</b> By investing in the Subsidiaries, the Fund is indirectly exposed to the risks associated with each Subsidiary’s investments. The derivatives and other investments held by the Subsidiaries are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiaries are not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, are not subject to all the investor protections of the 1940 Act. Changes in the laws or acts of the United States, Delaware and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiaries to continue to operate as they currently do and could adversely affect the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">● <b><span id="xdx_918_ecustom--TaxRiskMember_zDNrBBJKkufj">Tax Risk</span>:</b> In order to qualify as a RIC, the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. Under the test regarding the source of a RIC’s income, at least 90% of the gross income of the RIC each year must be qualifying income, which consists of dividends, interest, gains on investment assets and other categories of investment income. Treasury Regulations provide that income from a foreign subsidiary that is a controlled foreign corporation is qualifying income for purposes of the Fund remaining qualified as a RIC for U.S. federal income tax purposes. Notwithstanding the treatment of controlled foreign corporations in the regulations, the Internal Revenue Service (“IRS”) may take the position that income earned by the Fund through the Cayman </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Subsidiary may not be qualifying income because of its investment in commodities. Additionally, the IRS may take the position that certain commodity-linked structured notes may not be qualifying income. A recharacterization of income from the Cayman Subsidiary or commodity-linked structured notes could cause the Fund to fail to qualify as a RIC. If the Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Fund would be subject to diminished returns. Changes in the laws or acts of the United States, Delaware and/or the Cayman Islands could result in the inability of the Fund and/or its Subsidiaries to operate as described in this Prospectus and the SAI 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 Cayman Subsidiary or the SPC. If Cayman Islands act changes such that the Cayman Subsidiary and/or the SPC must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. </p> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zM5nCGHEfyW8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and table below illustrate the performance of the Fund’s Class I Shares. <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member_z2dfGYz9B7H">The bar chart below shows how the Fund’s Class I Shares performance has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of all dividends and distributions. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member_zYAonaJBPr7g">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Updated performance information is available online at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member_z7uZL2GmIQk4">www.abbeycapital.com</span> or by calling <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member_za6F467meY32">1-844-261-6484</span> (toll free). The Fund commenced operations as a series of the Company on April 11, 2018, when all of the assets of Abbey Global LP transferred to Class I Shares of the Fund. </p> The bar chart below shows how the Fund’s Class I Shares performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.abbeycapital.com 1-844-261-6484 Total Returns for the Calendar Years Ended December 31 - Class I Shares 0.2164 0.2489 0.1463 0.0413 0.0504 0.0902 <p id="xdx_A8__eoef--BarChartClosingTextBlock_znQZ3MREhqG" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">During the period shown in the chart, the <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member__oef--ClassAxis__custom--C000199561Member_zC8Ni0dmLWd9">highest quarterly return</span> was <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member__oef--ClassAxis__custom--C000199561Member_zdwTwrqtYwZ5">11.56%</span> (for the quarter ended <span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member__oef--ClassAxis__custom--C000199561Member_zk2qMuDFmCsl">December 31, 2020</span>) and the <span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member__oef--ClassAxis__custom--C000199561Member_zsmVGurtWMUd">lowest quarterly return</span> was <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member__oef--ClassAxis__custom--C000199561Member_zthf6jsvhbb9">-4.74%</span> (for the quarter ended <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member__oef--ClassAxis__custom--C000199561Member_zUoNrA41J0kj">December 31, 2022</span>). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_905_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member__oef--ClassAxis__custom--C000199561Member_zBIJiMEzzBMk">year-to-date total return</span> of the Fund’s Class I Shares as of <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member__oef--ClassAxis__custom--C000199561Member_zcaehBk51r42">September 30, 2025</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member__oef--ClassAxis__custom--C000199561Member_z9h72zQzduY4">3.51%</span>. </span></p> highest quarterly return 0.1156 2020-12-31 lowest quarterly return -0.0474 2022-12-31 year-to-date total return 2025-09-30 0.0351 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zSLWqmVkDPtu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--PerformanceTableDoesReflectSalesLoads_c20251231__20251231__dei--LegalEntityAxis__custom--S000061608Member_zizdSK2hHkFa">The following table, which includes all applicable sales loads, compares the average annual total returns of the Class I Shares, Class A Shares and Class C Shares for the one-year, five-year, and since inception periods to a broad-based market index for the same periods.</span> For Class A Shares, the table reflects the impact of the maximum sales charge of 5.75%. For this reason, returns for Class A Shares will be lower than those of Class I and Class C Shares. </p> The following table, which includes all applicable sales loads, compares the average annual total returns of the Class I Shares, Class A Shares and Class C Shares for the one-year, five-year, and since inception periods to a broad-based market index for the same periods. AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2024 2018-04-11 2018-04-11 2018-04-11 2018-04-11 2018-04-11 2018-04-11 0.0902 0.1129 0.1074 0.0736 0.0886 0.0774 0.0562 0.0800 0.0722 0.0258 0.0969 0.0949 0.0691 0.1017 0.0964 0.2502 0.1453 0.1445 After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class I Shares only. After-tax returns for Class A Shares and Class C Shares will vary. SUMMARY SECTION Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zpNNC5fnZzqa" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adara Smaller Companies Fund (the “Fund”) seeks capital appreciation. </p> Expenses and Fees <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_z3dzDInM2Kw1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (the “Shares”). </p> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0 0.0010 0.0080 August 31, 2025 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_ztHLuS2VzDt4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 82 255 444 990 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zYbnJh5iWDuc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. For the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member_z1fzmUeIbh82">71%</span> of the average value of its portfolio. </span></p> 0.71 Summary of Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zVoeBwta8m85" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (including borrowing for investment purposes) in equity securities of small or micro-cap companies. Small or micro-cap companies are generally considered to be those whose market capitalization are, at the time the Fund makes an investment, within the range of the market capitalization of companies in the Russell Microcap Index ($5.4 million to $8.0 billion as of October 31, 2025), the Russell 2000^® Index ($11.3 million to $31.7 billion as of October 31, 2025), or the S&amp;P SmallCap 600^® Index ($247.4 million to $11.1 billion as of October 31, 2025). Securities of companies whose market capitalization no longer meet this definition after purchase may continue to be held by the Fund. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund utilizes a “multi-manager” approach whereby the Fund’ assets are allocated to one or more sub-advisers (“Sub-Advisers”) in percentages determined at the discretion of the Adviser. The Adviser also monitors Sub-Adviser trading with the dual objectives of maximizing each Sub-Adviser’s investment flexibility and assuring that the Fund as a whole complies with its investment restrictions. Otherwise, each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each Sub-Adviser must operate within the constraints of the Fund’s investment objective and strategies and the particular investment restrictions applicable to that Sub-Adviser. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Sub-Advisers will implement a number of different investment strategies and styles within the small and micro-cap universe. The Sub-Advisers will implement one or more of the following investment strategies summarized below: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Small or Micro-Cap Growth</b> — A Sub-Adviser following a growth investment style is expected to invest primarily in small or micro-cap companies with consistent or accelerating growth in earnings, revenues, cash flow, and/or other financial metrics. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Small or Micro-Cap Value</b> — A Sub-Adviser following a value investment style is expected to invest primarily in small or micro-cap companies that are out of favor and/or undervalued in comparison to their peers or their growth prospects. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Small or Micro-Cap Core</b> — A Sub-Adviser following a core investment style is expected to invest in small or micro-cap companies that have both value characteristics and growth characteristics. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tax Loss Harvesting</b> — A Sub-Adviser following a tax loss harvesting style is expected to hold a portfolio of securities that will have a pre-tax return similar to the performance of the S&amp;P SmallCap 600^® Index. The Sub-Adviser will seek to generate strong after tax returns by timing trades to avoid realizing capital gains and to harvest losses when possible. The Fund may use losses generated from the tax loss harvesting Sub-Adviser to offset gains from other Sub-Advisers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s Sub-Advisers will invest primarily in equities and equity-related instruments of small and micro-cap companies. Equities and equity-related instruments include common stocks, preferred stocks, convertible securities, sponsored and unsponsored depositary receipts, warrants and rights. The Fund may participate as a purchaser in initial public offerings of securities (“IPOs”). An IPO is a company’s first offering of stock to the public. The Fund may also invest in companies that may experience unusual and possibly unique developments, or “special situations”, which may create a special opportunity for significant returns. Special situations include: significant technological improvements or important discoveries; reorganizations, recapitalizations or mergers; favorable resolutions of litigation; new management or material changes in company policies; and actual or potential changes in control of a company. The Sub-Advisers may also invest in real estate investment trusts (“REITs”), debt securities, and foreign securities (directly and through depository receipts). </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--AllocationRiskMember_zPEDIM4SH4C4">Allocation Risk</span>.</b> The Fund’s overall risk level will depend on the market sectors in which the Sub-Advisers are invested. Although the Fund will not concentrate in any industry, because the Fund may have significant weightings in a particular company, industry or market sector, the value of Shares may be affected by events that adversely affect that company, industry or market sector and may fluctuate more than that of a less focused fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--ConvertibleSecuritiesRiskMember_zDfipP5Rq6S3">Convertible Securities Risk</span>.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_912_ecustom--CyberSecurityRiskMember_z2L8w9UMMcxd">Cyber Security Risk</span>.</b> Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--EquitySecuritiesRiskMember_z59YQV722Rq1">Equity Securities Risk</span>.</b> The Fund is designed for investors who can accept the risks of investing in a portfolio with significant holdings of equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities held by the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--GrowthStockRiskMember_zl9eCMRRK6Nf">Growth Stock Risk</span>.</b> Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market downturn and when growth stocks are out of favor. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--IlliquidSecuritiesRiskMember_z8T3ZunSqDLe">Illiquid Securities Risk</span>.</b> Investing in illiquid securities is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--IpoRiskMember_zwqKZ9AT9VAf">IPO Risk</span>.</b> IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance will likely decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--ManagementRiskMember_zuHcIzLnuG5b">Management Risk</span>.</b> The Fund is subject to the risk of poor stock selection. In other words, the individual stocks in the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices do not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--MarketRiskMember_zObN48qOr992">Market Risk</span>.</b> The net asset value (“NAV”) of the Fund will change with changes in the market value of its portfolio positions. The value of the Fund’s portfolio positions may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--MultiManagerDependenceRiskMember_z5qHXREMxwJa">Multi-Manager Dependence Risk</span>.</b> The success of the Fund’s investment strategy depends both on the Adviser’s ability to select Sub-Advisers and to allocate assets to those Sub-Advisers and on each Sub-Adviser’s ability to execute the relevant strategy and select investments for the Fund. The Sub-Advisers’ investment styles may not always be complementary, which could affect the performance of the Fund and lead to higher transaction expenses as compared to a fund using a single investment management style. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--PortfolioTurnoverRiskMember_zbeuDxwwbZHd">Portfolio Turnover Risk</span>.</b> The Adviser and Sub-Advisers will not consider portfolio turnover rate a limiting factor in making investment decisions consistent with the Fund’s investment objective and policies. Therefore, it is possible that the Fund may experience high rates of portfolio turnover. High portfolio turnover will cause the Fund to incur higher brokerage commissions and transaction costs, which could lower the Fund’s performance. In addition to lower performance, high portfolio turnover could result in taxable capital gains. A portfolio turnover rate of 100% is considered to be high. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_917_ecustom--ReitRiskMember_zMhy1yRIkiRa">REIT Risk</span>.</b> REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the Investment Company Act of 1940, as amended (the “1940 Act”). Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self liquidation, interest rate risks (especially mortgage REITS) and liquidity risks. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The Fund will indirectly bear its proportionate share of any expenses, including management fees, paid by an externally managed REIT in which it invests. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--SmallAndMicroCapRiskMember_zP80ILwzhsOe">Small and Micro-Cap Risk</span>.</b> The securities of small and micro-cap companies may be more volatile in price, have wider spreads between their bid and ask prices, and have significantly lower trading volumes than the securities of larger capitalization companies. As a result, the purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. Some small and micro-cap companies are followed by few, if any, securities analysts, and there tends to be less publicly available information about such companies. The small and micro-cap securities in which the Fund invests may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the “pink sheets,” and may not be traded every day or in the volume typical of trading on a national securities exchange. They generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than are mid and large cap securities, and the Fund may be able to deal with only a few market-makers when purchasing and selling securities. Small and micro-cap companies also may have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Smaller company stocks may fall out of favor relative to mid or large cap stocks, which may cause the Fund to underperform other equity funds that focus on mid or large cap stocks. Moreover, the lack of an efficient market for the securities may make them difficult to value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--SpecialSituationsRiskMember_zlMFQLfrR0d5">Special Situations Risk</span>.</b> The Fund will seek to benefit from “special situations,” such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the “special situation” might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer’s securities and fail to produce gains or produce a loss for the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--SubAdviserAndStrategyConcentrationRiskMember_z5UL714aXJXh">Sub-Adviser and Strategy Concentration Risk</span>.</b> Because the Adviser will not be subject to fixed limitations upon the amount of Fund assets that may be invested with a single Sub-Adviser or in a single investment strategy, the Fund may be more heavily exposed to the investment judgments of one or more Sub-Advisers or the possible increased risk of investing in a limited number of investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--TaxManagedInvestmentRiskMember_zzCGcBzSn7L4">Tax-Managed Investment Risk</span>.</b> A portion of the Fund’s portfolio will be managed using a tax-managed approach. Market conditions may limit the Fund’s ability to implement its tax-managed approach. For example, market conditions may limit the Fund’s ability to generate tax losses or to generate qualified dividend income, which is generally taxed to noncorporate shareholders at favorable rates. The tax-managed strategy may affect the investment decisions made for the Fund. For example, the Fund’s tax-managed strategy may cause the Fund to hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s ability to utilize various tax-management techniques may be curtailed or eliminated in the future by legislation or regulation. Although the Fund expects that a smaller portion of its total return will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders. The performance of the Fund may deviate from that of non-tax managed funds and may not provide as high a return before or after consideration of federal income tax consequences as non-tax managed funds. The Fund’s tax-sensitive investment strategy involves active management, which may cause the Fund to realize capital gains. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--UnseasonedIssuersRiskMember_zIzEMmVVjZK1">Unseasoned Issuers Risk</span>.</b> Unseasoned issuers may not have an established financial history and may have limited product lines, markets or financial resources. Unseasoned issuers may depend on a few key personnel for management and may be susceptible to losses and risks of bankruptcy. As a result, such securities may be more volatile and difficult to sell. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--ValueStockRiskMember_zoTeD7KSsZQb">Value Stock Risk</span>.</b> Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, their valuation levels are less than those of growth stocks. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market downturn and when value stocks are out of favor. </p> </td> </tr> </table> Fund Performance <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zjgutv3IJicj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member_zPHiAYPcfm8j">The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns.</span> The chart assumes reinvestment of dividends and distributions. The bar chart shows changes in the Fund’s performance from year to year. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member_zJ3kmtQ0q4Oi">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.</span> Updated performance information is available by calling <span id="xdx_903_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member_zzEQySId4Xg">1-844-261-6482</span> (toll free). </p> The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. 1-844-261-6482 Adara Smaller Companies Fund Total Return For Calendar Years Ended December 31 -0.0322 0.1947 0.1715 -0.0622 0.2514 0.3096 0.2650 -0.2075 0.1508 0.1599 <p id="xdx_A84_eoef--BarChartClosingTextBlock_znf6dbGh93m2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">During the period shown in the chart, the <span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member__oef--ClassAxis__custom--C000147051Member_zpYtLCf2H2E4">highest quarterly return</span> was <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member__oef--ClassAxis__custom--C000147051Member_z6dzQLk282T1">31.65%</span> (for the quarter ended <span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member__oef--ClassAxis__custom--C000147051Member_z6rVtWQW4Fo6">December 31, 2020</span>) and the <span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member__oef--ClassAxis__custom--C000147051Member_zc133tTQMC14">lowest quarterly return</span> was <span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member__oef--ClassAxis__custom--C000147051Member_zK8kBXcf8qy1">-29.13%</span> (for the quarter ended <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member__oef--ClassAxis__custom--C000147051Member_zzEWEZt0MUQa">March 31, 2020</span>). The <span id="xdx_909_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member__oef--ClassAxis__custom--C000147051Member_zLhAITAUyMYc">year-to-date total return</span> for the nine months ended <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member__oef--ClassAxis__custom--C000147051Member_zdxfSNehEGZ4">September 30, 2025</span> was <span id="xdx_900_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member__oef--ClassAxis__custom--C000147051Member_zVmp48AUMfAb">10.95%</span>. </span></p> highest quarterly return 0.3165 2020-12-31 lowest quarterly return -0.2913 2020-03-31 year-to-date total return 2025-09-30 0.1095 <p id="xdx_A82_eoef--PerformanceTableNarrativeTextBlock_zQqJQR1C7j34" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The table below compares the average annual returns of the Fund for the one-year, five-year, ten-year and since inception periods to a broad-based market index, the Russell 3000 Total Return Index, for the same periods, and a secondary index, the Russell 2000 Total Return Index, which has similar portfolio characteristics to the Fund. </span></p> Average Annual Total Returns for the Periods Ended December 31, 2024 2014-10-21 2014-10-21 2014-10-21 2014-10-21 2014-10-21 0.1599 0.1188 0.1079 0.1117 0.1503 0.1025 0.0937 0.0977 0.1002 0.0911 0.0847 0.0882 0.2381 0.1386 0.0782 0.0853 0.1154 0.0740 0.1255 0.1299 <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_zjPodz7xIbi3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member_zp260G3Q9ssb">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000047045Member_zrQRbV2W6JX9">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </span> </p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. SUMMARY SECTION Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_z0Qzg9QZ7JE5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Aquarius International Fund (the “Fund”) seeks capital appreciation. </p> Expenses and Fees <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zFOo0Acvghxj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (the “Shares”). </p> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0 0.0019 0.0067 Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zTQtLV3unahc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 68 214 373 835 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_z6nmX32nFCfc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. For the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_dpn_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member_zPZkGtP7uMv7">64%</span> of the average value of its portfolio. </span></p> 0.64 Summary of Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_z4wgKILE6zhc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to achieve its investment objective by investing, under normal circumstances, primarily in securities of companies located outside the United States, including emerging market countries. The Fund determines where a company is located, and thus, whether a company is considered to be located outside the United States by considering whether: (i) it is organized under the laws of or maintains its principal office in a country located outside the United States; (ii) its securities are principally traded on trading markets in countries located outside the United States; (iii) it</p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">derives at least 50% of its total revenue or profits from either goods produced or services performed or sales made in countries located outside the United States; or (iv) it has at least 50% of its assets in countries located outside the United States. The Fund may invest in companies of any size capitalization. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund utilizes a “multi-manager” approach whereby the Fund’s assets are allocated to one or more sub-advisers (“Sub-Advisers”) in percentages determined at the discretion of the Fund’s Adviser. The Adviser also monitors Sub-Adviser trading with the dual objectives of maximizing each Sub-Adviser’s investment flexibility and assuring that the Fund as a whole complies with its investment restrictions. Otherwise, each Sub-Adviser acts independently from the others and utilizes its own distinct investment style in selecting securities. However, each Sub-Adviser must operate within the constraints of the Fund’s investment objective and strategies and the particular investment restrictions applicable to that Sub-Adviser. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Sub-Advisers will implement a number of different investment strategies and styles within the international universe. The Sub-Advisers will implement one or more of the following investment strategies summarized below: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Developed Market</b> — A Sub-Adviser following the developed market style is expected to invest primarily in companies located in those countries included in the MSCI EAFE Index. As of October 31, 2025, the following countries were included in the MSCI EAFE Index: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. When investing in developed international markets, a Sub-Adviser may follow either a growth or a value investment style. A Sub-Adviser following a growth investment style would invest primarily in companies with consistent or accelerating growth in earnings, revenues, cash flow, and/or other financial metrics. A Sub-Adviser following a value investment style would invest primarily in companies that are out of favor and/or undervalued in comparison to their peers or their growth prospects. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Emerging Market</b> — A Sub-Adviser following the emerging market style is expected to invest primarily in companies located in those countries included in the MSCI Emerging Markets Index. As of October 31, 2025, the following countries were included in the MSCI Emerging Markets Index: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tax Loss Harvesting</b> — A Sub-Adviser following a tax loss harvesting style is expected to hold a portfolio of securities that will have a pre-tax return similar to the performance of the MSCI EAFE Index. The Sub-Adviser will seek to generate strong after tax returns by timing trades to avoid realizing capital gains and to harvest losses when possible. The Fund may use losses generated from the tax loss harvesting Sub-Adviser to offset gains from other Sub-Advisers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s Sub-Advisers will invest primarily in equity securities, including common stocks, preferred stocks, convertible securities, sponsored and unsponsored depositary receipts, warrants and rights. In addition to purchasing equity securities on exchanges where the companies are located, the Fund may purchase equity securities on exchanges other than where their companies are domiciled (often traded as dual listed securities) or in the form of Depositary Receipts, which include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or similar securities. The Fund may also invest in other investment companies, including exchange-traded funds (“ETFs”). Investments in ETFs based on foreign market indices are considered investments outside the U.S. The Fund may enter into currency contracts (such as spot, forward and futures) to hedge foreign currency exposure. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest a portion of its assets in fixed income securities, including securities issued by corporate and governmental issuers. The principal debt investments of the Fund will be fixed and floating rate securities with no reset terms. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest in companies that may experience unusual and possibly unique developments, or “special situations”, which may create a special opportunity for significant returns. Special situations include: significant technological improvements or important discoveries; reorganizations, recapitalizations or mergers; favorable resolutions of litigation; new management or material changes in company policies; and actual or potential changes in control of a company. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--AllocationRiskMember_zzNIQR3lui63">Allocation Risk</span>.</b> The Fund’s overall risk level will depend on the market sectors in which the Sub-Advisers are invested. Although the Fund will not concentrate in any industry, because the Fund may have significant weightings in a particular company, industry or market sector, the value of Shares may be affected by events that adversely affect that company, industry or market sector and may fluctuate more than that of a less focused fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_916_ecustom--AmericanDepositaryReceiptsAndGlobalDepositoryReceiptsRiskMember_zzCE4zl9gPI5">American Depositary Receipts and Global Depository Receipts Risk</span>. </b>ADRs and GDRs may be subject to some of the same risks as direct investment in foreign companies, which includes international trade, currency, political, regulatory and diplomatic risks. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary’s transaction fees. Under an unsponsored ADR arrangement, the foreign issuer assumes no obligations and the depositary’s transaction fees are paid directly by the ADR holders. Because unsponsored ADR arrangements are organized independently and without the cooperation of the issuer of the underlying securities, available information concerning the foreign issuer may not be as current as for sponsored ADRs and voting rights with respect to the deposited securities are not passed through. GDRs can involve currency risk since, unlike ADRs, they may not be U.S. dollar-denominated. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--ConvertibleSecuritiesRiskMember_zqgH0faCASkh">Convertible Securities Risk</span>.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund may cause it to default or become unable to pay interest or principal due on the security. In addition, the Fund may incur expenses in an effort to protect the Fund’s interests or enforce its rights against an issuer, guarantor or counterparty or may be hindered or delayed in exercising these rights. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--CurrencyAndExchangeRiskMember_z5t25vAceOPk">Currency and Exchange Risk</span>.</b> Investments in currencies, currency futures contracts, forward currency exchange contracts or similar instruments, as well as securities that are denominated in foreign currency, are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates, rates of inflation, governmental surpluses or deficits, intervention (or the failure to intervene) by U.S. or foreign governments, actions of central banks or supranational entities and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Fund may engage in currency hedging transactions. Currency hedging transactions are subject to the risk that a result opposite expectations occurs (an expected decline turns into a rise and conversely) resulting in a loss to the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_914_ecustom--CyberSecurityRiskMember_zM9zgJZa3Meg">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--EmergingMarketRiskMember_zVri7J8b9Bpk">Emerging Markets Risk</span>. </b>The Fund will invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. Further, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--EquitySecuritiesRiskMember_zLmQaxCA8bRl">Equity Securities Risk</span>.</b> The Fund is designed for investors who can accept the risks of investing in a portfolio with significant holdings of equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities held by the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_916_ecustom--EtfRiskMember_z1Xmys5c9Xj5">ETF Risk</span>.</b> ETFs are a type of investment company bought and sold on a securities exchange. An ETF often represents a fixed portfolio of securities designed to track a particular market index. In such cases, the risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. The Fund may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their net asset value (“NAV”). </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--FixedIncomeSecuritiesRiskMember_zv5Tql0agxGe">Fixed Income Securities Risk</span>.</b> The Fund may invest in fixed income securities and is therefore subject to the risk that the prices of, and the income generated by, fixed income securities held by the Fund may decline significantly and/or rapidly in response to adverse issuer, geopolitical, regulatory, general economic and market conditions, or other developments, such as regional or global economic instability (including terrorism and related geopolitical risks), interest rate fluctuations, and those events directly involving the issuers that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--ForeignCustodyRiskMember_z254prtxwfF3">Foreign Custody Risk</span>.</b> The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--ForeignSecuritiesRiskMember_zsKy7RmaxBUl">Foreign Securities Risk</span>.</b> The Fund will invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments, accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject, limited information about foreign companies, less liquidity in foreign markets and less protection to the shareholders in foreign markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--GrowthStockRiskMember_zpWNr8NH3yA6">Growth Stock Risk</span>. </b>Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market downturn and when growth stocks are out of favor. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--IlliquidSecuritiesRiskMember_zEEFp31WB0d7">Illiquid Securities Risk</span>.</b> Investing in illiquid securities is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by a Sub-Adviser. Securities with longer maturities tend to be more sensitive to changes in interest rates, causing them to be more volatile than securities with shorter maturities. Securities with shorter maturities tend to provide lower returns and be less volatile than securities with longer maturities. Changing interest rates may have unpredictable effects on the markets and the Fund’s investments and may also affect the liquidity of fixed income securities and instruments held by the Fund. Declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91D_ecustom--InvestmentsInOtherInvestmentCompaniesRiskMember_zPpRbMGjICYh">Investments in Other Investment Companies Risk</span>.</b> Shareholders of the Fund will indirectly be subject to the fees and expenses of the other investment companies in which the Fund invests and these fees and expenses are in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders will be exposed to the investment risks associated with investments in the other investment companies. Investments by the Fund in other investment companies, including ETFs , will be subject to the limitations of the Investment Company Act of 1940 (the “1940 Act”). Pursuant to Rule 12d1-4 , the Fund may invest in other investment companies beyond the limits contained in the 1940 Act, subject to certain conditions imposed by Rule 12d1-4 including limits on control and voting of acquired funds’ shares, evaluations and findings by investment advisers, fund investment agreements and limits on most three-tier fund structures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--LargeCapitalizationRiskMember_zzBgehbodAI3">Large Capitalization Risk</span>.</b> Securities of companies with certain market capitalizations may perform differently from the equities markets generally. At times, large-cap companies may underperform as compared to small- or mid-capitalization companies, and vice versa. Larger, more established companies may be unable to respond to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--ManagementRiskMember_zrZdGbmV15Mf">Management Risk</span>.</b> The Fund is subject to the risk of poor stock selection. In other words, the individual stocks in the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices do not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--MarketRiskMember_zLNTkFKblVb1">Market Risk</span>.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--MidCapitalizationRiskMember_zltPUN6GESj3">Mid-Capitalization Risk</span>. </b>Securities of mid-capitalization companies are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of mid-capitalization companies may be substantially less than is typical of larger companies. As a result, the securities of mid-capitalization companies may be subject to greater and more abrupt price fluctuations. In addition, mid-capitalization companies may lack the management experience, financial resources and product diversification of larger companies, making them more susceptible to market pressures and business failure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--MultiManagerDependenceRiskMember_zBzY0bSCnhdh">Multi-Manager Dependence Risk</span>. </b>The success of the Fund’s investment strategy depends both on the Adviser’s ability to select Sub-Advisers and to allocate assets to those Sub-Advisers and on each Sub-Adviser’s ability to execute the relevant strategy and select investments for the Fund. The Sub-Advisers’ investment styles may not always be complementary, which could affect the performance of the Fund and lead to higher transaction expenses as compared to a fund using a single investment management style. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Prepayment Risk.</b> Issuers may experience an acceleration in prepayments of mortgage loans or other receivables backing the issuers’ fixed income securities when interest rates decline, which can shorten the maturity of the security, force the Fund to invest in securities with lower interest rates, and reduce the Fund’s return. Issuers may decrease prepayments of principal when interest rates increase, extending the maturity of a fixed income security and causing the value of the security to decline. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--SmallAndMicrocapitalizationRiskMember_zkCZhqrza5a1">Small and Micro-Capitalization Risk</span>.</b> The securities of small and micro-cap companies may be more volatile in price, have wider spreads between their bid and ask prices, and have significantly lower trading volumes than the securities of larger capitalization companies. As a result, the purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. Some small and micro-cap companies are followed by few, if any, securities analysts, and there tends to be less publicly available information about such companies. The small and micro-cap securities in which the Fund invests may be traded only in the over-the-</p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the “pink sheets,” and may not be traded every day or in the volume typical of trading on a national securities exchange. They generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than are mid and large cap securities, and the Fund may be able to deal with only a few market-makers when purchasing and selling securities. Small and micro-cap companies also may have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. Smaller company stocks may fall out of favor relative to mid or large cap stocks, which may cause the Fund to underperform other equity funds that focus on mid or large cap stocks. Moreover, the lack of an efficient market for the securities may make them difficult to value. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--SpecialSituationsRiskMember_zcrCpLqvEmr6">Special Situations Risk</span>. </b>The Fund will seek to benefit from “special situations,” such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the “special situation” might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer’s securities and fail to produce gains or produce a loss for the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--SubAdviserAndStrategyConcentrationRiskMember_zdVUFLZ9EKea">Sub-Adviser and Strategy Concentration Risk</span>.</b> Because the Adviser will not be subject to fixed limitations upon the amount of Fund assets that may be invested with a single Sub-Adviser or in a single investment strategy, the Fund may be more heavily exposed to the investment judgments of one or more Sub-Advisers or the possible increased risk of investing in a limited number of investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--TaxManagedInvestmentRiskMember_zWqzjSO0DeFd">Tax-Managed Investment Risk</span>.</b> A portion of the Fund’s portfolio will be managed using a tax-managed approach. Market conditions may limit the Fund’s ability to implement its tax-managed approach. For example, market conditions may limit the Fund’s ability to generate tax losses or to generate qualified dividend income, which is generally taxed to noncorporate shareholders at favorable rates. The Fund’s ability to utilize various tax-management techniques may be curtailed or eliminated in the future by legislation or regulation. Although the Fund expects that a smaller portion of its total return will consist of taxable distributions to shareholders as compared to non-tax managed funds, there can be no assurance about the size of taxable distributions to shareholders. The performance of the Fund may deviate from that of non-tax managed funds and may not provide as high of a return before or after consideration of federal income tax consequences as non-tax managed funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--UnseasonedIssuersRiskMember_zzgOsJRQxuh9">Unseasoned Issuers Risk</span>.</b> Unseasoned issuers may not have an established financial history and may have limited product lines, markets or financial resources. Unseasoned issuers may depend on a few key personnel for management and may be susceptible to losses and risks of bankruptcy. As a result, such securities may be more volatile and difficult to sell. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--ValueStockRiskMember_zTuL72upFDQk">Value Stock Risk</span>.</b> Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, their valuation levels are less than those of growth stocks. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market downturn and when value stocks are out of favor. </p> </td> </tr> </table> Fund Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zuhkCdHrjvG6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member_z5PXHkZzP377">The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns.</span> The chart assumes reinvestment of dividends and distributions. The bar chart shows the Fund’s performance from year to year. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member_z1zMAsvm9TH6">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.</span> Updated performance information is available by calling <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member_zEN8vm8sOVb1">1-844-261-6482</span> (toll free). </p> The following performance information provides some indication of the risks of investing in the Fund by illustrating the variability of the Fund’s returns. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. 1-844-261-6482 Aquarius International Fund Total Return For Calendar Years Ended December 31 0.1831 0.1077 0.0725 -0.1787 0.1479 0.0401 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zoGNkGEMkzhl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">During the period shown in the chart, the <span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member__oef--ClassAxis__custom--C000198553Member_zZxYhmIPTDY4">highest quarterly return</span> was <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member__oef--ClassAxis__custom--C000198553Member_zRpBCDrVAjFe">14.77%</span> (for the quarter ended <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member__oef--ClassAxis__custom--C000198553Member_zn1VdSfXjORl">June 30, 2020</span>) and the <span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member__oef--ClassAxis__custom--C000198553Member_zzi1biI3KhKk">lowest quarterly return</span> was <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member__oef--ClassAxis__custom--C000198553Member_zCFwDQ9KML63">-20.66%</span> (for the quarter ended <span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member__oef--ClassAxis__custom--C000198553Member_zyaC9PSgMuBk">March 31, 2020</span>). The <span id="xdx_901_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member__oef--ClassAxis__custom--C000198553Member_ztTT3Ts22JD3">year-to-date total return</span> for the nine months ended <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member__oef--ClassAxis__custom--C000198553Member_zaQ8xpSn3cRe">September 30, 2025</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member__oef--ClassAxis__custom--C000198553Member_zGS9swsOSCZg">27.63%</span>. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The table below compares the average annual returns of the Fund for the one-year, five-year, and since inception periods to a broad-based market index for the same periods. </span></p> highest quarterly return 0.1477 2020-06-30 lowest quarterly return -0.2066 2020-03-31 year-to-date total return 2025-09-30 0.2763 Average Annual Total Returns for the Periods Ended December 31, 2024 2018-04-17 2018-04-17 2018-04-17 2018-04-17 0.0401 0.0310 0.0284 0.0378 0.0292 0.0265 0.0290 0.0255 0.0235 0.0609 0.0461 0.0412 <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_z6uyWf6QXUhh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member_z8u7Nw1yc2zj">After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000061328Member_z5zhBJvqhhk8">After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </span></p> After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. SUMMARY SECTION — BOSTON PARTNERS ALL-CAP VALUE FUND Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zqVDCEaeHiK6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Boston Partners All-Cap Value Fund (the “Fund”) seeks to provide long-term growth of capital primarily through investment in equity securities. <span id="xdx_906_eoef--ObjectiveSecondaryTextBlock_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member_zcZVgAk6Dy77">Current income is a secondary objective. </span></p> Current income is a secondary objective. Expenses and Fees <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zk2yYdreDyJ7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in shares of the Fund, which are not reflected in the tables or the examples below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0 0.0025 0.0015 0.0015 0.0085 0.0110 -0.0005 -0.0005 0.0080 0.0105 December 31, 2026 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zMSGj7fc7bRh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in Institutional Class shares or $10,000 in Investor Class shares of the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 817 2662 4665 10443 107 345 601 1336 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_z5l6BQpmwaF6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_90E_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member_zWiaurZxZ7B1">37%</span> of the average value of its portfolio. </span></p> 0.37 Summary of Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_z01RbP3g4RTh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio consisting primarily of equity securities, such as common stocks of issuers across the capitalization spectrum and identified by the Adviser as having value characteristics. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser examines various factors in determining the value characteristics of such issuers including price to book value ratios and price to earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals, such as return on equity and earnings growth and cash flow. The Adviser selects securities for the Fund based on a continuous study of trends in industries and companies, earnings power and growth and other investment criteria. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest up to 20% of its total assets in non U.S. dollar-denominated securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may participate as a purchaser in initial public offerings of securities (“IPO”). An IPO is a company’s first offering of stock to the public. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 10% of its net assets in securities that can be converted into common stock, such as certain debt securities and preferred stock. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may hedge overall portfolio exposure up to 40% of its net assets through the purchase and sale of index and individual put and call options. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">In general, the Fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the Fund is limited to investing less than 25% of its total assets in any one industry. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_916_ecustom--ConvertibleSecuritiesRiskMember_z3t1MCrZmYI5">Convertible Securities Risk</span>. Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_914_ecustom--CyberSecurityRiskMember_zAkGzAjQPCY9">Cyber Security Risk</span>. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks.The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_91F_ecustom--EquitySecuritiesRiskMember_zPqcx9BSFok3">Equity Securities Risk</span>. The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_915_ecustom--ForeignCustodyRiskMember_zXrx64fUMLK7">Foreign Custody Risk</span>. The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_913_ecustom--ForeignSecuritiesRiskMember_zZL4tLSZsp6c">Foreign Securities Risk</span>. International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value (“NAV”). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_919_ecustom--IlliquidInvestmentsRiskMember_zzg3qoFL0Zmh">Illiquid Investments Risk</span>. Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_917_ecustom--IporiskMember_zbpqDj7xvMq7">IPO Risk</span>. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_919_ecustom--LargeCapCompaniesRiskMember_zaSyD3jknNF4">Large-Cap Companies Risk</span>. The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium-capitalization stocks. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_914_ecustom--ManagementRiskMember_zOpprrCRkc9k">Management Risk</span>. The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_916_ecustom--MarketRiskMember_zExjRAqZuG3j">Market Risk</span>. The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_915_ecustom--MicrocCapCompaniesRiskMember_zqon2hA6DUR3">Micro-Cap Companies Risk</span>. Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_911_ecustom--MidCapCompaniesRiskMember_zy00g0WhVlD1">Mid-Cap Companies Risk</span>. The stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_913_ecustom--OptionsRiskMember_z7ofT14sVAG6">Options Risk</span>. An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a “call”) or sell (a “put”) an asset in the near future at an agreed upon price prior to the expiration date of the option. The Fund may “cover” a call option by owning the security underlying the option or through other means. The value of options can be highly volatile, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_916_ecustom--SmallCapCompaniesRiskMember_zh4QP2Wr8Q11">Small-Cap Companies Risk</span>. The stocks of smaller companies may be subject to more abrupt, erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent on a small or inexperienced management group, and their securities may trade less frequently and in lower volume than securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </p> </td> </tr> </table> Performance Information <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zfmsEqOdamC6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member_zfsXD07vFZ0k">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication</p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member_zE8akZ28stZa" style="display: none">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">of future results. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member_zr0R3FB9PsGb">www.bostonpartners.com</span> or <span id="xdx_904_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member_z8uMky4j4Mka">1-888-261-4073</span>. </p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 - Institutional Class 0.0095 0.1482 0.1787 -0.1187 0.2788 0.0412 0.2559 -0.0242 0.1241 0.0999 <p id="xdx_A89_eoef--BarChartClosingTextBlock_ziXmJyWrClQc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the periods reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zSV22VNyIQDh">Best Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zt9obvVm1fM2">19.93%</span> (quarter ended <span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zULgjAGfyIAe">December 31, 2020</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zUmRWdbROojc">Worst Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zNMSkehw7AN8">-28.57%</span> (quarter ended <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zWsR57ViAWah">March 31, 2020</span>)</p></td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s Institutional Class <span id="xdx_906_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zbith6SFxyvl">year-to-date total return</span> for the nine months ended <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zrFAfhIqjqg3">September 30, 2025</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001106Member__oef--ClassAxis__custom--C000002997Member_zWyJ5JM0mbY6">13.07%</span>.<i> </i></span></p> Best Quarter 0.1993 2020-12-31 Worst Quarter -0.2857 2020-03-31 year-to-date total return 2025-09-30 0.1307 <p id="xdx_A8A_eoef--PerformanceTableNarrativeTextBlock_zEd9rNRKAUS7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table shows how the average annual returns of the Institutional Class and Investor Class shares for 1 year, 5 year, and 10 year periods compare to the average annual total returns of a broad-based securities market index for the same periods. </p> Average Annual Total Returns for the Periods Ended December 31, 2024 0.0999 0.0955 0.0928 0.0757 0.0775 0.0778 0.0773 0.0739 0.0729 0.0970 0.0927 0.0901 0.2381 0.1386 0.1255 0.1398 0.0860 0.0840 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. SUMMARY SECTION — BOSTON PARTNERS GLOBAL EQUITY FUND Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zRKNdy2NGrRf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Boston Partners Global Equity Fund (the “Fund”) seeks to provide long-term capital growth. </p> Expenses and Fees <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zT54uK6qxlNk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Institutional Class shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class shares of the Fund, which are not reflected in the tables or the examples below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0 0.0021 0.0111 -0.0016 0.0095 December 31, 2026 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zY5aUxWdzN63" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 969 3370 5961 13374 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zXmOI5MKVO8d" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member_ztU0AQKyw6Sa">55%</span> of the average value of its portfolio. </span></p> 0.55 Summary of Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zu8jBW1iEeyg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio of equity and equity-related securities issued by U.S. and non-U.S. companies of any capitalization size. The Fund may invest in all types of equity and equity- related securities, including without limitation exchange-traded and over-the-counter common and preferred stocks, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, participatory notes, limited partnership interests, shares of other investment companies (including exchanged-traded funds (“ETFs”)), real estate investment trusts (“REITs”) and equity participation. An equity participation is a type of loan that gives the lender a portion of equity ownership in a property, in addition to principal and interest payments. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund defines non-U.S. companies as companies (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States. Under normal market conditions, the Fund invests significantly (ordinarily at least 40% — unless market conditions are not deemed favorable by the Adviser, in which case the Fund would invest at least 30%) in non-U.S. companies. The Fund principally will be invested in issuers located in countries with developed securities markets, but may also invest in issuers located in emerging markets. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund generally invests in the equity securities of issuers believed by the Adviser to be undervalued in the marketplace, focusing on issuers that combine attractive valuations with catalysts for change. The Adviser applies a bottom-up stock selection process (i.e., one that focuses primarily on issuer-specific factors) in managing the Fund, using a combination of fundamental and quantitative analysis. In selecting investments for the Fund, the Adviser considers various factors such as price-to-book value, price-to-sales and earnings ratios, dividend yields, strength of management, and cash flow to identify securities that are trading at a price that appears to be lower than the issuer’s inherent value. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may (but is not required to) invest in derivatives, including put and call options, futures, forward contracts and swaps, in lieu of investing directly in a security, currency or instrument, for hedging and non-hedging purposes. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may participate as a purchaser in initial public offerings of securities (“IPO”). An IPO is a company’s first offering of stock to the public. The Fund may also seek to increase its income by lending portfolio securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Convertible Securities Risk. Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_91D_ecustom--CurrencyRiskMember_zvEQZS13U195">Currency Risk</span>. Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber Security Risk. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_91E_ecustom--DerivativesRiskMember_zceT2Cgr3oL2">Derivatives Risk</span>. The Fund’s investments in derivative instruments, which include futures and options on securities, securities indices or currencies, options on these futures, forward foreign currency contracts and interest rate or currency swaps, may be leveraged and result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_91C_ecustom--EmergingMarketsRiskMember_zytWl9SFYwre">Emerging Markets Risk</span>. Investment in emerging market securities involves greater risk than that associated with investment in securities of issuers in developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Equity Securities Risk. The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_914_ecustom--ExchangetradedFundRiskMember_zrv71IyNyL3i">Exchange-Traded Fund Risk</span>. Exchange-traded funds (“ETFs”) are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. The Fund may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their net asset value (“NAV”). </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Custody Risk. The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Securities Risk. International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. The Fund may invest in securities of foreign issuers either directly or through depositary receipts. Depositary receipts may be available through “sponsored” or “unsponsored” facilities. Holders of unsponsored depositary receipts generally bear all of the costs of the unsponsored facility. The depository of an unsponsored facility is frequently under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities. The depository of unsponsored depositary receipts may provide less information to receipt holders. Participatory notes (“P-notes”) are derivative instruments used by investors to take positions in certain foreign securities. P-notes present </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">similar risks to investing directly in such securities and also expose investors to counterparty risk. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Illiquid Investments Risk. Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">IPO Risk. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Large-Cap Companies Risk. The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium-capitalization stocks. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Management Risk. The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Market Risk. The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Mid-Cap Companies Risk. The stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Options Risk. An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a “call”) or sell (a “put”) an asset in the near future at an agreed upon price prior to the expiration date of the option. The Fund may “cover” a call option by owning the security underlying the option or through other means. The value of options can be highly volatile, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_919_ecustom--ReitsRiskMember_zcXIEdN5qgA4">REITs Risk</span>. REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the 1940 Act. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_915_ecustom--SecuritiesLendingRiskMember_zHyh5AKSfHoa">Securities Lending Risk</span>. The Fund may lend portfolio securities to institutions, such as certain broker- dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Small-Cap Companies Risk. The stocks of smaller companies may be subject to more abrupt, erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent on a small or inexperienced management group, and their securities may trade less frequently and in lower volume than securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </p> </td> </tr> </table> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zhnXLyhMnNNh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member_zDTsVydXhWQi">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member_zusf20ziYtP6">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member_zse1KXdxhk0l">www.bostonpartners.com</span> or <span id="xdx_906_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member_z5qWU8HpfXMk">1-888-261-4073</span>. </p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 0.0080 0.0850 0.2037 -0.1315 0.1877 0.0326 0.2176 -0.0307 0.1411 0.0721 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_z5G8K2uJuXM9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the periods reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zsnyR6xvQglb">Best Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zge15QxD61ng">21.81%</span> (quarter ended <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zqyTWkE0UOTa">December 31, 2020</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zIZgAWYFOfOh">Worst Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zcL4oc70yXJg">-29.53%</span> (quarter ended <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zKNA6EqBqCy3">March 31, 2020</span>)</p></td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s Institutional Class <span id="xdx_904_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_z9wkTdd6iYBh">year-to-date total return</span> for the nine months ended <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zXlhpijRGKo2">September 30, 2025</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000035438Member__oef--ClassAxis__custom--C000108834Member_zGECZqVyb8jh">27.41%</span>. </span></p> Best Quarter 0.2181 2020-12-31 Worst Quarter -0.2953 2020-03-31 year-to-date total return 2025-09-30 0.2741 <p id="xdx_A8E_eoef--PerformanceTableNarrativeTextBlock_zhhloInGjWdc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The table below compares the average annual total returns for the Fund’s Institutional Class, both before and after taxes for the past calendar year, past five calendar years and past ten calendar years to the average annual total returns of broad-based securities market indices for the same periods. </span></p> Average Annual Total Returns for the Periods Ended December 31, 2024 0.0721 0.0831 0.0731 0.0617 0.0785 0.0672 0.0540 0.0667 0.0586 0.1919 0.1170 0.1052 0.1867 0.1117 0.0995 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION — BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zeRck3V9DY25" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Boston Partners Global Sustainability Fund (the “Fund”) seeks to provide long-term capital appreciation. </p> Expenses and Fees <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zuv8D9UW29l7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Institutional Class shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class shares of the Fund, which are not reflected in the tables or the examples below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0 0.0094 0.0174 -0.0084 0.0090 December 31, 2026 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_z9LP0HOImdrj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 918 4660 8650 19819 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zBNKQIyvyAE2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member_zZG7ps59SA6f">69%</span> of the average value of its portfolio. </span></p> 0.69 Summary of Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zKIzIvflFda3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Board has approved a Plan of Liquidation and Termination with respect to the Fund (the “Plan”). Pursuant to the Plan, it is expected that the Fund will be closed and liquidated as of the close of business on or about January 16, 2026. The Fund suspended the offering of its shares to all investors as of the close of business on November 7, 2025. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pursues its objective by investing, under normal circumstances, in a diversified portfolio of equity and equity-related securities issued by U.S. and non-U.S. companies of any capitalization size. The Fund may invest in all types of equity and equity-related securities, including without limitation exchange-traded and over-the-counter common and preferred stocks, warrants, options, rights, convertible securities, sponsored and unsponsored depositary receipts and shares, trust certificates, participatory notes, limited partnership interests, shares of other investment companies (including exchanged-traded funds (“ETFs”)), real estate investment trusts (“REITs”) and equity participation. An equity participation is a type of loan that gives the lender a portion of equity ownership in a property, in addition to principal and interest payments. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund defines non-U.S. companies as companies (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States. Under normal market conditions, the Fund invests significantly (ordinarily at least 40% — unless market conditions are not deemed favorable by the Adviser, in which case the Fund would invest at least 30%) in non-U.S. companies. The Fund principally will be invested in issuers located in countries with developed securities markets. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Under normal circumstances, the Fund will invest at least 80% of its net assets, including borrowings for investment purposes, in companies that meet the Adviser’s sustainability criteria. Fund holdings must have received at least a “satisfactory” sustainability rating by the Adviser’s Sustainability and Engagement Team (the “Sustainability Team”) based on the Sustainability Team’s written research analysis. The Sustainability Team assesses each holding as either “excellent,” “good,” “satisfactory,” or “poor.” An issuer will be rated “excellent” if the issuer, in the opinion of the Sustainability Team, has a well-developed sustainability structure, well-designed goals for the future, demonstrated successful implementation of its sustainability program and shareholder friendly corporate governance. The Sustainability Team will rate an issuer as “good” if the issuer, in the opinion of the Sustainability Team, has attributes similar to those described in “excellent” but has some deficiencies that warrant improvement. The Sustainability Team will rate an issuer as “satisfactory” if the issuer, in the opinion of the Sustainability Team, has a sustainability program in place, has a sufficient level of sustainability disclosure for the Sustainability Team to assess the issuer’s sustainability program and has a commitment to improve its sustainability program and disclosure in the near term. All other holdings assessed by the Sustainability Team that are not rated either “excellent”, “good” or “satisfactory” are rated “poor”. These ratings are subjective and may vary if the issuer has products or services that inherently promote sustainability, particularly for other products or services, or has engaged in conduct that has or has the potential to lower the sustainability reputation of the issuer in the opinion of the Sustainability Team. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Sustainability Team uses a positive screen to identify issuers it considers to have characteristics that meet the Adviser’s sustainability criteria. The Sustainability Team assesses the sustainability of the issuer’s products, services and operations through original research and focusing on key areas such as corporate governance, internal sustainability structure, workforce and management diversity, training and employee development opportunities, safety programs and injury metrics, environmental effects such as goals and metrics for greenhouse gas emissions, energy usage, renewable energy, waste and water, supplier oversight and litigation and regulatory issues. The Sustainability Team uses primarily issuer published documents such as its sustainability report, website, publicly available financial reports such as the issuer’s 10-K and the issuer’s proxy statement to prepare the Sustainability Team’s research. The Sustainability Team also undertakes an internet search for any litigation, regulatory or reputational issues. The Sustainability Team may use third party research about industry trends for background information, but it does not rely on third party data about the issuer for its assessment of the issuer. The Sustainability Team provides a sustainability assessment for all issuers held in the Fund’s portfolio. The Sustainability Team’s ratings are subjective. No industries are automatically excluded from consideration. The Adviser will vote all securities for which it has voting authority in the best interests of its clients. The Adviser’s Governance Committee votes all proxies. The Governance Committee assesses the likely effect of the proxy proposal on the value of the issuer’s stock including the effect on the management of the issuer, the importance to shareholders of the proxy proposal and the cost of the proposal. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Sustainability Team also engages with issuers regarding sustainability deficiencies and reviews any improvements by issuers annually. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund generally invests in the equity securities of issuers believed by the Adviser to be undervalued in the marketplace, focusing on issuers that combine attractive valuations with catalysts for change. The Adviser applies a bottom-up stock selection process (i.e., one that focuses primarily on issuer-specific factors) in managing the Fund, using a combination of fundamental and quantitative analysis. In selecting investments for the Fund, the Adviser considers various factors such as price-to-book value, price-to-sales and earnings ratios, dividend yields, strength of management, and cash flow to identify securities that are trading at a price that appears to be lower than the issuer’s inherent value. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals, business momentum, or sustainability practices of a specific investment or industry. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may (but is not required to) invest in derivatives, including put and call options, futures, forward contracts and swaps, in lieu of investing directly in a security, currency or instrument, for hedging and non-hedging purposes. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may participate as a purchaser in initial public offerings of securities (“IPO”). An IPO is a company’s first offering of stock to the public. The Fund may also seek to increase its income by lending portfolio securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Convertible Securities Risk. Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Currency Risk. Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber Security Risk. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Derivatives Risk. The Fund’s investments in derivative instruments, which include futures and options on securities, securities indices or currencies, options on these futures, forward foreign currency contracts and interest rate or currency swaps, may be leveraged and result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Emerging Markets Risk. Investment in emerging market securities involves greater risk than that associated with investment in securities of issuers in developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available of an emerging market issuer may be less reliable than for comparable issuers in more </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">developed capital markets. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Exchange-Traded Fund Risk. ETFs are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. The Fund may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their net asset value (“NAV”). </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Equity Securities Risk. The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Custody Risk. The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Securities Risk. International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. The Fund may invest in securities of foreign issuers either directly or through depositary receipts. Depositary receipts may be available through “sponsored” or “unsponsored” facilities. Holders of unsponsored depositary receipts generally bear all of the costs of the unsponsored facility. The depository of an unsponsored facility is frequently under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through, to the holders of the receipts, voting rights with respect to the deposited securities. The depository of unsponsored depositary receipts may provide less information to receipt holders. Participatory notes (“P-notes”) are derivative instruments used by investors to take positions in certain foreign securities. P-notes present similar risks to investing directly in such securities and also expose investors to counterparty risk. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Illiquid Investments Risk. Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">IPO Risk. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Large-Cap Companies Risk. The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium-capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Management Risk. The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Market Risk. The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Mid-Cap Companies Risk. The stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Options Risk. An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a “call”) or sell (a “put”) an asset in the near future at an agreed upon price prior to the expiration date of the option. The Fund may “cover” a call option by owning the security underlying the option or through other means. The value of options can be highly volatile, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">REITs Risk. REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the Investment Company Act of 1940, as amended. </span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Securities Lending Risk. The Fund may lend portfolio securities to institutions, such as certain broker- dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Small-Cap Companies Risk. The stocks of smaller companies may be subject to more abrupt, erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent on a small or inexperienced management group, and their securities may trade less frequently and in lower volume than securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_916_ecustom--SustainableInvestmentRiskMember_zjZIthDUNT7g">Sustainable Investment Risk</span>. The sustainability criterion required for Fund investment may cause the Fund to not invest in certain industries or issuers. As a result, the Fund may be overweight or underweight in certain industries or issuers relative to its benchmark index, which may cause the Fund’s performance to be more or less sensitive to developments affecting those industries or issuers. Sustainability information provided by issuers, upon which the portfolio managers may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for sustainable investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing issuers to engage in sustainable practices may fall out of favor, which could potentially limit the Fund’s investment universe. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable business practices, which may result in the Fund selling a security when it might otherwise be disadvantageous to do so. There is no guarantee that sustainable investments will outperform the broader market on either an absolute or relative basis. </p> </td> </tr> </table> Performance Information <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zozojSaW1GA8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member_z2AtOO5EaZUj">The bar chart below shows you the performance of the Fund’s Institutional Class from year to year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication</p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member_zStXiiUUWjv2" style="display: none">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">of future results. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member_zJ9rHr8a6CN4">www.bostonpartners.com</span> or <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member_zvLyVMWfMxEc">1-888-261-4073</span>. </p> The bar chart below shows you the performance of the Fund’s Institutional Class from year to year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 -0.0617 0.1642 0.0802 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_z5cUuzKNt5Q2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the periods reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member__oef--ClassAxis__custom--C000233241Member_zX6XkxtMqEPf">Best Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member__oef--ClassAxis__custom--C000233241Member_zc0rjTN6f0f8">17.40%</span> (quarter ended <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member__oef--ClassAxis__custom--C000233241Member_zGvtqDwfygx6">December 31, 2022</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member__oef--ClassAxis__custom--C000233241Member_ztFO7g1dzsrc">Worst Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member__oef--ClassAxis__custom--C000233241Member_zqJpDRwlWZoh">-11.16%</span> (quarter ended <span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member__oef--ClassAxis__custom--C000233241Member_zwcPNs22RKQ1">June 30, 2022</span>)</p></td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s Institutional Class <span id="xdx_909_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member__oef--ClassAxis__custom--C000233241Member_zIMFRAYV5lcd">year-to-date total return</span> for the nine months ended <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member__oef--ClassAxis__custom--C000233241Member_zZdlW7J4bVdd">September 30, 2025</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074882Member__oef--ClassAxis__custom--C000233241Member_zYf4j5AaMfLj">27.76%</span>. </span></p> Best Quarter 0.1740 2022-12-31 Worst Quarter -0.1116 2022-06-30 year-to-date total return 2025-09-30 0.2776 <p id="xdx_A8A_eoef--PerformanceTableNarrativeTextBlock_z6wbqb6tVDo9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table below compares the average annual total returns for the Fund’s Institutional Class both before and after taxes for the past calendar year and since-inception periods to the average annual total returns of a broad-based securities market index for the same periods. </p> Average Annual Total Returns for the Period Ended December 31, 2024 2021-12-29 2021-12-29 2021-12-29 2021-12-29 2021-12-29 0.0802 0.0552 0.0782 0.0526 0.0521 0.0434 0.1919 0.0671 0.1867 0.0620 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION — BOSTON PARTNERS LONG/SHORT EQUITY FUND Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_ziv4ZtY5BYAg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Boston Partners Long/Short Equity Fund (the “Fund”) seeks long-term capital appreciation while reducing exposure to general equity market risk. The Fund seeks a total return greater than that of the S&amp;P 500^® Index over a full market cycle. </p> Expenses and Fees <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zrqqsD4B5Ifb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in shares of the Fund, which are not reflected in the tables or the examples below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0225 0.0225 0 0.0025 0.0032 0.0032 0.0006 0.0006 0.0000 0.0000 0.0263 0.0288 -0.0061 -0.0061 0.0202 0.0227 December 31, 2026 Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_z57d1gYT6Ob4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in Institutional Class shares or $10,000 in Investor Class shares of the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 2050 7596 13408 29186 230 834 1465 3161 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zEmJZz8U0LHi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_908_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member_zCyHu0hhQmxc">54%</span> of the average value of its portfolio. </span></p> 0.54 Summary of Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zccZODY217Ph" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invests in long positions in stocks identified by the Adviser as undervalued and takes short positions in stocks that the Adviser has identified as overvalued. The cash proceeds from short sales will be invested in short-term cash instruments to produce a return on such proceeds just below the federal funds rate. Short sales are considered speculative transactions and a form of leverage. The Fund invests, both long and short, in securities principally traded in the United States markets. The Fund may invest in securities of companies operating for three years or less (“unseasoned issuers”). The Adviser will determine the size of each long or short position by analyzing the tradeoff between the attractiveness of each position and its impact on the risk of the overall portfolio. The Fund seeks to construct a portfolio that has less volatility than the United States equity market generally. The Adviser examines various factors in determining the value characteristics of such issuers including price-to-book value ratios and price-to-earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals such as return on equity, earnings growth and cash flow. The Adviser selects securities for the Fund based on a continuous study of trends in industries and companies, earnings power and growth and other investment criteria. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends, under normal circumstances, to invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities. Under normal circumstances, the Adviser expects that the Fund’s long positions will not exceed approximately 125% of the Fund’s net assets. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s long and short positions may involve (without limit) equity securities of foreign issuers that are traded in the markets of the United States. The Fund may also invest up to 20% of its total assets directly in equity securities of foreign issuers. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">To meet margin requirements, redemptions or pending investments, the Fund may also temporarily hold a portion of its assets in full faith and credit obligations of the United States government and in short-term notes, commercial paper or other money market instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may participate as a purchaser in initial public offerings of securities (“IPO”). An IPO is a company’s first offering of stock to the public. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest from time to time a significant portion of its assets in smaller issuers which are more volatile and less liquid than investments in issuers with larger market capitalizations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">In general, the Fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the Fund is limited to investing a maximum of 25% of its total assets in any one industry. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 20% of its net assets in high yield debt obligations, such as bonds and debentures, used by corporations and other business organizations. High yield debt obligations are referred to as “junk bonds” and are not considered to be investment grade. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber Security Risk. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Equity Securities Risk. The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Custody Risk. The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Securities Risk. International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value (“NAV”). Furthermore, certain foreign securities in </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_91F_ecustom--HighYieldDebtObligationsRiskMember_znwKP8QHfG09">High Yield Debt Obligations Risk</span>. The Fund may invest up to 20% of its net assets in high yield debt obligations, such as bonds and debentures, issued by corporations and other business organizations. An issuer of debt obligations may default on its obligation to pay interest and repay principal. Also, changes in the financial strength of an issuer or changes in the credit rating of a security may affect its value. Such high yield debt obligations are referred to as “junk bonds” and are not considered to be investment grade. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Illiquid Investments Risk. Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">IPO Risk. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Management Risk. The Fund is subject to the risk of poor investment selection. In other words, the Adviser may not be successful in its strategy of taking long positions in stocks the manager believes to be undervalued and short positions in stocks the manager believes to be overvalued. Further, since the Adviser will manage both a long and a short portfolio, there is the risk that the Adviser may make more poor investment decisions than an adviser of a typical mutual fund with only a long portfolio may make. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Market Risk. The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the long portfolio of the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">REITs Risk. REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the 1940 Act. </span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_914_ecustom--ShortSalesRiskMember_zmJEo33zTHv9">Short Sales Risk</span>. Short sales of securities may result in gains if a security’s price declines, but may result in losses if a security’s price rises. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Small-Cap Companies Risk. The small capitalization equity securities in which the Fund may invest may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the “pink sheets,” and may not be traded every day or in the volume typical of trading on a national securities exchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization equity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The sale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount from market prices or during periods when, in the Adviser’s judgment, such sale is not desirable. Moreover, the lack of an efficient market for these securities may make them difficult to value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_91D_ecustom--UnseasonedIssuersRiskMember_zMsHE4cKRF05">Unseasoned Issuers Risk</span>. Unseasoned issuers may not have an established financial history and may have limited product lines, markets or financial resources. Unseasoned issuers may depend on a few key personnel for management and may be susceptible to losses and risks of bankruptcy. As a result, such securities may be more volatile and difficult to sell. </p> </td> </tr> </table> Performance Information <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zNqMDzrr6pgi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member_zQjLS25TvrO6">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. </span>The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member_ze3Ao6p1ypXf">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member_zaJEjJ4FfZo6">www.bostonpartners.com</span></span> or <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member_ziiJtS287Ay5">1-888-261-4073</span>. </p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 - Institutional Class -0.0109 0.2248 0.0277 -0.1547 0.0912 -0.0635 0.3203 0.0720 0.1520 0.1328 <p id="xdx_A85_eoef--BarChartClosingTextBlock_zvfqVizcs2fi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the periods reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zzsZhbjpAHpk">Best Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zf7Qemm5Ho6d">13.76%</span> (quarter ended <span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_z9BudBbVBNd5">December 31, 2022</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zCvwKU9YRMPg">Worst Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_z75VeVE2hnF4">-19.48%</span> (quarter ended <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zRwNVfbSpYv7">March 31, 2020</span>)</p></td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s Institutional Class <span id="xdx_90B_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zFzm7yAnDPJ">year-to-date total return</span> for the nine months ended <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zis0cHQ3ekk8">September 30, 2025</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001108Member__oef--ClassAxis__custom--C000003001Member_zCg1EKsSYEN6">21.32%</span>. </span></p> Best Quarter 0.1376 2022-12-31 Worst Quarter -0.1948 2020-03-31 year-to-date total return 2025-09-30 0.2132 <p id="xdx_A8B_eoef--PerformanceTableNarrativeTextBlock_z3edpD116EI4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The table shows how the average annual returns of the Institutional Class and Investor Class shares for 1 year, 5 year, and 10 year periods compare to the average annual total returns of a broad-based securities market index for the same periods. Although the Fund compares its average total return to a broad-based securities market index, the Fund seeks returns that are not correlated to securities market returns. </span></p> Average Annual Total Returns for the Periods Ended December 31, 2024 0.1328 0.1158 0.0710 0.0728 0.0669 0.0406 0.1021 0.0783 0.0483 0.1305 0.1131 0.0684 0.2502 0.1453 0.1310 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. SUMMARY SECTION — BOSTON PARTNERS LONG/SHORT RESEARCH FUND Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zYBVzfPDQKt1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Boston Partners Long/Short Research Fund (the “Fund”) seeks to provide long-term total return. </p> Expenses and Fees <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_z2QhBDNdK075" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in shares of the Fund, which are not reflected in the tables or the examples below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0.0125 0 0.0025 0.0016 0.0016 0.0043 0.0043 0.0000 0.0000 0.0184 0.0209 Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zuQBRkeiIA3i" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in Institutional Class shares or $10,000 in Investor Class shares of the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 1869 5786 9955 21585 212 655 1124 2421 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_z67q20t9SG48" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_90B_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member_zOXkl3BzZEY2">65%</span> of the average value of its portfolio. </span></p> 0.65 Summary of Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zDfd8iYKPIil" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund uses a hedged strategy. The Fund actively invests in long positions in stocks identified by the Adviser as undervalued and takes short positions in stocks that the Adviser has identified as overvalued. The cash proceeds from short sales (i.e., sales of securities the Fund does not own) are invested in short-term cash instruments to produce a return on such proceeds just below the federal funds rate. Short sales are considered speculative transactions and a form of leverage. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invests, both long and short, in equity securities issued by large-, mid- and small (or “micro”) cap companies, as well as other instruments that are convertible into equity securities. Selling securities short is a form of leverage. Equity securities in which the Fund may invest include exchange-traded and over-the-counter common and preferred stocks, warrants, rights, convertible securities, depositary receipts and shares, trust certificates, limited partnership interests, shares of other investment companies and real estate investment trusts (“REITs”), and equity participations. An equity participation is a type of loan that gives the lender a portion of equity ownership in a property, in addition to principal and interest payments. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. The Fund may invest in securities of companies operating for three years or less (“unseasoned issuers”). The Fund may also invest in depositary receipts and equity securities of foreign companies (denominated in either U.S. dollars or foreign currencies), put and call options, futures, indexed securities and fixed-income securities (including bonds, notes, asset-backed securities, convertible securities, Eurodollar and Yankee dollar instruments, preferred stocks and money market instruments) and high yield securities (commonly referred to as “junk bonds”). Fixed income securities in which the Fund invests include those rated between AAA and D by a nationally recognized statistical rating organization, or deemed of comparable quality by the Adviser. The Adviser may also temporarily invest uninvested cash in money market funds and similar collective investment vehicles. The Fund may also seek to increase its income by lending portfolio securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser determines the size of each long or short position by analyzing the tradeoff between the attractiveness of each position and its impact on the risk of the overall portfolio. The Fund seeks to construct a portfolio that has less volatility than the U.S. equity market by investing less than 100% of its assets in net long positions. Selection of individual securities to be held long or sold short will be based on a mix of quantitative techniques and fundamental security analysis. The Adviser selects stocks on the basis of three criteria: value, fundamental business strength and momentum. The Adviser examines various factors in determining the value characteristics of such issuers including price-to-book value ratios and price-to-earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals such as return on equity, earnings growth and cash flow. The Adviser selects securities for the Fund based on a continuous study of trends in industries and companies, earnings power and growth and other investment criteria. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Although the Fund seeks to follow a hedged strategy, there can be no assurance that the Fund’s portfolio or investments will be insulated from market moves or effectively hedged against risk. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">In general, the Fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the Fund is limited to investing less than 25% of its total assets in any one industry, except that the Fund may invest in exchange traded funds to the extent permitted by the Investment Company Act of 1940, as amended (“1940 Act”), and applicable SEC orders. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may participate as a purchaser in initial public offerings of securities (“IPO”). An IPO is a company’s first offering of stock to the public. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The principal derivative instruments in which the Fund invests are futures and options on securities, securities indices or currencies, options on these futures, forward foreign currency contracts and interest rate or currency swaps. The Fund’s investments in derivative instruments may be leveraged and result in losses exceeding the amounts invested. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Currency Risk. Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber Security Risk. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Derivatives Risk. The Fund’s investments in derivative instruments, which include futures and options on securities, securities indices or currencies, options on these futures, forward foreign currency contracts and interest rate or currency swaps, may be leveraged and result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Equity Securities Risk. The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Exchange-Traded Fund Risk. Exchange-traded funds (“ETFs”) are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. The Fund may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their net asset value (“NAV”). </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Custody Risk. The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Securities Risk. International investing may be subject to special risks, including currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">High Yield Debt Obligations Risk. The Fund may invest up to 20% of its net assets in high yield debt obligations (of any rating, including defaulted securities and unrated securities), including bonds and debentures, issued by corporations and business organizations. An issuer of debt obligations may default on its obligation to pay interest and repay principal. Also, changes in the financial strength of an issuer or changes in the credit rating of a security may affect its value. Such high yield debt obligations are referred to as “junk bonds” and are not considered to be investment grade. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Illiquid Investments Risk. Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">IPO Risk. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_914_ecustom--IndexedSecuritiesRiskMember_zUiNzgujDuY5">Indexed Securities Risk</span>. The Fund may invest in indexed securities whose value is linked to securities indices. Most such securities have values that rise and fall according to the change in one or more specified indices and may have characteristics similar to direct investments in the underlying securities. Depending on the index, such securities may have greater volatility than the market as a whole. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Large-Cap Companies Risk. The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium-capitalization stocks. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Management Risk. The Fund is subject to the risk of poor investment selection. The Adviser may be incorrect in the stocks it buys and believes to be undervalued and in stocks it sells short and believes to be overvalued. Further, since the Adviser will manage both a long and a short portfolio, there is the risk that the Adviser may make more poor investment decisions than an adviser of a typical mutual fund with only a long portfolio. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Market Risk. The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the long portfolio of the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the price of these stocks will not move even lower. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Mid-Cap Companies Risk. The stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">REITs Risk. REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the 1940 Act. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Securities Lending Risk. The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Short Sales Risk. Short sales of securities may result in gains if a security’s price declines, but may result in losses if a security’s price rises. In a rising market, short positions may be more likely to result in losses because securities sold short may be more likely to increase in value. Short selling also involves the risks of: increased leverage, and its accompanying potential for losses; the potential inability to reacquire a security in a timely manner, or at an acceptable price; the possibility of the lender terminating the loan at any time, forcing the Fund to close the transaction under unfavorable circumstances; and the additional costs that may be incurred. Short sales “against the box” may protect the Fund against the risk of losses in the value of a portfolio security because any decline in value of the security should be wholly or partially offset by a corresponding gain in the short position. Any potential gains in the security, however, would be wholly or partially offset by a corresponding loss in the short position. Short sales that are not “against the box” involve a form of investment leverage, and the amount of the Fund’s loss on a short sale is potentially unlimited. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Small-Cap Companies Risk. The small capitalization equity securities in which the Fund may invest may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the “pink sheets,” and may not be traded every day or in the volume typical of trading on a national securities exchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization equity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The sale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount from market prices or during periods when, in the Adviser’s judgment, such sale is not desirable. Moreover, the lack of an efficient market for these securities may make them difficult to value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Unseasoned Issuers Risk. Unseasoned issuers may not have an established financial history and may have limited product lines, markets or financial resources. Unseasoned issuers may depend on a few key personnel for management and may be susceptible to losses and risks of bankruptcy. As a result, such securities may be more volatile and difficult to sell. </p> </td> </tr> </table> Performance Information <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_za2VOKHcAKl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member_zyzS4QZNiZCa">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member_z4hi6eMLHff3">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member_zKD7By5xZaJ8">www.bostonpartners.com</span></span> or <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member_zqVjYoayoU2h">1-888-261-4073</span>. </p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 - Institutional Class 0.0152 0.0362 0.1010 -0.1059 0.1258 -0.0825 0.2380 0.0648 0.0474 0.1348 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_z0oddR2swyH1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the periods reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zGRDCSFWSte2">Best Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zIqBLr6xwPu2">11.99%</span> (quarter ended <span id="xdx_906_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zTV1UxEIuz53">December 31, 2020</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zqSv2CYDU49d">Worst Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90F_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zfoq1uyKIGlh">-18.51%</span> (quarter ended <span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zKsj3m079Mo2">March 31, 2020</span>)</p></td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s Institutional Class <span id="xdx_90B_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zzVIpsguopKi">year-to-date total return</span> for the nine months ended <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zDD9EhKFA1l">September 30, 2025</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000030191Member__oef--ClassAxis__custom--C000092913Member_zml0OulCCRVk">13.18%</span>.<i> </i></span></p> Best Quarter 0.1199 2020-12-31 Worst Quarter -0.1851 2020-03-31 year-to-date total return 2025-09-30 0.1318 <p id="xdx_A8F_eoef--PerformanceTableNarrativeTextBlock_zNu6mXpxOTrd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table shows how the average annual returns of the Institutional Class and Investor Class shares for 1 year, 5 year, and 10 year periods compare to the average annual total returns of a broad-based securities market index for the same periods. </p> Average Annual Total Returns for the Periods Ended December 31, 2024 0.1348 0.0753 0.0530 0.1078 0.0475 0.0365 0.0999 0.0541 0.0390 0.1327 0.0727 0.0504 0.2502 0.1453 0.1310 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. SUMMARY SECTION — BOSTON PARTNERS SMALL CAP VALUE FUND II Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zPRLGhfuI6Gk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Boston Partners Small Cap Value Fund II (the “Fund”) seeks to provide long-term growth of capital primarily through investment in equity securities. Current income is a secondary objective. </p> Expenses and Fees <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zIwQBo8hbpRg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in shares of the Fund, which are not reflected in the tables or the examples below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0085 0.0085 0 0.0025 0.0017 0.0017 0.0010 0.0010 0.0112 0.0137 -0.0003 -0.0003 0.0109 0.0134 Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursements shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. December 31, 2026 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zMPHUInp7pP7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in Institutional Class shares or $10,000 in Investor Class shares of the Fund for the time periods indicated and that you hold or sell all of your shares </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 1010 3217 5603 12451 126 400 694 1531 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_z8gLnllhtqi5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_90E_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member_zFNm4Jettrti">65%</span> of the average value of its portfolio. </span></p> 0.65 Summary of Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zpa5WdigmP1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in a diversified portfolio consisting primarily of equity securities, such as common stocks of issuers with small market capitalizations and identified by the Adviser as having value characteristics. A small market capitalization issuer generally is considered to be one whose market capitalization is, at the time the Fund makes the investment, similar to the market capitalization of companies in the Russell 2000^® Value Index. The Russell 2000^® Value Index is an unmanaged index that contains stocks from the Russell 2000^® Index with less than average growth orientation. As of October 31, 2025, the median market capitalization of the companies in the Russell 2000^® Value Index was $774 million and the largest stock was $21.5 billion. Please note that this range is as of a particular point in time and is subject to change. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund generally invests in the equity securities of small companies. The Adviser will seek to invest in companies it considers to be well managed and to have attractive fundamental financial characteristics. The Adviser believes greater potential for price appreciation exists among small companies since they tend to be less widely followed by other securities analysts and thus may be more likely to be undervalued by the market. The Fund may invest from time to time a portion of its assets, not to exceed 20% (under normal conditions) at the time of purchase, in companies with larger market capitalizations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser examines various factors in determining the value characteristics of such issuers including price to book value ratios and price to earnings ratios. These value characteristics are examined in the context of the issuer’s operating and financial fundamentals such as return on equity, earnings growth and cash flow. The Adviser selects securities for the Fund based on a continuous study of trends in industries and companies, earnings power and growth and other investment criteria. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest up to 25% of its total assets in non U.S. dollar-denominated securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 15% of its net assets in illiquid investments, including investments that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may participate as a purchaser in initial public offerings of securities (“IPO”). An IPO is a company’s first offering of stock to the public. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">In general, the Fund’s investments are broadly diversified over a number of industries and, as a matter of policy, the Fund is limited to investing a maximum of 25% of its total assets in any one industry. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned policies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash and eligible U.S. dollar-denominated money market instruments and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber Security Risk. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Equity Securities Risk. The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Custody Risk. The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Securities Risk. International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value (“NAV”). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Illiquid Investments Risk. Investing in illiquid investments is subject to certain risks, such as limitations on resale and uncertainty in determining valuation. Limitations on resale may adversely affect the marketability of portfolio securities and the Fund might be unable to dispose of restricted or other illiquid investments promptly or at reasonable prices and might thereby experience difficulty satisfying redemptions within seven days. The Fund might, in order to dispose of restricted securities, have to register securities resulting in additional expense and delay. Adverse market conditions could impede such a public offering of such securities. Less liquid securities that the Fund may want to invest in may be difficult or impossible to purchase. Federal banking regulations may also cause certain dealers to reduce their inventories of certain securities, which may further decrease the Fund’s ability to buy or sell such securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">IPO Risk. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Management Risk. The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Market Risk. The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">REITs Risk. REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the Investment Company Act of 1940, as amended. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Small Cap Companies Risk. The Fund will invest in smaller issuers which are more volatile and less liquid than investments in issuers with a market capitalization greater than the market capitalization of companies in the Russell 2000^® Value Index. Small market capitalization issuers are not as diversified in their business activities as issuers with market capitalizations greater than the market capitalization of companies in the Russell 2000^® Value Index and are more susceptible to changes in the business cycle. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The small capitalization equity securities in which the Fund invests may be traded only in the over-the-counter market or on a regional securities exchange, may be listed only in the quotation service commonly known as the “pink sheets,” and may not be traded every day or in the volume typical of trading on a national securities exchange. These securities may also be subject to wide fluctuations in market value. The trading market for any given small capitalization equity security may be sufficiently small as to make it difficult for the Fund to dispose of a substantial block of such securities. The sale by the Fund of portfolio securities to meet redemptions may require the Fund to sell its small capitalization securities at a discount from market prices or during periods when, in the Adviser’s judgment, such sale is not desirable. Moreover, the lack of an efficient market for these securities may make them difficult to value. </p> </td> </tr> </table> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zOujtdTDk77j" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and table below illustrate the long-term performance of the Fund’s Institutional Class. <span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member_zTGw1E7tqoD6">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member_zslx2IUpwade">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member_zaflqei8MIMb">www.bostonpartners.com</span></span> or <span id="xdx_90E_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member_zqClJveWFJzb">1-888-261-4073</span>. </p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 - Institutional Class -0.0433 0.2597 0.0978 -0.1634 0.2802 0.0160 0.2578 -0.1149 0.1668 0.1402 <p id="xdx_A83_eoef--BarChartClosingTextBlock_zaZxlo3zlt7c" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the periods reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Total Returns"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zezia7UJrtgg">Best Quarter</span>: </p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zfqc6pfDkn02">29.93%</span> (quarter ended <span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zAWcGdYJFfwe">December 31, 2020</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_z2JcN1arSiO8">Worst Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zUYrSH03IA6d">-38.98%</span> (quarter ended <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zBKfKRGVUp47">March 31, 2020</span>)</p></td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s Institutional Class <span id="xdx_906_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_ze88cV93q1g6">year-to-date total return</span> for the nine months ended <span id="xdx_904_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zbXyIV7wr3Lf">September 30, 2025</span> was <span id="xdx_909_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001094Member__oef--ClassAxis__custom--C000002982Member_zoWUm3Qx8sh9">8.23%</span>. </span></p> Best Quarter 0.2993 2020-12-31 Worst Quarter -0.3898 2020-03-31 year-to-date total return 2025-09-30 0.0823 <p id="xdx_A8E_eoef--PerformanceTableNarrativeTextBlock_zKxe5QuYUCSc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table shows how the average annual returns of the Institutional Class and Investor Class shares for 1 year, 5 year, and 10 year periods compare to the average annual total returns of a broad-based securities market index for the same periods. </p> Average Annual Total Returns for the Periods Ended December 31, 2024 0.1402 0.0852 0.0787 0.1067 0.0651 0.0632 0.1079 0.0652 0.0608 0.1373 0.0824 0.0760 0.2381 0.1386 0.1255 0.0805 0.0729 0.0714 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. SUMMARY SECTION — WPG PARTNERS SELECT SMALL CAP VALUE FUND Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zOUW7I6DpQY7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The WPG Partners Select Small Cap Value Fund (the “Fund”) seeks to provide long-term capital appreciation. </p> Expenses and Fees <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zdE0zdp4ktGk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Institutional Class shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class shares of the Fund, which are not reflected in the tables or the examples below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0 0.0023 0.0113 -0.0003 0.0110 December 31, 2026 Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_z5zq5wKj0JEc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 1121 3561 6194 13720 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_z9CvQHtwddVh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member_zIPCUJEUKj9j">155%</span> of the average value of its portfolio. </span></p> 1.55 Summary of Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zWThhrgbURFd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. companies that, at the time of purchase, have a market capitalization that is within the range of the market capitalization of issuers in the Russell 2000^® Value Index. As of October 31, 2025, the median market capitalization of the companies in the Russell 2000^® Value Index is $774 million and the largest stock is $21.5 billion. The Fund may invest in depositary receipts and equity securities of foreign companies. Although the Fund invests primarily in common stocks (which include both exchange-listed and over-the-counter (“OTC”) securities), the Fund may invest in all types of equity and equity-related securities, including (without limitation): </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Securities convertible into common stocks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Shares of real estate investment trusts (“REITs”). </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Warrants and rights to purchase common stocks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Preferred stocks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Exchange-traded limited partnerships. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Special Situations: The Fund may invest in companies that may experience unusual and possibly unique developments which may create a special opportunity for significant returns. Special situations include: significant technological improvements or important discoveries; reorganizations, recapitalizations or mergers; favorable resolutions of litigation; new management or material changes in company policies; and actual or potential changes in control of a company. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Strategies: The Adviser uses a value approach to select the Fund’s investments. Using this investment style, the Adviser seeks securities selling at substantial discounts to their underlying values and then holds these securities until the market values reflect what the Adviser believes to be their intrinsic values. The Adviser employs a bottom-up strategy, focusing on undervalued industries that the Adviser believes are experiencing positive change. The Adviser then uses both qualitative and quantitative methods to assess a security’s potential value. The portfolio manager managing the Fund and the analytical team meet with a multitude of companies annually to identify companies with increasing returns on capital in their core businesses which are selling at attractive valuations. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Factors the Adviser looks for in selecting investments include (without limitation): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Increasing returns on invested capital. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Companies who have demonstrated an ability to generate high return on invested capital. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Companies which provide solid cash flows with appropriate capital. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Potential catalysts such as new products, cyclical upturns and changes in management. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Low market valuations relative to earnings forecast, book value, cash flow and sales. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may participate as a purchaser in initial public offerings of securities (“IPO”). An IPO is a company’s first offering of stock to the public. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Convertible Securities Risk. Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber Security Risk. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Equity Securities Risk. The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Custody Risk. The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Securities Risk. International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value (“NAV”). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">IPO Risk. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Management Risk. The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Market Risk. The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_911_ecustom--OtcRiskMember_z20QTl5tip83">OTC Risk</span>. Securities traded on OTC markets are not listed and traded on an organized exchange such as the New York Stock Exchange (“NYSE”). Generally, the volume of trading in an unlisted or OTC common stock is less than the volume of trading in an exchange-listed stock. As a result, the market liquidity of some stocks in which the Fund invests may not be as great as that of exchange-listed stocks and, if the Fund were to dispose of such stocks, the Fund may have to offer the shares at a discount from recent prices or sell the shares in small lots over an extended period of time. In addition, penny stocks and pink sheet stocks can be classified as OTC stocks. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_918_ecustom--PortfolioTurnoverRiskMember_zAIkUZo4fQg">Portfolio Turnover Risk</span>. The Fund may frequently trade its portfolio securities, resulting in higher brokerage commissions and transaction costs, which could lower the Fund’s performance. In addition to lower performance, high portfolio turnover could result in taxable capital gains. A portfolio turnover rate of 100% is considered to be high. The annual portfolio turnover rate for the Fund is not expected to exceed 400%; however, it may be higher if the Adviser believes it wil improve the Fund’s performance. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">REITs Risk. REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the Investment Company Act of 1940, as amended. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_91A_ecustom--RightsAndWarrantsRiskMember_z3xj5CWxWqZ2">Rights and Warrants Risk</span>. The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not executed prior to the right’s or warrant’s expiration. Also, the purchase of rights and/or warrants involves the risk </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the level of the underlying security. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Small-Cap Companies Risk. The stocks of smaller companies may be subject to more abrupt, erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources or may be dependent on a small or inexperienced management group, and their securities may trade less frequently and in lower volume than securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_91E_ecustom--SpecialSituationsRiskMember_zhW3vKFwBks5">Special Situations Risk</span>. The Fund will seek to benefit from “special situations,” such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the “special situation” might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer’s securities and fail to produce gains or produce a loss for the Fund. </p> </td> </tr> </table> Performance Information <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zuMzFjkqCcA8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and table below illustrate the performance of the Fund’s Institutional Class. <span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member_ztJY3ybZFxoc">The bar chart below shows you the performance of the Fund’s Institutional Class has varied year to year and provides some indication of the risks of investing in the Fund.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member_zlAe9zoHFCjh">The bar chart assumes reinvestment of dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member_zYqZ6067XES4">www.bostonpartners.com</span> or <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member_zKapL4KZc2Fl">1-888-261-4073</span>. </p> The bar chart below shows you the performance of the Fund’s Institutional Class has varied year to year and provides some indication of the risks of investing in the Fund. The bar chart assumes reinvestment of dividends and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 0.0346 0.1973 0.0795 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zpaDJcicfS79" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the periods reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zDcY7tJPqUE6">Best Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zbmswUrUxhYj">18.26%</span> (quarter ended <span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zm3c0woLF8pd">December 31, 2022</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zGtVs2gg1Wl3">Worst Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_z585rzhLXGz2">-16.16%</span> (quarter ended <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zio3mOLsgbHd">June 30, 2022</span>)</p></td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s Institutional Class <span id="xdx_90E_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zNpyRMTq8BF9">year-to-date total return</span> for the nine months ended <span id="xdx_904_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_z1y3kYSUVRyl">September 30, 2025</span> was <span id="xdx_903_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074886Member__oef--ClassAxis__custom--C000233246Member_zQbYdBLkEiuh">4.56%</span>. </span></p> Best Quarter 0.1826 2022-12-31 Worst Quarter -0.1616 2022-06-30 year-to-date total return 2025-09-30 0.0456 <p id="xdx_A85_eoef--PerformanceTableNarrativeTextBlock_zMOt5wdmcja9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table below compares the average annual total returns for the Fund’s Institutional Class both before and after taxes for the one-year and since-inception periods to the average annual total returns of a broad-based securities market index for the same periods. </p> Average Annual Total Returns for the Period Ended December 31, 2024 2021-12-29 2021-12-29 2021-12-29 2021-12-29 2021-12-29 0.0795 0.1012 0.0677 0.0775 0.0495 0.0686 0.2381 0.0782 0.0805 0.0190 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION — WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zKfkxK9djZml" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The WPG Partners Small Cap Value Diversified Fund (the “Fund”) seeks capital appreciation by investing primarily in common stocks, securities convertible into common stocks and in special situations. </p> Expenses and Fees <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zTUnxPIJVzN4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell Institutional Class shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Class shares of the Fund, which are not reflected in the tables or the examples below. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0 0.0041 0.0121 -0.0011 0.0110 December 31, 2026 Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zdWrrsnjU7Nc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $100,000 in the Fund for the time periods indicated and that you hold or sell all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the operating expenses of the Fund remain the same (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 1121 3732 6544 14562 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zE0Od08GB8W1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total annual Fund operating expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate for the Fund was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member_zNmV6GnGsu31">92%</span> of the average value of its portfolio. </span></p> 0.92 Summary of Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zVV9n5FEqaPl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in equity securities of U.S. companies that, at the time of purchase, have a market capitalization that is within the range of the market capitalization of issuers in the Russell 2000^® Value Index. As of October 31, 2025, the median market capitalization of the companies in the Russell 2000^® Value Index is $774 million and the largest stock is $21.5 billion. The Fund may invest in depositary receipts and equity securities of foreign companies. Although the Fund invests primarily in common stocks, the Fund may invest in all types of equity and equity-related securities, including (without limitation): </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Securities convertible into common stocks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Shares of real estate investment trusts (“REITs”). </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Warrants and rights to purchase common stocks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Preferred stocks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Exchange-traded limited partnerships.<i> </i></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i>Special Situations:</i><span style="font-weight: normal; font-style: normal"> The Fund may invest in companies that may experience unusual and possibly unique developments which may create a special opportunity for significant returns. Special situations include: significant technological improvements or important discoveries; reorganizations, recapitalizations or mergers; favorable resolutions of litigation; new management or material changes in company policies; and actual or potential changes in control of a company. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i>Strategies:</i><span style="font-weight: normal; font-style: normal"> The Adviser uses a value approach to select the Fund’s investments. Using this investment style, the Adviser seeks securities selling at substantial discounts to their underlying values and then holds these securities until the market values reflect what the Adviser believes to be their intrinsic values. The Adviser employs a bottom-up strategy, focusing on undervalued industries that the Adviser believes are experiencing positive change. The Adviser then uses both qualitative and quantitative methods to assess a security’s potential value. The portfolio managers managing the Fund meet with a multitude of companies annually to identify companies with increasing returns on capital in their core businesses which are selling at attractive valuations. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Factors the Adviser looks for in selecting investments include (without limitation): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Increasing returns on invested capital. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Companies who have demonstrated an ability to generate high return on invested capital (ROIC). </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Companies which provide solid cash flows with appropriate capital. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Potential catalysts such as new products, cyclical upturns and changes in management. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Low market valuations relative to earnings forecast, book value, cash flow and sales. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may participate as a purchaser in initial public offerings of securities (“IPO”). An IPO is a company’s first offering of stock to the public. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will sell a stock when it no longer meets one or more investment criteria, either through obtaining target value or due to an adverse change in fundamentals or business momentum. Each holding has a target valuation established at purchase, which the Adviser constantly monitors and adjusts as appropriate. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Convertible Securities Risk. Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber Security Risk. Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Equity Securities Risk. The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Custody Risk. The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Foreign Securities Risk. International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections, and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value (“NAV”). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">IPO Risk. IPO risk is the risk that the market value of IPO shares will fluctuate considerably due to certain factors, such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. Because of the price volatility of IPO shares, the Fund may choose to hold IPO shares for a very short period of time. This may increase the turnover of the Fund’s portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. In addition, the Adviser cannot guarantee continued access to IPOs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Management Risk. The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Market Risk. The NAV of the Fund will change with changes in the market value of its portfolio positions. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Investors may lose money. Although the Fund will invest in stocks the Adviser believes to be undervalued, there is no guarantee that the price of these stocks will not move even lower. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_91B_ecustom--MicrocapCompaniesRiskMember_zpj2VCi1waZg">Micro-Cap Companies Risk</span>. Micro-cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets for their products or services, fewer product lines, and more limited managerial and financial resources than larger issuers. The stocks of micro-cap companies may therefore be more volatile and the ability to sell them at a desirable time or price may be more limited. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">REITs Risk. REITs may be affected by economic forces and other factors related to the real estate industry. The value of securities issued by REITs is affected by tax and regulatory requirements and by perceptions of management skill. They also may be affected by general economic conditions and are subject to heavy cash flow dependency, defaults by borrowers or tenants, self-liquidation at an economically disadvantageous time, and the possibility of failing to qualify for favorable tax treatment under applicable U.S. or foreign law and/or to maintain exempt status under the 1940 Act. Additional risks include possible declines in the value of real estate, possible lack of availability of mortgage funds and unexpected vacancies of properties. REITs are also subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially mortgage REITs) and liquidity risk. REITs that invest in real estate mortgages are also subject to prepayment risk. Investing in REITs may involve risks similar to those associated with investing in small capitalization companies. REITs may have limited financial resources, may trade less frequently and in a limited volume, engage in dilutive offerings and may be subject to more abrupt or erratic price movements than larger company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the larger capitalization stocks included in the S&amp;P 500^® Index. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law or (ii) maintain their exemptions from registration under the 1940 Act. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Rights and Warrants Risk. The purchase of rights or warrants involves the risk that the Fund could lose the purchase value of a right or warrant if the right to subscribe to additional shares is not executed prior to the right’s or warrant’s expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the level of the underlying security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Small-Cap Companies Risk. The stocks of smaller companies may be subject to more abrupt, erratic market movements than stocks of larger, more established companies. Small companies may have limited product lines or financial resources, or may be dependent on a small or inexperienced management group, and their securities may trade less frequently and in lower volume than securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Special Situations Risk. The Fund will seek to benefit from “special situations,” such as mergers, reorganizations, or other unusual events expected to affect a particular issuer. There is a risk that the “special situation” might not occur or involve longer time frames than originally expected, which could have a negative impact on the price of the issuer’s securities and fail to produce gains or produce a loss for the Fund. </p> </td> </tr> </table> Performance Information <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zIKoX1cf4Kc4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and table below illustrate the performance of the Fund’s Institutional Class. <span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member_zbu3K7tFrVe">The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. </span>The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member_zKyoMLaP6LB7">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available at <span style="text-decoration: underline"><span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member_zWxPrMLj9MUf">www.bostonpartners.com</span></span> or <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member_zaCnMx7cqb1f">1-888-261-4073</span>. </p> The bar chart below shows you how the performance of the Fund’s Institutional Class has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.bostonpartners.com 1-888-261-4073 Total Returns for the Calendar Years Ended December 31 -0.1374 0.1963 0.0568 -0.2177 0.2335 -0.0131 0.4006 0.0204 0.1430 0.1057 <p id="xdx_A82_eoef--BarChartClosingTextBlock_zuQMlJ8c7Qk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the periods reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zz26PabtPrS9">Best Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zGE2s7ZTRprh">31.12%</span> (quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zdBzRUQxlf14">December 31, 2020</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: top; width: 20%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_z2C2iM2jrAVa">Worst Quarter</span>:</p></td> <td style="vertical-align: top; width: 80%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 9pt; text-indent: -9pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zY9iaDTesdm4">-35.92%</span> (quarter ended <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zUYpEqN5KJfe">March 31, 2020</span>)</p></td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s Institutional Class <span id="xdx_907_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zqXpKIugzOj3">year-to-date total return</span> for the nine months ended <span id="xdx_905_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zN4hXzRHjHlk">September 30, 2025</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001097Member__oef--ClassAxis__custom--C000002987Member_zlEO8fM1Obc9">4.87%</span>.<i> </i></span></p> Best Quarter 0.3112 2020-12-31 Worst Quarter -0.3592 2020-03-31 year-to-date total return 2025-09-30 0.0487 <p id="xdx_A8C_eoef--PerformanceTableNarrativeTextBlock_z6vSm0EGdNDe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table below compares the average annual total returns for the Fund’s Institutional Class both before and after taxes for the past calendar year, past five calendar years and past ten calendar years to the average annual total returns of a broad-based securities market index for the same periods. </p> Average Annual Total Returns for the Periods Ended December 31, 2024 0.1057 0.1226 0.0649 0.0871 0.1033 0.0496 0.0708 0.0930 0.0466 0.2381 0.1386 0.1255 0.0805 0.0729 0.0714 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_z31xpBpJ9wvf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the Campbell Systematic Macro Fund (the “Fund”) is to seek capital appreciation over the medium to long-term. </p> Expenses and Fees <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zCP9nAmGw5p4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (the “Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <span id="xdx_901_eoef--ExpenseBreakpointDiscounts_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member_zuKyMAUVxq0d">You may qualify for sales charge discounts if you invest at least $<span id="xdx_905_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member_zlbJyqgN8W59">25,000</span> in Class A Shares of the Fund.</span> More information about these discounts is available from your financial professional, in the section of this Prospectus entitled “Shareholder Information – Sales Charges” and in the section of the Fund’s Statement of Additional Information (“SAI”) entitled “Purchase and Redemption Information – Reducing or Eliminating the Front End Sales Charge.” <b>Financial Intermediaries may impose different sales charge waivers for Class A Shares, and these variations are described in the section of this Prospectus entitled “Shareholder – Information – Sales Charges”.</b> </p> You may qualify for sales charge discounts if you invest at least $25,000 in Class A Shares of the Fund. 25000 SHAREHOLDER FEES (fees paid directly from your investment) 0.0350 0 0 0 0 0.0100 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0164 0.0164 0.0164 0.0025 0 0.0100 0.0021 0.0021 0.0021 0.0210 0.0185 0.0285 -0.0009 -0.0009 -0.0009 0.0201 0.0176 0.0276 “Other Expenses” includes Acquired Fund Fees and Expenses (“AFFE), which are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. December 31, 2026 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_z9bh9TZ8cVsf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class A Shares, Class I Shares or Class C Shares 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, and that the expense limitation applies only for the first year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: </p> 547 976 1431 2689 179 573 992 2162 379 856 1459 3090 279 856 1459 3090 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zdQiopnIcybk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate of the Fund was 0% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the <span id="xdx_904_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member_z5blniIm9bi5">0%</span> portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a higher portfolio turnover rate. </span></p> 0 Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_z62yD4AUtEh6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pursues its investment objective by (i) investing its assets pursuant to the Campbell Systematic Macro Program (as described below), (ii) allocating up to 25% of its total assets in its wholly-owned subsidiary, Campbell Systematic Macro Offshore Limited (the “Subsidiary”), which is organized under the acts of the Cayman Islands and employs the Adviser’s Campbell Systematic Macro Program, and (iii) allocating the remainder of its assets directly in a portfolio of investment grade securities (including government securities) for cash management purposes. Securities rated in the four highest categories by the ratings agencies are considered investment grade. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invests pursuant to the Adviser’s Campbell Systematic Macro Program, which uses quantitative modeling to develop and maintain systematic trading strategies driven by scientific analysis of financial data across global financial and commodity markets. The Campbell Systematic Macro Program seeks to systematically identify price trends and to develop macro and fundamental themes that exploit asset mispricing. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Campbell’s Systematic Macro Program, as currently implemented by the Fund, combines Momentum with Quant Macro and Short Term strategies to target maximized diversification. Momentum strategies are designed to capitalize on the tendency for longer-term performance of markets to continue due to behavioral biases, compensation for risk exposures, or other phenomena. Quant Macro strategies are designed to capitalize on asset mispricing caused by fundamental economic considerations or macroeconomic linkages between markets. Short Term strategies, including momentum and mean reversion, are designed to capitalize on temporary market dislocations caused by liquidity demands, trader behaviors, or other phenomena. As of the date of this prospectus, the allocation among these strategies is as follows: Momentum – 40%; Quant Macro – 35%, and Short Term – 25%. The Adviser reserves the right to vary these allocations over time. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund implements these strategies by combining over 100 different systematic models (also referred to as “signals” and/or “alpha sources”). A systematic model is a clearly defined, rules-based approach that uses computer code and data to generate trading signals. A systematic process eliminates emotion, “key person” risk, and provides an ability to participate in trends during periods of extended momentum without any directional bias. Key person risk is the risk that results when a fund’s investment program is highly dependent on the investment skill and dedication of </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">a small number of “key” persons at an adviser, which can result in decreased investment results if these “key” persons become unable to apply their full attention to the management of a fund’s investments for health or other reasons. In addition, a diversity of investment style and the ability to invest long and short across global asset classes and markets enables investment opportunities in a variety of economic environments. The Fund is generally intended to have a low correlation to the equity, bond and credit markets. There is no assurance, however, that the Fund will achieve its investment objective. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends to trade in a broad range of instruments (also referred to in the futures trading industry as “markets”), including but not limited to, futures (including commodity futures, index futures, equity futures, bond futures and interest rate futures), currency forwards, options and swaps (including commodity swaps, swaps on commodity futures, equity swaps, swaps on index futures, total return swaps and interest rate swaps), either by investing directly in the instruments or, indirectly, by investing in the Subsidiary which invests in the instruments. From time to time, the Fund can have significant exposure to non-U.S. dollar denominated currencies, including emerging markets currencies. The instruments (or markets) currently traded by the Fund include over 100 global futures and forwards markets. The Fund may be long or short any of these markets at any given time. The Adviser reserves the right to vary the markets traded over time. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser will attempt to mitigate risk through diversification of holdings and through monitoring of the portfolio, the Fund’s counterparties, and other risk measures. Individual market positions are constrained to ensure that no one market or asset class represents an outsized portion of the Fund’s portfolio risk. The Adviser evaluates changes in signals daily, and execution is controlled by its intraday risk management and execution platform. The Fund may utilize proprietary or third-party trading algorithms in order to minimize market impact and reduce trading costs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is “non-diversified” for purposes of the 1940 Act which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid investments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Investments in the Subsidiary, which has the same investment objective as the Fund, are intended to provide the Fund with indirect exposure to futures contracts and commodities in a manner consistent with the limitations and requirements of the Internal Revenue Code of 1986, as amended (the “Code”) that apply to the Fund, which limit the amount of income the Fund may receive from certain sources. Applicable federal tax requirements generally limit the degree to which the Fund may invest in the Subsidiary to an amount not exceeding 25% of its total assets. To the extent they are applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund. The Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Subsidiary. The Subsidiary also complies with Section 17 of the 1940 Act relating to affiliated transactions and custody. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--CommoditiesRiskMember_z42YH3Jh6RSc">Commodities Risk</span>: </b>Exposure to the commodities markets (including financial futures markets) may subject the Fund through its investment in the Subsidiary to greater volatility than investments in traditional securities. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including changes in interest rates or factors affecting a particular industry or commodity, such as weather, disease (including pandemics), tariffs, embargoes or other trade barriers, acts of war or terrorism, or political and regulatory developments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--CounterpartyRiskMember_zE3ToDRFY84j">Counterparty Risk</span>: </b>The derivative contracts entered into by the Fund or its Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. The participants in the over-the-counter market are typically not subject to credit evaluations and regulatory oversight as are members of “exchange based” markets. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk: </b>Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. This may impair the Fund’s liquidity or cause a deterioration in the Fund’s net asset value (“NAV”). In addition, the Fund may incur expenses in an effort to protect the Fund’s interests or enforce its rights against an issuer, guarantor or counterparty or may be hindered or delayed in exercising these rights. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade, but they may also have some speculative characteristics. Investment grade ratings do not guarantee that securities will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--CurrencyRiskMember_zhUdMSgiLjlj">Currency Risk</span>: </b>The Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar, or, in the case of short positions, that the U.S. Dollar will decline in value relative to the currency that the Fund is short. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates, rates of inflation, governmental surpluses or deficits, intervention (or the failure to intervene) by U.S. or foreign governments, actions of central banks or supranational entities and the imposition of currency controls or other political developments in the U.S. or abroad. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--CyberSecurityRiskMember_zYLfQ6vOXejj">Cyber Security Risk</span>: </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and its Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--DerivativesRiskMember_za9YVVD0OaKl">Derivatives Risk</span>: </b>Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures, options, swap agreements and forward contracts. Derivatives typically have economic leverage inherent in their terms. Such leverage will magnify any losses. See “Leverage/Volatility Risk” below. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The primary types of derivatives in which the Fund or its Subsidiary invest in are swap agreements, futures contracts and forward contracts. Futures contracts, forward contracts and swap agreements can be highly volatile, illiquid and difficult to value, and changes in the value of such instruments held directly or indirectly by the Fund may not correlate with the underlying instrument or reference assets, or the Fund’s other investments. Although the value of futures contracts, forward contracts and swap agreements depends largely upon price movements in the underlying instrument or reference asset, there are additional risks associated with futures contracts, forward contracts and swap agreements that are possibly greater than the risks associated with investing directly in the underlying instruments or reference assets, including illiquidity risk, leveraging risk and counterparty credit risk. A small position in futures contracts, forward contracts or swap agreements could have a potentially large impact on the Fund’s performance. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in swap agreements, futures contracts and options and forward contracts. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--EmergingMarketRiskMember_zZAxfExF66c1">Emerging Market Risk</span>: </b>The Fund intends to have exposure to emerging markets due to the Fund’s investments in certain stock index futures and foreign exchange instruments. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets; are subject to greater social, economic and political instability; have less governmental supervision and regulation of securities markets; and have weaker auditing and financial reporting standards. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Further, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (<i>e.g.</i>, SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--EquitySecuritiesRiskMember_zsez6BF956l">Equity Securities Risk</span>: </b>The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--FixedIncomeRiskMember_zRkHnhgYuo4c">Fixed-Income Risk</span>: </b>Fixed income securities, such as U.S. Treasuries, or derivatives based on fixed income securities, are subject to credit risk and interest rate risk. Credit risk, as described more fully herein, refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Prices of fixed income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed income security prices and, accordingly, the Fund’s returns and share price. In addition, the Fund may be subject to “call” risk, which is the risk that during a period of falling interest rates the issuer may redeem a security by repaying it early (which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates), and “extension” risk, which occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated (causing the value of those securities held by the Fund to fall). </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--ForeignMarketRiskMember_zRkgwPu3np8i">Foreign Market Risk</span>: </b>As a general rule, there is less legal and regulatory protection for investors in foreign markets than that available domestically. Additionally, trading on foreign exchanges is subject to the risks presented by exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability. Some foreign derivative markets are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. International trading activities are subject to foreign exchange risk. Certain foreign securities in which the Fund may invest may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--FuturesAndForwardContractsAndRelatedRisksMember_zSvIa6hKJX1k">Futures and Forward Contracts and Related Risks</span>: </b>The successful use of forward and futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures and forward contracts are: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Futures and forward contracts have a high degree of price variability and are subject to occasional rapid and substantial changes; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">the imperfect correlation between the change in market value of the forward or futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">possible market disruption or other extraordinary events, including but not limited to, governmental intervention; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">potentially unlimited losses caused by unanticipated market movements; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">the Fund’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">the possibility that the counterparty will default in the performance of its obligations; and </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">if the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its derivative instruments or close certain positions at a time when it may be disadvantageous to do so. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility, which means the Fund will have the potential for greater losses than if the Fund did not employ leverage in its investment activity. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund’s exposure to an asset class and may cause the value of the Fund’s securities or related derivatives instruments to be volatile. Accordingly, the Fund’s NAV may be volatile because of its investment exposure to the Fund. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">There is no assurance that the Fund’s investment in a derivative instrument with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--GeneralMarketRiskMember_zZqzDpFPhHra">General Market Risk</span>:</b> The Fund’s NAV and investment return will fluctuate based upon changes in the value of its portfolio securities. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. You could lose money on your investment in the Fund, or the Fund could underperform other investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--GovernmentAgencyRiskMember_zn7syf6IKB9c">Government Agency Risk</span>:</b> Direct obligations of the U.S. Government such as U.S. Treasury bills, notes and bonds are supported by its full faith and credit. Indirect obligations issued by Federal agencies and government-sponsored entities generally are not backed by the full faith and credit of the U.S. Treasury. Accordingly, while U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Some of these indirect obligations may be supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; still others are supported only by the credit of the instrumentality. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--GovernmentInterventionAndRegulatoryChangesMember_z9JIBqJpEMhh">Government Intervention and Regulatory Changes</span>: </b>The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) (which was passed into law in July 2010) significantly revised and expanded the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. There can be no assurance that future regulatory actions including, but not limited to, those authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company’s use of derivatives and certain related investments. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, treats derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation, and requires the Fund to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund is required to comply with Rule 18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk: </b>Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Adviser. Securities with longer maturities tend to be more sensitive to changes in interest rates, causing them to be more volatile than securities with shorter maturities. Securities with shorter maturities tend to provide lower returns and be less volatile than securities with longer maturities. Changing interest rates may have unpredictable effects on the markets and the Fund’s investments and may also affect the liquidity of fixed income securities and instruments held by the Fund. Declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield and a decline in the Fund’s share price. In addition, certain countries and regulatory bodies may use negative interest rates as a monetary policy tool to encourage economic growth during periods of deflation. In a negative interest rate environment, debt instruments may trade at negative yields, which means the purchaser of the instrument may receive at maturity less than the total amount invested. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--LeverageVolatilityRiskMember_zOpNvqpAkm57">Leverage/Volatility Risk</span>: </b>Although the Fund will not borrow funds for trading, the Fund should be considered highly leveraged and is suitable only for investors with high tolerance for investment risk. Leverage embedded in the various derivative instruments traded may result in the Fund or its Subsidiary holding positions whose face or notional value may be many times the Fund’s NAV. For example, the amount of margin funds necessary to be deposited in order to enter into a futures, forward or option contract position is typically from 2% to 10% of the total face or notional value of the contract. As a result of this leveraging, even a small movement in the price of a commodity can cause a correspondingly large profit or loss. Losses incurred on leveraged investments increase in direct proportion to the degree of leverage employed. Furthermore, derivative instruments and futures contracts are highly volatile and are subject to occasional rapid and substantial fluctuations. Consequently, you could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Fund’s NAV is expected over short-term periods to be volatile because of the significant use of direct and indirect investments that have a leveraging effect. Volatility is a statistical measurement of the magnitude of up and down asset price fluctuations over time. Rapid and dramatic price swings will result in high volatility. The Fund’s returns are expected to be volatile; however, the actual or realized volatility level for longer or shorter periods may be materially higher or lower depending on market conditions and investors may suffer a significant and possibly a complete loss on their investment in the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--LiquidityRiskMember_zGyCnzmbVF0a">Liquidity Risk</span>: </b>The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--ManagementRiskMember_zirLd6BpFZxb">Management Risk</span>:</b> The Adviser employs systematic modeling to make investment decisions about the attractiveness, value and potential positive or negative performance of the Fund. The models employed by the Adviser may prove to be inaccurate and may not produce the desired results. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-Diversification Risk: </b>The Fund is a non-diversified investment company, which means that more of the Fund’s assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--OtcTradingRiskMember_zKcY7IXjss3g">OTC Trading Risk</span>: </b>Certain of the derivatives in which the Fund may invest may be traded (and privately negotiated) in the “over-the-counter” or “OTC” market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result, and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--PortfolioTurnoverRiskMember_z5SQlny8fCra">Portfolio Turnover Risk</span>: </b>The Fund may frequently buy and sell portfolio securities and other assets to rebalance the Fund’s exposure to various market sectors. Higher portfolio turnover may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Fund’s performance to be less than you expect. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--RegulatoryRiskMember_zv99o3Npa17k">Regulatory Risk</span>: </b>Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by the Fund or its Subsidiary or that could adversely impact the Fund’s performance. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--ShortSalesRiskMember_ziM1kbfq7WXh">Short Sales Risk</span>: </b>The Fund may take a short position in a derivative instrument, such as a future, or forward, or swap or a security. A short position on a derivative instrument or security involves the risk of a theoretically unlimited increase in the value of the underlying instrument. Short sales also involve transaction and other costs that will reduce potential Fund gains and increase potential Fund losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--StrategyRiskMember_zSCDtCqJukth">Strategy Risk</span>:</b> The profitability of any Fund investment depends primarily on the ability of the Adviser to anticipate price movements in the relevant markets and underlying derivative instruments and futures contracts. Such price movements may be influenced by, among other things: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">changes in interest rates; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">weather and climate conditions; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">natural disasters, such as hurricanes; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">changing supply and demand relationships; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">changes in balances of payments and trade; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">U.S. and international rates of inflation and deflation; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">currency devaluations and revaluations; </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">U.S. and international political and economic events; and </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">changes in philosophies and emotions of various market participants. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Fund may not take all of these factors into account. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--SubsidiaryRiskMember_zEMhOtQyMt34">Subsidiary Risk</span>:</b> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same 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 or acts of the United States and/or 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. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--TaxRiskMember_zeHSmGMsWAde">Tax Risk</span>:</b> In order to qualify as a regulated investment company (“RIC”), the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. Under the test regarding the source of a RIC’s income, at least 90% of the gross income of the RIC each year must be qualifying income, which consists of dividends, interest, gains on investment assets and other categories of investment income. Treasury Regulations provide that income from a foreign subsidiary that is a controlled foreign corporation is qualifying income for purposes of the Fund remaining qualified as a RIC for U.S. federal income tax purposes. Notwithstanding the treatment of controlled foreign corporations in the regulations, the Internal Revenue Services (“IRS”) may take the position that income earned by the Fund through the Cayman Subsidiary may not be qualifying income because of its investment in commodities. Additionally, the IRS may take the position that certain commodity-linked structured notes may not be qualifying income. A recharacterization of income from the Cayman Subsidiary or commodity-linked structured notes could cause the Fund to fail to qualify as a RIC. If the Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Fund would be subject to diminished returns. Changes in the laws or acts of the United States and/or the Cayman Islands could result in the inability of the Fund and/or its Subsidiary to operate as described in this Prospectus and the Statement of Additional Information (“SAI”) 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 acts change such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. </p> </td> </tr> </table> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zzwO51OjbSid" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Substantially all of the assets of the Equinox Campbell Strategy Fund, a series of Equinox Funds Trust (the “Predecessor Fund”) were transferred to the Fund in a tax-free reorganization (the “Reorganization”) that occurred on May 29, 2020. As a result of the Reorganization, the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization was assumed by the Fund. Accordingly, the performance information shown below for periods prior to May 29, 2020, represents the performance of the Predecessor Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The following performance information provides some indication of the risks of investing in the Fund. <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member_zzCK7lzSRrRk">The chart shows changes in the Fund’s performance of Class I Shares from year-to-year.</span> The table shows how the average annual returns of Class I Shares for 1 year, 5 year, 10 year, and since-inception periods compare to the Fund’s primary broad-based market index and a secondary index provided to offer additional market perspective. <span id="xdx_908_eoef--PerformanceTableMarketIndexChanged_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member_z4GWzMTZoDP4">In accordance with new regulatory requirements, the Fund has selected the S&amp;P 500 Total Return Index as the Fund’s new primary benchmark.</span> The Fund’s former primary benchmark, the BarclayHedge BTOP50 Index, and SG CTA Index are also included for comparison. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member_zaEBZD0BUKj">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available at the Fund’s website, <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member_zDqmVwqI1bg3">www.campbell.com</span> or by calling the Fund at <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member_zuRO9RDOCjBf">1-844-261-6488</span>. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The following past performance information is not indicative of any future results that may be obtained by Campbell, and it should not be assumed that investors of the Fund will experience returns, if any, comparable to those experienced by past or present investors in the Fund or the Predecessor Fund or in other pools and accounts managed by Campbell. Because of the potentially volatile nature of futures and forward contract prices, it is possible that the performance of the Fund or of some or all of the other pools and accounts advised by Campbell may change significantly during the continuing offering from the performance information which may be presented herein. </p> The chart shows changes in the Fund’s performance of Class I Shares from year-to-year. In accordance with new regulatory requirements, the Fund has selected the S&P 500 Total Return Index as the Fund’s new primary benchmark. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.campbell.com 1-844-261-6488 Annual Return – Class I For the years ended December 31 -0.0353 -0.1136 0.0410 -0.0701 0.1171 0.0346 0.0905 0.3094 -0.0183 0.1164 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_z03a2ya8nGWk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">During the period shown in the bar chart, the <span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member__oef--ClassAxis__custom--C000190886Member_z75y2yr7DWW9">best performance</span> for a quarter was <span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member__oef--ClassAxis__custom--C000190886Member_zyHAT3CmhJba">15.67%</span> (for the quarter ended <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member__oef--ClassAxis__custom--C000190886Member_zG0AtAARBcIf">March 31, 2022</span>). The <span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member__oef--ClassAxis__custom--C000190886Member_zRdyvR2Op0T4">worst performance</span> was <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member__oef--ClassAxis__custom--C000190886Member_zTEqk702M6Oe">-12.62%</span> (for the quarter ended <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member__oef--ClassAxis__custom--C000190886Member_zTWJQzLqPdA6">June 30, 2015</span>). The <span id="xdx_90D_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member__oef--ClassAxis__custom--C000190886Member_z92BE7yrO6s3">year-to-date total return</span> for the nine months ended <span id="xdx_902_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member__oef--ClassAxis__custom--C000190886Member_zTapzfOGb612">September 30, 2025</span> was <span id="xdx_901_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member__oef--ClassAxis__custom--C000190886Member_zqwB65ikMqxf">1.84%</span>. </span></p> best performance 0.1567 2022-03-31 worst performance -0.1262 2015-06-30 year-to-date total return 2025-09-30 0.0184 Average Annual Total Returns For the Periods Ended December 31, 2024 <p id="xdx_A82_eoef--PerformanceTableNarrativeTextBlock_zpwC8GPVWq2l" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--PerformanceTableDoesReflectSalesLoads_c20251231__20251231__dei--LegalEntityAxis__custom--S000058213Member_z3CFigH9Grce">The following table, which includes all applicable sales charges (loads) and account fees, compares the Fund’s Class I Shares, Class A Shares and Class C Shares average annual total returns for the periods indicated to the average annual total returns of broad-based securities market indices for the same periods.</span> Past performance (before and after taxes) is not necessarily an indicator of how the Fund will perform in the future. </p> The following table, which includes all applicable sales charges (loads) and account fees, compares the Fund’s Class I Shares, Class A Shares and Class C Shares average annual total returns for the periods indicated to the average annual total returns of broad-based securities market indices for the same periods. 2013-03-08 2013-03-08 2013-03-08 2013-03-08 2013-03-08 2013-03-08 2013-03-08 2013-03-08 Average Annual Total Returns For the periods ended December 31, 2024 0.1164 0.1012 0.0412 0.0534 0.1034 0.0817 0.0202 0.0332 0.0688 0.0724 0.0226 0.0329 0.0742 0.0904 0.0348 0.0475 0.0949 0.0900 0.0308 0.0437 0.2502 0.1453 0.1310 0.1403 0.0236 0.0539 0.0262 0.0330 0.0444 0.0634 0.0265 0.0317 After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period because a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After tax returns shown are for Class I Shares only, after tax returns for Class A Shares and Class C Shares will vary. F/m Emerald Life Sciences Innovation ETF Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zQU8kmmzsXI1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the F/m Emerald Life Sciences Innovation ETF (the “Fund”) is to seek long-term capital appreciation. </p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zLOTmGT2Bmu6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0079 0.0000 0.0000 0.0079 -0.0025 0.0054 December 31, 2026 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zPloMiX7iTal" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same (taking into account the contractual expense limitation in the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 55 227 414 955 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zPWt23qorMvc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the period from October 30, 2024 (the date on which the Fund commenced investment operations) through August 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_90E_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000088167Member_zueYymt5O1mk">19%</span> of the average value of its portfolio. </span></p> 0.19 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_z8MKg4C3ROhk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively managed exchange-traded fund (“ETF”) and invests primarily in equity securities of life science companies selected by Emerald Mutual Fund Advisers Trust (the “Sub-Adviser”), the Fund’s investment sub-adviser, under the supervision of the Adviser. The Fund intends to identify and invest in unique growth opportunities within the life sciences universe by following scientific, technological and/or strategic innovation. The Sub-Adviser believes that innovative companies are those developing new products or reinventing/redesigning existing products/services, thereby generating value for their customers, creating a competitive advantage and/or driving business growth. The Sub-Adviser applies this theme of innovation by using its proprietary 10-step research process to identify companies that the Sub-Adviser believes are substantially focused on or are expected to substantially benefit from one or more of the following criteria: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Technological Advancement: </b>In its simplest terms, technological advancement in life science companies involves the translation of innovative science into new products and/or services that improve the lives of consumers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Disruption: </b>Market disruption occurs when a company uses new or enhanced technology, manufacturing, marketing, distribution or service delivery approaches to challenge conventional business models, markets, or industries. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Artificial Intelligence (AI) in life science: </b>AI plays a key role in many areas within the Life Sciences industry, utilized by companies that build new AI products and those that most effectively use AI to enhance their business. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Sub-Adviser intends to apply the above principles to the following life science fields, among others: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Biotechnology.</span> Biotechnology companies translate innovative science into therapeutic applications. This is done by a variety of treatment modalities including small molecules, antibodies, nucleic acids, or a combination of several of these treatment modalities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Pharmaceutical.</span> Pharmaceutical companies develop, produce and distribute medications. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Medical Diagnostics.</span> Medical Diagnostic companies play a vital role in diagnosing and monitoring medical conditions. These can be an imaging test using an X-Ray, CT, MRI etc. or a laboratory performed test on a sample, among others. Molecular Diagnostic tests are used to help identify a disease or the risk of developing a disease, such as cancer, by studying molecules, such as DNA, RNA, and proteins, in a tissue or fluid sample. Molecular diagnostics may also be used to help plan the treatment for a disease, look for recurrence of a disease, or find out how well a treatment is working. This can take the form of tests for specific biomarkers, genetic tests for predisposition to a disease or condition, tumor sequencing tests or liquid biopsy tests. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Medical Devices.</span> Medical devices companies produce instruments, apparatuses, or machines that are used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting, or modifying the structure or function of the body for a health purpose. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Healthcare Services.</span> Healthcare services companies provide care and/or services in multiple settings, ranging from hospital services to urgent care clinics to newer modes of engagement with telemedicine. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Healthcare Technologies (“Health-tech”).</span> Health-tech companies incorporate novel technologies that enable the delivery of technology-enabled healthcare products and services that can be delivered or consumed outside of a hospital or physician’s office or enhance overall outcomes through artificial intelligence or machine learning. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Synthetic Biology.</span> Synthetic Biology is a scientific field that uses engineering principles to design and modify organisms and biological systems. Synthetic Biology has applications in many different areas such as health promoting nutraceuticals, designing enzymes that can speed up a reaction and alter the manufacturing process within the pharmaceutical industry or metabolic engineering of organisms for bio-based production of fuel. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by life science companies demonstrating innovation (the “80% Policy”). The Fund defines life science as a broad field of scientific study focused on living organisms and life processes. It encompasses a variety of disciplines that explore the structure, function, growth, evolution, and interaction of living organisms, ranging from microscopic cells to complex ecosystems. This includes biology, genetics, physiology, ecology, and related areas such as biotechnology, biomedicine, and agricultural sciences. The life sciences aim to improve understanding of biological mechanisms, contribute to human health, and solve challenges in agriculture, medicine, and environmental sustainability. For purposes of the 80% Policy the Sub-Adviser will </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">select life sciences issuers from those companies included in the following Subsectors of the FTSE Russell Industry Classification Benchmark (“FTSE Classification”) at the time of the Fund’s investment, (any future changes or reconstitution of the FTSE Classification will be interpreted in good faith by Sub-Adviser in its sole discretion to maintain the focus and integrity of the Fund): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Health Care Facilities </p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Medical Services</p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Health Care Management Services </p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Biotechnology</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Health Care Services </p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Pharmaceuticals</p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Health Care: Misc. </p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Healthcare REIT</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Medical Equipment </p></td> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Drug Retailers</p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 50%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Medical Supplies</p></td> <td style="vertical-align: bottom; width: 50%"> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">For purposes of the 80% Policy, the Fund considers companies demonstrating innovation as those companies developing new products or reinventing/redesigning existing products/services, as determined in the sole discretion of the Fund’s Sub-Adviser. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Sub-Adviser’s research process includes utilizing its proprietary 10-Step Research Process in prescreening potential investments. This includes, but is not limited to, the review of SEC filings, annual reports, financial statements, patents/other intellectual property, press releases and news stories, conducting surveys, monitoring patient groups, meeting with management, interviewing customers, industry contacts, medical professionals, key opinion leaders, competitors, suppliers and distributors, developing financial and valuation models, reviewing third-party, peer-reviewed and internal research, and communicating and collaborating with fellow investment team members. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Equity securities in which the Fund may invest include common stock, preferred stock, other investment companies, and depositary receipts. The Fund may invest in shares of companies through private placements, warrants, rights, and initial public offerings. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends to invest primarily in U.S companies, but it may invest up to 20% of its net assets in foreign companies listed on a U.S. exchange. A company is deemed to be a foreign company if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity security is located outside the United States; (ii) a majority of the company’s revenues are derived from outside the United States; or (iii) a majority of the issuer’s assets are located outside the United States. The Fund may invest in shares of companies through initial public offerings and private placements. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> Loss of money is a risk of investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--ConcentrationRiskMember_zX6VNbcfSrPb">Concentration Risk</span>. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--CurrencyRiskMember_z94n2vvyjJ7j">Currency Risk</span>.</b> Currency risk results from changes in the rate of exchange between the currency of the country in which a foreign company is domiciled or keeps its books and the U.S. dollar. Whenever the Fund holds securities valued in a foreign currency or holds the currency itself in connection with its purchases and sales of foreign securities, changes in the exchange rate add to or subtract from the value of the investment in U.S. dollars. The Fund generally does not seek to hedge currency risk, and although the Sub-Adviser considers currency risks as part of its investment process, its judgments in this regard may not always be correct. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--CyberSecurityRiskMember_zcdRhYV7sMd8">Cyber Security Risk</span>.</b> Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, the Sub-Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund, the Adviser, and the Sub-Adviser have </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund, the Adviser or the Sub-Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--DepositaryReceiptsRiskMember_zpkLdH6iriR4">Depositary Receipts Risk</span>. </b>The Fund may purchase depositary receipts (American Depositary Receipts (“ADRs”), European Depositary receipts (“EDRs”), Global Depositary receipts (“GDRs”), and Non-Voting Depositary Receipts (“NVDRs”)) to facilitate its investments in foreign securities. By investing in ADRs rather than investing directly in the securities of foreign issuers, the Fund can avoid currency risks during the settlement period for purchase and sales. However, ADRs do not eliminate all the risks inherent in investing in the securities of foreign issuers. Depositary receipts may be issued in a sponsored program, in which an issuer has made arrangements to have its securities traded in the form of depositary receipts, or in an unsponsored program, in which the issuer may not be directly involved. The holders of depositary receipts that are unsponsored generally bear various costs associated with the facilities, while a larger portion of the costs associated with sponsored depositary receipts are typically borne by the foreign issuers. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--EquitySecuritiesRiskMember_zWgcyxauIR84">Equity Securities Risk</span>. </b>The Fund may invest in, or have exposure to, equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. The value of your investment may decrease in response to overall stock market movements or the value of individual securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--EtfRiskMember_zm7rvxEMFBc6">ETF Risk</span>.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Cash Transactions Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than Net Asset Value (“NAV”) Risk.” </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i><b> </b>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to its net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s Portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund’s NAV. Where all or portion of the Fund’s underlying securities trade in a foreign market that is closed when the market in which the Fund’s Shares are listed is open for trading, there may be changes between the last quote of the underlying securities’ value in the closed foreign market and the value of such underlying securities during the Fund’s domestic trading day. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--ForeignInvestmentsRiskMember_zTyLptQFBEu9">Foreign Investments Risk</span>. </b>The Fund invests in the securities of foreign companies. Investing in securities of foreign companies involves risks generally not associated with investments in the securities of U.S. companies, including the risks associated with fluctuations in foreign currency exchange rates, less stringent investor protections, unreliable and untimely information about issuers, and political and economic instability. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--HealthCareSectorRiskMember_zV5i2hHR03Kb">Health Care Sector Risk</span>. </b>To the extent the Fund focuses on the health care sector, the Fund may be more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. The profitability of companies in the health care sector may be adversely affected by the following factors, among others: extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, changes in the demand for medical products and services, a limited number of products, industry innovation, changes in technologies and other market developments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--InfectiousIllnessRiskMember_zMopLw5Rdim6">Infectious Illness Risk</span>. </b>A widespread outbreak of an infectious illness, such as the COVID-19 pandemic, may result in travel restrictions, disruption of healthcare services, prolonged quarantines, cancellations, supply chain disruptions, business closures, lower consumer demand, layoffs, ratings downgrades, defaults and other significant economic, social and political impacts. Markets may experience temporary closures, extreme volatility, severe losses, reduced liquidity, and increased trading costs. Such events may adversely affect the Fund and its investments and may impact the Fund’s ability to purchase or sell securities or cause elevated tracking error and increased premiums or discounts to the Fund’s NAV. Despite the development of vaccines, the duration of the COVID-19 pandemic and its effects cannot be predicted with certainty. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--InitialPublicOfferingsIPOsRiskMember_z72txSWSJsk3">Initial Public Offerings (“IPOs”) Risk</span>. </b>Special risks associated with IPOs may include, among others, the fact that there may be only a limited number of shares available for trading. The market for those securities may be unseasoned. The issuer may have a limited operating history. These factors may contribute to price volatility. The limited number of shares available for trading in some IPOs may also make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--IssuerRiskMember_zQupVonRcXW1">Issuer Risk</span>. </b>The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform different from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--LargeCapitalizationInvestingRiskMember_z1cEvGgKx4ml">Large-Capitalization Investing Risk</span>.</b> 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. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--LifeScienceCompaniesRiskMember_z6KXLAGUYbj6">Life Science Companies Risk</span>. </b>The Fund focuses its investments in securities of companies that are categorized in the “life sciences” sector, including companies in the pharmaceutical, biotechnology, health care services, and medical device industries. Because of this, companies in the Fund’s portfolio may share common characteristics and may be more sensitive to changes in government funding or subsidies, new or anticipated legislative changes, or technological advances. As a result, the Fund may be subject to greater risks and its NAV may fluctuate more than other funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--LiquidityRiskMember_zqoFeGK6BVUa">Liquidity Risk</span>.</b> Liquidity risk is the risk, due to certain investments trading in lower volumes or to market and economic conditions that the Fund may be unable to find a buyer for its investments when it seeks to sell them or to receive the price it expects based on the Fund’s valuation of the investments. Events that may lead to increased redemptions, such as market disruptions, may also negatively impact the liquidity of the Fund’s investments when it needs to dispose of them. If the Fund is forced to sell its investments at an unfavorable time and/or under adverse conditions in order to meet redemption requests, such sales could negatively affect the Fund. Liquidity issues may also make it difficult to value the Fund’s investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--ManagementRiskMember_zo3D2YfG0RGa">Management Risk</span>. </b>The Fund is subject to management risk as an actively-managed investment portfolio. The Sub-Adviser’s investment approach may fail to produce the intended results. The Sub-Adviser has not previously managed an ETF. Accordingly, shareholders in the Fund bear the risk that the Sub-Adviser’s inexperience may limit its effectiveness. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--MarketRiskMember_z6PVFuXMZEl9">Market Risk</span>. </b>The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--MicrocapAndSmallCapCompaniesRiskMember_zI9MELc6Ai65">Micro-Cap and Small Cap Companies Risk</span>. </b>Investments in securities of micro- and small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of micro- and small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some micro- and small-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Micro- and small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--MidCapitalizationCompaniesRiskMember_zLUFqozCTzK4">Mid-Capitalization Companies Risk</span>. </b>The securities of mid-capitalization companies may involve greater risks than do investments in larger, more established companies. The prices of securities of mid-cap companies tend to be more vulnerable to adverse developments specific to a company or its industry, or the securities markets generally, than are securities of larger capitalization companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_911_ecustom--NewFundRiskMember_zOqgqdQH3U02">New Fund Risk</span>. </b>The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--OperationalRiskMember_z1ggyuC0SKuk">Operational Risk</span>.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--PreferredStockRiskMember_zU6nQp5WdJk">Preferred Stock Risk</span>. </b>Preferred stocks are subject to the risks of equity securities generally and also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stock generally pays dividends only after the company makes required payments to creditors. As a result, the value of a company’s preferred stock will react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--PrivatePlacementsRiskMember_zfAMqHPmSD5j">Private Placements Risk</span>. </b>Investments in private placements could decrease the Fund’s liquidity profile or prevent the Fund from disposing of such securities promptly at advantageous prices. Private placements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available, and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value. Transaction costs may be higher for these securities, and the Fund may only get limited information about the issuer of a private placement security, so it may be less able to anticipate a loss. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--RiskofInvestingintheUnitedStatesMember_zkgGEMqoMNYf">Risk of Investing in the United States</span>. </b>Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--SecuritiesIssuedByOtherInvestmentCompaniesRiskMember_zf32vpdU1qx4">Securities Issued By Other Investment Companies Risk</span> </b>The Fund may invest in shares of other investment companies, including other mutual funds, money market funds, ETFs, HOLDRs, unit investment trusts, and closed-end funds, to gain exposure to a particular portion of the market rather than purchase securities directly. Investing in another investment company exposes the Fund to all the risks of that investment company, and, in general, subjects it to a pro rata portion of the other investment company’s fees and expenses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--TurnoverRateRiskMember_zI7nJOLv7kL8">Turnover Rate Risk</span>. </b>The Fund may have portfolio turnover rates in excess of 100%. Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance and may produce increased taxable distributions. The Fund’s portfolio turnover rate is expected to vary from year to year. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--WarrantsAndRightsRiskMember_zeycTpgXoruf">Warrants and Rights Risk</span>. </b>Rights are similar to warrants but normally have a short duration and are distributed directly by the issuer to its shareholders. Warrants and rights are not dividend-paying investments and do not have the voting rights of common stock. They also do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than direct equity investments. </p> </td> </tr> </table> Performance <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zmDkvWhXGrF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_901_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000088167Member_zNZGRcCgY5K2">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. Performance information will be available in the Prospectus once the Fund has at least one calendar year of performance.</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000088167Member_zXuAJHU5uOJ3">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results.</span> Updated performance information will be available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000088167Member_zIxjFxoZZeH3">www.emeraldetfs.com</span></span>. </span></p> Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. Performance information will be available in the Prospectus once the Fund has at least one calendar year of performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. www.emeraldetfs.com Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zbQ9yG7oLPT3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Free Market U.S. Equity Fund (for this section only, the “Fund”) seeks long-term capital appreciation. </p> Expenses and Fees <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zAqgVVQMVpH1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0 0.0005 0.0022 0.0076 Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zzEJKqzfNQtd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and that you hold or sell your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be: </p> Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zEe2HAcNlD1h" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000018555Member_zLHxWQMukS0h">6% </span>of the average value of its portfolio. </span></p> 0.06 Summary of Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zCK6CcryPbnW" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pursues its investment objective by investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “investment companies”) that have either adopted policies to invest at least 80% of their assets in equity securities, such as common stocks, preferred stocks or securities convertible into stocks, of U.S. companies, or invest substantially all of their assets in such equity securities. The Fund will diversify </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">its investments by investing primarily in investment companies focusing on different segments of the equity markets, including large (“large-cap”), small (“small-cap”) and micro-capitalization (“micro-cap”) equity securities that Matson Money, Inc. (“Matson Money” or the “Adviser”) the Fund’s investment adviser believes offer the prospect of long-term capital appreciation. The purchase of shares of investment companies may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Adviser expects substantially all of the Fund’s net assets to be invested in the securities of investment companies that invest in the types of securities described in each asset class below, with less than 2% of the net assets invested in cash or money market instruments.<i><b> </b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>U.S. Large Cap Value Asset Class: </b></i>The underlying investment companies generally will purchase common stocks and other equity securities of large cap companies that the underlying investment adviser(s) determine to be lower relative price stocks at the time of purchase. An issuer’s securities are considered to have a low relative price (i.e., value stocks) primarily because lower relative price they have a low price in relation to their book value. In assessing relative price, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios. The criteria used for assessing relative price are subject to change from time to time. Large cap companies are generally considered companies whose market capitalizations are generally in the highest 90% of total market capitalization or companies whose market capitalizations are larger than or equal to the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>U.S. Small Cap Value Asset Class: </b></i>The underlying investment companies generally will purchase common stocks and other equity securities of small cap companies that the underlying investment adviser(s) determine to be lower relative price stocks at the time of purchase. An issuer’s securities are considered to have a low relative price (i.e., value stocks) primarily because they have a low price in relation to their book value. In assessing value, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios. The criteria used for assessing value are subject to change from time to time. Small cap companies are generally considered companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>U.S. Large Company Asset Class: </b></i>The underlying investment companies generally will purchase all of the stocks that comprise the S&amp;P 500^® Index in approximately the proportions they are represented in the S&amp;P 500^® Index. The S&amp;P 500 Index comprises a broad and diverse group of stocks. Generally, these are the U.S. stocks with the largest market capitalizations and, as a group, they represent approximately 80% of the total market capitalization of all publicly traded U.S. stocks. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>U.S. Small Cap Asset Class: </b></i>The underlying investment companies generally will purchase common stocks and other equity securities of small cap companies primarily based on market capitalization. Small cap companies are generally considered companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions. There may be some overlap in the companies in which the U.S. small cap asset class and the U.S. micro cap asset class invest.<i><b> </b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>U.S. Micro Cap Asset Class: </b></i>The underlying investment companies generally will purchase common stocks and other equity securities of micro cap companies. Micro cap companies are generally considered companies whose market capitalizations are generally in the lowest 5% of total market capitalization or companies whose market capitalizations are smaller than the 1,500th largest U.S. company, whichever results in the higher market capitalization </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions. There may be some overlap in the companies in which the U.S. micro cap asset class and the U.S. small cap asset class invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The underlying investment companies may use derivatives, such as futures contracts and options on futures contracts for U.S. equity securities and indices, to adjust market exposure based on actual or expected cash inflows to or outflows from the underlying investment company. Underlying index-based ETFs may use derivatives, including futures contracts, options on futures contracts, options and swaps to help the ETF track its underlying index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund reserves the right to hold up to 100% of its assets as a temporary defensive measure in cash and money market instruments such as U.S. Government Securities, bank obligations and commercial paper. To the extent the Fund employs a temporary defensive measure, the Fund may not achieve its investment objective. Periodically the Adviser will review the allocations for the Fund in each underlying investment company and may add or remove underlying investment companies and/or change the investment allocation percentages of the Fund in the underlying investment companies without notice to shareholders. </span></p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignStockRiskMember_z3LkPF10IANk" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Stocks of large cap, small cap or micro cap companies in which the Fund’s underlying investment companies invest or in which the Fund invests directly may temporarily fall out of favor with investors or may be more volatile than the rest of the U.S. market as a whole. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationsRiskMember_zvRpOWlPqnXc" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The smaller the capitalization of a company, generally the less liquid its stock and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records and are more likely to fail than companies with larger market capitalizations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherPortfolioInvestmentRiskMember_zLz0DL4SUkA1" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Although the Fund will invest in other investment companies that follow a value oriented strategy, value stocks may perform differently from the market as a whole and such a strategy may cause the Fund at times to underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic and industry developments than the market as a whole and other types of stocks, and may underperform the market for long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStrategyRiskMember_z1qmN9qk3CY2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Fund will invest in underlying investment companies that purchase stocks with high relative profitability. High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Fund to at times underperform equity funds that use other investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingPortfolioInvestmentRiskMember_zYuUn2AEsYe5" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Companies in which the Fund’s underlying investment companies invest may suffer unexpected losses or lower than expected earnings or their securities may become difficult or impossible to sell at the time and for the price that the underlying investment adviser(s) would like. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentOpportunityRiskMember_z6UVWsQ9ISRc" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Adviser’s judgment about the attractiveness or potential appreciation of a particular underlying investment company security could prove to be wrong or the Fund could miss out on an investment opportunity because the assets necessary to take advantage of such opportunity are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zt0qEh0OYTdd" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Because under normal circumstances the Fund invests at least 80% of its net assets in shares of registered investment companies that emphasize investments in U.S. equity securities, the net asset value (“NAV”) of the Fund will change with changes in the share prices of the investment companies in which the Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInOtherCompaniesRiskMember_z2fkC9u95eXf" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--USStockMarketRiskMember_zgmfLvJo3Lb9" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">There is a risk that large, small or micro capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. In the past, large, small and micro capitalization stocks have gone through cycles of doing better or worse than the stock market in general. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveManagementRiskMember_zgatwPh2rBde" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">There is a risk that the Fund, which is passively managed, may not perform as well as funds with more active methods of investment management, such as selecting securities based on economic, financial, and market analysis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativeInstrumentsRiskMember_zhEHhgpCGhI9" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The derivative instruments in which the underlying investment companies may invest are subject to a number of risks including liquidity, interest rate, market, credit and management risks, and the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and it is possible to lose more than the principal amount invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingInvestmentStrategiesRiskMember_z2tMaVZA2dqb" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The performance of the Fund will depend on how successfully the investment adviser(s) to the underlying investment companies pursue their investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFsRiskMember_zVRg90EyYNfg" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">ETFs are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. The Fund may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_ztDqOMGAv222" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and Matson Money have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zdaNYJ03jERD" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The chart below illustrates the long-term performance of the Fund. <span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000018555Member_z2DHxhSwptqp">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund.</span> The chart assumes reinvestment of dividends and distributions. <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000018555Member_zmg2D1z5pyH7">Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. </span>Updated information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000018555Member_zFpnFwsw6BY1">https://funddocs.filepoint.com/matsonmoney/ </span>or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000018555Member_zvf5YPWXcpqA">(513) 204-8000</span>. </span></p> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. https://funddocs.filepoint.com/matsonmoney/ (513) 204-8000 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 -0.0427 0.2122 0.1344 -0.1187 0.2247 0.0567 0.3175 -0.1035 0.1710 0.1221 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zFPtMTV7BmLp" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 40.5pt; text-indent: -40.5pt; margin-bottom: 0pt; margin-top: 0pt"><b>Best and Worst Quarterly Performance (for the period reflected in the chart above) </b></p> Best Quarter: 0.2409 2020-12-31 Worst Quarter: -0.3245 2020-03-31 Year to Date Total Return 2025-09-30 0.0903 Average Annual Total Returns <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zm1vRH48tKaV" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table below compares the average annual total returns of the Fund before and after taxes for the past calendar year, the past five calendar years, and past ten calendar years to the average total returns of a broad-based securities market index for the same periods. </p> 0.1221 0.1040 0.0883 0.1123 0.0929 0.0756 0.0793 0.0812 0.0686 0.2381 0.1386 0.1255 0.1484 0.0968 0.0928 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_ziRW7eAHGrJI" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Free Market International Equity Fund (for this section only, the “Fund”) seeks long-term capital appreciation. </p> Expenses and Fees <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zHqOK7DGMCJL" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0 0.0006 0.0030 0.0085 Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zXZ5e9qMEAhb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and that you hold or sell your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be: </p> Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zMUEIiTyLrSZ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000018556Member_zV6lORrEe5Zn">5%</span> of the average value of its portfolio. </span></p> 0.05 Summary of Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zIvSTT1KPkSR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pursues its investment objective by investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “investment companies”) that have either adopted policies to invest at least 80% of their assets in equity securities, such as common stocks, preferred stocks or securities convertible into stocks, of foreign companies, or invest substantially all of their assets in such equity securities. The Fund will diversify its investments by investing primarily in investment companies that focus on different segments of the foreign equity </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">markets, including emerging markets, with little or no focus on domestic equity markets. The purchase of shares of investment companies may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Under normal market conditions, Matson Money, Inc. (“Matson Money” or the “Adviser”), the Fund’s investment adviser expects substantially all of the Fund’s net assets to be invested in the securities of investment companies that invest in the types of securities described in each asset class below, with less than 5% of the net assets invested in cash or money market instruments. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>International Small Cap Value Asset Class: </b></i>The underlying investment companies generally will purchase the stocks and other equity securities, directly or through sponsored or unsponsored depositary receipts, of small companies in foreign countries with developed markets that the underlying investment adviser(s) determine to be lower relative price stocks at the time of purchase. An issuer’s securities are considered to have a low relative price (i.e., value stocks) primarily because they have a low price in relation to their book value. In assessing relative price, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios, as well as economic conditions and developments in the issuer’s industry. The criteria used for assessing relative price are subject to change from time to time. The underlying investment adviser(s) determine the maximum market capitalization of a small company with respect to each country. The threshold will vary by country or region, and the dollar amount will change from time to time due to market conditions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>International Large Cap Value Asset Class: </b></i>The underlying investment companies generally will purchase the stocks and other equity securities, directly or through sponsored or unsponsored depositary receipts, of large companies in foreign countries with developed markets that the underlying investment adviser(s) determine to be lower relative price stocks at the time of purchase. An issuer’s securities are considered to have a low relative price (i.e., value stocks) primarily because they have a low price in relation to their book value. In assessing relative price, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios, as well as economic conditions and developments in the issuer’s industry. The criteria used for assessing relative price are subject to change from time to time. The underlying investment adviser(s) determine the minimum market capitalization of a large company with respect to each country or region. The threshold will vary by country or region, and the dollar amount will change from time to time due to market conditions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>International Small Company Asset Class:</b></i> The underlying investment companies generally will purchase the stocks and other equity securities, directly or through sponsored or unsponsored depositary receipts, of small companies in foreign countries with developed markets. The underlying investment adviser(s) determine the maximum market capitalization of a small company with respect to each country. The threshold will vary by country or region, and the dollar amount will change from time to time due to market conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>International Large Cap Asset Class:</b></i> The underlying investment companies generally will purchase the stocks and other equity securities, directly or through sponsored or unsponsored depositary receipts, of large companies in foreign countries with developed markets. The underlying investment adviser(s) determine the minimum market capitalization of a large company with respect to each country or region. The threshold will vary by country or region, and the dollar amount will change from time to time due to market conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Emerging Markets Asset Class, Emerging Markets Value Asset Class, and Emerging Markets Small Cap Asset Class (collectively, the “Emerging Markets Asset Classes”): </b></i>Underlying investment companies comprising each Emerging Markets Asset Class generally will purchase stocks and other equity securities, directly or through sponsored or unsponsored depositary receipts, of companies located in emerging market countries, including frontier markets (emerging market countries in an earlier stage of development). The underlying investment companies investing in securities of the Emerging Markets Asset Class and the Emerging Markets Small Cap Asset Class will generally purchase the equity securities of larger and smaller companies, respectively, within each country. The underlying investment adviser(s) determine company size primarily based on market capitalization. The thresholds will vary by country or region, and the dollar amounts will change from time to time due to market conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The underlying investment companies in the Emerging Markets Value Asset Class generally will purchase emerging market equity securities that are deemed by the underlying investment adviser(s) to be lower relative price stocks at the time of purchase. An issuer’s securities are considered to have a low relative price (i.e., value stock) primarily because they have a low price in relation to their book value. In assessing relative price, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios. The criteria used for assessing relative price are subject to change from time to time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The underlying investment companies may use derivatives, such as futures contracts and options on futures contracts for equity securities and indices, to hedge currency exposure or to adjust market exposure based on actual or expected cash inflows or outflows from the underlying investment company. Underlying index-based ETFs may use derivatives, including futures contracts, options on futures contracts, forward currency contracts, options and swaps to help the ETF track its underlying index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund reserves the right to hold up to 100% of its assets as a temporary defensive measure in cash and money market instruments such as U.S. Government Securities, bank obligations and commercial paper. To the extent the Fund employs a temporary defensive measure, the Fund may not achieve its investment objective. Periodically the Adviser will review the allocations for the Fund in each underlying investment company and may add or remove underlying investment companies and/or change the investment allocation percentages of the Fund in the underlying investment companies without notice to shareholders. </span></p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignEquitySecuritiesRiskMember_zCx2P74gueCg" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The value of particular foreign equity securities which the Fund’s underlying investment companies may purchase or foreign stock markets on which the securities they may purchase are traded may decline in value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingInvestmentAdvisersRiskMember_zLnvhmEAMvb2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Stocks of large cap or small cap foreign companies in which the Fund’s underlying investment companies may invest may temporarily fall out of favor with investors or may be more volatile than particular foreign stock markets or foreign stock markets as a whole. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationsRiskMember_zk9QmFfMgs5d" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The smaller the capitalization of a company, generally the less liquid its stock and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records and are more likely to fail than companies with larger market capitalizations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignStockRiskMember_zMU36A3FYNjc" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Stocks of large cap or small cap foreign companies in which the Fund’s underlying investment companies may invest may suffer unexpected losses or lower than expected earnings or such securities may become difficult or impossible to sell at the time and for the price the underlying investment advisers would like. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OtherPortfolioInvestmentRiskMember_zs9UIjPpDgcd" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Although the Fund will invest in other investment companies that follow a value oriented strategy, value stocks may perform differently from the market as a whole and such a strategy may cause the Fund at times to underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic and industry developments than the market as a whole and other types of stocks, and may underperform the market for long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStrategyRiskMember_zPAU8xket6rg" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Fund will invest in underlying investment companies that purchase stocks with high relative profitability. High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Fund to at times underperform equity funds that use other investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignIssuersRiskMember_z2i3GdKvvucf" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Because the Fund owns shares of underlying investment companies that invest in foreign issuers, the Fund is subject to risks presented by investments in such issuers. Securities of foreign issuers may be negatively affected by political events, economic conditions, or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards. In addition, foreign securities in which the underlying investment companies invest may be listed on foreign exchanges that trade on weekends or other days when the underlying investment companies do not calculate their net asset value (“NAV”). As a result, the value of the underlying investment companies’ holdings, and therefore the Fund’s holdings, may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zcRYkiGZdOUd" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Investments in emerging market securities by underlying investment companies in which the Fund invests are subject to higher risks than those in developed market countries because there is greater uncertainty in less established markets and economics. The foregoing risks may be greater in frontier markets, which are among the smallest and least mature investment markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zvBTyIR2RJF6" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Currency risk is the risk that exchange rates for currencies in which securities held by the underlying investment companies in which the Fund invests are denominated will fluctuate daily. In general, the underlying investment companies do not hedge currency risk. As a result, if currencies in which foreign holdings are denominated depreciate against the U.S. Dollar, the value of your investment in the Fund may be adversely affected. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFsRiskMember_z5bWRaQiqd4l" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">ETFs are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. The Fund may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zUrfPlrDn8j8" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Investments in depositary receipts by underlying investment companies in which the Fund invests are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentOpportunityRiskMember_zShrHJAWcEu4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Adviser’s judgment about the attractiveness or potential appreciation of a particular underlying investment company security could prove to be wrong or the Fund could miss out on an investment opportunity because the assets necessary to take advantage of such opportunity are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zjRg6hfaw5u5" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Because under normal circumstances the Fund invests at least 80% of its net assets in shares of registered investment companies that emphasize investments in equity securities of foreign companies, the NAV of the Fund will change with changes in the share prices of the investment companies in which the Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInOtherCompaniesRiskMember_zRi8J1a5SXK7" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveManagementRiskMember_zjrwiv8rBMb6" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">There is a risk that the Fund, which is passively managed, may not perform as well as funds with more active methods of investment management, such as selecting securities based on economic, financial, and market analysis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativeInstrumentsRiskMember_zhLRN56CeoP4" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The derivative instruments in which the underlying investment companies may invest are subject to a number of risks including liquidity, interest rate, market, credit and management risks, and the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and it is possible to lose more than the principal amount invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingInvestmentStrategiesRiskMember_zVmGKNb0rXuc" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The performance of the Fund will depend on how successfully the investment adviser(s) to the underlying investment companies pursue their investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_zP5fEjbqqwz5" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and Matson Money have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z7Lzzog7lMTF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The chart below illustrates the long-term performance of the Fund. <span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000018556Member_zNwMSIVBQg83">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund.</span> The chart assumes reinvestment of dividends and distributions. <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000018556Member_zyytN02EuxRz">Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000018556Member_zJFjwECI5vAX">https://funddocs.filepoint.com/matsonmoney/</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000018556Member_zYGmsK6rVgp8">(513) 204-8000</span>. </span></p> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. https://funddocs.filepoint.com/matsonmoney/ (513) 204-8000 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 -0.0292 0.0810 0.2774 -0.1965 0.1771 0.0272 0.1450 -0.1051 0.1614 0.0590 <p id="xdx_A8__eoef--BarChartClosingTextBlock_z5YG9mUemkgt" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 40.5pt; text-indent: -40.5pt; margin-bottom: 0pt; margin-top: 0pt"><b>Best and Worst Quarterly Performance (for the period reflected in the chart above) </b></p> Best Quarter: 0.1980 2020-12-31 Worst Quarter: -0.3158 2020-03-31 Year to Date Total Return 2025-09-30 0.3424 Average Annual Total Returns <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_z6rhfMyKDXfC" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table below compares the average annual total returns of the Fund before and after taxes for the past calendar year, the past five calendar years and past ten calendar years to the average total returns of a broad-based securities market index for the same periods. </p> 0.0590 0.0530 0.0508 0.0520 0.0474 0.0437 0.0432 0.0420 0.0396 0.0470 0.0510 0.0526 0.0486 0.0363 0.0481 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zspiPscLeeF3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Free Market Fixed Income Fund (for this section only, the “Fund”) seeks total return (consisting of current income and capital appreciation). </p> Expenses and Fees <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zg6PElw8eX96" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0 0.0005 0.0010 0.0064 Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zf3fZyypDxk7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and that you hold or sell your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be: </p> Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_z5Fb4cjXBFxx" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual fund Operating Expenses or in the Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000018557Member_z0j3Z81NgdXs">15%</span> of the average value of its portfolio. </span></p> 0.15 Summary of Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_ztQfcpWSlGk5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pursues its investment objective by investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “investment companies”) that have either adopted policies to invest at least 80% of their assets in fixed income securities that Matson Money, Inc. (“Matson Money” or the “Adviser”), </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">the Fund’s investment adviser believes offer the prospect of providing total return, or invest substantially all of their assets in such fixed income securities. The purchase of shares of investment companies may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Adviser expects substantially all of the Fund’s net assets to be invested in the securities of investment companies that invest in the types of securities described in each asset class below, with less than 2% of the net assets invested in cash or money market instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>One-Year Fixed Income Asset Class:</b></i> The underlying investment companies generally will purchase U.S. Government obligations, U.S. Government agency obligations, dollar-denominated obligations of foreign issuers issued in the U.S., securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the U.S.; foreign government and agency obligations, bank obligations, including the obligations of U.S. subsidiaries and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements, and obligations of supranational organizations such as the World Bank, the European Investment Bank, and the Inter-American Development Bank. Generally, obligations comprising this asset class will mature within one year from the date of settlement, but substantial investments may be made in obligations maturing within two years from the date of settlement when greater returns are available. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Two-Year Global Fixed Income Asset Class:</b></i> The underlying investment companies generally will purchase obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, and other debt obligations of domestic and foreign issuers with maturities of no more than two years. In making purchase decisions, if the expected term premium is greater for longer-term securities in the eligible maturity range, the underlying investment adviser(s) will focus investment in the longer-term area, otherwise, the underlying investment companies will focus investment in the shorter-term area of the eligible maturity range. Because many of the investments of the underlying investment companies in this asset class will be denominated in foreign currencies, the underlying investment companies may also enter into foreign currency forward contracts to attempt to protect against uncertainty in the level of future foreign currency rates, to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>Intermediate Government Fixed Income Asset Class:</b></i> The underlying investment companies generally will purchase debt obligations of the U.S. Government and U.S. Government agencies. Generally, investment companies in the asset class will purchase securities with maturities of between five and fifteen years, however such investment companies ordinarily will have an average weighted maturity of between three and ten years. The underlying investment companies may invest a portion of their assets in the obligations of foreign governments. Those obligations at the time of purchase must be either rated in the highest rating category of a nationally recognized statistical rating organization or, in the case of any obligation that is unrated, of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Five-Year Global Fixed Income Asset Class:</b></i> The underlying investment companies generally will purchase obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. Generally, obligations comprising this asset class have a weighted average maturity not exceeding five years. In making purchase decisions, if the expected term premium is greater for longer-term securities in the eligible maturity range, the underlying investment adviser(s) will focus investment in the longer-term area, otherwise, the underlying investment companies will focus investment in the shorter-term area of the eligible maturity range. Because many of the investments of the underlying investment companies in this asset class will be denominated in foreign currencies, the underlying investment companies may also enter into foreign currency forward contracts to attempt to protect against uncertainty in the level of future foreign currency rates, to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Short-Term Corporate Bond Asset Class: </b></i>The underlying investment companies generally will track the investment results of the ICE BofAML 1-5 Year US Corporate Index, which measures the performance of investment-grade corporate bonds of both U.S. and non- U.S. issuers that are U.S. dollar denominated and publicly issued in the U.S. domestic market and have a remaining maturity of greater than or equal to one year and less than five years.<i><b> </b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Intermediate-Term Corporate Bond Asset Class: </b></i>The underlying investment companies generally will track the investment results of the ICE BofAML 5-10 Year US Corporate Index, which measures the performance of investment-grade corporate bonds of both U.S. and non-U.S. issuers that are U.S. dollar denominated and publicly issued in the U.S. domestic market and have a remaining maturity of greater than or equal to five years and less than ten years.<i><b> </b></i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Inflation Protected Securities Asset Class: </b></i>The underlying investment companies generally will track the investment results of the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), which measures the performance of the inflation-protected public obligations of the U.S. Treasury, commonly known as “TIPS.” TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. TIPS are income-generating instruments whose interest and principal payments are adjusted for inflation - a sustained increase in prices that erodes the purchasing power of money. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, the consumer price index (“CPI”), and TIPS’ principal payments are adjusted according to changes in the CPI. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The underlying investment companies may also use derivatives, such as futures contracts and options on futures contracts for equity securities and indices, to hedge currency exposure or to adjust market exposure based on actual or expected cash inflows or outflows from the underlying investment company. Underlying index-based ETFs may use derivatives, including futures contracts, options on futures contracts, forward currency contracts, options and swaps to help the ETF track its underlying index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Certain underlying investment companies may concentrate their investments (invest more than 25% of its total assets) in obligations of U.S. and foreign banks and bank holding companies when the yield to maturity on eligible portfolio investments in banking securities as a group generally exceeds the yield to maturity on all other eligible portfolio investments as a group generally for a period of five consecutive days when the New York Stock Exchange is open for trading. While the Fund will not concentrate its investments in any one industry, the Fund may be focused on banking sectors under certain circumstances. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund reserves the right to hold up to 100% of its assets as a temporary defensive measure in cash and money market instruments such as U.S. Government Securities, bank obligations and commercial paper. To the extent the Fund employs a temporary defensive measure, the Fund may not achieve its investment objective. Periodically the Adviser will review the allocations for the Fund in each underlying investment company and may add or remove underlying investment companies and/or change the investment allocation percentages of the Fund in the underlying investment companies without notice to shareholders.<i><b> </b></i></span></p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zIrmme4XMsSf" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Fixed income securities in which the Fund’s underlying investment companies may invest are subject to certain risks, including: interest rate risk, reinvestment risk, prepayment and extension risk, credit/default risk, and the risks associated with investing in repurchase agreements. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Interest rate risk involves the risk that prices of fixed income securities will rise and fall in response to interest rate changes. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Reinvestment risk involves the risk that proceeds from matured investments may be re-invested at lower interest rates. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Prepayment risk involves the risk that in declining interest rates environments prepayments of principal could increase and require the Fund to reinvest proceeds of the prepayments at lower interest rates. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Extension risk involves the risk that prepayments of principal will decrease when interest rates rise resulting in a longer effective maturity of a security. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. Credit risk also involves the risk that the credit rating of a security may be lowered. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Repurchase agreement risk involves the risk that the other party to a repurchase agreement will be unable to complete the transaction and the underlying investment company in which the Fund invests may suffer a loss as a result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignIssuersRiskMember_zjKcDyMrj4b7" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Because the Fund owns shares of underlying investment companies that invest in foreign issuers, the Fund is subject to risks presented by investments in such issuers. Securities of foreign issuers may be negatively affected by political events, economic conditions, or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards. In addition, foreign securities in which the underlying investment companies invest may be listed on foreign exchanges that trade on weekends or other days when the underlying investment companies do not calculate their net asset value (“NAV”). As a result, the value of the underlying investment companies’ holdings, and therefore the Fund’s holdings, may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zF2gzr27vUDa" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Currency risk is the risk that exchange rates for currencies in which securities held by the underlying investment companies in which the Fund invests are denominated will fluctuate daily. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFsRiskMember_zQ4k3vjfoJA3" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">ETFs are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. The Fund may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationProtectedSecuritiesRiskMember_zpbiIgBbiChl" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Inflation protected securities, such as TIPS, generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. In addition, interest payments on inflation-protected securities will generally vary up or down along with the rate of inflation. Real interest rates are generally measured as a nominal interest less an inflation rate. As such, investors should be aware that an investment in TIPS over a particular timeframe may decrease in value even in an inflationary environment. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Because of their inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentOpportunityRiskMember_zgeZHP8PyS0f" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Adviser’s judgment about the attractiveness or potential appreciation of a particular underlying investment company security could prove to be wrong or the Fund could miss out on an investment opportunity because the assets necessary to take advantage of such opportunity are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zrNNAPcscwqc" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Because under normal circumstances the Fund invests at least 80% of its net assets in shares of registered investment companies that emphasize investments in fixed income securities, the NAV of the Fund will change with changes in the share prices of the investment companies in which the Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestingInOtherCompaniesRiskMember_zOaD0Ofvzuke" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentAgenciesRiskMember_ztNHosHvIjbg" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Not all obligations of U.S. Government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed only by the credit of the issuing agency or instrumentality. Accordingly, there may be some risk of default by the issuer in such cases. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveManagementRiskMember_zFr2lN9dzlL3" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">There is a risk that the Fund, which is passively managed, may not perform as well as funds with more active methods of investment management, such as selecting securities based on economic, financial, and market analysis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativeInstrumentsRiskMember_zfhToowPBTR5" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The derivative instruments in which the underlying investment companies may invest are subject to a number of risks including liquidity, interest rate, market, credit and management risks, and the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and it is possible to lose more than the principal amount invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStrategiesRiskMember_zRvtRrQu20vi" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The performance of the Fund will depend on how successfully the investment adviser(s) to the underlying investment companies pursue their investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MoneyMarketAndGeneralEconomicConditionsRiskMember_zu2acd54fgp8" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Banks are very sensitive to changes in money market and general economic conditions. Adverse general economic conditions can cause financial difficulties for a bank’s borrowers and the borrowers’ failure to repay their loans can adversely affect the bank’s financial situation. Banks are subject to extensive regulation and decisions by regulators may limit the loans banks make and the interest rates and fees they charge, which could reduce bank profitability. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityriskMember_zRVUHYDvvYsb" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and Matson Money have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zLaLWaJcJjKI" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The chart below illustrates the long-term performance of the Fund. <span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000018557Member_zhFNFR8ZUQhS">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund.</span> The chart assumes reinvestment of dividends and distributions. <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000018557Member_zdtp1MLfMLQ6">Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.</span> Updated information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000018557Member_zp3kRdpi2frq">https://funddocs.filepoint.com/matsonmoney/</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000018557Member_zKn8iLKMxjDO">(513) 204-8000</span>. </span></p> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. https://funddocs.filepoint.com/matsonmoney/ (513) 204-8000 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 0.0019 0.0130 0.0105 0.0066 0.0478 0.0328 -0.0105 -0.0652 0.0544 0.0392 <p id="xdx_A8__eoef--BarChartClosingTextBlock_z7t1KQAJwvYe" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 40.5pt; text-indent: -40.5pt; margin-bottom: 0pt; margin-top: 0pt"><b>Best and Worst Quarterly Performance (for the period reflected in the chart above) </b></p> Best Quarter: 0.0338 2023-12-31 Worst Quarter: -0.0336 2022-03-31 Year to Date Total Return 2025-09-30 0.0410 Average Annual Total Returns <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zglXIuso5cY0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table below compares the average annual total returns of the Fund before and after taxes for the past calendar year, the past five calendar years, and past ten calendar years to the average total returns of a broad-based securities market index for the same periods. </p> 0.0392 0.0092 0.0125 0.0231 0.0015 0.0060 0.0231 0.0038 0.0068 0.0125 -0.0033 0.0135 0.0337 0.0109 0.0152 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. In certain cases, the figure representing “Fund Returns After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zHF6ai6IsVSm" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Matson Money U.S. Equity VI Portfolio (for this section only, the “Portfolio”) seeks long-term capital appreciation. </p> Expenses and Fees <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zy6ZkYNshCcu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Portfolio. This table does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option. Had those fees and expenses been included, overall fees and expenses would be higher. </p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0 0.0023 0.0023 0.0096 Please note that the amount of Total Annual Portfolio Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Portfolio and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zqTkEslrE7J0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. This Example does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option. Had those fees and expenses been included, the costs shown below would be higher. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and that you hold or sell your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be: </p> 98 306 531 1178 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zo9NzUwLQKhN" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio’s performance. During the fiscal year ended August 31, 2025, the Portfolio’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member_zvLrxB6UfXzy">11%</span> of the average value of its portfolio. </span></p> 0.11 Summary of Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zjPOP1w2Rz59" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Portfolio pursues its investment objective by investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “investment companies”) that have either adopted policies to invest at least 80% of their assets in equity securities, such as common stocks, preferred stocks or securities convertible into stocks, of U.S. companies, or invest substantially all of their assets in such equity securities. The Portfolio will diversify its investments by investing primarily in investment companies focusing on different segments of the equity markets, including large (“large-cap”), small (“small-cap”) and micro-capitalization (“micro-cap”) equity securities that Matson Money, Inc. (“Matson Money”) or the “Adviser”), the Portfolio’s investment adviser believes offer the prospect of long-term capital appreciation. The purchase of shares of investment companies may result in duplication of expenses, including advisory fees, in addition to the Portfolio’s own expenses. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Adviser expects substantially all of the Portfolio’s net assets to be invested in the securities of investment companies, including other investment companies funded by insurance company separate accounts, that invest in the types of securities described in each asset class below, with less than 2% of the net assets invested in cash or money market instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>U.S. Large Cap Value Asset Class: </b></i>The underlying investment companies generally will purchase common stocks and other equity securities of large cap companies that the underlying investment adviser(s) determine to be lower relative price stocks at the time of purchase. An issuer’s securities are considered to have a low relative price (i.e., value stocks) primarily because they have a low price in relation to their book value. In assessing relative price, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios. The criteria used for assessing relative price are subject to change from time to time. Large cap companies are generally considered companies whose market capitalizations are generally in the highest 90% of total market capitalization or companies whose market capitalizations are larger than or equal to the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>U.S. Small Cap Value Asset Class:</b></i> The underlying investment companies generally will purchase common stocks and other equity securities of small cap companies that the underlying investment adviser(s) determine to be lower relative price stocks at the time of purchase. An issuer’s securities are considered to have a low relative price (i.e., value stocks) primarily because they have a low price in relation to their book value. In assessing relative price, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios. The criteria used for assessing relative price are subject to change from time to time. Small cap companies are generally considered companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>U.S. Large Company Asset Class: </b></i>The underlying investment companies generally will purchase all of the stocks that comprise the S&amp;P 500^® Index in approximately the proportions they are represented in the S&amp;P 500^® Index. The S&amp;P 500^® Index comprises a broad and diverse group of stocks. Generally, these are the U.S. stocks with the largest market capitalizations and, as a group, they represent approximately 80% of the total market capitalization of all publicly traded U.S. stocks. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>U.S. Small Cap Asset Class: </b></i>The underlying investment companies generally will purchase common stocks and other equity securities of small cap companies primarily based on market capitalization. Small cap companies are generally considered companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions. There may be some overlap in the companies in which the U.S. small cap asset class and the U.S. micro cap asset class invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>U.S. Micro Cap Asset Class: </b></i>The underlying investment companies generally will purchase common stocks and other equity securities of micro cap companies. Micro cap companies are generally considered companies whose market capitalizations are generally in the lowest 5% of total market capitalization or companies whose market capitalizations are smaller than the 1,500th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the underlying investment adviser(s). The dollar amount will change from time to time due to market conditions. There may be some overlap in the companies in which the U.S. micro cap asset class and the U.S. small cap asset class invest. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The underlying investment companies may use derivatives, such as futures contracts and options on futures contracts for U.S. equity securities and indices, to adjust market exposure based on actual or expected cash inflows to or outflows from the underlying investment company. Underlying index-based ETFs may use derivatives, including futures contracts, options on futures contracts, options and swaps to help the ETF track its underlying index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Portfolio reserves the right to hold up to 100% of its assets as a temporary defensive measure in cash and money market instruments such as U.S. Government securities, bank obligations and commercial paper. To the extent the Portfolio employs a temporary defensive measure, the Portfolio may not achieve its investment objective. Periodically the Adviser will review the allocations for the Portfolio in each underlying investment company and may add or remove underlying investment companies and/or change the investment allocation percentages of the Portfolio in the underlying investment companies without notice to shareholders or the holders of the variable annuity or variable life insurance policies. </span></p> You may lose part or all of your investment in the Portfolio or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--StocksoflargecapsmallcapormicrocapcompaniesMember_znqUj11HoP6x" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Stocks of large cap, small cap or micro cap companies in which the Portfolio’s underlying investment companies invest or in which the Portfolio invests directly may temporarily fall out of favor with investors or may be more volatile than the rest of the U.S. market as a whole. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ThesmallerthecapitalizationofacompanygenerallythelessMember_zhfhHiNQAzgq" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The smaller the capitalization of a company, generally the less liquid its stock and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records and are more likely to fail than companies with larger market capitalizations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AlthoughthePortfoliowillinvestinotherinvestmentcompaniesthatMember_zkRVlZ5FWEvX" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Although the Portfolio will invest in other investment companies that follow a value oriented strategy, value stocks may perform differently from the market as a whole and such a strategy may cause the Portfolio at times to underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic and industry developments than the market as a whole and other types of stocks, and may underperform the market for long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ThePortfoliowillinvestinunderlyinginvestmentcompaniesthatpurchaseMember_zEPXL28NT1fp" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Portfolio will invest in underlying investment companies that purchase stocks with high relative profitability. High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Portfolio to at times underperform equity funds that use other investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CompaniesinwhichthePortfoliosunderlyinginvestmentcompaniesinvestmayMember_zFhzyNuDhxvr" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Companies in which the Portfolio’s underlying investment companies invest may suffer unexpected losses or lower than expected earnings or their securities may become difficult or impossible to sell at the time and for the price that the underlying investment adviser(s) would like. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--TheAdvisersjudgmentabouttheattractivenessorpotentialappreciationofMember_zwFUtmp3Nm1h" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Adviser’s judgment about the attractiveness or potential appreciation of a particular underlying investment company security could prove to be wrong or the Portfolio could miss out on an investment opportunity because the assets necessary to take advantage of such opportunity are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--BecauseundernormalcircumstancesthePortfolioinvestsatleastMember_zEBS0gtRwWPp" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Because under normal circumstances the Portfolio invests at least 80% of its net assets in shares of registered investment companies that emphasize investments in U.S. equity securities, the net asset value (“NAV”) of the Portfolio will change with changes in the share prices of the investment companies in which the Portfolio invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestinginotherinvestmentcompaniesincludingETFsmayresultinMember_zerr6bx78aXt" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Portfolio’s own expenses. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ThereisariskMember_zDA2gLtqC82Y" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">There is a risk that large, small or micro capitalization stocks may not perform as well as other asset classes or the U.S. stock market as a whole. In the past, large, small and micro capitalization stocks have gone through cycles of doing better or worse than the stock market in general. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--Thereisarisk2Member_zmPEHkwxIttk" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">There is a risk that the Portfolio, which is passively managed, may not perform as well as funds with more active methods of investment management, such as selecting securities based on economic, financial, and market analysis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ThederivativeinstrumentsinwhichtheunderlyinginvestmentcompaniesmayMember_zmCgt1tBnZwm" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The derivative instruments in which the underlying investment companies may invest are subject to a number of risks including liquidity, interest rate, market, credit and management risks, and the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and it is possible to lose more than the principal amount invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--TheperformanceofthePortfoliowilldependonhowsuccessfullyMember_zFV8vX26GuTK" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The performance of the Portfolio will depend on how successfully the investment adviser(s) to the underlying investment companies pursue their investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFsareatypeofinvestmentcompanyboughtandsoldMember_zq3w5RZPUKbY" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">ETFs are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. the Portfolio may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Portfolio’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityriskMember_zUOvWjbPZNjz" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber security risk is the risk of an unauthorized breach and access to Portfolio assets, Portfolio or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. The Portfolio and Matson Money have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Portfolio or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio or its service providers may adversely impact and cause financial losses to the Portfolio or its shareholders. Issuers of securities in which the Portfolio invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z5LOoM5kAawW" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The chart below illustrates the performance of the Portfolio. <span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member_z2dJ77Y41PyA">The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio.</span> The chart assumes reinvestment of dividends and distributions. The returns do not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option and would be lower if they did. <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member_z1WGELtWUNeq">Past performance does not necessarily indicate how the Portfolio will perform in the future. </span>Updated information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member_zRlycd40sK59">https://funddocs.filepoint.com/matsonmoney/</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member_zMl58biDYRSu">(513) 204-800</span>. </span></p> The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio. Past performance does not necessarily indicate how the Portfolio will perform in the future. https://funddocs.filepoint.com/matsonmoney/ (513) 204-800 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 -0.0430 0.2058 0.1332 -0.1230 0.2269 0.0560 0.3126 -0.0977 0.1640 0.1219 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zV8UDaTye6P9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 40.5pt; text-indent: -40.5pt; margin-bottom: 0pt; margin-top: 0pt"><b>Best and Worst Quarterly Performance (for the period reflected in the chart above) </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 100%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member__oef--ClassAxis__custom--C000133410Member_zeHwAhWEmquR">Best Quarter:</span> <span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member__oef--ClassAxis__custom--C000133410Member_zioiq4eDrYHE">24.15%</span> (quarter ended <span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member__oef--ClassAxis__custom--C000133410Member_zzMJbrR3Y3tq">December 31, 2020</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 100%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member__oef--ClassAxis__custom--C000133410Member_zea1YUesWtXk">Worst Quarter:</span> <span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member__oef--ClassAxis__custom--C000133410Member_zpTbUrhkyS0b">-32.51%</span> (quarter ended <span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member__oef--ClassAxis__custom--C000133410Member_zwJJn40IRnVy">March 31, 2020</span>)</p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member__oef--ClassAxis__custom--C000133410Member_zKm8tsGDFJZH">Year to Date Total Return</span> as of <span id="xdx_90__eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member__oef--ClassAxis__custom--C000133410Member_zbChrJmJ1MGF">September 30, 2025</span>: <span id="xdx_90__eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000043102Member__oef--ClassAxis__custom--C000133410Member_zdbKn7NKZMKA">8.40%</span> </b></span></p></td></tr> </table> Best Quarter: 0.2415 2020-12-31 Worst Quarter: -0.3251 2020-03-31 Year to Date Total Return 2025-09-30 0.0840 Average Annual Total Returns <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zdbtSsQe12Kd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The following table compares the average annual total returns of the Portfolio before taxes for the past calendar year, the past five calendar years, and since inception to the average total returns of a broad-based securities market index for the same periods. </p> 0.1219 0.1031 0.0868 0.0868 0.2381 0.1386 0.1255 0.1269 0.1484 0.0968 0.0928 0.0943 Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_z9geBgA95jYr" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Matson Money International Equity VI Portfolio (for this section only, the “Portfolio”) seeks long-term capital appreciation. </p> Expenses and Fees <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zEvyW033S0SF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Portfolio. This table does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option. Had those fees and expenses been included, overall fees and expenses would be higher. </p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0 0.0028 0.0033 0.0111 Please note that the amount of Total Annual Portfolio Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Portfolio and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zJMD0866iEYo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. This Example does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option. Had those fees and expenses been included, the costs shown below would be higher. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and that you hold or sell your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be: </p> 113 353 612 1352 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zvP1ttL8SbkB" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio’s performance. During the fiscal year ended August 31, 2025, the Portfolio’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member_zQ4BFewDRs3B">11%</span> of the average value of its portfolio. </span></p> 0.11 Summary of Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zzjDDjLHqWOQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Portfolio pursues its investment objective by investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “investment companies”) that have either adopted policies to invest at least 80% of their assets in equity securities, such as common stocks, preferred stocks or securities convertible into stocks, of foreign companies, or invest substantially all of their assets in such equity securities. The Portfolio will diversify its investments by investing primarily in investment companies that focus on different segments of the foreign equity markets, including emerging markets, with little or no focus on domestic equity markets. The purchase of shares of investment companies may result in duplication of expenses, including advisory fees, in addition to the Portfolio’s own expenses. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Under normal market conditions, Matson Money, Inc. (“Matson Money” or the “Adviser”), the Portfolio’s investment adviser expects substantially all of the Portfolio’s net assets to be invested in the securities of investment companies, including other investment companies funded by insurance company separate accounts, that invest in the types of securities described in each asset class below, with less than 5% of the net assets invested in cash or money market instruments. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>International Small Cap Value Asset Class:</b></i> The underlying investment companies generally will purchase the stocks and other equity securities, directly or through sponsored or unsponsored depositary receipts, of small companies in foreign countries with developed markets that the underlying investment adviser(s) determine to be lower relative price stocks at the time of purchase. An issuer’s securities are considered to have a low relative price (i.e., value stocks) primarily because they have a low price in relation to their book value. In assessing relative price, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios, as well as economic conditions and developments in the issuer’s industry. The criteria used for assessing relative price are subject to change from time to time. The underlying investment adviser(s) determine the maximum market capitalization of a small company with respect to each country. The threshold will vary by country or region, and the dollar amount will change from time to time due to market conditions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>International Large Cap Value Asset Class:</b></i> The underlying investment companies generally will purchase the stocks and other equity securities, directly or through sponsored or unsponsored depositary receipts, of large companies in foreign countries with developed markets that the underlying investment adviser(s) determine to be lower relative price stocks at the time of purchase. An issuer’s securities are considered to have a low relative price (i.e., value stocks) primarily because they have a low price in relation to their book value. In assessing relative price, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios, as well as economic conditions and developments in the issuer’s industry. The criteria used for assessing relative price are subject to change from time to time. The underlying investment adviser(s) determine the minimum market capitalization of a large company with respect to each country or region. The threshold will vary by country or region, and the dollar amount will change from time to time due to market conditions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>International Small Company Asset Class: </b></i>The underlying investment companies generally will purchase the stocks and other equity securities, directly or through sponsored or unsponsored depositary receipts, of small companies in foreign countries with developed markets. The underlying investment adviser(s) determine the maximum market capitalization of a small company with respect to each country. This threshold will vary by country or region, and the dollar amount will change from time to time due to market conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>International Large Cap Asset Class: </b></i>The underlying investment companies generally will purchase the stocks and other equity securities, directly or through sponsored or unsponsored depositary receipts, of large companies in foreign countries with developed markets. The underlying investment adviser(s) determine the minimum market capitalization of a large company with respect to each country or region. The threshold will vary by country or region, and the dollar amount will change from time to time due to market conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Emerging Markets Asset Class, Emerging Markets Value Asset Class, and Emerging Markets Small Cap Asset Class (collectively, the “Emerging Markets Asset Classes”):</b></i> Underlying investment companies comprising each Emerging Markets Asset Class generally will purchase stocks and other equity securities, directly or through sponsored or unsponsored depositary receipts, of companies located in emerging market countries, including frontier markets (emerging market countries in an earlier stage of development). The underlying investment companies investing in securities of the Emerging Markets Asset Class and the Emerging Markets Small Cap Asset Class will generally purchase the equity securities of larger and smaller companies, respectively, within each country. The underlying investment adviser(s) determine company size primarily based on market capitalization. The thresholds will vary by country or region, and the dollar amounts will change from time to time due to market conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The underlying investment companies in the Emerging Markets Value Asset Class generally will purchase emerging market equity securities that are deemed by the underlying investment adviser(s) to be lower relative price stocks at the time of purchase. An issuer’s securities are considered to have a low relative price (i.e., value stock) primarily because they have a low price in relation to their book value. In assessing relative price, the underlying investment adviser(s) may consider additional factors such as price to cash flow or price to earnings ratios. The criteria used for assessing relative price are subject to change from time to time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The underlying investment companies may use derivatives, such as futures contracts and options on futures contracts for equity securities and indices, to hedge currency exposure or to adjust market exposure based on actual or expected cash inflows or outflows from the underlying investment company. Underlying index-based ETFs may use derivatives, including futures contracts, options on futures contracts, forward currency contracts, options and swaps to help the ETF track its underlying index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Portfolio reserves the right to hold up to 100% of its assets as a temporary defensive measure in cash and money market instruments such as U.S. Government securities, bank obligations and commercial paper. To the extent the Portfolio employs a temporary defensive measure, the Portfolio may not achieve its investment objective. Periodically the Adviser will review the allocations for the Portfolio in each underlying investment company and may add or remove underlying investment companies and/or change the investment allocation percentages of the Portfolio in the underlying investment companies without notice to shareholders or the holders of the variable annuity or variable life insurance policies. </span></p> You may lose part or all of your investment in the Portfolio or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ThevalueofparticularforeignequitysecuritieswhichthePortfoliosMember_zzMq8hzqd0uv" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The value of particular foreign equity securities which the Portfolio’s underlying investment companies may purchase or foreign stock markets on which the securities they may purchase are traded may decline in value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--StocksoflargecaporsmallcapforeigncompaniesinMember_zShMrIM00G4F" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Stocks of large cap or small cap foreign companies in which the Portfolio’s underlying investment companies may invest may temporarily fall out of favor with investors or may be more volatile than particular foreign stock markets or foreign stock markets as a whole. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ThesmallerthecapitalizationofacompanygenerallythelessMember_zizJ2v76mccy" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The smaller the capitalization of a company, generally the less liquid its stock and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records and are more likely to fail than companies with larger market capitalizations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--Stocksoflargecaporsmallcapforeigncompaniesin2Member_zQvGiYC98Y99" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Stocks of large cap or small cap foreign companies in which the Portfolio’s underlying investment companies may invest may suffer unexpected losses or lower than expected earnings or such securities may become difficult or impossible to sell at the time and for the price the underlying investment advisers would like. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AlthoughthePortfoliowillinvestinotherinvestmentcompaniesthatMember_zA4meXN0JF9y" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Although the Portfolio will invest in other investment companies that follow a value oriented strategy, value stocks may perform differently from the market as a whole and such a strategy may cause the Portfolio at times to underperform equity funds that use other investment strategies. Value stocks can react differently to political, economic and industry developments than the market as a whole and other types of stocks, and may underperform the market for long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ThePortfoliowillinvestinunderlyinginvestmentcompaniesthatpurchaseMember_ziVQ4j54RYHz" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Portfolio will invest in underlying investment companies that purchase stocks with high relative profitability. High relative profitability stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Portfolio to at times underperform equity funds that use other investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--BecausethePortfolioownssharesofunderlyinginvestmentcompaniesthatMember_zewEoDXebrBN" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Because the Portfolio owns shares of underlying investment companies that invest in foreign issuers, the Portfolio is subject to risks presented by investments in such issuers. Securities of foreign issuers may be negatively affected by political events, economic conditions, or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards. In addition, foreign securities in which the underlying investment companies invest may be listed on foreign exchanges that trade on weekends or other days when the underlying investment companies do not calculate their net asset value (“NAV”). As a result, the value of the underlying investment companies’ holdings, and therefore the Portfolio’s holdings, may change on days when shareholders are not able to purchase or redeem the Portfolio’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsinemergingmarketsecuritiesbyunderlyinginvestmentcompaniesinMember_zMtKo1xDRtUL" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Investments in emerging market securities by underlying investment companies in which the Portfolio invests are subject to higher risks than those in developed market countries because there is greater uncertainty in less established markets and economics. The foregoing risks may be greater in frontier markets, which are among the smallest and least mature investment markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zAmZhWB9IC35" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Currency risk is the risk that exchange rates for currencies in which securities held by the underlying investment companies in which the Portfolio invests are denominated will fluctuate daily. In general, the underlying investment companies do not hedge currency risk. As a result, if currencies in which foreign holdings are denominated depreciate against the U.S. Dollar, the value of your investment in the Portfolio may be adversely affected. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsindepositaryreceiptsbyunderlyinginvestmentcompaniesinwhichMember_zYGl8SXUIiG0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Investments in depositary receipts by underlying investment companies in which the Portfolio invests are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. In addition, the underlying issuers of certain depositary receipts, particularly unsponsored or unregistered depositary receipts, are under no obligation to distribute shareholder communications to the holders of such receipts, or to pass through to them any voting rights with respect to the deposited securities. Depositary receipts that are not sponsored by the issuer may be less liquid and there may be less readily available public information about the issuer. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--TheAdvisersjudgmentabouttheattractivenessorpotentialappreciationofMember_z4xJgOiqSTXT" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Adviser’s judgment about the attractiveness or potential appreciation of a particular underlying investment company security could prove to be wrong or the Portfolio could miss out on an investment opportunity because the assets necessary to take advantage of such opportunity are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--BecauseundernormalcircumstancesthePortfolioinvestsatleastMember_z0aisijtXbwH" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Because under normal circumstances the Portfolio invests at least 80% of its net assets in shares of registered investment companies that emphasize investments in equity securities of foreign companies, the NAV of the Portfolio will change with changes in the share prices of the investment companies in which the Portfolio invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestinginotherinvestmentcompaniesincludingETFsmayresultinMember_zLW95evNG1Si" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Portfolio’s own expenses. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--Thereisarisk2Member_zOrC6NcTOoU9" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">There is a risk that the Portfolio, which is passively managed, may not perform as well as funds with more active methods of investment management, such as selecting securities based on economic, financial, and market analysis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ThederivativeinstrumentsinwhichtheunderlyinginvestmentcompaniesmayMember_zq4LXWNUDANa" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The derivative instruments in which the underlying investment companies may invest are subject to a number of risks including liquidity, interest rate, market, credit and management risks, and the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and it is possible to lose more than the principal amount invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--TheperformanceofthePortfoliowilldependonhowsuccessfullyMember_zRvMpEvoc7SO" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The performance of the Portfolio will depend on how successfully the investment adviser(s) to the underlying investment companies pursue their investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFsareatypeofinvestmentcompanyboughtandsoldMember_zjw2Ldt7XE8M" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">ETFs are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. the Portfolio may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Portfolio’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityriskMember_zNDhWltkp1Xs" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber security risk is the risk of an unauthorized breach and access to Portfolio assets, Portfolio or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. The Portfolio and Matson Money have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Portfolio or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio or its service providers may adversely impact and cause financial losses to the Portfolio or its shareholders. Issuers of securities in which the Portfolio invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zJW5s7ktuIlr" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The chart below illustrates the performance of the Portfolio. <span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member_zR1GldNQrxZ9">The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio.</span> The chart assumes reinvestment of dividends and distributions. The returns do not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option and would be lower if they did. <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member_zJCjFY5rci0u">Past performance does not necessarily indicate how the Portfolio will perform in the future. </span>Updated information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member_zX95kP7amToV">https://funddocs.filepoint.com/matsonmoney/</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member_zkBVtUSgu6k8">(513) 204-8000</span>. </span></p> The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio. Past performance does not necessarily indicate how the Portfolio will perform in the future. https://funddocs.filepoint.com/matsonmoney/ (513) 204-8000 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 -0.0374 0.0770 0.2718 -0.1931 0.1736 0.0257 0.1431 -0.1069 0.1567 0.0547 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zyxUipzjhN4c" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 40.5pt; text-indent: -40.5pt; margin-bottom: 0pt; margin-top: 0pt"><b>Best and Worst Quarterly Performance (for the period reflected in the chart above) </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 100%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member__oef--ClassAxis__custom--C000133411Member_zbYs51fhLUGW">Best Quarter:</span> <span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member__oef--ClassAxis__custom--C000133411Member_zvfoCJWY4Qqx">19.74%</span> (quarter ended <span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member__oef--ClassAxis__custom--C000133411Member_za2Y9OYw1miK">December 31, 2020</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 100%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member__oef--ClassAxis__custom--C000133411Member_zhrMFt20Q3HF">Worst Quarter:</span> <span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member__oef--ClassAxis__custom--C000133411Member_z8imohoQJvbr">-31.24%</span> (quarter ended <span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member__oef--ClassAxis__custom--C000133411Member_zIPsDxF9bv4F">March 31, 2020</span>)</p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member__oef--ClassAxis__custom--C000133411Member_zQSCMKfhqBmx">Year to Date Total Return</span> as of <span id="xdx_90__eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member__oef--ClassAxis__custom--C000133411Member_zXeMtVxQ9JG9">September 30, 2025</span>: <span id="xdx_90__eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000043103Member__oef--ClassAxis__custom--C000133411Member_zT7FVknS6frq">32.91%</span> </b></span></p></td></tr> </table> Best Quarter: 0.1974 2020-12-31 Worst Quarter: -0.3124 2020-03-31 Year to Date Total Return 2025-09-30 0.3291 Average Annual Total Returns <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_z6d3FTalUg0y" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The following table compares the average annual total returns of the Portfolio before taxes for the past calendar year, the past five calendar years, and since inception to the average total returns of a broad-based securities market index for the same periods. </p> 0.0547 0.0502 0.0478 0.0367 0.0470 0.0510 0.0526 0.0437 0.0486 0.0363 0.0481 0.0402 Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_z6yvFV4wQrxo" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Matson Money Fixed Income VI Portfolio (for this section only, the “Portfolio”) seeks total return (consisting of current income and capital appreciation). </p> Expenses and Fees <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zmieS1S7ej6P" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Portfolio. This table does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option. Had those fees and expenses been included, overall fees and expenses would be higher. </p> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0 0.0025 0.0011 0.0086 Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Portfolio and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zbF3s1nsQHz7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. This Example does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option. Had those fees and expenses been included, the costs shown below would be higher. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and that you hold or sell your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. Although your actual costs and returns might be higher or lower, based on these assumptions your costs would be: </p> 88 274 477 1061 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zuZWBMl9Sbrw" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio’s performance. During the fiscal year ended August 31, 2025, the Portfolio’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member_zz5Qvz9sn9ho">19%</span> of the average value of its portfolio. </span></p> 0.19 Summary of Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zvopBxDuSahq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Portfolio pursues its investment objective by investing under normal circumstances at least 80% of its net assets, including any borrowings for investment purposes, in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “investment companies”) that have either adopted policies to invest at least 80% of their assets in fixed income securities that Matson Money, Inc. (“Matson Money” or the “Adviser”), the Portfolio’s investment adviser believes offer the prospect of providing total return, or invest substantially all of their assets in such fixed income securities. The purchase of shares of investment companies may result in duplication of expenses, including advisory fees, in addition to the Portfolio’s own expenses. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Adviser expects substantially all of the Portfolio’s net assets to be invested in the securities of investment companies, including other investment companies funded by insurance company separate accounts, that invest in the types of securities described in each asset class below, with less than 2% of the net assets invested in cash or money market instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>One-Year Fixed Income Asset Class:</b></i> The underlying investment companies generally will purchase U.S. Government obligations, U.S. Government agency obligations, dollar-denominated obligations of foreign issuers issued in the U.S., securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the U.S., foreign government and agency obligations, bank obligations, including the obligations of U.S. subsidiaries and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements, and obligations of supranational organizations such as the World Bank, the European Investment Bank and the Inter-American Development Bank. Generally, obligations comprising this asset class will mature within one year from the date of settlement, but substantial investments may be made in obligations maturing within two years from the date of settlement when greater returns are available. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Two-Year Global Fixed Income Asset Class: </b></i>The underlying investment companies generally will purchase obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, and other debt obligations of domestic and foreign issuers with maturities of no more than two years. In making purchase decisions, if the expected term premium is greater for longer-term securities in the eligible maturity range, the underlying investment adviser(s) will focus investment in the longer-term area, otherwise, the underlying investment companies will focus investment in the shorter-term area of the eligible maturity range. Because many of the investments of the underlying investment companies in this asset class will be denominated in foreign currencies, the underlying investment companies may also enter into foreign currency forward contracts to attempt to protect against uncertainty in the level of future foreign currency rates, to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><b>Intermediate Government Fixed Income Asset Class:</b></i> The underlying investment companies generally will purchase debt obligations of the U.S. Government and U.S. Government agencies. Generally, investment companies in the asset class will purchase securities with maturities of between five and fifteen years, however such investment companies ordinarily will have an average weighted maturity of between three and ten years. The underlying investment companies may invest a portion of their assets in the obligations of foreign governments. Those obligations at the time of purchase must be either rated in the highest rating category of a nationally recognized statistical rating organization or, in the case of any obligation that is unrated, of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Five-Year Global Fixed Income Asset Class: </b></i>The underlying investment companies generally will purchase obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, corporate debt obligations, bank obligations, commercial paper, repurchase agreements, obligations of other domestic and foreign issuers, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. Generally, obligations comprising this asset class have a weighted average maturity not exceeding five years. In making purchase decisions, if the expected term premium is greater for longer-term securities in the eligible maturity range, the underlying investment adviser(s) will focus investment in the longer-term area, otherwise, the underlying investment companies will focus investment in the shorter-term area of the eligible maturity range. Because many of the investments of the underlying investment companies in this asset </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">class will be denominated in foreign currencies, the underlying investment companies may also enter into foreign currency forward contracts to attempt to protect against uncertainty in the level of future foreign currency rates, to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Short-Term Corporate Bond Asset Class:</b></i> The underlying investment companies generally will track the investment results of the ICE BofAML 1-5 Year US Corporate Index, which measures the performance of investment-grade corporate bonds of both U.S. and non- U.S. issuers that are U.S. dollar denominated and publicly issued in the U.S. domestic market and have a remaining maturity of greater than or equal to one year and less than five years. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Intermediate-Term Corporate Bond Asset Class:</b></i> The underlying investment companies generally will track the investment results of the ICE BofAML 5-10 Year US Corporate Index, which measures the performance of investment-grade corporate bonds of both U.S. and non-U.S. issuers that are U.S. dollar denominated and publicly issued in the U.S. domestic market and have a remaining maturity of greater than or equal to five years and less than ten years. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><i><b>Inflation Protected Securities Asset Class:</b></i> The underlying investment companies generally will track the investment results of the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L), which measures the performance of the inflation-protected public obligations of the U.S. Treasury, commonly known as “TIPS”. TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors. TIPS are income-generating instruments whose interest and principal payments are adjusted for inflation - a sustained increase in prices that erodes the purchasing power of money. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, the consumer price index (“CPI”), and TIPS’ principal payments are adjusted according to changes in the CPI. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The underlying investment companies may also use derivatives, such as futures contracts and options on futures contracts for equity securities and indices, to hedge currency exposure or to adjust market exposure based on actual or expected cash inflows or outflows from the underlying investment company. Underlying index-based ETFs may use derivatives, including futures contracts, options on futures contracts, forward currency contracts, options and swaps to help the ETF track its underlying index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Certain underlying investment companies may concentrate their investments (invest more than 25% of its total assets) in obligations of U.S. and foreign banks and bank holding companies when the yield to maturity on eligible portfolio investments in banking securities as a group generally exceeds the yield to maturity on all other eligible portfolio investments as a group generally for a period of five consecutive days when the New York Stock Exchange (“NYSE”) is open for trading. While the Portfolio will not concentrate its investments in any one industry, the Portfolio may be focused on banking sectors under certain circumstances. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Portfolio reserves the right to hold up to 100% of its assets as a temporary defensive measure in cash and money market instruments such as U.S. Government securities, bank obligations and commercial paper. To the extent the Portfolio employs a temporary defensive measure, the Portfolio may not achieve its investment objective. Periodically the Adviser will review the allocations for the Portfolio in each underlying investment company and may add or remove underlying investment companies and/or change the investment allocation percentages of the Portfolio in the underlying investment companies without notice to shareholders or the holders of the variable annuity or variable life insurance policies. </span></p> You may lose part or all of your investment in the Portfolio or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedincomesecuritiesinwhichthePortfoliosunderlyinginvestmentcompaniesMember_zlVCZrvftp7j" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Fixed income securities in which the Portfolio’s underlying investment companies may invest are subject to certain risks, including: interest rate risk, reinvestment risk, prepayment and extension risk, credit/default risk, and the risks associated with investing in repurchase agreements. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 36pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Interest rate risk involves the risk that prices of fixed income securities will rise and fall in response to interest rate changes. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 36pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Reinvestment risk involves the risk that proceeds from matured investments may be re-invested at lower interest rates. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 36pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Prepayment risk involves the risk that in declining interest rates environments prepayments of principal could increase and require the Portfolio to reinvest proceeds of the prepayments at lower interest rates. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 36pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Extension risk involves the risk that prepayments of principal will decrease when interest rates rise resulting in a longer effective maturity of a security. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 36pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. Credit risk also involves the risk that the credit rating of a security may be lowered. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 36pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Repurchase agreement risk involves the risk that the other party to a repurchase agreement will be unable to complete the transaction and the underlying investment company in which the Portfolio invests may suffer a loss as a result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--BecausethePortfolioownssharesofunderlyinginvestmentcompaniesthatMember_zZs3D5ScADAv" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Because the Portfolio owns shares of underlying investment companies that invest in foreign issuers, the Portfolio is subject to risks presented by investments in such issuers. Securities of foreign issuers may be negatively affected by political events, economic conditions, or inefficient, illiquid or unregulated markets in foreign countries. Foreign issuers may be subject to inadequate regulatory or accounting standards. In addition, foreign securities in which the underlying investment companies invest may be listed on foreign exchanges that trade on weekends or other days when the underlying investment companies do not calculate their net asset value (“NAV”). As a result, the value of the underlying investment companies’ holdings, and therefore the Portfolio’s holdings, may change on days when shareholders are not able to purchase or redeem the Portfolio’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyriskMember_zgch4oYKd6Ff" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Currency risk is the risk that exchange rates for currencies in which securities held by the underlying investment companies in which the Portfolio invests are denominated will fluctuate daily. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Portfolio than if it had not engaged in these contracts. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--TheAdvisersjudgmentabouttheattractivenessorpotentialappreciationofMember_zvlFln8rvpmg" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Adviser’s judgment about the attractiveness or potential appreciation of a particular underlying investment company security could prove to be wrong or the Portfolio could miss out on an investment opportunity because the assets necessary to take advantage of such opportunity are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--BecauseundernormalcircumstancesthePortfolioinvestsatleastMember_zMoF1VtpKfE8" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Because under normal circumstances the Portfolio invests at least 80% of its net assets in shares of registered investment companies that emphasize investments in fixed income securities, the NAV of the Portfolio will change with changes in the share prices of the investment companies in which the Portfolio invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestinginotherinvestmentcompaniesincludingETFsmayresultinMember_zipIMaljO94s" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Portfolio’s own expenses. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--NotallobligationsofUSRiskMember_zSTUrLt3WyKl" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Not all obligations of U.S. Government agencies and instrumentalities are backed by the full faith and credit of the U.S. Treasury. Some are backed only by the credit of the issuing agency or instrumentality. Accordingly, there may be some risk of default by the issuer in such cases. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--Thereisarisk2Member_zHUwIlbr3vCd" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">There is a risk that the Portfolio, which is passively managed, may not perform as well as funds with more active methods of investment management, such as selecting securities based on economic, financial, and market analysis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ThederivativeinstrumentsinwhichtheunderlyinginvestmentcompaniesmayMember_z5GE7bUwQ76B" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The derivative instruments in which the underlying investment companies may invest are subject to a number of risks including liquidity, interest rate, market, credit and management risks, and the risk of improper valuation. Changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index, and it is possible to lose more than the principal amount invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--TheperformanceofthePortfoliowilldependonhowsuccessfullyMember_zjVJCmaRratr" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The performance of the Portfolio will depend on how successfully the investment adviser(s) to the underlying investment companies pursue their investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--BanksareverysensitivetochangesinmoneymarketandMember_zgixC12ltLqD" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Banks are very sensitive to changes in money market and general economic conditions. Adverse general economic conditions can cause financial difficulties for a bank’s borrowers and the borrowers’ failure to repay their loans can adversely affect the bank’s financial situation. Banks are subject to extensive regulation and decisions by regulators may limit the loans banks make and the interest rates and fees they charge, which could reduce bank profitability. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationprotectedsecuritiessuchasTIPSgenerallywillfluctuateinMember_zCFNIXUCEdJd" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Inflation protected securities, such as TIPS, generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. In addition, interest payments on inflation-protected securities will generally vary up or down along with the rate of inflation. Real interest rates are generally measured as a nominal interest less an inflation rate. As such, investors should be aware that an investment in TIPS over a particular timeframe may decrease in value even in an inflationary environment. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Because of their inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFsareatypeofinvestmentcompanyboughtandsoldMember_zggTKqGxt7Oz" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">ETFs are a type of investment company bought and sold on a securities exchange. An ETF typically represents a fixed portfolio of securities designed to track a particular market index. The risks of owning an ETF generally reflect the risks of owning the underlying securities that they are designed to track, although lack of liquidity in an ETF could result in its being more volatile. Some ETFs are actively-managed by an investment adviser and/or sub-advisers. Actively-managed ETFs are subject to the risk of poor investment selection. The Portfolio may incur brokerage fees in connection with its purchase of ETF shares. The purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to the Portfolio’s own expenses. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CybersecurityriskMember_zWWZlPnJSFWy" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Cyber security risk is the risk of an unauthorized breach and access to Portfolio assets, Portfolio or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. The Portfolio and Matson Money have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Portfolio or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio or its service providers may adversely impact and cause financial losses to the Portfolio or its shareholders. Issuers of securities in which the Portfolio invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z168hCHFKrTv" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The chart below illustrates the performance of the Portfolio. <span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member_zPOEsAwSR6Hv">The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio.</span> The chart assumes reinvestment of dividends and distributions. The returns do not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option and would be lower if they did. <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member_ztIfjuRbIbGu">Past performance does not necessarily indicate how the Portfolio will perform in the future.</span> Updated information is available at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member_zYqvOkE9vXT2">https://funddocs.filepoint.com/matsonmoney/</span> or by calling <span id="xdx_90__eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member_zl7jXfsEHzMw">(513) 204-8000</span>. </span></p> The information shows you how the Portfolio’s performance has varied year by year and provides some indication of the risks of investing in the Portfolio. Past performance does not necessarily indicate how the Portfolio will perform in the future. https://funddocs.filepoint.com/matsonmoney/ (513) 204-8000 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 -0.0027 0.0074 0.0086 0.0059 0.0452 0.0323 -0.0134 -0.0704 0.0527 0.0375 <p id="xdx_A8__eoef--BarChartClosingTextBlock_znffuMXNBA2e" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 40.5pt; text-indent: -40.5pt; margin-bottom: 0pt; margin-top: 0pt"><b>Best and Worst Quarterly Performance (for the period reflected in the chart above) </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom; width: 100%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member__oef--ClassAxis__custom--C000133412Member_zAktVq4yqrZ1">Best Quarter:</span> <span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member__oef--ClassAxis__custom--C000133412Member_zpgSqvUHNJVF">3.35%</span> (quarter ended <span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member__oef--ClassAxis__custom--C000133412Member_zeGK4aUhBG6y">December 31, 2023</span>)</p></td> </tr> <tr style="background-color: White"> <td style="vertical-align: bottom; width: 100%"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member__oef--ClassAxis__custom--C000133412Member_z80imtT6Lsn5">Worst Quarter:</span> <span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member__oef--ClassAxis__custom--C000133412Member_zlW34gy7qn24">-3.61%</span> (quarter ended <span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member__oef--ClassAxis__custom--C000133412Member_z9cpPWp58rZr">March 31, 2022</span>)</p></td> </tr> <tr style="background-color: Gainsboro"> <td style="vertical-align: bottom"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_90__eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member__oef--ClassAxis__custom--C000133412Member_zoaRSyT0Ekwr">Year to Date Total Return</span> as of <span id="xdx_90__eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member__oef--ClassAxis__custom--C000133412Member_zH3K5OYhzhGV">September 30, 2025</span>: <span id="xdx_90__eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000043104Member__oef--ClassAxis__custom--C000133412Member_zA2KxbMnJkqo">3.96%</span> </b></span></p></td></tr> </table> Best Quarter: 0.0335 2023-12-31 Worst Quarter: -0.0361 2022-03-31 Year to Date Total Return 2025-09-30 0.0396 Average Annual Total Returns <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zo8C71afollb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table below compares the average annual total returns of the Portfolio before taxes for the past calendar year, the past five calendar years, and since inception to the average total returns of a broad-based securities market index for the same periods. </p> 0.0375 0.0067 0.0097 0.0091 0.0125 -0.0033 0.0135 0.0163 0.0337 0.0109 0.0152 0.0154 Motley Fool 100 Index ETF   Summary Section   Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zJ2stBIjPaJ7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Motley Fool 100 Index ETF (the “Fool 100 Fund”) seeks investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool 100 Index (the “Fool 100 Index” – for more on this, see the “Principal Investment Strategies” section). </p> Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zHUBCkSYJiy" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fool 100 Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0.0000 0.0000 0.0050 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zJhMSSCGzQq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fool 100 Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fool 100 Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fool 100 Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 51 160 280 628 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zUF8XazRkp6e" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fool 100 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 Fool 100 Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fool 100 Fund’s performance. For the fiscal year ended August 31, 2025, the Fool 100 Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member_zI4d49ZsGAK7">31%</span> of the average value of its portfolio. </span></p> 0.31 Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zR1rU2XDnVl2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fool 100 Fund is an exchange-traded fund (“ETF”) and employs a “passive management” – or indexing – investment approach designed to track the total return performance, before fees and expenses, of the Fool 100 Index. Motley Fool Asset Management, LLC (the “Adviser” or “Motley Fool”) serves as the investment adviser to the Fool 100 Fund. The Fool 100 Index was developed by Motley Fool Investment Analytics, LLC (the “Index Provider”). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>The Motley Fool 100 Index </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fool 100 Index was established by the Index Provider in 2017 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by analysts and newsletters of The Motley Fool, LLC (“TMF”). Both the Index Provider and TMGF are affiliates of the Adviser. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">To be eligible for inclusion in the Fool 100 Index, a company must be among the 100 largest domestic firms by market capitalization in the Index Provider’s “recommendation universe.” That recommendation universe includes all companies domiciled in the United States that are either active recommendations of a newsletter published by TMF or are among the 150 highest rated U.S. companies in TMF’s analyst opinion database. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the 100 largest company’s share of the Fool 100 Index (or “weighting”) is set to equal the company’s share of all Fool 100 Index companies’ aggregate market value. The Fool 100 Index is reconstituted and rebalanced quarterly. From time to time, the Fool 100 Index may include more or less than 100 companies as a result of events such as acquisitions, spin-offs and other corporate actions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fool 100 Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fool 100 Fund, the Adviser, Index Provider, or TMF. Additional information regarding the Fool 100 Index, including its value, is available on the websites of the Fool 100 Index at www.fool100.com and the Index Calculation Agent, at www.solactive.com. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>The Fool 100 Fund’s Investment Strategy </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal circumstances, at least 80% of the Fool 100 Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Fool 100 Index. The Adviser expects that, over time, if it has sufficient assets, the correlation between the Fool 100 Fund’s performance and that of the Fool 100 Index, before fees and expenses, will be 95% or better. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fool 100 Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Fool 100 Index. However, the Fool 100 Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Fool 100 Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Fool 100 Index as a whole, when the Adviser believes it is in the best interests of the Fool 100 Fund (e.g., when replicating the Fool 100 Index involves practical difficulties or substantial costs, a Fool 100 Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations that apply to the Fool 100 Fund but not to the Fool 100 Index). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fool 100 Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Fool 100 Index, but which the Adviser believes will help the Fool 100 Fund track the Fool 100 Index. For example, the Fool 100 Fund may invest in securities that are not components of the Fool 100 Index to reflect various corporate actions and other changes to the Fool 100 Index (such as reconstitutions, additions and deletions). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fool 100 Fund is non-diversified for the purposes of the Investment Company Act of 1940, as amended (“1940 Act”), which means that the Fool 100 Fund may invest in fewer securities at any one time than a diversified fund. To the extent the Fool 100 Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry, the Fool 100 Fund will concentrate its investments to approximately the same extent as the Fool 100 Index. As of August 31, 2025, securities in the communication services, consumer discretionary, financials, and information technology sectors represented a significant portion of the Fool 100 Index. The Fool 100 Fund may also seek to increase its income by lending securities. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fool 100 Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fool 100 Fund, and there can be no assurance that the Fool 100 Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91C_ecustom--CyberSecurityRiskMember_zpnrR07qlAe4">Cyber Security Risk</span>.</b> Cyber security risk is the risk of an unauthorized breach and access to the Fool 100 Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fool 100 Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fool 100 Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. The Fool 100 Fund and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fool 100 Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fool 100 Fund or its service providers may adversely impact and cause financial losses to the Fool 100 Fund or its shareholders. Issuers of securities in which the Fool 100 Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyberfailures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--EquityMarketsRiskMember_zmBv57DRSWTk">Equity Markets Risk</span>. </b>The equity securities held in the Fool 100 Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fool 100 Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--EtfRiskMember_zBFAErojgor8">ETF Risk</span>. </b>The Fool 100 Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fool 100 Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fool 100 Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fool 100 Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fool 100 Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, the Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fool 100 Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--IndexRankingsAndMethodologyRiskMember_zkvPAstAWz25">Index Rankings and Methodology Risk</span>.</b> The Fool 100 Index is comprised of the 100 largest U.S. companies that are either active recommendations of TMF’s newsletter or are among the 150 highest rated U.S. companies in TMF’s analyst opinion database, and are weighted based on their market value relative to the total market value of other companies in the Fool 100 Index. Factors used by TMF’s analysts in their qualitative and quantitative analysis of companies included in the Fool 100 Index, and the weight placed on those factors, may not be predictive of a security’s value and, thus, have an adverse effect on the Fool 100 Fund. In addition, changes in TMF’s recommendations or rankings methodologies may have an adverse effect on the Fool 100 Fund. Factors that affect a security’s value can change over time, and these changes may not be reflected in the Fool 100 Index methodology. Moreover, the methodology and the calculation of the Fool 100 Index could be subject to errors. If the composition of the Fool 100 Index reflects such errors, the Fool 100 Fund’s portfolio can be expected to reflect the errors, too. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--LargeCapitalizationInvestingRiskMember_z3wHeLLLQYQ1">Large-Capitalization Investing Risk</span>.</b> Investments in securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--MarketRiskMember_zLTGu4w5Pebl">Market Risk</span>.</b> The trading prices of equity securities and other instruments fluctuate in response to a variety of factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fool 100 Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-Diversification Risk. </b>The Fool 100 Fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of securities. Since the Fool 100 Fund is non-diversified, its NAV, market price and total returns may fluctuate or fall more than a diversified fund. Gains or losses on a single stock may have a greater impact on the Fool 100 Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--PassiveInvestmentRiskMember_zvAtlLffRvll">Passive Investment Risk</span>. </b>The Fool 100 Fund is not actively managed and the Adviser does not attempt to take defensive positions in any market conditions, including adverse markets. The Fool 100 Fund and its Adviser will not sell shares of an equity security due to current or projected underperformance of a security, industry, or sector, unless that security is removed from the Fool 100 Index or the selling of shares of that security is otherwise required upon a reconstitution of the Fool 100 Index as addressed in the Index methodology. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--PortfolioTurnoverRiskMember_z7EI8OOkePqj">Portfolio Turnover Risk</span>. </b>In seeking to replicate the Fool 100 Index, which is adjusted and rebalanced quarterly, the Fool 100 Fund may incur relatively high portfolio turnover. High portfolio turnover may result in increased transaction costs and may lower Fund performance. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_911_ecustom--SectorConcentrationRiskMember_znOMNdxORNP6">Sector Concentration Risk</span>.</b> To the extent the Fool 100 Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Communication Services Sector Risk. </i>Companies in the communications sector may be affected by industry competition, substantial capital requirements, government regulation, cyclicality of revenues and earnings, obsolescence of communications products and services due to technological advancement, a potential decrease in the discretionary income of targeted individuals and changing consumer tastes and interests. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Consumer Discretionary Sector Risk.</i> Companies in the consumer discretionary sector can be significantly affected by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in demographics and consumer tastes. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Financial Sector Risk</i>. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Information Technology Sector Risk.</i> In addition to market or economic factors, companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>●</b></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <b><span id="xdx_91A_ecustom--SecuritiesLendingRiskMember_zvjQfPNoyY4d">Securities Lending Risk</span>. </b>The Fool 100 Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fool 100 Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--TrackingErrorRiskMember_zRe9Hkee5Yme">Tracking Error Risk</span>. </b>As with all index funds, the performance of the Fool 100 Fund and its Index may differ from each other for a variety of reasons. For example, the Fool 100 Fund incurs operating expenses and portfolio transaction costs not incurred by the Fool 100 Index. In addition, the Fool 100 Fund may not be fully invested in the securities of the Fool 100 Index at all times or may hold securities not included in the Fool 100 Index. </p> </td> </tr> </table> <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zg3AhSSBV1F4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Performance Information: </b><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member_zxP5xLQyqpQ7">The bar chart and performance table illustrate the risks and volatility of an investment in the Fool 100 Fund.</span> The bar chart shows the changes in performance of the Fool 100 Fund from year to year. The table illustrates how the Fool 100 Fund’s average annual total returns for the one-year, five-year, and since-inception periods compare with those of a broad measure of market performance and the Fool 100 Index. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member_z7kLdocJaDe2">Past performance, both before and after taxes, does not necessarily indicate how the Fool 100 Fund will perform in the future.</span> Updated performance information is available online at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member_zt4jUR4PRdr2">www.fooletfs.com</span>. </p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fool 100 Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fool 100 Fund will perform in the future. www.fooletfs.com Total Returns for the Calendar Years Ended December 31 0.3423 0.4162 0.2529 -0.3046 0.4672 0.3467 <p id="xdx_A83_eoef--BarChartClosingTextBlock_zdKW1iK0jRsc" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member__oef--ClassAxis__custom--C000198183Member_z16O2hUrmM83">Best Quarter</span>: <span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member__oef--ClassAxis__custom--C000198183Member_z0AL1vAyhexk">26.83%</span> in the quarter ended <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member__oef--ClassAxis__custom--C000198183Member_z86SuHJoOYic">June 30, 2020</span><br/> <span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member__oef--ClassAxis__custom--C000198183Member_zmc6NEAfUDdb">Worst Quarter</span>: <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member__oef--ClassAxis__custom--C000198183Member_zTzEGSmHpilk">-21.72%</span> in the quarter ended <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member__oef--ClassAxis__custom--C000198183Member_z5DG0PhvdI89">June 30, 2022 </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_900_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member__oef--ClassAxis__custom--C000198183Member_zf98GZ8gIDQl">year-to-date total return</span> for the nine months ended <span id="xdx_90A_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member__oef--ClassAxis__custom--C000198183Member_z71octwATfke">September 30, 2025</span> was <span id="xdx_908_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member__oef--ClassAxis__custom--C000198183Member_zHX80aqO7Laa">17.66%</span>. </span></p> Best Quarter 0.2683 2020-06-30 Worst Quarter -0.2172 2022-06-30 year-to-date total return 2025-09-30 0.1766 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2018-01-29 2018-01-29 2018-01-29 2018-01-29 2018-01-29 0.3467 0.1951 0.1764 0.3455 0.1942 0.1753 0.2062 0.1593 0.1466 0.3551 0.2012 0.1824 0.2502 0.1453 0.1292 <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_zTar0DWL4pY4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member_zzcyqdme3kGl">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000061203Member_zXnopewWQDxl">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fool 100 Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fool 100 Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Motley Fool Global Opportunities ETF   Summary Section   Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zFJiUhJJi6ub" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the Motley Fool Global Opportunities ETF (“the Global Opportunities Fund”) is to achieve long-term capital appreciation. </p> Fees and Expenses <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zmsHXEFtWeA9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Global Opportunities Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0085 0.0000 0.0000 0.0085 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zHG4wlGW9LCc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Global Opportunities Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Global Opportunities Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Global Opportunities Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 87 271 471 1049 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_z4dKqEoqMjka" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Global Opportunities 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 Global Opportunities Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Global Opportunities Fund’s performance. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member_znci4yf0mc2c">15%</span> of the average value of its portfolio. </span></p> 0.15 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_ziYM2k9lQ7P7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Global Opportunities Fund is an actively-managed exchange-traded fund (“ETF”), and pursues its investment objective by using a quality growth investing style. The Global Opportunities Fund invests in a focused portfolio of the common stocks of high-quality U.S. companies and the common stocks and depositary receipts (including unsponsored depositary receipts) of high-quality companies that are organized under the laws of other countries around the world. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Global Opportunities Fund will invest, under normal circumstances, in at least three different countries, and will invest at least 40% of its assets outside of the United States, or, if the conditions are not favorable, will invest at least 30% of its assets outside the United States. The Global Opportunities Fund seeks to stay fully invested and does not attempt to time the market. Although the Global Opportunities Fund does not have market capitalization constraints </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">for its investments, it is expected that investments in the securities of U.S. companies having smaller and middle market capitalizations, which Motley Fool Asset Management, LLC (the “Adviser”) considers to be companies with market capitalizations less than $10 billion, and the securities in foreign companies, including companies organized under the laws of emerging market countries, will be important components of the Global Opportunities Fund’s investment program. As a result, the Global Opportunities Fund has the freedom to go anywhere to make investments for its shareholders. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In identifying investments for the Global Opportunities Fund, the Adviser looks for securities of companies that have high-quality businesses with strong market positions, manageable leverage, robust streams of free cash flow, and trade at attractive prices. In managing the Global Opportunities Fund’s investment portfolio, the Adviser regularly reviews and adjusts the Global Opportunities Fund’s allocations to particular markets and sectors to maintain a diversified mix of investments that the Adviser believes offer the best overall potential for long-term growth of capital. The Global Opportunities Fund will sell securities in which it has invested based upon the Adviser’s analysis of fundamental investment criteria, including its assessment of the current value of a security relative to the security’s current market price, business fundamentals relating to the issuer, and developments affecting the issuer’s business prospects and risks. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Global Opportunities Fund prefers to invest in high-quality businesses when possible. To identify these high quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business; competitive advantage; and trajectory. The Adviser’s approach employs a long-term mindset and a balance of qualitative and quantitative factors. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Management, Culture, and Incentives. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser believes that management is a key element to long-term success at most businesses. Among the factors the Adviser considers are: manager and board of director fit, the clarity of vision and strategies, main-line culture and turnover, ownership in the business, the sensibility of incentives, capital allocation choices and results, external transparency and candor, and overall treatment of stakeholders. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Economics of the Business. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser believes that the economic performance of a business is a signal for quality. The Adviser’s process looks at the company’s long-term return on capital, the scalability of its business model, relative and absolute margins, business and product cyclicality, and other key performance indicators to gain insight into its potential for future performance. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Competitive Advantage. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser seeks companies that offer certain characteristics that allow them to generate and sustain outsized returns on capital on an absolute basis as well as in comparison to their peers. Competitive advantages may include pricing power, geographic barriers to entry, network effects, regulatory barriers to entry, and superior brands, among others. The Adviser also assesses the strength of the supporting capabilities each company possesses that reinforce these advantages to result in unique positioning. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Trajectory. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Companies often display superior economics over the short term due to favorable product cycles, customer preference, temporary or tactical advantages or other reasons. As the Adviser’s desire is to own companies in the Global Opportunities Fund that can be kept in the portfolio for many years, a core part of the Adviser’s process is to consider what the company might look like over a period of ten or more years. The Adviser considers whether the company seems likely to grow, to increase profitability through additional products or other offerings, and if it has optionality and the financial capacity that may make it a larger, stronger business in the future than it might be today. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Global Opportunities Fund’s investment portfolio is focused, generally composed of between 30 and 50 investment positions, with the 10 largest positions representing not more than 60% of the Global Opportunities Fund’s net assets. To limit the risks associated with highly concentrated holdings, the Global Opportunities Fund does not invest more than 5% of its net assets in any one class of the securities of any one issuer at the time of purchase. If a </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">portfolio holding grows to be greater than 5% of the Global Opportunities Fund’s net assets the Adviser may not add additional capital to the position. However, the Adviser may maintain an allocation above 5% indefinitely, provided it continues to meet the Adviser’s investment criteria. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">While investing in a particular sector is not a principal investment strategy of the Global Opportunities Fund, its portfolio may be significantly invested in a sector as a result of the portfolio management decisions made pursuant to its principal investment strategy. As of August 31, 2025, the Global Opportunities Fund was significantly invested in the communication services, consumer discretionary, financials, and industrials sectors. The Global Opportunities Fund may also seek to increase its income by lending securities. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Global Opportunities Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Global Opportunities Fund, and there can be no assurance that the Global Opportunities Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--ActiveManagementRiskMember_zYcJQJnjETw3">Active Management Risk</span>.</b> The Global Opportunities Fund is subject to management risk as an actively-managed investment portfolio. The Adviser’s investment approach may fail to produce the intended results. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--CompanyAndMarketRiskMember_zm5t6Qdczm7j">Company and Market Risk</span></b>. The common stock of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer-than-expected earnings or management decisions, changes in the industry in which the company is engaged, or a reduction in the demand for a company’s products or services). A variety of factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets may adversely affect securities markets generally, which could adversely affect the value of the Global Opportunities Fund’s investments in common stocks. In addition, the rights of holders of common stock are subordinate to the rights of preferred shares and debt holders. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91C_ecustom--ForeignInvestmentsRiskMember_ziXlqZEOD2nf">Foreign Investments Risk</span></b>. The Global Opportunities Fund invests in the securities of foreign companies. Investing in securities of foreign companies involves risks generally not associated with investments in the securities of U.S. companies, including the risks associated with fluctuations in foreign currency exchange rates, less stringent investor protections, unreliable and untimely information about issuers, and political and economic instability. Foreign securities in which the Global Opportunities Fund invests may be traded in markets that close before the time that the Global Opportunities Fund calculates its net asset value (“NAV”). Furthermore, certain foreign securities in which the Global Opportunities Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Global Opportunities Fund does not calculate its NAV. As a result, the value of the Global Opportunities Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Global Opportunities Fund’s shares. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--InvestmentStyleRiskMember_zhQ4RQHbl2F4">Investment Style Risk</span></b>. The Global Opportunities Fund pursues a quality growth style of investing. Quality growth investing focuses on companies that appear attractively priced in light of factors such as the quality of management, sustainability of competitive advantage, or growth potential of cash flow. If the Adviser’s assessment of a company’s quality or intrinsic value or its prospects for exceeding earnings expectations or market conditions is inaccurate, the Global Opportunities Fund could suffer losses or produce poor performance relative to other funds. In addition, the stocks of quality companies can continue to be undervalued by the market for long periods of time. As a consequence of our investing style we expect the Global Opportunities Fund will underperform the market and its peers over short timeframes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk.</b> To the extent the Global Opportunities Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Communication Services Sector Risk</i>. Companies in the communications sector may be affected by industry competition, substantial capital requirements, government regulation, cyclicality of revenues and earnings, obsolescence of communications products and services due to technological advancement, a potential decrease in the discretionary income of targeted individuals and changing consumer tastes and interests. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Consumer Discretionary Sector Risk</i>. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition, and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Financial Sector Risk.</i> The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Industrials Sector Risk.</i> Companies in the industrials sector could be affected by, among other things, government regulation, world events and economic conditions, insurance costs, and labor relations issues. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--CurrencyRiskMember_z6rMGuk7fD2f">Currency Risk</span>. </b>Currency risk results from changes in the rate of exchange between the currency of the country in which a foreign company is domiciled or keeps its books and the U.S. dollar. Whenever the Global Opportunities Fund holds securities valued in a foreign currency or holds the currency itself in connection with its purchases and sales of foreign securities, changes in the exchange rate add to or subtract from the value of the investment in U.S. dollars. The Global Opportunities Fund generally does not seek to hedge currency risk, and although the Adviser considers currency risks as part of its investment process, its judgments in this regard may not always be correct. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk.</b> Cyber security risk is the risk of an unauthorized breach and access to the Global Opportunities Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Global Opportunities Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Global Opportunities Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. The Global Opportunities Fund and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Global Opportunities Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Global Opportunities Fund or its service providers may adversely impact and cause financial losses to the Global Opportunities Fund or its shareholders. Issuers of securities in which the Global Opportunities Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyberfailures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--DepositaryReceiptsRiskMember_zB7VKTStdeL4">Depositary Receipts Risk</span></b>. The Global Opportunities Fund may purchase depositary receipts (American Depositary Receipts (“ADRs”), European Depositary receipts (“EDRs”), Global Depositary receipts (“GDRs”), and Non-Voting Depositary Receipts (“NVDRs”)) to facilitate its investments in foreign securities. By investing in ADRs rather than investing directly in the securities of foreign issuers, the Global Opportunities Fund can avoid currency risks during the settlement period for purchase and sales. However, ADRs do not eliminate all the risks inherent in investing in the securities of foreign issuers. Depositary receipts may be issued in a sponsored program, in which an issuer has made arrangements to have its securities traded in the form of depositary receipts, or in an unsponsored program, in which the issuer may not be directly involved. The holders of depositary receipts that are unsponsored generally bear various costs associated with the facilities, while a larger portion of the costs associated with sponsored depositary receipts are typically borne by the foreign issuers. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--EmergingMarketCountriesRiskMember_zB5s0eA5fjJ5">Emerging Market Countries Risk</span></b>. Investing in emerging market countries involves risks in addition to and greater than those generally associated with investing in more developed foreign markets. In many less developed markets, there is less governmental supervision and regulation of business and industry practices, stock exchanges, brokers, and listed companies than there is in more developed markets. The securities markets of certain countries in which the Global Opportunities Fund may invest may also be smaller, less liquid, and subject to greater price volatility than those of more developed markets. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. The Global Opportunities Fund seeks to invest no more than 50% of its net assets in emerging market countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk</b>. The Global Opportunities Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“APs”) may engage in creation or redemption transactions directly with the Fund. The Global Opportunities Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Global Opportunities Fund 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. These events, among others, may lead to the Global Opportunities Fund Shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, the Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Global Opportunities Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk</b>. The Global Opportunities Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Global Opportunities Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--SmallAndMidCapitalizationCompaniesRiskMember_z8I8872b6c1a">Small and Mid-Capitalization Companies Risk</span></b>. The Global Opportunities Fund invests in securities of companies of all sizes, including those that have relatively small market capitalizations. Investments in securities of these companies involve greater risks than do investments in larger, more established companies. The prices of securities of small-cap companies tend to be more vulnerable to adverse developments specific to the company or its industry, or the securities markets generally, than are securities of larger capitalization companies. </p> </td> </tr> </table> <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zH5n4qN6RTud" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Performance Information:</b> <span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member_zYLvlK8EH9vl">The bar chart and performance table below illustrate the risks and volatility of an investment in the Global Opportunities Fund.</span> The Global Opportunities Fund has adopted the performance of the MFAM Global Opportunities Fund (the “Predecessor Fund”) as the result of a reorganization of the Predecessor Fund into the Global Opportunities Fund (the “Reorganization”). Prior to the Reorganization, the Global Opportunities Fund had not yet commenced operations. The Global Opportunities Fund’s total net operating expense ratio is lower than the net operating expense ratio of the Predecessor Fund. Returns in the bar chart and table for the Predecessor Fund have not been adjusted. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Predecessor Fund, a series of The RBB Fund, Inc. that operated as a publicly sold open-end mutual fund, commenced operations on December 21, 2016 by acquiring the assets and liabilities of the Motley Fool Independence Fund, a series of The Motley Fool Funds Trust (the “MFFT Global Predecessor Fund”), in exchange for shares of the Predecessor Fund. Accordingly, the performance information shown below for periods prior to December 21, 2016 is that of the MFFT Global Predecessor Fund, which was also a publicly-sold open-end mutual fund. The MFFT Global Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Global Opportunities Fund and Predecessor Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The bar chart shows the changes in performance of the Predecessor Fund from year to year. The table illustrates how the Predecessor Fund’s average annual total returns for the one-year, five-year, ten-year and since inception periods compare with those of a broad measure of market performance. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member_zhcpSihvnBD9">Past performance, both before and after taxes, does not necessarily indicate how the Global Opportunities Fund will perform in the future.</span> Updated performance information is available online at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member_zehwEbhey2Bi">www.fooletfs.com</span>. </span></p> The bar chart and performance table below illustrate the risks and volatility of an investment in the Global Opportunities Fund. Past performance, both before and after taxes, does not necessarily indicate how the Global Opportunities Fund will perform in the future. www.fooletfs.com Total Returns for the Calendar Years Ended December 31 -0.0137 0.0287 0.3060 -0.0384 0.3140 0.3602 0.0812 -0.2840 0.2808 0.1557 <p id="xdx_A89_eoef--BarChartClosingTextBlock_zaSZQhMxvMdj" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member__oef--ClassAxis__custom--C000232698Member_zmv9qVQ6vHj2">Best Quarter</span>: <span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member__oef--ClassAxis__custom--C000232698Member_zQW3A1JxVEVd">28.73%</span> in the quarter ended <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member__oef--ClassAxis__custom--C000232698Member_zJ8RgKWYDlu7">June 30, 2020</span><br/> <span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member__oef--ClassAxis__custom--C000232698Member_zds9m7UaFpUh">Worst Quarter</span>: <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member__oef--ClassAxis__custom--C000232698Member_zEWkqIkoMg1f">-20.78%</span> in the quarter ended <span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member__oef--ClassAxis__custom--C000232698Member_ztDAox7MmZua">June 30, 2022</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_906_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member__oef--ClassAxis__custom--C000232698Member_zXxCawonTkx5">year-to-date total return</span> for the nine months ended <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member__oef--ClassAxis__custom--C000232698Member_zpdcN4LDN2De">September 30, 2025</span> was <span id="xdx_906_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member__oef--ClassAxis__custom--C000232698Member_zbK03dki3MV3">5.70%</span>. </span></p> Best Quarter 0.2873 2020-06-30 Worst Quarter -0.2078 2022-06-30 year-to-date total return 2025-09-30 0.0570 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2014-06-17 2014-06-17 2014-06-17 2014-06-17 0.1557 0.0928 0.1007 0.0968 0.1226 0.0763 0.0851 0.0815 0.1164 0.0725 0.0797 0.0765 0.1661 0.1002 0.0940 0.0876 <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_zFpRpji279x7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member_zh24jNSt4td9">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000074654Member_z1wZkwl50xhj">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Motley Fool Mid-Cap Growth ETF   Summary Section   Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zKQCay4aoh9e" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the Motley Fool Mid-Cap Growth ETF (the “Mid-Cap Growth Fund”) is to achieve long-term capital appreciation. </p> Fees and Expenses <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zvdBbqsAcFK6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Mid-Cap Growth Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0085 0.0000 0.0000 0.0085 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_z4BUNUmrOHb2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Mid-Cap Growth Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Mid-Cap Growth Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Mid-Cap Growth Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 87 271 471 1049 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zyh7tgxw70Db" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Mid-Cap Growth 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 Mid-Cap Growth Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Mid-Cap Growth Fund’s performance. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member_zw66dfVSdDH1">33%</span> of the average value of its portfolio. </span></p> 0.33 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zTUNoNr1drK5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Mid-Cap Growth Fund is an actively-managed exchange-traded fund (“ETF”) and pursues its investment objective by using a quality growth investing style. The Mid-Cap Growth Fund invests in a focused portfolio of the common stocks of high-quality companies domiciled in the United States that are engaged in a broad range of industries. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Under normal market conditions, the Mid-Cap Growth Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities issued by United States companies having mid-market capitalizations with growth characteristics. For this purpose, Motley Fool Asset Management, LLC (the “Adviser”) currently defines mid-market capitalization companies as having similar market capitalizations to the companies in the Russell Midcap^® Growth Total Return Index, which is used for the purpose of determining range and not for targeting portfolio management. As of October 31, 2025, the average dollar-weighted market cap of the Russell Midcap^® Growth Total Return Index was approximately $40.4 billion. The median market cap was approximately $14.5 billion and the largest stock included in the index had a market cap of approximately $130.8 billion. Under normal circumstances, the Mid-Cap Growth Fund seeks to stay fully invested and does not attempt to time the market. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In identifying investments with growth characteristics, the Adviser looks for securities of companies that have high quality businesses with strong market positions, manageable leverage, robust streams of free cash flow, and trade at attractive prices. In managing the Mid-Cap Growth Fund’s investment portfolio, the Adviser regularly reviews and adjusts the Mid-Cap Growth Fund’s allocations to maintain a diversified mix of investments that the Adviser believes offer the best overall potential for long-term growth of capital. The Mid-Cap Growth Fund will sell securities in which it has invested based upon the Adviser’s analysis of fundamental investment criteria, including its assessment of the current value of a security relative to the security’s current market price, business fundamentals relating to the issuer, and developments affecting the issuer’s business prospects and risks. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Mid-Cap Growth Fund prefers to invest in high-quality businesses when possible. To identify these high-quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business; competitive advantage; and trajectory. The Adviser’s approach employs a long-term mindset and a balance of qualitative and quantitative factors. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Management, Culture, and Incentives. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser believes that management is a key element to long-term success at most businesses. Among the factors the Adviser considers are: manager and board of director fit, the clarity of vision and strategies, main-line culture and turnover, ownership in the business, the sensibility of incentives, capital allocation choices and results, external transparency and candor, and overall treatment of stakeholders. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Economics of the Business. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser believes that the economic performance of a business is a signal for quality. The Adviser’s process looks at the company’s long-term return on capital, the scalability of its business model, relative and absolute margins, business and product cyclicality, and other key performance indicators to gain insight into its potential for future performance. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Competitive Advantage. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser seeks companies that offer certain characteristics that allow them to generate and sustain outsized returns on capital on an absolute basis as well as in comparison to their peers. Competitive advantages may include pricing power, geographic barriers to entry, network effects, regulatory barriers to entry and superior brands, among others. The Adviser also assesses the strength of the supporting capabilities each company possesses that reinforce these advantages to result in unique positioning. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Trajectory. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Companies often display superior economics over the short term due to favorable product cycles, customer preference, temporary or tactical advantages or other reasons. As the Adviser’s desire is to own companies in the Mid-Cap Growth Fund that can be kept in the portfolio for many years, a core part of the Adviser’s process is to consider what the company might look like over a period of ten or more years. The Adviser considers whether the company seems likely to grow, to increase profitability through additional products or other offerings, and if it has optionality and the financial capacity that may make it a larger, stronger business in the future than it might be today. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Mid-Cap Growth Fund’s investment portfolio is focused, generally composed of at least 30 investment positions, with the 10 largest positions representing not more than 60% of the Mid-Cap Growth Fund’s net assets. To limit the risks associated with highly concentrated holdings, the Mid-Cap Growth Fund generally does not invest more than 5% of its net assets in securities of any one issuer at the time of purchase. If a portfolio holding grows to be greater than 5% of the Mid-Cap Growth Fund’s net assets the Adviser may not add additional capital to the position. However, the Adviser may maintain an allocation above 5% indefinitely, provided it continues to meet the Adviser’s investment criteria. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">While investing in a particular sector is not a principal investment strategy of the Mid-Cap Growth Fund, its portfolio may be significantly invested in a sector as a result of the portfolio management decisions made pursuant to its principal investment strategy. As of August 31, 2025, the Mid-Cap Growth Fund was significantly invested in the financials, health care, information technology, and industrials sectors, which means it will be more affected by the performance of such sectors than a fund that is not so significantly invested. The Fund may also seek to increase its income by lending portfolio securities. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Mid-Cap Growth Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Mid-Cap Growth Fund, and there can be no assurance that the Mid-Cap Growth Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Active Management Risk.</b> The Mid-Cap Growth Fund is subject to management risk as an actively-managed investment portfolio. The Adviser’s investment approach may fail to produce the intended results. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Company and Market Risk.</b> The common stock of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer-than-expected earnings or management decisions, changes in the industry in which the company is engaged, or a reduction in the demand for a company’s products or services). A variety of factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets may adversely affect securities markets generally, which could adversely affect the value of the Mid-Cap Growth Fund’s investments in common stocks. In addition, the rights of holders of common stock are subordinate to the rights of preferred shares and debt holders. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Investment Style Risk. </b>The Mid-Cap Growth Fund pursues a quality growth style of investing. Quality growth investing focuses on companies that appear attractively priced in light of factors such as the quality of management, sustainability of competitive advantage, or growth potential of cash flow. If the Adviser’s assessment of a company’s quality or intrinsic value or its prospects for exceeding earnings expectations or market conditions is inaccurate, the Mid-Cap Growth Fund could suffer losses or produce poor performance relative to other funds. In addition, the stocks of quality companies can continue to be undervalued by the market for long periods of time. As a consequence of our investing style we expect the Mid-Cap Growth Fund will underperform the market and its peers over short time frames. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b>To the extent the Mid-Cap Growth Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Financial Sector Risk. </i>The operations and business of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Health Care Sector Risk. </i>Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by regulatory changes. Other risk factors include rising costs of medical products and services, pricing pressure and limited product lines, loss or impairment of intellectual property rights and litigation regarding product or service liability. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Industrials Sector Risk. </i>Companies in the industrials sector could be affected by, among other things, government regulation, world events and economic conditions, insurance costs, and labor relations issues. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Information Technology Sector Risk.</i> In addition to market or economic factors, companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--MidCapitalizationCompaniesRiskMember_zYJG8Bj3rONb">Mid-Capitalization Companies Risk</span>.</b> The Mid-Cap Growth Fund invests in securities of mid-capitalization companies. Investments in securities of these companies may involve greater risks than do investments in larger, more established companies. The prices of securities of mid-cap companies tend to be more vulnerable to adverse developments specific to a company or its industry, or the securities markets generally, than are securities of larger capitalization companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Mid-Cap Growth Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Mid-Cap Growth Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Mid-Cap Growth Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. The Mid-Cap Growth Fund and the Adviser have limited ability to prevent or mitigate cybersecurity incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Mid-Cap Growth Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Mid-Cap Growth Fund or its service providers may adversely impact and cause financial losses to the Mid-Cap Growth Fund or its shareholders. Issuers of securities in which the Mid-Cap Growth Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Mid-Cap Growth Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i><b> </b>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Mid-Cap Growth Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Mid-Cap Growth Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Mid-Cap Growth Fund Shares trading at a premium or discount to NAV. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, the Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i><b> </b>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Mid-Cap Growth Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Mid-Cap Growth Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Mid-Cap Growth Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zXPP2ZFXlko5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Performance Information: </b><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member_zbNG5AZflwff">The bar chart and performance table below illustrate the risks and volatility of an investment in the Mid-Cap Growth Fund.</span> The Mid-Cap Growth Fund has adopted the performance of the MFAM Mid-Cap Growth Fund (the “Predecessor Fund”) as the result of a reorganization of the Predecessor Fund into the Mid-Cap Growth Fund (the “Reorganization”). Prior to the Reorganization, the Mid-Cap Growth Fund had not yet commenced operations. The Mid-Cap Growth Fund’s total net operating expense ratio is lower than the net operating expense ratio of the Predecessor Fund. Returns in the bar chart and table for the Predecessor Fund have not been adjusted. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Predecessor Fund, a series of The RBB Fund, Inc. that operated as a publicly sold open-end mutual fund, commenced operations on December 21, 2016 by acquiring the assets and liabilities of the Motley Fool Great America Fund, a series of The Motley Fool Funds Trust (the “MFFT GA Predecessor Fund”), in exchange for shares of the Predecessor Fund. Accordingly, the performance information shown below for periods prior to December 21, 2016 is that of the MFFT GA Predecessor Fund, which was also a publicly-sold open-end mutual fund. The MFFT GA Predecessor Fund was also advised by the Adviser and had the same investment objective and strategies as the Mid-Cap Growth Fund and Predecessor Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The bar chart shows the changes in performance of the Predecessor Fund from year to year. The table illustrates how the Predecessor Fund’s average annual total returns for the one-year, five-year, ten-year and since-inception periods compare with those of a broad measure of market performance. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member_zORRlr6wuFnk">Past performance, both before and after taxes, does not necessarily indicate how the Mid-Cap Growth Fund will perform in the future.</span> Updated performance information is available online at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member_zBnkpIobsql1">www.fooletfs.com</span>. </span></p> The bar chart and performance table below illustrate the risks and volatility of an investment in the Mid-Cap Growth Fund. Past performance, both before and after taxes, does not necessarily indicate how the Mid-Cap Growth Fund will perform in the future. www.fooletfs.com Total Returns for the Calendar Years Ended December 31 -0.0274 0.0760 0.2939 -0.1120 0.3039 0.3268 0.0515 -0.2772 0.2177 0.1771 <p id="xdx_A88_eoef--BarChartClosingTextBlock_zCqoKjFHhrTd" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member__oef--ClassAxis__custom--C000232699Member_zeY8c5A0e385">Best Quarter</span>: <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member__oef--ClassAxis__custom--C000232699Member_z95Q3aiVcGy5">30.42%</span> in the quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member__oef--ClassAxis__custom--C000232699Member_z3a8JenjSVD4">June 30, 2020</span><br/> <span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member__oef--ClassAxis__custom--C000232699Member_zXCGnUKkRBYl">Worst Quarter</span>: <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member__oef--ClassAxis__custom--C000232699Member_zwJe51TULnd7">-20.15%</span> in the quarter ended <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member__oef--ClassAxis__custom--C000232699Member_z4647jF39knk">June 30, 2022</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_904_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member__oef--ClassAxis__custom--C000232699Member_zSmwNbDygxlg">year-to-date total return</span> for the nine months ended <span id="xdx_904_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member__oef--ClassAxis__custom--C000232699Member_zpGRLH632spa">September 30, 2025</span> was <span id="xdx_900_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member__oef--ClassAxis__custom--C000232699Member_z53uYa2zPYFc">-3.65%</span>. </span></p> Best Quarter 0.3042 2020-06-30 Worst Quarter -0.2015 2022-06-30 year-to-date total return 2025-09-30 -0.0365 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2014-06-17 2014-06-17 2014-06-17 2014-06-17 2014-06-17 0.1771 0.0764 0.0853 0.0877 0.1393 0.0593 0.0724 0.0753 0.1339 0.0597 0.0681 0.0705 0.2381 0.1386 0.1255 0.1253 0.2210 0.1147 0.1154 0.1158 <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zQOlkpz0LhNe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member_zV3pz3StxWp5">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000074655Member_zdWTTTeTfEH9">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Motley Fool Small-Cap Growth ETF   Summary Section   Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zFIOnDf3fA67" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the Motley Fool Small-Cap Growth ETF (the “Small-Cap Growth Fund”) is to achieve long-term capital appreciation. </p> Fees and Expenses <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_z2xWOVSO3ls1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Small-Cap Growth Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0085 0.0000 0.0000 0.0085 Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zxrmJUyPJIp3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Small-Cap Growth Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Small-Cap Growth Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Small-Cap Growth Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 87 271 471 1049 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zqn6AxUAU51k" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Small-Cap Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended August 31, 2025, the Small-Cap Growth Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member_z2I0G14HVJFl">40%</span> of the average value of its portfolio. </span></p> 0.40 Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_zbY7gLsavdW5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Small-Cap Growth Fund is an actively-managed exchange-traded fund (“ETF”) and invests primarily in equity securities of small capitalization companies listed on a United States exchange and selected by Motley Fool Asset Management, LLC (the “Adviser”), the Small-Cap Growth Fund’s investment adviser. The Small-Cap Growth Fund pursues its investment objective by using a quality growth style. The Small-Cap Growth Fund invests in a focused portfolio of the common stocks of high-quality companies domiciled in the United States that are engaged in a broad range of industries. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Under normal market conditions, the Small-Cap Growth Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by small capitalization companies with growth characteristics. For this purpose, the Adviser currently defines small capitalization companies as being within the same range of market capitalizations as the companies in the Russell 2000^® Growth Total Return Index (the “Index”). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Index is used for the purpose of determining ranges of market capitalizations and not for targeting portfolio management. As of October 31, 2025, the median market capitalization of the Index was $1.3 billion and the largest stock was $32.8 billion. Under normal circumstances, the Small-Cap Growth Fund seeks to stay fully invested and does not attempt to time the market. The Small-Cap Growth Fund is non-diversified, which means that it may invest a significant portion of its assets in the securities of a single issuer or small number of issuers. In addition, at any given time, the Small-Cap Growth Fund may have a significant portion of its net assets invested in securities of issuers within a particular sector, such as the financials, health care, industrials, and information technology sectors. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In identifying investments with growth characteristics, the Adviser looks for securities of companies that have high-quality businesses with strong market positions, manageable leverage, and the potential for robust streams of free cash flow. In managing the Small-Cap Growth Fund’s investment portfolio, the Adviser regularly reviews and adjusts the Small-Cap Growth Fund’s allocations to maintain a mix of investments that the Adviser believes offer the best overall potential for long-term growth of capital. The Small-Cap Growth Fund will sell securities in which it has invested based upon the Adviser’s analysis of fundamental investment criteria, including its assessment of the current value of a security relative to the security’s current market price, business fundamentals relating to the issuer, and developments affecting the issuer’s business prospects and risks. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Small-Cap Growth Fund prefers to invest in high-quality businesses when possible. To identify these high-quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria described in more detail below: (i) management, culture, and incentives; (ii) the economics of the business; (iii) competitive advantage; and (iv) trajectory. The Adviser’s approach prizes a long-term mindset and a balance of qualitative and quantitative factors. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Management, Culture, and Incentives. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser believes that management is a key element to long-term success at most businesses. Among the factors the Adviser considers are: manager and board of director fit, the clarity of vision and strategies, main-line culture and turnover, ownership in the business, the sensibility of incentives, capital allocation choices and results, external transparency and candor, and overall treatment of stakeholders. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Economics of the Business. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser believes that the economic performance of a business is a signal for quality. The Adviser’s process looks at the company’s long-term return on capital, the scalability of its business model, relative and absolute margins, business and product cyclicality, and other key performance indicators to gain insight into its potential for future performance. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Competitive Advantage. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser seeks companies that offer certain characteristics that allow them to generate and sustain outsized returns on capital on an absolute basis as well as in comparison to their peers. Competitive advantages may include pricing power, geographic barriers to entry, network effects, regulatory barriers to entry and superior brands, among others. The Adviser also assesses the strength of the supporting capabilities each company possesses that reinforce these advantages to result in unique positioning. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Trajectory. </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Companies often display superior economics over the short term due to favorable product cycles, customer preference, temporary or tactical advantages or other reasons. As the Adviser’s desire is to own companies in the Small-Cap Growth Fund that can be kept in the portfolio for many years, a core part of the Adviser’s process is to consider what the company might look like over a period of ten or more years. The Adviser considers whether the company seems likely to grow, to increase profitability through additional products or other offerings, and if it has optionality and the financial capacity that may make it a larger, stronger business in the future than it might be today. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Small-Cap Growth Fund’s investment portfolio is focused, generally composed of between 30 and 40 investment positions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">While investing in a particular sector is not a principal investment strategy of the Small-Cap Growth Fund, its portfolio may be significantly invested in a sector as a result of the portfolio management decisions made pursuant to its principal investment strategy. While the Small-Cap Growth Fund does not place any restrictions on its level of sector concentration, it will limit its investments in industries within any particular sector to less than 25% of the Fund’s total assets. As of August 31, 2025, the Small-Cap Growth Fund is significantly invested in the financials, health care, industrials, and information technology sectors, which means it will be more affected by the performance of such sectors than a fund that is not so significantly invested. The Small-Cap Growth Fund may not invest more than 15% of its net assets in illiquid securities. The Small-Cap Growth Fund may also seek to increase its income by lending securities. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Small-Cap Growth Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Small-Cap Growth Fund, and there can be no assurance that the Small-Cap Growth Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Small-Cap Growth Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Small-Cap Growth Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Small-Cap Growth Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence could exacerbate these risks or result in cyber security incidents that implicate personal data. The Small-Cap Growth Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Small-Cap Growth Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Small-Cap Growth Fund or its service providers may adversely impact and cause financial losses to the Small-Cap Growth Fund or its shareholders. Issuers of securities in which the Small-Cap Growth Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Equity Market Risk. </b>The equity securities held in the Small-Cap Growth Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Small-Cap Growth Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk.</b> The Small-Cap Growth Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Small-Cap Growth Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Small-Cap Growth Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Small-Cap Growth Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Small-Cap Growth Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, the Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Small-Cap Growth Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Investment Style Risk.</b> The Small-Cap Growth Fund pursues a quality growth style of investing. Quality growth style investing focuses on companies that appear attractive in light of factors such as the quality of management, sustainability of competitive advantage, or growth potential of cash flow. If the Adviser’s assessment of a company’s quality or intrinsic value or its prospects for exceeding earnings expectations or market conditions is inaccurate, the Small-Cap Growth Fund could suffer losses or produce poor performance relative to other funds. In addition, the stocks of quality companies can continue to be undervalued by the market for long periods of time. As a consequence of its investing style the Small-Cap Growth Fund may underperform the market and its peers over short timeframes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--ManagementRiskMember_zM9F1IC9pCGa">Management Risk</span>.</b> The Small-Cap Growth Fund is subject to management risk as an actively-managed investment portfolio. The Adviser’s investment approach may fail to produce the intended results. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Small-Cap Growth Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-Diversification Risk.</b> The Small-Cap Growth Fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of securities. Since the Small-Cap Growth Fund is non-diversified, its NAV, market price and total returns may fluctuate or fall more than a diversified fund. Gains or losses on a single stock may have a greater impact on the Small-Cap Growth Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk.</b> To the extent the Small-Cap Growth Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Financial Sector Risk</i>. The operations and business of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Health Care Sector Risk.</i> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by regulatory changes. Other risk factors include rising costs of medical products and services, pricing pressure and limited product lines, loss or impairment of intellectual property rights and litigation regarding product or service liability. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Industrials Sector Risk. </i>Companies in the industrials sector could be affected by, among other things, government regulation, world events and economic conditions, insurance costs, and labor relations issues. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Information Technology Sector Risk. </i>In addition to market or economic factors, companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Small-Cap Growth Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Small-Cap Growth Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--SmallCapCompaniesRiskMember_zj010aldcFJd">Small Cap Companies Risk</span>.</b> Investments in securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings. </p> </td> </tr> </table> <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_z33MJYVuEOD4" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Performance Information: </b><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member_zwmSjIh36Lbb">The bar chart and performance table illustrate the risks and volatility of an investment in the Small-Cap Growth Fund.</span> The bar chart shows the changes in performance of the Small-Cap Growth Fund from year to year. The table illustrates how the Small-Cap Growth Fund’s average annual total returns for the one-year, five-year, and since-inception periods compare with those of a broad measure of market performance. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member_z9imQkIReAI2">Past performance, both before and after taxes, does not necessarily indicate how the Small-Cap Growth Fund will perform in the future.</span> Updated performance information is available online at <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member_z67bu4ZB6h6">www.fooletfs.com</span>. </p> The bar chart and performance table illustrate the risks and volatility of an investment in the Small-Cap Growth Fund. Past performance, both before and after taxes, does not necessarily indicate how the Small-Cap Growth Fund will perform in the future. www.fooletfs.com Total Returns for the Calendar Years Ended December 31 0.3833 0.5790 -0.0229 -0.3299 0.2514 0.1557 <p id="xdx_A81_eoef--BarChartClosingTextBlock_z8jZqMesV1x1" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member__oef--ClassAxis__custom--C000205459Member_zMqTKLtzjrNe">Best Quarter</span>: <span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member__oef--ClassAxis__custom--C000205459Member_zRA7uWSNvy8i">36.00%</span> in the quarter ended <span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member__oef--ClassAxis__custom--C000205459Member_zR63ij4CSP3g">June 30, 2020</span><br/> <span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member__oef--ClassAxis__custom--C000205459Member_zGMJXiiU2gM5">Worst Quarter</span>: <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member__oef--ClassAxis__custom--C000205459Member_zvTaf9JPfJhg">-24.42%</span> in the quarter ended <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member__oef--ClassAxis__custom--C000205459Member_zbLpNmLc7UU3">June 30, 2022</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_90D_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member__oef--ClassAxis__custom--C000205459Member_zYPdiGyT3qJh">year-to-date total return</span> for the nine months ended <span id="xdx_904_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member__oef--ClassAxis__custom--C000205459Member_zUFvxmDEq8Ji">September 30, 2025</span> was <span id="xdx_903_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member__oef--ClassAxis__custom--C000205459Member_z0nhLQyua2Qg">-2.45%</span>. </span></p> Best Quarter 0.3600 2020-06-30 Worst Quarter -0.2442 2022-06-30 year-to-date total return 2025-09-30 -0.0245 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2018-10-29 2018-10-29 2018-10-29 2018-10-29 2018-10-29 0.1557 0.0838 0.1140 0.1557 0.0796 0.1096 0.0922 0.0662 0.0915 0.2381 0.1386 0.1510 0.1515 0.0686 0.0851 <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_zTM4tAEjj8z8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member_zssyUllF6nQa">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000063392Member_zYAPKjbtEXi8">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Small-Cap Growth Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Small-Cap Growth Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Motley Fool Next Index ETF   Summary Section Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zjy0KwLdwos7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Motley Fool Next Index ETF (the “Next Fund”) seeks investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool Next Index (the “Next Index” – for more on this, see the “Principal Investment Strategies” section). </p> Fees and Expenses <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_z6g93NzdDgk7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Next Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0.0000 0.0000 0.0050 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zf7ZASzN2Xlb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Next Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Next Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Next Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 51 160 280 628 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zDxE3YxgvuTi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Next 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 Next Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Next Fund’s performance. For the fiscal year ended August 31, 2025, the Next Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member_ztJOEzQXgPX">27%</span> of the average value of its portfolio. </span></p> 0.27 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zn2W84PdQtAg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Next Fund is an exchange-traded fund (“ETF”) and employs a “passive management” – or indexing – investment approach designed to track the total return performance, before fees and expenses, of the Next Index. Motley Fool Asset Management, LLC (the “Adviser”) serves as the investment adviser to the Next Fund. The Next Index was developed by Motley Fool Investment Analytics, LLC (the “Index Provider”). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>The Next Index </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Next Index was established by the Index Provider in 2021 and is a proprietary, rules-based index designed to track the performance of mid- and small-capitalization U.S. companies that have been recommended by analysts and newsletters of The Motley Fool, LLC (“TMF”). Both the Index Provider and TMGF are affiliates of the Adviser. The Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Provider’s “recommendation universe” includes all companies domiciled in the United States that are either active recommendations of a newsletter published by TMF or are among the 150 highest rated U.S. companies in TMF’s analyst opinion database, subject to universe continuity rules. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">To be eligible for inclusion in the Next Index, a security must first meet the existing eligibility criteria of the Motley Fool 100 Index, a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by TMF’s analysts and newsletters. However, the Next Index excludes the 100 largest securities that meet the Motley Fool 100 Index eligibility criteria, subject to universe continuity rules, and consists of the next largest companies with a 3-month average daily value traded greater than or equal to $1 million. The selection universe consists of companies of all market capitalizations. For this purpose, the Adviser defines small- and mid-capitalization companies as companies having capitalizations similar to, or less than, the companies in the Russell Midcap Index. To create the Motley Fool 100 Index, the largest 100 companies (based on market capitalization, but not restricted to any capitalization constraints) are selected. Given that the selection universe is dynamic, there is no guarantee that the smallest companies that make up the top 100 will always fit the definition of large capitalization, or that the first company (or companies) outside the top 100 will not fit the definition of large capitalization. Historically, the market capitalization weighting methodology has resulted in the Motley Fool 100 Index, under commonly accepted definitions, having attributes of a large capitalization index, and the Next Index having attributes of a small- and mid-capitalization index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">With respect to universe continuity, the Next Index is constructed utilizing a buffering methodology. The buffer is intended to reduce index turnover from movements in constituent weightings that could result in a company dropping out of the index only to be added back with the next rebalance. Specifically, stocks ranked in the top 105 positions based on TMF’s analyst opinion database (70% of the 150-stock target) are automatically included in the candidate universe. Additionally, companies that were previously eligible based on their TMF analyst ratings will still be included as long as their rank is equal to or better than 195 (130% of the 150-stock target). Stocks are then added based on conviction score rank until the 150-stock target is reached. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Once the eligible universe is determined, inclusion in the Motley Fool 100 Index and the Next Index are determined jointly based on market capitalization and index continuity rules. A buffer of 30% of the Motley Fool 100 Index membership target - or 30 stocks - is used to prevent frequent turnover around the Motley Fool 100 Index/Next Index cutoff. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Specifically, stocks ranked in the top 70 positions based on firm-level market capitalization (70% of the 100-stock target) are automatically included in the candidate universe for the Motley Fool 100 Index. Additionally, companies that were previously included in the Motley Fool 100 Index will still be included as long as their market capitalization rank is equal to or better than 130 (130% of the 100-stock target). Stocks are then added to the Motley Fool 100 Index based on conviction score rank until the 100-stock target is reached. The remaining stocks are included in the Next Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each selected company’s share of the Next Index (or “weighting”) is set to equal the company’s share of all Next Index companies’ aggregate market value. The Next Index is reconstituted and rebalanced quarterly. The Next Index will typically include 150 – 450 companies at any one time. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Next Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Next Fund, the Adviser, Index Provider or TMF. Additional information regarding the Next Index, including its value, is available on the websites of the Next Index at www.foolindices.com and the Index Calculation Agent, at www.solactive.com. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>The Next Fund’s Investment Strategy </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal circumstances, at least 80% of the Next Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Next Index. The Adviser expects that, over time, if it has sufficient assets, the correlation between the Next Fund’s performance and that of the Next Index, before fees and expenses, will be 95% or better. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Next Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Next Index. However, the Next Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Next Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Next Index as a whole, when the Adviser believes it is in the best interests of the Next Fund (e.g., when replicating the Next Index involves practical difficulties or substantial costs, a Next Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations that apply to the Next Fund but not to the Next Index). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Next Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Next Index, but which the Adviser believes will help the Next Fund track the Next Index. For example, the Next Fund may invest in securities that are not components of the Next Index to reflect various corporate actions and other changes to the Next Index (such as reconstitutions, additions and deletions). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Next Fund is non-diversified for the purposes of the Investment Company Act of 1940, as amended (“1940 Act”), which means that the Next Fund may invest in fewer securities at any one time than a diversified fund. To the extent the Next Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry, the Next Fund will concentrate its investments to approximately the same extent as the Next Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Next Fund may also seek to increase its income by lending securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Next Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Next Fund, and there can be no assurance that the Next Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Next Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Next Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Next Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. The Next Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Next Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Next Fund or its service providers may adversely impact and cause financial losses to the Next Fund or its shareholders. Issuers of securities in which the Next Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Next Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Next Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Next Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Next Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Next Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, the Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Next Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Equity Markets Risk.</b> The equity securities held in the Next Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Next Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Index Rankings and Methodology Risk.</b> Factors used by TMF’s analysts in their qualitative and quantitative analysis of companies included in the Next Index, and the weight placed on those factors, may not be predictive of a security’s value and, thus, have an adverse effect on the Next Fund. In addition, changes in TMF’s recommendations or rankings methodologies may have an adverse effect on the Next Fund. Factors that affect a security’s value can change over time, and these changes may not be reflected in the Next Index methodology. Moreover, the methodology and the calculation of the Next Index could be subject to errors. If the composition of the Next Index reflects such errors, the Next Fund’s portfolio can be expected to reflect the errors, too. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of equity securities and other instruments fluctuate in response to a variety of factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Next Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Mid-Capitalization Companies Risk.</b> Investments in securities of mid-capitalization companies may involve greater risks than do investments in larger, more established companies. The prices of securities of mid-cap companies tend to be more vulnerable to adverse developments specific to a company or its industry, or the securities markets generally, than are securities of larger capitalization companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-Diversification Risk. </b>The Next Fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of securities. Since the Next Fund is non-diversified, its NAV, market price and total returns may fluctuate or fall more than a diversified fund. Gains or losses on a single stock may have a greater impact on the Next Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Next Fund is not actively managed and the Adviser does not attempt to take defensive positions in any market conditions, including adverse markets. The Next Fund and its Adviser will not sell shares of an equity security due to current or projected underperformance of a security, industry, or sector, unless that security is removed from the Next Index or the selling of shares of that security is otherwise required upon a reconstitution of the Next Index as addressed in the Index methodology. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Portfolio Turnover Risk.</b> In seeking to replicate the Next Index, which is adjusted and rebalanced quarterly, the Next Fund may incur relatively high portfolio turnover. High portfolio turnover may result in increased transaction costs and may lower Fund performance. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk.</b> To the extent the Next Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Consumer Discretionary Sector Risk.</i> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition, and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Financial Sector Risk</i>. The operations and business of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Health Care Sector Risk.</i> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by regulatory changes. Other risk factors include rising costs of medical products and services, pricing pressure and limited product lines, loss or impairment of intellectual property rights and litigation regarding product or service liability. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Industrials Sector Risk. </i>Companies in the industrials sector could be affected by, among other things, government regulation, world events and economic conditions, insurance costs, and labor relations issues. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Information Technology Sector Risk.</i> In addition to market or economic factors, companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Next Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Next Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--SmallCapitalizationCompaniesRiskMember_zV7MAfPGYe19">Small-Capitalization Companies Risk</span>. </b>The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>As with all index funds, the performance of the Next Fund and its Index may differ from each other for a variety of reasons. For example, the Next Fund incurs operating expenses and portfolio transaction costs not incurred by the Next Index. In addition, the Next Fund may not be fully invested in the securities of the Next Index at all times or may hold securities not included in the Next Index. </p> </td> </tr> </table> Performance Information: <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zria7D7FrS1b" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member_z3mFnZJvmkge">The bar chart and performance table illustrate the risks and volatility of an investment in the Next Fund.</span> The bar chart shows the performance of the Next Fund from year to year. The table illustrates how the Next Fund’s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and the Next Index. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member_zfRqcH6sibB9">Past performance, both before and after taxes, does not necessarily indicate how the Next Fund will perform in the future.</span> Updated performance information is available online at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member_ztvYCgqcmFs9">www.fooletfs.com</span>. </p> The bar chart and performance table illustrate the risks and volatility of an investment in the Next Fund. Past performance, both before and after taxes, does not necessarily indicate how the Next Fund will perform in the future. www.fooletfs.com Total Returns for the Calendar Years Ended December 31 -0.2788 0.1793 0.1596 <p id="xdx_A81_eoef--BarChartClosingTextBlock_zpOL0CZcs5Xc" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90F_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member__oef--ClassAxis__custom--C000233243Member_zHnwhhTsOByl">Best Quarter</span>: <span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member__oef--ClassAxis__custom--C000233243Member_zED9IAWy2zFj">14.29%</span> in the quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member__oef--ClassAxis__custom--C000233243Member_z8ptRm1tOwU6">December 31, 2023</span><br/> <span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member__oef--ClassAxis__custom--C000233243Member_zmblp1cGW084">Worst Quarter</span>: <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member__oef--ClassAxis__custom--C000233243Member_z0f4bWX36kJ">-21.23%</span> in the quarter ended <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member__oef--ClassAxis__custom--C000233243Member_za930AABajbj">June 30, 2022</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_909_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member__oef--ClassAxis__custom--C000233243Member_zhIPtAGHn9S2">year-to-date total return</span> for the nine months ended <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member__oef--ClassAxis__custom--C000233243Member_zYkjQPNvw7g4">September 30, 2025</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member__oef--ClassAxis__custom--C000233243Member_zaEZ691fh4E3">10.70%</span>. </span></p> Best Quarter 0.1429 2023-12-31 Worst Quarter -0.2123 2022-06-30 year-to-date total return 2025-09-30 0.1070 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2021-12-30 2021-12-30 2021-12-30 2021-12-30 2021-12-30 2021-12-30 0.1596 -0.0064 0.1594 -0.0067 0.0946 -0.0049 0.2381 0.0790 0.1675 -0.0010 0.2210 0.0389 <p id="xdx_A81_eoef--PerformanceTableClosingTextBlock_zqXRtOCRBFp6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member_zJS3jElsCjRh">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90E_eoef--PerformanceTableExplanationAfterTaxHigher_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member_zcDLnNfwTlfi">In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span> <span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000074884Member_zZQxquu1NLyh">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Next Index Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Next Index Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Motley Fool Capital Efficiency 100 Index ETF   Summary Section Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zdnSoaCRLcTf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Motley Fool Capital Efficiency 100 Index ETF (the “Capital Efficiency Fund”) seeks investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool Capital Efficiency 100 Index) (the “Capital Efficiency Index” – for more on this, see the “Principal Investment Strategies” section). </span></p> Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_z7Ya9dqZou4f" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Capital Efficiency Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0.0000 0.0000 0.0050 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zz7rtuHPmZR9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Capital Efficiency Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Capital Efficiency Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Capital Efficiency Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 51 160 280 628 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_ziitGzMR9jdh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Capital Efficiency 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 Capital Efficiency Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Capital Efficiency Fund’s performance. For the fiscal year ended August 31, 2025, the Capital Efficiency Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member_zww4MwH1Gcs">33%</span> of the average value of its portfolio. </span></p> 0.33 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zwSHykNkD8Ak" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Capital Efficiency Fund is an exchange-traded fund (“ETF”) and employs a “passive management” – or indexing – investment approach designed to track the total return performance, before fees and expenses, of the Capital Efficiency Index. Motley Fool Asset Management, LLC (the “Adviser”) serves as the investment adviser to the Capital Efficiency Fund. The Capital Efficiency Index was developed by Motley Fool Investment Analytics, LLC (the “Index Provider”). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i>The Motley Fool Capital Efficiency Index </i></span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Capital Efficiency Index was established by the Index Provider in 2021 and is a proprietary, rules-based index designed to track the performance of the highest scoring stocks of U.S. companies, measured by a company’s capital efficiency quality factor, that have been recommended by analysts and newsletters of The Motley Fool, LLC (“TMF”), </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">and that also meet certain liquidity requirements. Capital efficiency quality factor is a measure of how a business turns its investments into revenue and profit and it provides insight into the company’s return on invested capital. Both the Index Provider and TMGF are affiliates of the Adviser. The Index Provider’s </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">TMF’s “recommendation universe” includes all companies domiciled in the United States that are either active recommendations of a newsletter published by TMF or are among the 150 highest rated U.S. companies in TMF’s analyst opinion database, subject to universe continuity rules. With respect to universe continuity, the Capital Efficiency Index is constructed utilizing a buffering methodology. The buffer is intended to reduce index turnover from movements in constituent weightings that could result in a company dropping out of the index only to be added back with the next rebalance. Specifically, stocks ranked in the top 105 positions based on TMF’s analyst opinion database (70% of the 150-stock target) are automatically included in the candidate universe. Additionally, companies that were previously eligible based on their TMF analyst ratings will still be included as long as their rank is equal to or better than 195 (130% of the 150-stock target). Stocks are then added based on conviction score rank until the 150-stock target is reached. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Company shares that meet the requirements for universe inclusion must also meet the minimum requirements for liquidity and for calculating the Quality Factor Factor Score (defined herein). Specifically, the liquidity requirements mandate that at least $1 million worth of a company’s shares trade daily, on average, during the preceding three months. With respect to calculating capital efficiency quality factor, a company must report gross profits (or net revenues for financial companies) and meet a minimum total assets threshold as of the most recent filing prior to each index weighting date. TMF’s proprietary Capital Efficiency Factor Score is a composite score that incorporates growth, profitability, and stability metrics in assessing a company’s capital efficiency. To determine final index membership, candidate stocks are first ranked based on their composite scores. The top 100 stocks are then selected based on index continuity rules. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Each selected company’s share of the Capital Efficiency Index (or “weighting”) is set to equal the company’s share of all Capital Efficiency Index companies’ aggregate market value multiplied by their respective Capital Efficiency Factor Scores. A maximum position size limit of 4.8% is also enforced (tested at the time of rebalancing and subject to index continuity rules). The Capital Efficiency Index is reconstituted and rebalanced quarterly. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The index methodology for the Capital Efficiency Index applies an enhanced calculation logic to reconstitutions and special month-end rebalances as needed to keep the Capital Efficiency Index constituent weights in conformity with tax code diversification requirements for registered investment companies. When applicable, position weights will be adjusted during a reconstitution or special rebalance to ensure that no individual position exceeds 24% of the Capital Efficiency Index and the percentage of the Capital Efficiency Index comprised of individual positions in excess of 4.8% does not cumulatively exceed 48%. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Capital Efficiency Index will typically include 100 companies at any one time and may contain companies of any size capitalization. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Capital Efficiency Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Capital Efficiency Fund, the Adviser, Index Provider or TMF. Additional information regarding the Capital Efficiency Index, including its value, is available on the websites of the Capital Efficiency Index at www.foolindices.com and the Index Calculation Agent, at www.solactive.com. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>The Capital Efficiency Fund’s Investment Strategy </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Under normal circumstances, at least 80% of the Capital Efficiency Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Capital Efficiency Index. The Adviser expects that, over time, if it has sufficient assets, the correlation between the Capital Efficiency Fund’s performance and that of the Capital Efficiency Index, before fees and expenses, will be 95% or better. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Capital Efficiency Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Capital Efficiency Index. However, the Capital Efficiency Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Capital Efficiency Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Capital Efficiency Index as a whole, when the Adviser believes it is in the best interests of the Capital Efficiency </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Fund (e.g., when replicating the Capital Efficiency Index involves practical difficulties or substantial costs, a Capital Efficiency Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations that apply to the Capital Efficiency Fund but not to the Capital Efficiency Index). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Capital Efficiency Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Capital Efficiency Index, but which the Adviser believes will help the Capital Efficiency Fund track the Capital Efficiency Index. For example, the Capital Efficiency Fund may invest in securities that are not components of the Capital Efficiency Index to reflect various corporate actions and other changes to the Capital Efficiency Index (such as reconstitutions, additions and deletions). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Capital Efficiency Fund is non-diversified for the purposes of the Investment Company Act of 1940, as amended (“1940 Act”), which means that the Capital Efficiency Fund may invest in fewer securities at any one time than a diversified fund. To the extent the Capital Efficiency Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry, the Capital Efficiency Fund will concentrate its investments to approximately the same extent as the Capital Efficiency Index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Capital Efficiency Fund may also seek to increase its income by lending securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Capital Efficiency Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Capital Efficiency Fund, and there can be no assurance that the Capital Efficiency Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Capital Efficiency Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Capital Efficiency Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Capital Efficiency Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. The Capital Efficiency Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Capital Efficiency Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Capital Efficiency Fund or its service providers may adversely impact and cause financial losses to the Capital Efficiency Fund or its shareholders. Issuers of securities in which the Capital Efficiency Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Capital Efficiency Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Capital Efficiency Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Capital Efficiency Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Capital Efficiency Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Capital Efficiency Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, the Cboe BZX Exchange, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Capital Efficiency Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Equity Markets Risk. </b>The equity securities held in the Capital Efficiency Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Capital Efficiency Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index Rankings and Methodology Risk. </b>Factors used by TMF’s analysts in their qualitative and quantitative analysis of companies included in the Capital Efficiency Index, and the weight placed on those factors, may not be predictive of a security’s value and, thus, have an adverse effect on the Capital Efficiency Fund. In addition, changes in TMF’s recommendations or rankings methodologies may have an adverse effect on the Capital Efficiency Fund. Factors that affect a security’s value can change over time, and these changes may not be reflected in the Capital Efficiency Index methodology. Moreover, the methodology and the calculation of the Capital Efficiency Index could be subject to errors. If the composition of the Capital Efficiency Index reflects such errors, the Capital Efficiency Fund’s portfolio can be expected to reflect the errors, too. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Large-Capitalization Investing Risk.</b> 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. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of equity securities and other instruments fluctuate in response to a variety of factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Capital Efficiency Fund’s NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Mid-Capitalization Companies Risk. </b>The securities of mid-capitalization companies may involve greater risks than do investments in larger, more established companies. The prices of securities of mid-cap companies tend to be more vulnerable to adverse developments specific to a company or its industry, or the securities markets generally, than are securities of larger capitalization companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-Diversification Risk.</b> The Capital Efficiency Fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of securities. Since the Capital Efficiency Fund is non-diversified, its NAV, market price and total returns may fluctuate or fall more than a diversified fund. Gains or losses on a single stock may have a greater impact on the Capital Efficiency Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Passive Investment Risk.</b> The Capital Efficiency Fund is not actively managed and the Adviser does not attempt to take defensive positions in any market conditions, including adverse markets. The Capital Efficiency Fund and its Adviser will not sell shares of an equity security due to current or projected underperformance of a security, industry, or sector, unless that security is removed from the Capital Efficiency Index or the selling of shares of that security is otherwise required upon a reconstitution of the Capital Efficiency Index as addressed in the Index methodology. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Portfolio Turnover Risk.</b>In seeking to replicate the Capital Efficiency Index, which is adjusted and rebalanced quarterly, the Capital Efficiency Fund may incur relatively high portfolio turnover. High portfolio turnover may result in increased transaction costs and may lower Fund performance. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b>To the extent the Capital Efficiency Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Communication Services Sector Risk. </i>Companies in the communications sector may be affected by industry competition, substantial capital requirements, government regulation, cyclicality of revenues and earnings, obsolescence of communications products and services due to technological advancement, a potential decrease in the discretionary income of targeted individuals and changing consumer tastes and interests. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Consumer Discretionary Sector Risk</i>. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and global economy, interest rates, competition, and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Financial Sector Risk</i>. The operations and business of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Health Care Sector Risk.</i> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by regulatory changes. Other risk factors include rising costs of medical products and services, pricing pressure and limited product lines, loss or impairment of intellectual property rights and litigation regarding product or service liability. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Information Technology Sector Risk. </i>In addition to market or economic factors, companies in the information technology sector and companies that rely heavily on technology are particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Capital Efficiency Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Capital Efficiency Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Small-Capitalization Companies Risk. </b>The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. Small-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs and earnings. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Tracking Error Risk. </b>As with all index funds, the performance of the Capital Efficiency Fund and its Index may differ from each other for a variety of reasons. For example, the Capital Efficiency Fund incurs operating expenses and portfolio transaction costs not incurred by the Capital Efficiency Index. In addition, the Capital Efficiency Fund may not be fully invested in the securities of the Capital Efficiency Index at all times or may hold securities not included in the Capital Efficiency Index. </span></p> </td> </tr> </table> Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zTcDfnRmMhx9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member_z6VnyEuJ91T8">The bar chart and performance table illustrate the risks and volatility of an investment in the Capital Efficiency Fund.</span> The bar chart shows the performance of the Capital Efficiency Fund from year to year. The table illustrates how the Capital Efficiency Fund’s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and the Capital Efficiency Index. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member_zUdrYoBZUkk6">Past performance, both before and after taxes, does not necessarily indicate how the Capital Efficiency Fund will perform in the future.</span> Updated performance information is available online at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member_zLsbv23Oh2tj">www.fooletfs.com</span>. </span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Capital Efficiency Fund. Past performance, both before and after taxes, does not necessarily indicate how the Capital Efficiency Fund will perform in the future. www.fooletfs.com Total Returns for the Calendar Years Ended December 31 -0.2564 0.4108 0.2773 <p id="xdx_A8E_eoef--BarChartClosingTextBlock_ziMMCiUuiGMf" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member__oef--ClassAxis__custom--C000233242Member_z5IvnaIV3Xah">Best Quarter</span>: <span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member__oef--ClassAxis__custom--C000233242Member_zcyzrT1h53qi">14.31%</span> in the quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member__oef--ClassAxis__custom--C000233242Member_zi1Bta624WT3">December 31, 2023</span><br/> <span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member__oef--ClassAxis__custom--C000233242Member_zAKXuRU1M3D8">Worst Quarter</span>: <span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member__oef--ClassAxis__custom--C000233242Member_zhjCAqIJr727">-18.56%</span> in the quarter ended <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member__oef--ClassAxis__custom--C000233242Member_zO78xgPSoqU8">June 30, 2022</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_904_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member__oef--ClassAxis__custom--C000233242Member_zZvyT1PyCmx9">year-to-date total return</span> for the nine months ended <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member__oef--ClassAxis__custom--C000233242Member_zg22dmZv2Qei">September 30, 2025</span> was <span id="xdx_909_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member__oef--ClassAxis__custom--C000233242Member_zWNFhOiromgc">10.60%</span>. </span></p> Best Quarter 0.1431 2023-12-31 Worst Quarter -0.1856 2022-06-30 year-to-date total return 2025-09-30 0.1060 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2021-12-30 2021-12-30 2021-12-30 2021-12-30 2021-12-30 0.2773 0.1004 0.2760 0.0993 0.1651 0.0780 0.2909 0.1064 0.2502 0.0884 <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_zcbvXGdOfDLa" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member_ziVhL2PrNPfd">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000074883Member_znqghGfd4yLl">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Capital Efficiency Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Capital Efficiency Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Oakhurst Fixed Income Fund Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zjMJOQFDKsgc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the Oakhurst Fixed Income Fund (the “Fund”) is total return. </span></p> Expenses and Fees <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zyQwVfEaopCe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0 0.0025 0.0024 0.0024 0.0074 0.0099 -0.0014 -0.0014 0.0060 0.0085 December 31, 2026 Example: <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_z1Z4lFL10Pz2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest dividends and distributions, and then 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 (taking into account the contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </span></p> 61 222 398 905 87 301 533 1200 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zxPYQoJclJAh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year ended August 31, the portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member_zL8kw0WwLsNc">63%</span> of the average value of its portfolio. </span></p> 0.63 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zKkqnjajkMX9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund seeks to achieve its investment objective of total return by investing primarily in a diversified portfolio of investment grade fixed-income securities that the Adviser believes offer the potential for capital appreciation and current income. Total return for the Fund will consist of income, dividends and capital appreciation. The Fund may invest in various types of fixed-income securities, including, but not limited to, those issued by the U.S. Government and its agencies, corporate bonds, convertible securities, mortgage-backed and other asset-backed securities and collateralized mortgage obligations. Mortgage-backed securities include securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, as well as by non-governmental issuers such as commercial banks, savings and loan institutions, mortgage bankers, other private issuers, and private mortgage insurance companies. Collateralized mortgage obligations are debt obligations that pool together mortgages and separate them into short-, medium-, and long-term positions (“tranches”). Tranches pay different rates of interest depending on their maturity and anticipated cash flow. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Normally, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes in investment grade fixed-income securities. Investment grade fixed-income securities are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or unrated securities that the Adviser considers to be of comparable quality. The Fund may invest up to 20% of its net assets in non-investment grade fixed income securities (hereafter referred to as “junk bonds” or “high yield securities”). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund has adopted an investment policy to concentrate its investments in agency and non-agency mortgage-backed securities. This means the Fund will invest at least 25% of its total assets in agency and non-agency mortgage-backed securities. From time to time the Fund may emphasize investment in other particular sectors of the fixed income market. The Fund may also invest in thinly traded securities that are privately placed but eligible for purchase and sale by certain qualified institutional buyers (such as the Fund) under Rule 144A or other exemptions under the Securities Act of 1933. To the extent consistent with its investment policies, the Fund may invest up to 15% of the value of its net assets in securities or other investments that are deemed illiquid. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Adviser attempts to maximize the Fund’s total return by actively managing the Fund’s average maturity, sector weightings, and specific security holdings. The Adviser also actively manages the Fund’s average duration, which is a measure of the sensitivity of the price of a fixed-income investment to a change in interest rates. For example, if interest rates move up 1 percentage point (1%) while the Fund’s duration is 4 years, the Fund’s share price would be expected to decline by 4%. The larger the duration number, the greater an investment’s sensitivity to changes in interest rates. In constructing the portfolio, the Adviser applies a disciplined maturity adjustment strategy that attempts to identify long-term interest rate trend patterns. If the Adviser perceives that a change in interest rates represents a long-term interest rate trend rather than a short-term swing, the Adviser will adjust the Fund’s average maturity. The Fund’s average maturity will depend on the Adviser’s assessment of both the relative yields available on securities with differing maturities and future changes in interest rates. While the Adviser may take advantage of the entire range of fixed-income maturities, the Fund’s dollar-weighted average maturity, which is the average of all the current maturities of the bonds held in the Fund, will generally range from 90 days up to 10 years. The Fund’s dollar-weighted average maturity will be actively monitored and adjusted based on the Adviser’s view of interest rate trends. The Adviser may sell a security based upon its assessment of interest rate trends or when more attractive opportunities become available. </span></p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_914_ecustom--ConcentrationRiskMortgageBackedSecuritiesMember_zDZ3z09JzrL">Concentration Risk - Mortgage-Backed Securities</span>.</b> To the extent the Fund’s investments are concentrated in the securities of a particular market segment or asset class, the Fund’s investments may be more susceptible to an increased risk of loss due to adverse events, than the market as a whole. As of August 31, 2025, the Fund had 13.9% of the value of its net assets invested in collateralized mortgage-backed securities. Mortgage-backed securities are less effective than other types of securities as a means of “locking in” attractive long-term interest rates because of the need to reinvest prepayments of principal and the possibility of significant unscheduled prepayments resulting from declines in interest rates. Mortgage-backed securities are subject to greater prepayment risk during periods when interest rates decline. Prepayment risk is the risk that the principal on mortgage-backed securities, other asset-backed securities or any fixed income security with an embedded call option may be prepaid at any time, which could reduce yield and market value. This could reduce the effective maturity of a mortgage-backed security and cause the Fund to reinvest its assets at a lower prevailing interest rate. Mortgage-backed securities are subject to extension risk which is the risk that rising interest rates will increase the effective maturity of mortgage-backed securities due to the deceleration of prepayments. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. Non-agency mortgage-backed securities have no direct or indirect government or agency guarantees of payment and may have a limited market especially when there is perceived weakness in the mortgage and real estate market sectors. Mortgage-backed securities may also be subject to risks unique to the housing industry, including mortgage lending practices, defaults, foreclosures and changes in real estate values. The Fund’s investments in collateralized mortgage obligations are subject to the risk that payments may not be made on time, prepayment and extension risk and market risk when interest rates rise. Collateralized mortgage securities may be less liquid and may exhibit greater price volatility than other types of mortgage securities. The value of mortgage-backed securities may be negatively affected by higher interest rates and deteriorating economic conditions and could potentially result in a higher rate of defaults and foreclosures. As a result of the Fund’s policy to concentrate in mortgage-backed securities, the Fund will be subject to the risks associated with these securities to a greater degree than a fund that does not concentrate in mortgage-backed securities. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_910_ecustom--CorporateBondsMember_zsGd1OsBP9M8">Corporate Bonds</span>. </b>As of August 31, 2025, the Fund had 26.7% of the value of its net assets invested in corporate bonds. Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_918_ecustom--CyberSecurityRiskMember_z1FGfzT1BBme">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging Shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_911_eus-gaap--InterestRateRiskMember_z2pJdQGbYL47">Interest Rate Risk</span>. </b>Interest rate changes can be sudden and unpredictable and a wide variety of factors can cause interest rates to rise, such as central bank monetary policies, inflation rates, supply and demand and general economic conditions. The value of the Fund’s Shares generally is expected to increase during periods of falling interest rates and to </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">decrease during periods of rising interest rates. The magnitude of these fluctuations will generally be greater if the Fund holds securities with longer maturities or lower quality ratings. The interest earned on the Fund’s investments in fixed income securities may decline when prevailing interest rates fall. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Adviser. The Fund is also subject to the risk that the income generated by its investments may not keep pace with inflation. Interest rates in the United States and many other countries have risen in recent periods and may continue to remain elevated for the foreseeable future. Because longer-term inflationary pressure may result from the U.S. government’s fiscal policies, the Fund may experience higher interest rates over its investment horizon. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_911_ecustom--InvestmentAndMarketRiskMember_zWbk7fxN3We9">Investment and Market Risk</span>. </b>The Fund is subject to market risk, which is the risk that the Fund’s share price will fluctuate as market prices fluctuate. At times there may be an imbalance of supply and demand in the fixed income markets which could result in greater price volatility, less liquidity, wider trading spreads and a lack of price transparency. Decisions by the Federal Reserve on interest rate policy and the potential market reaction to these initiatives can have a significant effect on the value of fixed-income securities. The Fund is also subject to management risk, which is the risk that the Adviser’s analysis of economic conditions and expectations regarding interest rate changes may fail to produce the intended results. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund may not be appropriate for use as a complete investment program. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_918_ecustom--OtherFixedIncomeSecuritiesRisksMember_zUGC6Fn6DRk5">Other Fixed Income Securities Risks</span>: </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■</span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Credit Risk. Credit risk is the risk that the issuer of a security will not be able to make payments of interest and principal when due. Deterioration in the financial condition of an issuer or deterioration in general economic conditions could cause an issuer to fail to make timely payments of principal and interest. The value of any underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. The Adviser cannot guarantee the adequacy of the protection of the Fund’s interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, the Adviser cannot assure that claims may not be asserted that might interfere with enforcement of the rights of the holder(s) of the relevant debt. Additionally, changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments in that issuer. A credit agency’s rating represents the organization’s opinion as to the credit quality of a security but is not an absolute standard of quality or guarantee as to the creditworthiness of an issuer. Ratings from a credit agency present an inherent conflict of interest, because the agency is paid by the entities whose securities they rate. Rating agencies may fail to move quickly enough to change ratings in response to changing circumstances, and a rating may not reflect the fine shadings of risks within a given quality grade. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■</span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">LIBOR Risk. Most London Interbank Offered Rates (“LIBORs”) were generally phased out by the end of 2021, and some regulated entities have ceased to enter into new LIBOR-based contracts beginning January 1, 2022. As of September 30, 2024, the UK FCA has confirmed that all publications of LIBOR, including all synthetic publications of the 1-, 3-, and 6-month U.S. dollar LIBOR settings, have ceased. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Although the transition away from LIBOR has become increasingly well-defined, any potential effects of the transition away from LIBOR and other benchmark rates on financial markets, a fund or the financial instruments in which a fund invests can be difficult to ascertain. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. Instruments in which the Fund invests historically paid interest at floating rates based on LIBOR or were subject to interest caps or floors </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"> </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">based on LIBOR. The Fund and issuers of instruments in which the Fund invests also historically obtained financing at floating rates based on LIBOR. In addition, a liquid market for newly-issued instruments that use a reference rate other than LIBOR still may be developing. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■</p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Liquidity Risk. Liquidity risk is the risk that a limited market for a security may make it difficult for that security to be sold at an advantageous time or price, which could prevent the Fund from selling the security at the approximate price that it is valued or the time it desires to sell. Liquidity risk may be magnified during times of instability in the credit markets, rising interest rates, high selling activity, or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal. The capacity of traditional dealers to engage in fixed income trading has not kept pace with the fixed income market’s growth, causing dealer inventories to be at or near historical lows relative to market size. The reduction in dealer inventories could lead to decreased liquidity, increased volatility and wider spreads, which may become exacerbated during periods of economic or political stress. Lower rated securities may be subject to greater levels of liquidity risk. If a fixed income security is downgraded or declines in price, the market demand may be limited, making that security difficult to sell. Additionally, the market for certain fixed-income securities may become illiquid under adverse market or economic conditions, independent of any specific adverse changes in the conditions of a particular issuer. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■</p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Maturity Risk. Longer-term securities generally have greater price fluctuations and are more sensitive to interest rate changes than shorter-term securities. Therefore, the Fund may experience greater price fluctuations when it holds securities with longer maturities. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Prepayment and Extension Risk. The Fund’s performance could be affected if borrowers pay back principal on certain debt securities before or after the market anticipates such payments, shortening or lengthening their duration. Due to a decline in interest rates or an excess in cash flow, a debt security might be called or otherwise converted, prepaid or redeemed before maturity. As a result, the Fund may have to reinvest the proceeds in an investment offering a lower yield, may not benefit from any increase in value that might otherwise result from declining interest rates and may lose any premium it paid to acquire the security. Floating rate securities can be less sensitive to prepayment risk. Higher interest rates generally result in slower payoffs, which effectively increase duration, heighten interest rate risk, and increase the potential for price declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■</span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Privately Placed and Rule 144A Securities. As of August 31, 2024, the Fund had 14.0% of the value of its net assets invested in Rule 144A securities. Investments in Rule 144A securities and other privately placed securities may be less liquid and subject to greater volatility than publicly traded securities. An insufficient number of qualified institutional buyers purchasing Rule 144A securities could adversely affect the marketability of such securities and the Fund may be unable to dispose of such securities promptly or at a reasonable price. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable to publicly traded securities. Additionally, privately held companies typically have limited operating histories, narrower, less established product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions, market conditions and consumer sentiment in respect of their products or services, as well as general economic downturns. Such companies may experience operating losses, which may be substantial, and there can be no assurance when or if such companies will operate at a profit. At the time of a fund’s investment, there is generally little publicly available information about these companies since they are primarily privately owned and there can be no assurance that the information that a fund does obtain with respect to any such investment is reliable. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■</span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">SOFR Risk. The Secured Overnight Financing Rate Data (“SOFR”) is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York (“FRBNY”). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point. Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, including following the discontinuation of LIBOR and SOFR-based reference rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■ </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR is intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--RisksAssociatedWithParticularTypesOfFixedIncomeSecuritiesMember_zu0a8HRruSf3">Risks Associated With Particular Types of Fixed-Income Securities</span>: </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■</p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Convertible Securities. Convertible securities are bonds, preferred stocks, and other securities that pay interest or dividends and are convertible into common stocks or carry the right to purchase common stock. In general, a convertible security performs more like a stock when the price of the underlying stock is high (because it is assumed that it will be converted into the stock) and more like a bond when the price of the underlying stock is low (because it is assumed that it will mature without being converted). Therefore a convertible security is subject to risks associated with both fixed-income and equity securities. The return and value of an equity security will fluctuate in response to stock market movements. Factors such as earnings, interest rates, political events, war, acts of terrorism, government defaults or shutdowns, public health issues, recessions or other events could have a significant effect on the stock market and the value of convertible securities. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■</span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">High Yield Securities. High-yield securities or junk bonds are often considered to be speculative and involve greater risk of default or price changes than investment grade fixed-income securities due to changes in the issuer’s or the market’s perception of an issuer’s creditworthiness. Therefore, the Fund’s investments in high-yield securities expose it to a substantial degree of credit risk. The issuers of these securities may not be as financially strong as the issuers of higher rated securities. Prices of lower-rated securities have been found to be less sensitive to interest rate changes and more sensitive to adverse economic changes and individual corporate developments than more highly rated investments. When a security’s rating is reduced below investment grade, it may be more difficult for the Fund to receive income from its investment. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■</p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Other Asset-Backed Securities. Asset-backed securities may be affected by factors concerning the interests in and structure of the issuer or the originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit or other credit enhancements or the market’s assessment of the quality of the underlying security. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■</p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">U.S. Government Securities. Some U.S. Government securities, such as U.S. Government agency notes and bonds, are neither insured nor guaranteed by the U.S. Government, meaning they are only supported by the right of the issuer to borrow from the U.S. Government or by the credit of the agency issuing the obligation. If the Fund invests in a U.S. Government security that is not backed by the U.S. Government, there is no assurance that the U.S. Government would provide support, and the Fund’s performance could be adversely impacted if there is a deterioration in the financial condition of the issuer. Further, from time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could impact the creditworthiness of the U.S. and could impact the liquidity of the U.S. Government Securities markets and ultimately the Fund. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_913_ecustom--SectorConcentrationMember_z1OYro9mFIza">Sector Concentration</span>.</b> At times when the Fund emphasizes a particular sector of the fixed income market, the value of the Fund’s net assets will be more susceptible to the financial, market or economic events affecting that sector than would be the case for mutual funds that do not emphasize investment in a particular sector. This may increase the risk of loss associated with an investment in the Fund and increase the volatility of the Fund’s share price. </p> Performance Information <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zEHtbLoTbuql" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Following the close of business on October 27, 2023, the Fund acquired the assets of the Oakhurst Fixed Income Fund, a series of F/m Funds Trust (the “Predecessor Fund”) in a tax-free reorganization (the “Reorganization”) that occurred following the close of business on October 27, 2023. Accordingly, the Fund is the successor to the Predecessor Fund, and the performance information of the Fund through October 30, 2023 is that of the Predecessor Fund. The Fund has an investment objective, strategies and policies that are substantially similar to the Predecessor Fund, which was advised by another investment adviser that became the investment sub-adviser to the Fund following the close of the Reorganization (the “Prior Sub-Adviser”). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The bar chart below illustrates the performance of the Fund’s Institutional Shares, which will differ from Retail Shares to the extent that the classes do not have the same expenses and inception dates. As of the date of the Prospectus, Retail Shares have not been offered for sale, so there is no performance information available. <span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member_zE5Wo0xEn6Lc">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The performance table below shows how the Fund’s average annual total returns for 1 year, 5 year, and 10 year periods compare with those of a broad measure of market performance. The performance information that follows reflects (i) the performance of the Prior Sub-Adviser (and in 2020, the Adviser doing business as the Prior Sub-Adviser) in its role as investment adviser to the Predecessor Fund from inception through the closing of the Reorganization and (ii) the performance of the Prior Sub-Adviser in its roles as investment sub-adviser, responsible for the daily operations of the Fund, from the closing of the Reorganization through April 17, 2025. Prior to April 17, 2025, the Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end is available by calling 1-800-292-6775. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member_zmVi1cBm7pYg">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information is available by calling <span id="xdx_902_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member_z6hNZywSDlXa">1-800-292-6775</span>. </span></p> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. 1-800-292-6775 Institutional Shares Annual Total Returns (Years Ended December 31) 0.0180 0.0313 0.0413 0.0074 0.0735 0.0671 -0.0060 -0.1227 0.0669 0.0229 <p id="xdx_A88_eoef--BarChartClosingTextBlock_zNMjjEh0tbP2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">During the period shown in the chart, the <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member__oef--ClassAxis__custom--C000243398Member_zVGoPjqHcf96">highest quarterly return</span> was <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member__oef--ClassAxis__custom--C000243398Member_zNZNpvfQERHf">6.26%</span> (for the quarter ended <span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member__oef--ClassAxis__custom--C000243398Member_zkvj6hCWWxk5">December 31, 2023</span>) and the <span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member__oef--ClassAxis__custom--C000243398Member_zc0opqJxOL4a">lowest quarterly return</span> was <span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member__oef--ClassAxis__custom--C000243398Member_z5I08KvPSL4h">-5.48%</span> (for the quarter ended <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member__oef--ClassAxis__custom--C000243398Member_zC97LW9ddj4i">March 31, 2022</span>). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_90B_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member__oef--ClassAxis__custom--C000243398Member_z8zc4jE1v0zb">year-to-date total return</span> through <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member__oef--ClassAxis__custom--C000243398Member_ztRvbZ2ZdLc6">September 30, 2025</span> was <span id="xdx_905_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member__oef--ClassAxis__custom--C000243398Member_z2YCKJkLmbKb">6.36%</span>. </span></p> highest quarterly return 0.0626 2023-12-31 lowest quarterly return -0.0548 2022-03-31 year-to-date total return 2025-09-30 0.0636 AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2024 Oakhurst Fixed Income Fund 0.0229 0.0031 0.0184 0.0069 -0.0094 0.0058 0.0135 -0.0026 0.0088 0.0125 -0.0033 0.0135 <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_zccwrtZdIdS4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member_ztxVNmZ2XjIg">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. <span id="xdx_906_eoef--PerformanceTableExplanationAfterTaxHigher_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member_z2oaDtLBIWie">In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span> <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000080834Member_zWfQNpqkyUD6">After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”).</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). SUMMARY SECTION INVESTMENT OBJECTIVE <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_z3AxPGXYWkYd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the Optima Strategic Credit Fund (the “Fund”) is to seek total return. </p> EXPENSES AND FEES <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zeDH3mlgTxQg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (the “Shares”). Additionally, you may be required to pay commissions and/or other forms of compensation to a broker for transactions in Shares of the Fund, which are not reflected in the tables or the examples below. </p> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0.0000 0.0025 0.0076 0.0076 0.0070 0.0070 0.0015 0.0015 0.0211 0.0236 -0.0001 -0.0001 0.0210 0.0235 “Other Expenses” and “Dividend and Interest Expenses” for Investor Class Shares, which had not commenced operations as of the date of this Prospectus, are estimated for the current fiscal year. Please note that the amount of Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. December 31, 2026 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zX1OBpmv5Wj4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Founders Class Shares or Investor Class Shares of 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 (taking into account any applicable contractual expense limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs of investing in the Fund would be: </p> 213 660 1133 2441 238 735 1259 2695 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zL8IzYdWQyL2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 Example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the portfolio turnover rate of the Fund was 0% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member_zouPmN8E1UJ2">0%</span> portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a higher portfolio turnover rate. </span></p> 0 SUMMARY OF PRINCIPAL INVESTMENT STRATEGIES <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zac2AxK5Pv93" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (including any borrowings for investment purposes) in a non-diversified portfolio of credit instruments and derivative instruments that are linked to, or provide investment exposure to, credit instruments. The Fund defines credit instruments broadly to include any debt instrument, including corporate debt securities, government and agency debt securities, leveraged loans (or bank loans), municipal securities, securitized instruments (including mortgage- and asset-backed securities) and shares of registered, closed-end or open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”) that have either adopted policies to invest at least 80% of their assets in credit instruments or invest substantially all of their assets in credit instruments. The Fund may invest in domestic and foreign credit instruments of any maturity and credit rating, and may invest a majority of its assets in credit instruments that are rated below investment grade (“high yield bonds”), which are also known as “junk bonds”, and/or credit instruments that are linked to, or provide investment exposure to high yield bonds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">To pursue its investment objective, the Fund uses a trend-following strategy that seeks to identify favorable market environments in high yield bonds. The Fund’s assets are managed in accordance with Anthony Capital Management, LLC’s (the “Sub-Adviser”) proprietary Tactical Risk Model (“TRM”). The TRM is a quantitatively-driven investment process that seeks to invest Fund assets (i) in high yield bonds and derivative instruments that are linked to, or provide investment exposure to, similar credit instruments when the Sub-Adviser believes that high yield bond markets are trending upwards (referred to herein as “Risk-On” environments); and (ii) in short-term fixed income securities or cash equivalents when the Sub-Adviser believes that high yield bond markets are trending downwards (referred to herein as “Risk-Off” environments). By tactically allocating its investments based upon market trends and momentum, the Fund seeks to reduce its exposure to declines in the high yield bond markets, thereby seeking to limit downside volatility and downside loss in down-trending markets. To determine whether a “Risk-On” or “Risk-Off” market environment exists, the Sub-Adviser systematically evaluates, among other things, price data from credit and equity markets, credit spreads, interest rates and other market-based indicators to provide a broad assessment of then-current market conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Subject to the Sub-Adviser’s determination of the state of the then-current market environment, the Fund’s assets will generally be invested as follows: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration: underline">“Risk-On” Environments</span>: In “Risk-On” environments (<i>i.e.</i>, where the Sub-Adviser believes that high-yield bond markets are trending upwards), the Fund will invest up to 25% of its assets in derivative instruments including credit default swaps (“CDS”), CDS indexes or baskets of underlying diversified high yield bond funds, high yield bond indices, high yield bond ETFs, bank loan funds, multi-sector bond funds and other fixed income funds and other ETFs. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration: underline">“Risk-Off” Environments:</span> In “Risk-Off” environments (<i>i.e.</i>, where the Sub-Adviser believes that high-yield bond markets are trending downwards), the Fund’s assets will be invested primarily in cash equivalents or short-term fixed income securities, including bills, notes and bonds issued by the U.S. Treasury. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 40.5pt; text-indent: -40.5pt; margin-bottom: 0pt; margin-top: 0pt"><i>High Yield Exposure Through Credit Default Swaps </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">While the Fund may execute its investment strategy by investing in individual high yield securities, it is anticipated that the Fund will invest during “Risk-On” environments primarily by entering into CDS. CDS are typically two-party (bilateral) financial contracts that transfer credit exposure between the two parties. One party to a CDS (referred to as the credit protection “buyer”) receives credit protection or sheds credit risk, whereas the other party to a CDS (referred to as the credit protection “seller”) sells credit protection or takes on credit risk. The seller typically receives pre-determined periodic payments from the other party. These payments are in consideration for agreeing to make specific payments to the buyer should a negative credit event occur, such as (1) bankruptcy, or (2) failure to pay interest or principal on a reference debt instrument, with respect to a specified issuer or one of the reference issuers in a CDS portfolio. In general, CDS may be used by the Fund to obtain credit risk exposure similar to that of a direct investment in high yield bonds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will use CDS as part of a replication tactic whereby the Fund combines a (1) CDS on a portfolio of high yield bonds with (2) investments in high quality securities, such as U.S. Treasury bills, as an economic substitute for a portfolio of individual high yield bonds. This two-instrument “replication portfolio” is expected to have an economic and investment return profile that is substantially similar, although not identical to, a cash portfolio of high yield bonds. If the Fund invests in a portfolio of individual high yield bonds, it earns interest and suffers losses when issuers default. Similarly, the replication portfolio receives nearly identical payments and suffers nearly identical losses to that of a portfolio of high yield bonds. The Fund receives interest (from the portfolio of high-quality securities) and receives payments from the credit protection buyer, which, in total, are approximately equal to the interest payments on a cash portfolio of high yield bonds. Additionally, the Fund makes credit default payments to the credit protection buyer counterparty that are nearly identical to credit losses the Fund would suffer from the default of issuers in a cash portfolio of high yield bonds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund anticipates that it will use a market-standard high yield reference portfolio known as the Markit CDX High Yield Index (the “CDX High Yield Index”) to execute its investment strategy. The CDX High Yield Index (composed of 5-year credit default swaps on 100 relatively liquid high yield fixed income securities issued by BB and B rated North American corporate entities) is selected and maintained by Markit Group Limited (“Markit Group”) using specific-issue recommendations and current market-based default swap rates provided by major high yield market participants, such as commercial banks and broker-dealers. Markit Group also provides daily updates of the then-current average credit default swap rate associated with each of the securities included in the CDX High Yield Index. The CDX High Yield Index and its average credit default swap rate are used by the Fund and its counterparties to set the terms of CDX High Yield Index-referenced CDS. Markit Group also provides credit default loss information and required credit event payments by conducting a survey or quasi-auction on securities included in the CDX High Yield Index that have suffered a credit event. This loss information is used to calculate payments due from a credit protection seller to the protection buyer. A new CDX High Yield Index is created every six months to update the Index for the purpose of replacing defaulted issuers and including new issuers, which are representative of the then-current high yield market. The Fund expects that it may maintain original CDS or enter into new transactions that terminate the old CDS and replace them with CDS using the newly-updated CDX High Yield Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The tactic of using a CDS referenced to the CDX High Yield Index differs from the tactic of investing in specific Sub-Adviser-selected high yield bonds because (1) it does not rely upon the issuer-specific credit research of the Sub-Adviser, (2) exposes the Fund to the credit risk of the counterparty in addition to the credit risk of the reference high yield portfolio, and (3) permits only long or short positions in the Index rather than more selective issuer-specific or sector-specific investments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In addition to the CDX High Yield Index, the Fund may also use foreign credit default swap indexes to gain exposure to foreign (including emerging markets) fixed income securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 40.5pt; text-indent: -40.5pt; margin-bottom: 0pt; margin-top: 0pt"><i>Other Investments </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 13.5pt; text-indent: -13.5pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in a broad range of securities and engage in a broad range of investment techniques including the following: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Credit Instruments:</i> The Fund may invest in foreign and domestic credit instruments, including, without limitation, corporate and sovereign debt securities, government and agency debt securities, leveraged loans (or bank loans), municipal securities, securitized instruments (including mortgage- and asset-backed securities) and shares of Underlying Funds that have either adopted policies to invest at least 80% of their assets in credit instruments or invest substantially all of their assets in credit (collectively, “Credit Instruments”). </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>High Yield Debt Securities: </i>The Fund may invest in high yield debt securities without restriction as to issuer, counterparty, country or capitalization, and without restriction as to credit quality, maturity, issuer type or structure. The Fund may invest in investment grade corporate bonds, as well as higher-yielding, higher-risk non-investment grade corporate bonds (which are also commonly called “high yield bonds” or “junk bonds”) with medium to low credit quality ratings. High yield bonds are generally </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">credit instruments that are rated BB+ or lower by S&amp;P Global Ratings (“S&amp;P”) or Fitch Ratings, Inc. (“Fitch”), or Bal or lower by Moody’s Investors Service, Inc. (“Moody’s”), or, if unrated, determined by the Sub-Adviser, to be of comparable quality. High yield bonds have a higher expected rate of default than investment grade bonds. The Fund may invest in high yield bonds directly or through derivative instruments designed to replicate some or all of the features of an underlying portfolio of high yield bonds, such as CDS and credit default swap index products. See “High Yield Exposure Through Credit Default Swaps” section in the Fund’s principal investment strategy for more information regarding the Fund’s investments in high yield bond CDS. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Underlying Funds:</i> The Fund may invest its assets in shares of Underlying Funds, to the extent permissible under 1940 Act. As a shareholder of one or more Underlying Funds, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company’s expenses, including advisory fees. These expenses would be in addition to the advisory fee and other expenses that the Fund bears directly in connection with its own operations. The Fund expects that a significant portion of the Fund’s assets may be invested in Underlying Funds. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Derivatives: </i>The Fund may invest in derivative products to be used by the Fund to obtain exposure to specific asset class sectors, such as the high yield bond sector, in order to invest long in the specific asset classes. These products include CDS and credit default swap index products (including CDX High Yield Index products). The Fund may also use other derivatives including, without limitation, options transactions, other swap transactions, futures and repurchase agreements, without regard to credit quality, maturity, issuer type or structure. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">U<i>.S. Government Securities:</i> The Fund may invest in obligations issued by agencies and instrumentalities of the U.S. Government. These obligations vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury, such as those of the Government National Mortgage Association; (ii) supported by the right of the issuer to borrow from the U.S. Treasury, such as those of the Federal National Mortgage Association; or (iii) supported only by the credit of the issuer, such as those of the Federal Farm Credit Bureau. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 40.5pt; text-indent: -40.5pt; margin-bottom: 0pt; margin-top: 0pt"><i>Defensive Periods </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During defensive periods, as determined by the Sub-Adviser, the Fund may invest up to 100% of the Fund’s assets in high-quality, short-term debt securities and cash equivalents, including money market instruments and money market mutual funds. The Fund may also engage in derivative transactions to hedge against adverse price movements in credit instruments during defensive periods. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_913_ecustom--ActiveManagementRiskMember_ztVd5SbIDaae">Active Management Risk</span>.</i><span style="font-weight: normal; font-style: normal"> The Fund is subject to management risk as an actively-managed investment portfolio. The Fund’s ability to achieve its investment objective depends on the investment skill and ability of the Sub-Adviser and on the Sub-Adviser’s ability to correctly identify economic trends. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_918_ecustom--CashPositionsRiskMember_zVZHBDxCAAb">Cash Positions Risk</span>. </i><span style="font-weight: normal; font-style: normal">The Fund may hold a significant position in cash and/or cash equivalent securities. When the Fund’s investment in cash or cash equivalent securities increases, the Fund may not participate in market advances or declines to the same extent that it would if the Fund were more fully invested in other securities. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_911_ecustom--CounterpartyRiskMember_znrTVrThOeS">Counterparty Risk</span>.</i><span style="font-weight: normal; font-style: normal"> Counterparty risk is the risk that the other party(s) to an agreement or a participant to a transaction might default on a contract or fail to perform by failing to pay amounts due or failing to fulfill the obligations of the contract or transaction. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_917_ecustom--CreditDefaultSwapIndexProductRiskMember_zRCMdPyTUwp3">Credit Default Swap Index Product Risk</span>. </i><span style="font-weight: normal; font-style: normal">A credit default swap index product is subject to the risks of the underlying credit default swap obligations, which include risks such as concentration risk and counterparty risk. Concentration risk refers to the certain large institutional buyers that may take large positions in credit default swaps. The failure of such a buyer could materially and adversely affect the credit default swap market as a whole. Counterparty risk refers to the risk that the counterparty to the swap will default on its obligation to pay. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_915_ecustom--CreditDefaultSwapRiskMember_z6jkD1sJ8vz8">Credit Default Swap Risk</span>.</i><span style="font-weight: normal; font-style: normal"> CDS are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make specific payments to the buyer if a negative credit event occurs, such as the bankruptcy of or default by the issuer of the underlying debt instrument. The use of CDS involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty or concentration risks. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i>Credit Risk.</i><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Credit risk is the risk that an issuer or other obligated party of a debt security may be unable or unwilling to make interest and principal payments when due. Deterioration in the financial condition of an issuer or deterioration in general economic conditions could cause an issuer to fail to make timely payments of principal and interest. The value of any underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. The Adviser cannot guarantee the adequacy of the protection of the Fund’s interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, the Adviser cannot assure that claims may not be asserted that might interfere with enforcement of the rights of the holder(s) of the relevant debt. Additionally, changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><span id="xdx_913_ecustom--CyberSecurityRiskMember_zPhqwZWZmXle">Cyber Security Risk</span>.</i><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, Adviser, Sub-Adviser, custodian, transfer agent, distributor and/or other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and its Adviser and Sub-Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_912_ecustom--DerivativesRiskMember_z9eYayKJ0cd2">Derivatives Risk</span>.</i><span style="font-weight: normal; font-style: normal"> The Fund’s investments in derivative instruments including options, swaps and futures, which may be leveraged, may result in losses. Investments in derivative instruments may result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company’s use of derivatives and certain related investments. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, treats derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation, and requires the Fund to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund is required to comply with Rule 18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_914_ecustom--EmergingMarketsRiskMember_zGEIxGpMhH41">Emerging Markets Risk</span>.</i><span style="font-weight: normal; font-style: normal"> Investment in emerging market securities involves greater risk than that associated with investment in foreign securities of developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. In addition, the information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (</span><i>e.g.</i><span style="font-weight: normal; font-style: normal">, SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_917_ecustom--FixedIncomeSecuritiesRiskMember_z6To23NGVBt3">Fixed Income Securities Risk</span>.</i><span style="font-weight: normal; font-style: normal"> Fixed income securities in which the Fund or an Underlying Fund may invest are subject to certain risks, including: interest rate risk, prepayment risk and credit/default risk. Interest rate risk involves the risk that prices of fixed income securities will rise and fall in response to interest rate changes. Prepayment risk involves the risk that in declining interest rate environments prepayments of principal could increase and require the Fund or an Underlying Fund to reinvest proceeds of the prepayments at lower interest rates. Credit risk involves the risk that the credit rating of a security may be lowered. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_915_ecustom--FuturesRiskMember_zuCBK7ZZrC3i">Futures Risk</span>.</i><span style="font-weight: normal; font-style: normal"> The value of a futures contract tends to increase and decrease in correlation with the value of the underlying instrument. Risks of futures contracts may arise from an imperfect correlation between movements in the price of the futures and the price of the underlying instrument. The Fund’s use of futures contracts exposes the Fund to leverage risk because of the small margin requirements relative to the value of the futures contract. While futures contracts are generally liquid instruments, under certain market conditions they may become illiquid. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures could exceed the Fund’s initial investment in such contracts. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_91C_ecustom--GovernmentInterventionAndRegulatoryChangesRiskMember_z9D4R7qPclxh">Government Intervention and Regulatory Changes Risk</span>.</i><span style="font-weight: normal; font-style: normal"> The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) (which was passed into law in July 2010) significantly revised and expanded the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. There can be no assurance that future regulatory actions including, but not limited to, those authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><span id="xdx_915_ecustom--HighYieldSecuritiesRiskMember_zcvTVmjmqLXl">High Yield Securities Risk</span>.</i><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">High yield securities, which are rated below investment grade and commonly referred to as “junk” bonds, are high risk, speculative investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid and have more volatile prices than investment grade securities. Therefore, the Fund’s investments in high-yield securities expose it to a substantial degree of credit risk.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i>Interest Rate Risk. </i><span style="font-weight: normal; font-style: normal">Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Sub-Adviser. Changing interest rates may have unpredictable effects on the markets and the Fund’s investments and may also affect the liquidity of fixed income securities and instruments held by the Fund. Declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield, and a decline in the Fund’s share price. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. Interest rates in the United States and many other countries have risen in recent periods and may continue to remain elevated for the foreseeable future. Because longer-term inflationary pressure may result from the U.S. Government’s fiscal policies, the Fund may experience higher interest rates over its investment horizon. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_912_ecustom--LeveragingRiskMember_zB8ucmtNEYig">Leveraging Risk</span>.</i><span style="font-weight: normal; font-style: normal"> Investments in derivative instruments may give rise to a form of leverage. The Sub-Adviser may engage in speculative transactions which involve substantial risk and leverage. The use of leverage by the Sub-Adviser may increase the volatility of the Fund. These leveraged instruments may result in losses to the Fund or may adversely affect the Fund’s NAV or total return, because instruments that contain leverage are more sensitive to changes in interest rates. The Fund may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_91D_ecustom--MarketRiskMember_zI1ZfNKXdz71">Market Risk</span>. </i><span style="font-weight: normal; font-style: normal">The value of the Fund’s holdings and investment return will fluctuate based upon changes in the value of its investments. The market value of the Fund’s holdings is based upon the market’s perception of value and is not necessarily an objective measure of an investment’s value. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which has resulted in a public health crisis, business interruptions, growth concerns in the U.S. and overseas, rising unemployment claims, changed travel and social behaviors and reduced consumer spending. Uncertainties regarding interest rates, political events, rising government debt in the U.S. and trade tensions have also contributed to market volatility. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Non-Diversification Risk.</i><span style="font-weight: normal; font-style: normal"> The Fund is a non-diversified investment company, which means that more of the Fund’s assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.</span><span style="font-weight: normal; font-style: normal"> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_910_ecustom--UnderlyingFundsRiskMember_zSdbCGuNX4gl">Underlying Funds Risk</span>.</i><span style="font-weight: normal; font-style: normal"> The Fund may invest in shares of registered, closed-end or open-end investment companies and ETFs. Investments in ETFs are subject to the risks of the securities in which those investment companies invest. Your cost of investing in the Fund, as a fund that invests in Underlying Funds, may be higher than the cost of investing in a fund that only invests directly in individual securities. Fund shareholders will indirectly pay a portion of the operating costs of the Underlying Funds in addition to the expenses of the Fund’s own operation. These costs include management, brokerage, shareholder servicing and other operational expenses. Unlike shares of typical mutual funds or unit investment trusts, shares of ETFs are designed to be traded throughout the trading day, bought and sold based on market prices rather than NAV. An investment in an ETF generally presents the following risks: (i) the same primary risks as an investment in a conventional mutual fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies; (ii) the risk that an ETF may fail to accurately track the market segment or index that underlies its investment objective; (iii) price fluctuation, resulting in a loss to the Fund; (iv) the risk that an ETF may trade at a discount to its NAV; (v) the risk that an active market for an ETF’s shares may not develop or be maintained; and (vi) the risk that an ETF may no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. The SEC has adopted revisions to the rules permitting funds to invest in other investment companies. These regulatory changes may adversely impact the Fund’s investment strategies and operations. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_916_ecustom--PortfolioTurnoverRiskMember_zXHrYXmQH1Xj">Portfolio Turnover Risk</span>.</i><span style="font-weight: normal; font-style: normal"> The Fund will not consider portfolio turnover rate a limiting factor in making investment decisions consistent with the Fund’s investment objective and policies. Therefore, it is possible that the Fund may experience high rates of portfolio turnover. High portfolio turnover will cause the Fund to incur higher brokerage commissions and transaction costs, which could lower the Fund’s performance. In addition to lower performance, high portfolio turnover could result in taxable capital gains. A portfolio turnover rate of 100% is considered to be high. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_91B_ecustom--PreferredSecuritiesRiskMember_zIVLXL9xebj6">Preferred Securities Risk</span>.</i><span style="font-weight: normal; font-style: normal"> Preferred securities are contractual obligations that entail rights to distributions declared by the issuer, but the issuer may be permitted to defer or suspend distributions for a certain period of time. Preferred securities may pay fixed or adjustable rates of return. Preferred securities generally are subordinated to bonds and other debt instruments in a company’s capital structure and therefore will be subject to greater credit risk than those debt instruments. Furthermore, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. In addition, preferred securities are subject to other risks, such as having no or limited voting rights, being subject to special redemption rights, having distributions deferred or skipped, having floating interest rates or dividends, which may result in a decline in value in a falling interest rate environment, having limited liquidity, changing or unfavorable tax treatments and possibly being issued by companies in heavily regulated industries. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_916_ecustom--QuantitativeTradingStrategyRiskMember_zGFYN0IYO527">Quantitative Trading Strategy Risk</span>.</i><span style="font-weight: normal; font-style: normal"> The Sub-Adviser uses quantitative methods to select Fund investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in quantitative analyses or models, or in the data on which they are based, could adversely affect the ability of the Sub-Adviser to use such analyses or models effectively, which in turn could adversely affect the Fund’s performance. There can be no assurance that these methodologies will help the Fund to achieve its investment objective. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><span id="xdx_919_ecustom--SectorConcentrationRiskMember_zOm6t8eOAtPh">Sector Concentration Risk</span>.</i><span style="font-weight: normal; font-style: normal"> To the extent the Fund invests a significant portion of its assets in the securities of companies in the same sector of the market, an adverse economic, business or political development affecting that region or sector may affect the value of the Fund’s investments more, and the Fund’s investments may be more volatile, than if its investments were not so concentrated in such geographic region or economic sector.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><i><span id="xdx_91F_ecustom--U.S.GovernmentSecuritiesRiskMember_zCm1Zkgx00A8">U.S. Government Securities Risk</span>.</i><span style="font-weight: normal; font-style: normal"> U.S. Government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates. Although U.S. Treasury obligations are backed by the full faith and credit of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by U.S. Government agencies and U.S. Government-sponsored instrumentalities or enterprises are supported by varying degrees of credit and may or may not be backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">to its agencies and instrumentalities if it is not obligated by law to do so. Further, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt ceiling could impact the creditworthiness of the U.S. and could impact the liquidity of the U.S. Government Securities markets and ultimately the Fund. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i><span id="xdx_911_ecustom--ValuationRiskMember_zzULsvc9wcKg">Valuation Risk</span>. </i><span style="font-weight: normal; font-style: normal">The debt securities in which the Fund and Underlying Funds invest typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund or Underlying Funds will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price debt securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund or an Underlying Fund were to change pricing services, or if the Fund or an Underlying Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV. </span></p> PERFORMANCE INFORMATION <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_z73Itg6yQuGk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member_zhhTwoilNCs9">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the Founders Class Shares and by showing how the average annual total returns of Founders Class Shares of the Fund compare with the average annual total returns of the Markit CDX.NA.HY 5Y Long Total Return Index.</span> The bar chart shows the performance of the Fund’s Founders Class Shares. Performance for Investor Class Shares is not shown because Investor Class Shares of the Fund had not commenced operations as of the date of this prospectus. Performance for Investor Class Shares will vary from the performance shown to the extent the expenses for those classes differ. <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member_z9fecfWeBwS3">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available by calling the Fund at <span id="xdx_907_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member_zFQ5kFXru0P8">1-866-239-2026</span>. </p> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for the Founders Class Shares and by showing how the average annual total returns of Founders Class Shares of the Fund compare with the average annual total returns of the Markit CDX.NA.HY 5Y Long Total Return Index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 1-866-239-2026 Annual Return – Founders Class For the year ended December 31 -0.0094 0.0184 0.0760 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zoa2k86YiTm3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">During the period shown in the bar chart, the <span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member__oef--ClassAxis__custom--C000233245Member_zjcbdXEPE7Ie">best performance</span> for a quarter was <span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member__oef--ClassAxis__custom--C000233245Member_z7v6s73xi4de">3.21%</span> (for the quarter ended <span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member__oef--ClassAxis__custom--C000233245Member_z2HdcHDfmFD9">March 31, 2024</span>). The <span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member__oef--ClassAxis__custom--C000233245Member_z7hrj48KIa4g">worst performance</span> was <span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member__oef--ClassAxis__custom--C000233245Member_zChbmBGP6oRk">-0.81%</span> (for the quarter ended <span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member__oef--ClassAxis__custom--C000233245Member_zhyG1NxZGBmj">March 31, 2023</span>). The Fund’s Founders Class Shares <span id="xdx_909_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member__oef--ClassAxis__custom--C000233245Member_zD1gDfGTtOX2">year-to-date total return</span> for the nine months ended <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member__oef--ClassAxis__custom--C000233245Member_zNPFbqaZiQZg">September 30, 2025</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member__oef--ClassAxis__custom--C000233245Member_zPynQI0LMHD6">5.46%</span> </span></p> best performance 0.0321 2024-03-31 worst performance -0.0081 2023-03-31 year-to-date total return 2025-09-30 0.0546 Average Annual Total Returns For the Periods Ended December 31, 2024 <p id="xdx_A8B_eoef--PerformanceTableNarrativeTextBlock_z57fd6SVJj4c" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_900_eoef--PerformanceTableDoesReflectSalesLoads_c20251231__20251231__dei--LegalEntityAxis__custom--S000074885Member_z3O5DtOJK5Z5">The following table, which includes all applicable sales charges (loads) and account fees, compares the Fund’s Founders Class Shares average annual total returns for the periods indicated to the average annual total returns of a broad-based securities market index for the same periods.</span> Past performance (before and after taxes) is not necessarily an indicator of how the Fund will perform in the future. </p> The following table, which includes all applicable sales charges (loads) and account fees, compares the Fund’s Founders Class Shares average annual total returns for the periods indicated to the average annual total returns of a broad-based securities market index for the same periods. Average Annual Total Returns For the periods ended December 31, 2024 2021-12-29 2021-12-29 2021-12-29 2021-12-29 2021-12-29 0.0760 0.0277 0.0525 0.0126 0.0446 0.0147 0.0204 -0.0184 0.1246 0.0866 After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown. If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment. In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period because a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Effective October 2024, and pursuant to new regulatory requirements, the Bloomberg U.S. Universal Total Return Index replaced the Markit CDX.NA.HY 5Y Long Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index. SGI U.S. Large Cap Equity Fund Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zGxF8C7V5sbb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The SGI U.S. Large Cap Equity Fund (for this section only, the “Fund”) seeks long-term capital appreciation. There can be no guarantee that the Fund will achieve its investment objective. </p> Expenses and Fees <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_z6GQgafOp2c5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.<b> You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> <span id="xdx_90F_eoef--ExpenseBreakpointDiscounts_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member_zB4KYPpymdA2">You may qualify for sales charge discounts on Class A Shares if you invest, or agree to invest in the future, at least $<span id="xdx_905_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member_z3VO63TMfgC">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial professional, in the section of this Prospectus entitled “Shareholder Information — Sales Charges” and in the section of the Fund’s Statement of Additional Information (“SAI”) entitled “Purchase and Redemption Information — Reducing or Eliminating the Front-End Sales Charge.” </span></p> You may qualify for sales charge discounts on Class A Shares if you invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0525 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0.0070 0 0.0025 0.0100 0.0028 0.0028 0.0028 0.0098 0.0123 0.0198 0.00 0.00 0.00 0.0098 0.0123 0.0198 December 31, 2026 Example: <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_z2oMCN2ZEKtb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Class A Shares or Class C Shares or $1,000,000 in the Class I Shares of the Fund and 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 (taking into account the contractual expense limitation for the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 9997 31213 54169 120136 644 895 1165 1935 201 621 1068 2306 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zKYzXV0uksCf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member_zAVRnJOJW6W9">171%</span> of the average value of its portfolio. </span></p> 1.71 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_z6gfjCBUmA77" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities, primarily common stocks, of companies within the Russell 1000^® Index and S&amp;P 500^® Index. The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. The Fund purchases equity securities traded in the U.S. on registered exchanges or the over-the-counter market. The Fund may invest in other registered investment companies, including exchange-traded funds (“ETFs”). The Fund may also invest in securities of affiliated and unaffiliated ETFs (collectively, “Underlying Funds”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Adviser attempts to lower the Fund’s market risk by investing in U.S. equity securities that lower the overall volatility of the Fund’s portfolio as compared to the S&amp;P 500^® Index. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index. The Fund invests in stocks that often exhibit less volatile stock price patterns, strengthening business metrics (i.e., earnings, debt, return on assets, competition, customers, industry, etc.) and quantitative factors such as earnings variability, leverage, volatility, price/book, price/cash flow, etc. The Adviser selects securities for the Fund that it anticipates will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts to manage the Fund’s volatility, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will not experience periods of volatility. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may sell a stock if the Adviser identifies fundamental or legal risks and/or if the risk/return ranking declines due to increasing risk and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes. The Fund may also seek to increase its income by lending portfolio securities. </span></p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--AffiliatedFundRiskMember_zPPKok92FZR8">Affiliated Fund Risk</span>.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--CommonStockRiskMember_zDKqV4MTJs3d">Common Stock Risk</span>. </b>Investments in common stocks are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--ConvertibleSecuritiesRiskMember_z9fZtgkl4Pp">Convertible Securities Risk</span>.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■ </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91E_ecustom--CyberSecurityRiskMember_zgMflwOS9Fpe">Cyber Security Risk</span>.</b> Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--HighPortfolioTurnoverRiskMember_zdep0ERbKdw6">High Portfolio Turnover Risk</span>.</b> The risk that when investing on a shorter-term basis, the Fund may as a result trade more frequently and incur higher levels of brokerage fees and commissions and cause higher levels of current tax liability to shareholders of the Fund. A portfolio turnover rate of 100% is considered to be high. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--InvestmentCompaniesAndEtfsRiskMember_z7ar3Vdu5beb">Investment Companies and ETFs Risk</span>. </b>The Fund’s investment performance may be affected by the investment performance of the underlying funds in which the Fund may invest. Investing in other investment companies, including affiliated and unaffiliated ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the investment company or ETF holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their net asset value (“NAV”). </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--LargecapCompaniesRiskMember_zapUPKWimvWi">Large-Cap Companies Risk</span>.</b> The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--LowVolatilityRiskMember_zciyjYDe8EW8">Low Volatility Risk</span>.</b> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks’ price levels. Investing in low volatility stocks may limit the Fund’s gains in rising markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--ManagementRiskMember_z283rTLK0Gbe">Management Risk</span>.</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--MarketRiskMember_zB19nIldFdt4">Market Risk</span>.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--MidcapCompaniesRiskMember_ztbhebn2WtHe">Mid-Cap Companies Risk</span>.</b> The stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--OpportunityRiskMember_z1UA3BVkcH4j">Opportunity Risk</span>.</b> As with all mutual funds, the Fund is subject to the risk of missing out on an opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■ </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91B_ecustom--SecuritiesLendingRiskMember_z0yE3QHaQkm5">Securities Lending Risk</span>. </b>The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--WarrantsRiskMember_zTW3BsImXEQd">Warrants Risk</span>. </b>The purchase of warrants involves the risk that the Fund could lose the purchase value of a warrant if the right to subscribe to additional shares is not executed prior to the warrant’s expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the level of the underlying security. </p> </td> </tr> </table> Performance Information <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_z5AGZIbdgIbi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart below illustrates the performance of the Fund’s Class I Shares (the Class with the longest performance). <span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member_zJZMA9N4JLm6">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member_z0ZnOvJ2sRI">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information may be obtained at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member_zIYodB16idWa">www.sgiam.com</span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member_zrhIsli3kwqe">1-855-744-8500</span>. </p> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.sgiam.com 1-855-744-8500 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31* 0.0357 0.0884 0.1641 0.0019 0.2701 0.1147 0.1745 -0.1200 0.1046 0.1763 Sales charges (loads) or account fees are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. <p id="xdx_A83_eoef--BarChartClosingTextBlock_zNU4v08JAFF7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the period reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member__oef--ClassAxis__custom--C000110907Member_z121lD845lpl">Best Quarter</span>: <span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member__oef--ClassAxis__custom--C000110907Member_zlPsSAQG3Jlk">15.02%</span> (quarter ended <span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member__oef--ClassAxis__custom--C000110907Member_zZOPs82IRXJ7">June 30, 2020</span>)<br/> <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member__oef--ClassAxis__custom--C000110907Member_zPEAiqbP7SY4">Worst Quarter</span>: <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member__oef--ClassAxis__custom--C000110907Member_zHLQJGAKr2nh">-17.51%</span> (quarter ended <span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member__oef--ClassAxis__custom--C000110907Member_znibFcA0Owm8">March 31, 2020</span>) </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Class I Shares <span id="xdx_903_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member__oef--ClassAxis__custom--C000110907Member_z1wtY7qcKemd">year-to-date total return</span> for the nine months ended <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member__oef--ClassAxis__custom--C000110907Member_zyavAUseyPtg">September 30, 2025</span> was <span id="xdx_900_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member__oef--ClassAxis__custom--C000110907Member_z3ovrpu3HM0d">5.24%</span>. </span></p> Best Quarter 0.1502 2020-06-30 Worst Quarter -0.1751 2020-03-31 year-to-date total return 2025-09-30 0.0524 <p id="xdx_A8F_eoef--PerformanceTableNarrativeTextBlock_z9eTRHn2tut1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90A_eoef--PerformanceTableDoesReflectSalesLoads_c20251231__20251231__dei--LegalEntityAxis__custom--S000036223Member_z94rJ70czJqc">The following table, which includes all applicable sales charges (loads) and account fees, compares the Fund’s Class I, Class A and Class C Shares average annual total returns for the periods indicated to the average annual total returns of a broad-based securities market index for the same periods.</span> Past performance (before and after taxes) is not necessarily an indicator of how the Fund will perform in the future. </span></p> The following table, which includes all applicable sales charges (loads) and account fees, compares the Fund’s Class I, Class A and Class C Shares average annual total returns for the periods indicated to the average annual total returns of a broad-based securities market index for the same periods. AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2024 0.1763 0.0840 0.0959 0.1093 0.0979 0.0558 0.0752 0.0910 0.1158 0.0587 0.0721 0.0856 0.1120 0.0699 0.0933 0.1066 0.1643 0.0743 0.0851 0.0983 0.2502 0.1453 0.1310 0.1418 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 2012-02-29 2012-02-29 2012-02-29 2015-12-31 2015-10-29 2012-02-29 SGI Global Equity Fund Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zLbw1a926c98" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the SGI Global Equity Fund (for this section only, the “Fund”) is to seek long-term capital appreciation. There can be no guarantee that the Fund will achieve its investment objective. </p> Expenses and Fees <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zbuVemC0EUWb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table describes the fees and expenses that you may pay if you buy, hold, and sell Fund shares. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and example below. </b><span id="xdx_904_eoef--ExpenseBreakpointDiscounts_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member_z2htXEIPNdP8">You may qualify for sales charge discounts on Class A Shares if you invest, or agree to invest in the future, at least $<span id="xdx_90F_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member_zc8oPt12buWi">50,000</span> in the Fund.</span> More information about these and other discounts is available from your financial professional, in the section of this Prospectus entitled “Shareholder Information — Sales Charges” and in the section of the Fund’s Statement of Additional Information (“SAI”) entitled “Purchase and Redemption Information — Reducing or Eliminating the Front-End Sales Charge.” </span></p> You may qualify for sales charge discounts on Class A Shares if you invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0525 0 0 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0.0070 0 0.0025 0.0100 0.0036 0.0036 0.0036 0.0106 0.0131 0.0206 -0.0022 -0.0022 -0.0022 0.0084 0.0109 0.0184 “Other Expenses” for Class A Shares and Class C Shares, which had not commenced operations as of the date of this Prospectus, are estimated based on Class I Shares for the current fiscal year. December 31, 2026 Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_ziLaixsGa2Wa" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $1,000,000 in Class I Shares or $10,000 in Class A Shares or Class C Shares of the Fund for the time periods indicated and that you hold or sell your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same (taking into account the contractual expense limitation for the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 8575 31535 56341 127428 630 886 1161 1944 187 612 1063 2314 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zDPRxPkNHbCg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member_z0LLGjAPoGHk">184%</span> of the average value of its portfolio. </span></p> 1.84 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zPwx9yWs79Ab" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, the Fund invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities. The Fund invests, under normal market conditions, significantly (ordinarily at least 40% - unless market conditions are not deemed favorable by the Adviser, in which case the Fund would invest at least 30%) in non-U.S. companies. The Fund defines non-U.S. companies as companies that (i) are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets or derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s investments in equity securities include, without limitation, common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock.The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. The Fund purchases equity securities traded on registered exchanges or the over-the-counter market. The Fund may invest in securities of foreign issuers either directly or through depository receipts, including American Depository Receipts (“ADRs”). The Fund may invest in other registered investment companies, including exchange-traded funds (“ETFs”). The Fund may also invest in securities of affiliated and unaffiliated ETFs (collectively, “Underlying Funds”) The Fund may invest in or have exposure to companies of any size, but primarily invests in large- and mid- capitalization companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Adviser attempts to lower the Fund’s market risk by investing in equity securities that lower the overall volatility of the Fund’s portfolio as compared to global equity benchmarks. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index. The Fund invests in stocks that exhibit less volatile stock price patterns, strengthening business metrics (i.e., earnings, debt, return on assets, competition, customers, industry, etc.) and quantitative factors such as earnings variability, leverage, volatility, price/book, price/cash flow, etc. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Adviser selects securities for the Fund that it anticipates will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts to manage the Fund’s volatility, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will not experience periods of volatility. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may sell a stock if the Adviser identifies fundamental or legal risks and/or if the risk/return ranking declines due to increasing risk and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes. </span></p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Common Stock Risk. </b>Investments in common stocks are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Convertible Securities Risk.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--CurrencyRiskMember_zcEKxS01AU1k">Currency Risk</span>.</b> Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■ </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--ForeignCustodyRiskMember_zbRyda0DQIX3">Foreign Custody Risk</span>.</b> The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">  </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--ForeignSecuritiesRiskMember_zgvenTUhcWl1">Foreign Securities Risk</span>.</b> International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its net asset value (“NAV”). Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>The risk that when investing on a shorter-term basis, the Fund may as a result trade more frequently and incur higher levels of brokerage fees and commissions and cause higher levels of current tax liability to shareholders of the Fund. A portfolio turnover rate of 100% is considered to be high. For the last fiscal year, the annual portfolio turnover rate of the Fund was lower than 100%, but the Fund’s portfolio turnover rate is expected to vary from year to year. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Investment Companies and ETFs Risk. </b>The Fund’s investment performance may be affected by the investment performance of the Underlying Funds in which the Fund may invest. Investing in other investment companies, including affiliated and unaffiliated ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the investment company or ETF holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. Certain ETFs maybe thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Large-Cap Companies Risk.</b> The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Low Volatility Risk.</b> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks’ price levels. Investing in low volatility stocks may limit the Fund’s gains in rising markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk. </b>The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Mid-Cap Companies Risk.</b> The stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Opportunity Risk.</b> As with all mutual funds, the Fund is subject to the risk of missing out on an opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■ </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Warrants Risk.</b> The purchase of warrants involves the risk that the Fund could lose the purchase value of a warrant if the right to subscribe to additional shares is not executed prior to the warrant’s expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the level of the underlying security. </p> </td> </tr> </table> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zhyA46qezZH3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Returns shown were generated under the management of the Fund’s former investment adviser and reflect a previous investment strategy. The Fund operated as a series of Scotia Institutional Funds prior to the close of business on March 21, 2014 (the “Predecessor Fund”). Before the Fund commenced operations, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a tax-free reorganization (the “Reorganization”). The Reorganization occurred on March 21, 2014. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization. The performance shown for periods prior to March 21, 2014 is that of the Predecessor Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Board approved the Adviser to serve as the Global Equity Fund’s investment adviser effective January 1, 2017. Returns shown for periods prior to January 1, 2017 were generated under the management of the Global Equity Fund’s former investment adviser.<b> </b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart below illustrates the performance of the Fund’s Class I Shares. Performance for Class A Shares and Class C Shares is not shown because Class A Shares and Class C Shares had not commenced operations prior to the date of this Prospectus. <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member_zDrVIUFN1vEe">The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member_zKbA2muVidr4">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information may be obtained at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member_zASfMx9jgTsf">www.sgiam.com</span> or by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member_z42MW9cZjW6b">855-744-8500</span>. </p> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.sgiam.com 855-744-8500 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 0.0908 -0.1031 0.2460 -0.0284 0.2402 0.0427 0.1599 -0.1305 0.1341 0.0917 <p id="xdx_A85_eoef--BarChartClosingTextBlock_zkU90eKYvde6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the period reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member__oef--ClassAxis__custom--C000138402Member_zU5ZdX4seo3">Best Quarter</span>: <span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member__oef--ClassAxis__custom--C000138402Member_zBzEZCV6dd9f">12.68%</span> (quarter ended <span id="xdx_90A_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member__oef--ClassAxis__custom--C000138402Member_zs5lrhDeKKX6">June 30, 2020</span>)</span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member__oef--ClassAxis__custom--C000138402Member_z0WQChIxSyJd">Worst Quarter</span></span><span style="-sec-ix-redline: true">: <span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member__oef--ClassAxis__custom--C000138402Member_zKwlrPOv6iga">-19.41%</span></span> <span style="-sec-ix-redline: true">(quarter ended <span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member__oef--ClassAxis__custom--C000138402Member_zy3SC8G5BLJe">March 31, 2020</span></span><span style="-sec-ix-redline: true">) </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_909_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member__oef--ClassAxis__custom--C000138402Member_zHUoiwK4Bvn5">year-to-date total return</span> for the nine months ended <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member__oef--ClassAxis__custom--C000138402Member_znCdOjo9ycBk">September 30, 2025</span> was <span id="xdx_908_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000044491Member__oef--ClassAxis__custom--C000138402Member_zNdaQvWFBAek">10.32%</span>. </span></p> Best Quarter 0.1268 2020-06-30 Worst Quarter -0.1941 2020-03-31 year-to-date total return 2025-09-30 0.1032 <p id="xdx_A84_eoef--PerformanceTableNarrativeTextBlock_znLTw5MCZEQ3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The table below compares the Fund’s Class I Shares average annual total returns for the periods indicated to the average annual total returns of a broad-based securities market index for the same periods. Past performance (before and after taxes) is not necessarily an indicator of how the Fund will perform in the future. </p> AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2024 2009-04-01 2009-04-01 2009-04-01 2009-04-01 0.0917 0.0542 0.0670 0.1294 0.0354 0.0379 0.0555 0.1136 0.0849 0.0405 0.0521 0.1059 0.1675 0.0994 0.0940 0.1215 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). SGI Small Cap Core Fund Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zzEOanxCwYR2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the SGI Small Cap Core Fund (the “Fund”) is to provide long-term capital appreciation. </p> Expenses and Fees <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zfO3A6kNSpl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </span></p> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0 0.0034 0.0129 -0.0006 0.0123 December 31, 2026 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zJUPuAQS1PLl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 in the Fund over the various time periods indicated and then held or redeemed all of your shares at the end of those periods. The Example assumes that </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">your investment has a 5% return each year and that the Fund’s operating expenses remain the same (taking into account the contractual expense limitation for the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 125 403 702 1551 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_zwVfgMpehfs9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the most recent fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member_zsczqzRovWBf">168%</span> of the average value of its portfolio. </span></p> 1.68 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zitP9HsOhFLb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of the net assets of the portfolio (including borrowings for investment purposes) in the stocks of U.S. companies with market capitalizations, at the time of purchase, that are within the trailing twelve-month range of the market capitalizations of those companies that are included in the Russell 2000^® Index (“Small Cap Stocks”). For purposes of this investment policy, stocks of U.S. companies are stocks that are listed on a securities exchange or market inside the United States. Because the Russell 2000^® Index (“Index”) is modified (“reconstituted”) regularly (usually each year) to replace companies that no longer qualify for inclusion in the Index due to, among other reasons, having market capitalizations that have grown too large, the Adviser uses the trailing twelve-month range of market capitalizations to mitigate the need to trade stocks in the portfolio due to Index reconstitution. Further, the Adviser will not sell from the portfolio any holdings that the Adviser believes are likely to appreciate more than the Index solely because the market capitalizations of such holdings cause the portfolio to hold less than 80% of its net assets within this range. As such, the Fund may, from time to time, hold less than 80% of its net assets within this range. The Fund attempts to achieve its objective by taking long positions in Small Cap Stocks that the Adviser believes are undervalued given their future earnings growth prospects. The Fund may also invest in securities of affiliated and unaffiliated exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”). As part of its investment strategy, the Adviser will continue to invest in Small Cap Stocks that the Adviser believes will appreciate more than the Index. Shareholders will be notified by the Fund sixty days in advance of any change in this 80% policy. In seeking to achieve its principal investment strategies, the Fund will engage in trading of portfolio securities that will likely result in a high portfolio turnover rate. The Fund may also seek to increase its income by lending portfolio securities. </span></p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds.<b> </b></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■ </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--EquityStockRiskMember_zIwf8s90FwTc">Equity Stock Risk</span>. </b>Common stocks may decline over short or even extended periods of time. Equity markets tend to be cyclical; there are times when stock prices generally increase, and other times when they generally decrease. Therefore, you could lose money by investing in the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--GrowthStockRiskMember_zLXE0avkDYAj">Growth Stock Risk</span>. </b>Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market downtown and when growth stocks are out of favor. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■ </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>High Portfolio Turnover Risk.</b> The Fund may frequently trade its portfolio holdings. High portfolio turnover will cause the Fund to incur higher brokerage commissions and other transaction costs, which could lower the Fund’s performance. In addition to lower performance, high portfolio turnover could result in higher taxable capital gains. A portfolio turnover rate of 100% is considered to be high. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--InvestmentCompaniesAndExchangeTradedFundsEtfsRiskMember_zMNeN2n5cJnl">Investment Companies and Exchange-Traded Funds (“ETFs”) Risk</span>. </b>The Fund’s investment performance may be affected by the investment performance of the Underlying Funds in which the Fund may invest. Investing in other investment companies, including affiliated and unaffiliated ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the investment company an ETF holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their net asset value (“NAV”). </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--SmallCapRiskMember_zHDrxxeGxzQf">Small Cap Risk</span>. </b>The Fund will invest in Small Cap Stocks that may be more volatile than investments in issuers with larger market capitalizations. Issuers of Small Cap Stocks are not as diversified in their business activities as issuers with larger market capitalizations and are more susceptible to changes in the business cycle. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Additionally, the trading volume of small company securities may make them more difficult to sell than those of larger companies. Moreover, the lack of an efficient market for the securities may make them difficult to value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■ </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ValueStockRiskMember_zUEkPyrH2G28">Value Stock Risk</span>. </b>Although the Fund will invest in stocks that the Adviser believes to be undervalued, there is no guarantee that the prices of these stocks will not move even lower. Because different types of stocks go out of favor with investors depending on market and economic conditions, the Fund’s return may be adversely affected during a market turndown and when value stocks are out of favor. </p> </td> </tr> </table> Performance Information <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_ztrbI9oWWog2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart below illustrates the performance of the Fund’s Class I Shares. <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member_zdzaRCWFzEpd">The information shows how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund.</span> The bar chart assumes reinvestment of dividends and distributions. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member_zt3xGzuxAKQg">As with all such investments, past performance (before and after taxes) is not an indication of future results.</span> Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated performance information may be obtained at <span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member_zcf7YlBPvgR4">www.sgiam.com</span> or by calling <span id="xdx_90A_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member_z7sK8zkONYQb">1-855-744-8500</span>.The Fund changed its investment adviser on May 14, 2021. The performance set forth below prior to May 14, 2021 is attributable to the former investment adviser. </p> The information shows how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.sgiam.com 1-855-744-8500 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 -0.0769 0.1977 0.1707 -0.1600 0.2405 0.2156 0.1970 -0.1323 0.2114 0.0539 <p id="xdx_A87_eoef--BarChartClosingTextBlock_zcMZYiEcyKpg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Best and Worst Quarterly Performance (for the periods reflected in the chart above): </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member__oef--ClassAxis__custom--C000002991Member_zy4hLwwKcLG2">Best Quarter</span>: <span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member__oef--ClassAxis__custom--C000002991Member_zDVgtOsbcdI6">29.38%</span> (quarter ended <span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member__oef--ClassAxis__custom--C000002991Member_zKCYAwdFQKP7">June 30, 2020</span>)<br/> <span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member__oef--ClassAxis__custom--C000002991Member_z4ZfhflSXaSj">Worst Quarter</span>: <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member__oef--ClassAxis__custom--C000002991Member_zcP0i0T5uZA5">-30.76%</span> (quarter ended <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member__oef--ClassAxis__custom--C000002991Member_zWQx5YpHdBw2">March 31, 2020</span>) </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_90B_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member__oef--ClassAxis__custom--C000002991Member_zHRnULmFfL1f">year-to-date total return</span> for the nine months ended <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member__oef--ClassAxis__custom--C000002991Member_zNt4UqprWDxf">September 30, 2025</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000001101Member__oef--ClassAxis__custom--C000002991Member_zRDiX5QPC3ok">8.38%</span>. </span></p> Best Quarter 0.2938 2020-06-30 Worst Quarter -0.3076 2020-03-31 year-to-date total return 2025-09-30 0.0838 <p id="xdx_A86_eoef--PerformanceTableNarrativeTextBlock_zzi1xiTpXKff" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The following table below compares the Fund’s average annual total returns for the past calendar year, the past five calendar years and the past ten calendar years to the average annual total returns of a broad-based securities market index for the same periods. Past performance (before and after taxes) is not necessarily an indicator of how the Fund will perform in the future. </p> AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2024 0.0539 0.1002 0.0807 0.1047 0.0472 0.0701 0.0524 0.0863 0.0343 0.0658 0.0515 0.0832 0.2381 0.1386 0.1255 0.0841 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA). In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. SUMMARY SECTION Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zOJh3SJxOVKh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="-sec-ix-redline: true">The SGI U.S. Large Cap Equity VI Portfolio (the “Portfolio”) seeks long-term capital appreciation. There can be no guarantee that the Portfolio will achieve its investment objective.</span></p> Expenses and Fees <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zZadfozTsAz8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Portfolio. This table does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option. Had those fees and expenses been included, overall fees and expenses would be higher.</p> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0 0.0020 0.0090 “Other Expenses” are estimated for the current fiscal year. Example: <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zDqrvXpKCha2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. This Example does not reflect the fees and expenses associated with any variable annuity contract or variable life insurance policy that uses the Portfolio as an investment option. Had those fees and expenses been included, the costs shown below would be higher. The Example assumes that you invest $10,000 in the Portfolio 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 Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 92 304 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zhm3vjPP8EH8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in Total Annual Portfolio Operating Expenses or in the Example, affect the Portfolio's performance. No portfolio turnover rate is provided since the Portfolio had not commenced operations prior to the date of this Prospectus.</span></p> Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zBRdhP6fofvg" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span>Under normal circumstances, the Portfolio will invest at least 80% of its net assets (including borrowings for investment purposes) in equity securities, primarily common stocks, of companies within the Russell 1000^® Index and S&amp;P 500^® Index. The Portfolio's investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. The Portfolio purchases equity securities traded in the U.S. on registered exchanges or the over-the-counter market. The Portfolio may also invest in other registered investment companies, including exchange-traded funds (“ETFs”).</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="-sec-ix-redline: true"> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="-sec-ix-redline: true">Summit Global Investments, LLC (the “Adviser”) attempts to lower the Portfolio’s market risk by investing in U.S. equity securities that lower the overall volatility of the Portfolio’s portfolio as compared to the S&amp;P 500^® Index. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index. The Portfolio invests in stocks that often exhibit less volatile stock price patterns, strengthening business metrics (i.e., earnings, debt, return on assets, competition, customers, industry, etc.) and quantitative factors such as earnings variability, leverage, volatility, price/book, price/cash flow, etc. The Adviser selects securities for the Portfolio that it anticipates will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts to manage the Portfolio’s volatility, there is no guarantee that the strategy will be successful or that the Portfolio’s portfolio will not experience periods of volatility.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser seeks to incorporate ESG issues into existing portfolio construction practices using a combination of up to three approaches: integration, screening and thematic. Through integration, the Adviser will explicitly and/or systematically include ESG issues in its investment analysis and decisions, to better manage risks and improve returns. Screening places specified filters to lists of potential investments that rule companies in or out of contention for investment, based on the Adviser's preferences, values or ethics. Thematic investing seeks to combine attractive risk-return profiles with an intention to contribute to a specific environmental or social outcome, including impact investing. The Portfolio intends to invest in companies with measurably high ESG ratings relative to their sector peers, and screen out particular companies that do not meet its ESG criteria.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">The Adviser may encourage the companies in which the Portfolio invests in to improve their ESG risk management or develop more sustainable business practices through direct engagement with a company. This may done by discussing ESG issues with companies to improve their handling, including disclosures the companies make surrounding such issues. Another way in which the Adviser may seek to improve performance through ESG is stewardship through proxy voting by formally expressing approval or disapproval through voting and proposing shareholder resolutions on specific ESG issues.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt"><span style="-sec-ix-redline: true">The Portfolio may sell a stock if the Adviser identifies fundamental or legal risks and/or if the risk/return ranking declines due to increasing risk and/or decreasing return potential. The Portfolio may also decrease weight in an investment for risk control purposes.</span></p> Loss of money is a risk of investing in the Portfolio. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt">●</td><td style="text-align: justify"><b><span id="xdx_91B_ecustom--CommonStockRiskMember_zswUGVPQ2Vvi">Common Stock Risk</span>.</b> Investments in common stocks are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Portfolio may be more suitable for long-term investors who can bear the risk of these fluctuations. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt">●</td><td style="text-align: justify"><b><span id="xdx_914_ecustom--ConvertibleSecuritiesRiskMember_zfSahlaPXzI">Convertible Securities Risk</span>.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt"><span style="-sec-ix-redline: true">●</span></td><td style="text-align: justify"><span style="-sec-ix-redline: true"><b><span id="xdx_91F_ecustom--CyberSecurityRiskMember_ziOlfzvW5wC4">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to Portfolio assets, Portfolio or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Portfolio, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Portfolio investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Portfolio and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Portfolio or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Portfolio or its service providers may adversely impact and cause financial losses to the Portfolio or its shareholders. Issuers of securities in which the Portfolio invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt"><b>●</b></td><td style="text-align: justify"><b><span id="xdx_91E_ecustom--HighPortfolioTurnoverRiskMember_zq99W62X9Wyf">High Portfolio Turnover Risk</span>.</b> The risk that when investing on a shorter-term basis, the Portfolio may as a result trade more frequently and incur higher levels of brokerage fees and commissions. A portfolio turnover rate of 100% is considered to be high. The Portfolio's portfolio turnover rate is expected to vary from year to year. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Portfolio.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt"><span>●</span></td><td style="text-align: justify"><span><b><span id="xdx_910_ecustom--InvestmentCompaniesAndEtfsRiskMember_zK5bHePGPhG3">Investment Companies and ETFs Risk</span>. </b>The Portfolio's investment performance may be affected by the investment performance of the underlying funds in which the Portfolio may invest. Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Portfolio’s own expenses. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the investment company or ETF holds. The Portfolio may incur brokerage fees in connection with its purchase of ETF shares. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in such shares trading at a significant premium or discount to their net asset value (“NAV”).</span></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt">●</td><td style="text-align: justify"><b><span id="xdx_915_ecustom--LargecapCompaniesRiskMember_zfDI4hSkpyzc">Large-Cap Companies Risk</span>. </b>The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Portfolio to underperform investments that focus solely on small- or medium- capitalization stocks.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt">●</td><td style="text-align: justify"><b><span id="xdx_913_ecustom--LowVolatilityRiskMember_zomxVeuBbd5j">Low Volatility Risk</span>.</b> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks' price levels. Investing in low volatility stocks may limit the Portfolio's gains in rising markets.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt">●</td><td style="text-align: justify"><b><span id="xdx_915_ecustom--ManagementRiskMember_zOFsB1zFt8Y3">Management Risk</span>.</b> The Portfolio is subject to the risk of poor investment selection. In other words, the individual investments of the Portfolio may not perform as well as expected, and/or the Portfolio's portfolio management practices may not work to achieve their desired result.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt">●</td><td style="text-align: justify"><b><span id="xdx_912_ecustom--MarketRiskMember_zYSCFOMoNt4">Market Risk</span>.</b> The NAV of the Portfolio will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Portfolio may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Portfolio will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected.The prices of securities held by the Portfolio may decline in response to conditions affecting the general economy, overall market changes, local, regional or global political, social or economic instability, and currency, interest rate and commodity price fluctuations.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt">●</td><td style="text-align: justify"><b><span id="xdx_91B_ecustom--NoOperatingHistoryRiskMember_zIlLtmtOx5N2">No Operating History Risk</span>.</b> The Portfolio will have a limited or no performance history that investors can use to evaluate the Portfolio's investment performance. If the Portfolio commences operations under inopportune market or economic conditions, it may not be able to achieve its investment objective.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt">●</td><td style="text-align: justify"><b><span id="xdx_91F_ecustom--OpportunityRiskMember_zugr24Xtwgwk">Opportunity Risk</span>.</b> As with all mutual funds, the Portfolio is subject to the risk of missing out on an opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 20.25pt"></td><td style="width: 15.75pt">●</td><td style="text-align: justify"><b><span id="xdx_916_ecustom--WarrantsRiskMember_z6OmGFc2ZAW6">Warrants Risk</span>.</b> The purchase of warrants involves the risk that the Portfolio could lose the purchase value of a warrant if the right to subscribe to additional shares is not executed prior to the warrant's expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security's market price such as when there is no movement in the level of the underlying security.</td></tr></table> Performance Information <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zY8jexDeiMG7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">Performance information for the Portfolio is not included because the Portfolio had not commenced operations prior to the date of this Prospectus. <span id="xdx_900_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000068528Member_zJVB5NKS8L5b">Performance information will be available once the Portfolio has at least one calendar year of performance.</span> Updated performance information may be obtained at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000068528Member_ztYiGpoSkBTg">www.sgiam.com</span> or by calling <span id="xdx_901_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000068528Member_zFB0NUbVpFe6">1-855-744-8500</span>.</p> Performance information will be available once the Portfolio has at least one calendar year of performance. www.sgiam.com 1-855-744-8500 SUMMARY SECTIONS Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_zvHamefp8nNl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The SGI Peak Fund (for this section only, the “Fund”) seeks capital appreciation. There can be no guarantee that the Fund will achieve its investment objective. </span></p> Expenses and Fees <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zR4IxOaA24j6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Additionally, you may be required to pay commissions and/or other forms of compensation to an intermediary for transactions in the Fund, which are not reflected in the table or the example below. </p> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0041 0.0000 0.0116 -0.0008 0.0108 Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. December 31, 2026 Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zM3EyhELTO6j" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class I Shares of 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 110 361 631 1402 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zEmtO2I422s7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_908_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member_z5Wmg8VTdSJh">81%</span> of the average value of its portfolio. </span></p> 0.81 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zmoTQ9XWG7Ha" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invests in securities of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”). The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade and high yield bonds, and money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Under normal circumstances, the Fund will invest primarily in Underlying Funds focusing on domestic equities and large capitalization foreign equities, a lesser amount in Underlying Funds focused on small and mid-capitalization foreign equities and emerging markets, and a small amount in Underlying Funds focused on domestic investment-grade bonds, domestic high yield bonds, foreign investment-grade and high yield bonds, and money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall volatility of the Fund’s portfolio as compared to the S&amp;P 500^® Total Return Index. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index. In addition, the Adviser reviews the idiosyncratic risks associated with each Underlying Fund and if these risks are deemed elevated with increased downside risks the Adviser may make changes to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that it anticipates will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts to manage the Fund’s volatility, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will not experience periods of volatility. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser may evaluate how an Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying Funds use may vary. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may focus its investments in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant changes in market conditions or geopolitical conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may sell an Underlying Fund if the Adviser identifies fundamental legal or other risks and/or if the risk/return ranking declines due to increasing risk and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes. </span></p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--AffiliatedFundRiskMember_zQoX3Q98uj09">Affiliated Fund Risk</span>.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--CurrencyRiskMember_zi2NthlpIX0i">Currency Risk</span>.</b> Underlying Funds that invest in foreign securities are subject to currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and that may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■ </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_910_ecustom--CyberSecurityRiskMember_z1TrKTKIk344">Cyber Security Risk</span>.</b> Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective investment advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds, or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--DividendpayingSecuritiesRiskMember_zSH9vgDV9abd">Dividend-Paying Securities Risk</span>.</b> Underlying Funds that invest in dividend-paying securities may be subject to the risk that the company issuing such securities may fail and have to decrease or eliminate its dividend. In such an event, an Underlying Fund, and in turn the Fund, may not only lose the dividend payout but the stock price of the company may fall. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--EmergingMarketsRiskMember_zNmScFnvsAR9">Emerging Markets Risk</span>:</b> Investment in emerging market securities involves greater risk than that associated with investment in foreign securities of developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--EquityRiskMember_zGgFxxCNwDi3">Equity Risk</span>.</b> The Underlying Funds’ investments in common stock are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--ExchangetradedFundRiskMember_zZjNWxy6VeZ">Exchange-Traded Fund Risk</span>.</b> In addition to risks generally associated with investments in investment company securities, ETFs are subject to the following risks that do not apply to traditional mutual funds: (i) an ETF’s shares may trade at a market price that is above or below their net asset value (“NAV”); (ii) an active trading market for an ETF’s shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; or (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--FixedIncomeSecuritiesRiskMember_zOcbsvIFNwqb">Fixed Income Securities Risk</span>.</b> To the extent the Fund invests in Underlying Funds that invest in fixed income securities, the Fund will be subject to fixed income securities risks. While fixed income securities normally fluctuate less in price than stocks, there have been extended periods of increases in interest rates that have caused significant declines in fixed income securities prices. The values of fixed income securities may be affected by changes in the credit rating or financial condition of their issuers. Generally, the lower the credit rating of a security, the higher the degree of risk as to the payment of interest and return of principal. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Credit Risk</span>. The issuer of a fixed income security may not be able to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation. An Underlying Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Duration Risk</span>. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Income Risk</span>. The Fund’s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest in Underlying Funds that invest their assets in lower-yielding securities. Because interest rates vary, it is impossible to predict the income or yield of the Fund for any particular period. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Interest Rate Risk</span>. The value of the Fund or an Underlying Fund may fluctuate based upon changes in interest rates and market conditions. As interest rates increase, the value of an Underlying Fund’s income-producing investments may go down. For example, bonds tend to decrease in value when interest rates rise. Debt obligations with longer maturities typically offer higher yields, but are subject to greater price movements as a result of interest rate changes than debt obligations with shorter maturities. Changing interest rates may have unpredictable effects on the markets and an Underlying Fund’s investments and may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Prepayment Risk</span>. The Fund may invest in Underlying Funds that invest in securities that are subject to fluctuations in yield, due to prepayment rates that may be faster or slower than expected. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Rating Risk</span>. If a rating agency gives a debt security a lower rating, the value of the debt security will decline because investors will demand a higher rate of return. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ForeignCustodyRiskMember_zlKYmMinREei">Foreign Custody Risk</span>.</b> An Underlying Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Underlying Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Underlying Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--ForeignSecuritiesRiskMember_zBUjUpvtSwN3">Foreign Securities Risk</span>.</b> Underlying Funds that invest in foreign securities may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections and differences in taxation, auditing and other financial practices. Investments in emerging market securities by Underlying Funds are subject to higher risks than those in developed countries because there is greater uncertainty in less established markets and economies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--GrowthRiskMember_zwmER9SkpJVk">Growth Risk</span>.</b> If an Underlying Fund’s adviser’s perception of a company’s growth potential are wrong, the securities purchased by that Underlying Fund may not perform as expected, thereby reducing the Underlying Fund’s and the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--HighPortfolioTurnoverRiskMember_zwglle3xzP26">High Portfolio Turnover Risk</span>. </b>The risk that when investing on a shorter-term basis, the Fund may as a result trade more frequently and incur higher levels of brokerage fees and commissions and cause higher levels of current tax liability to shareholders of the Fund. A portfolio turnover rate of 100% is considered to be high. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--HighYieldSecuritiesJunkBondRiskMember_zFqWCb8Oce78">High-Yield Securities (“Junk Bond”) Risk</span>.</b> To the extent that a Fund invests in Underlying Funds that invest in high-yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”), the Fund may be subject to greater levels of interest rate and credit risk than funds that do not invest in such securities. Junk bonds are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce an Underlying Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Underlying Fund may lose its entire investment, which will affect the Underlying Fund’s and the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--IndexManagementRiskMember_zUcrXKVPv3sa">Index Management Risk</span>.</b> To the extent the Fund invests in an Underlying Fund that is intended to track a target index, it is subject to the risk that the Underlying Fund may track its target index less closely. For example, an adviser to the Underlying Fund may select securities that are not fully representative of the index, and the Underlying Fund’s transaction expenses, and the size and timing of its cash flows, may result in the Underlying Fund’s performance being different than that of its index. Additionally, the Underlying Fund will generally reflect the performance of its target index even when the index does not perform well. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--IndustryOrSectorFocusRiskMember_z7tdtEm8qnzj">Industry or Sector Focus Risk</span>.</b> To the extent the Fund invests in Underlying Funds that focus their investments in a particular industry or sector, the Fund’s shares may be more volatile and fluctuate more than shares of a fund investing in a broader range of securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--LargecapitalizationCompaniesRiskMember_zzBDefeqQI37">Large-Capitalization Companies Risk</span>.</b> The stocks of large capitalization companies as a group could fall out of favor with the market, causing an Underlying Fund and the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--LowVolatilityRiskMember_zlERIz4OihJl">Low Volatility Risk</span>.</b> Underlying Funds with investments in low volatility companies are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility Underlying Funds may not produce investment exposure that has lower variability to changes in market levels. Investing in low volatility Underlying Funds may limit the Fund’s gains in rising markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--ManagementRiskMember_z6REFYqb9g5c">Management Risk</span>.</b> The Fund is subject to the risk of poor investment selection in Underlying Funds. The Underlying Funds may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--MarketRiskMember_z0SQgwpXm0b5">Market Risk</span>.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in Underlying Funds that the Adviser believes will produce less volatility, there is no guarantee that the Underlying Funds will perform as expected. The prices of securities held by the Underlying Funds may decline in response to conditions affecting the general economy, overall market changes, local, regional or global political, social or economic instability, and currency, interest rate and commodity price fluctuations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--MidCapitalizationCompaniesRiskMember_zNyamio1bNtf">Mid-Capitalization Companies Risk</span>.</b> The stocks of mid-capitalization companies that the Underlying Funds may invest in may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--OpportunityRiskMember_zPZtfgjPuWxl">Opportunity Risk</span>.</b> As with all mutual funds, the Fund is subject to the risk of missing out on an opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--SmallCapitalizationCompaniesRiskMember_zfD1Bp1uSn51">Small-Capitalization Companies Risk</span>.</b> Small-cap companies that the Underlying Funds may invest in may be more volatile than, and not as readily marketable as, those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Additionally, the trading volume of small-cap company securities may make them more difficult to sell than those of larger companies. Moreover, the lack of an efficient market for the securities may make them difficult to value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--UnderlyingFundsRiskMember_zfrGFqS1qvK5">Underlying Funds Risk</span>.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The Fund’s investment performance and its ability to achieve its investment objective are directly related to the performance of the Underlying Funds in which it invests. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> Performance Information <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_z3snB5mWK2h1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The following performance information provides some indication of the risks of investing in the Fund. <span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member_zVQ0Kh9utosh">The bar chart shows how the performance of the Fund’s Class I Shares has varied year to year. The bar chart assumes reinvestment of dividends and distributions. The table illustrates how the Fund’s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance.</span> <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member_zhWZePwPZTGf">As with all such investments, past performance, both before and after taxes, does not necessarily indicate how the Peak Fund will perform in the future.</span> Updated performance information is available online at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member_zOKHJ6WzkbFa">www.sgiam.com</span> or by calling <span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member_zdqk8nJRjbe2">1-855-744-8500</span>. </span></p> The bar chart shows how the performance of the Fund’s Class I Shares has varied year to year. The bar chart assumes reinvestment of dividends and distributions. The table illustrates how the Fund’s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance. As with all such investments, past performance, both before and after taxes, does not necessarily indicate how the Peak Fund will perform in the future. www.sgiam.com 1-855-744-8500 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 0.1113 -0.1428 0.1409 0.1038 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zj8k0r8egFH2" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member__oef--ClassAxis__custom--C000219685Member_zcOzOVLtLEB1">Best Quarter</span>: <span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member__oef--ClassAxis__custom--C000219685Member_zHh84XpF1gfe">10.20%</span> in the quarter ended <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member__oef--ClassAxis__custom--C000219685Member_zc3PI9Rvl6Zd">December 31, 2023</span><br/> <span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member__oef--ClassAxis__custom--C000219685Member_zekmIashgXO4">Worst Quarter</span>: <span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member__oef--ClassAxis__custom--C000219685Member_zzjfpZjMst8">-10.10%</span> in the quarter ended <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member__oef--ClassAxis__custom--C000219685Member_zsrEgZntn2A1">June 30, 2022</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_90E_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member__oef--ClassAxis__custom--C000219685Member_zaKYx07xsl6b">year-to-date total return</span> for the three months ended <span id="xdx_902_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member__oef--ClassAxis__custom--C000219685Member_zSQDeXYGAs25">September 30, 2025</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member__oef--ClassAxis__custom--C000219685Member_z9e7BLRQUMJj">11.94%</span>. </span></p> Best Quarter 0.1020 2023-12-31 Worst Quarter -0.1010 2022-06-30 year-to-date total return 2025-09-30 0.1194 Average Annual Total Returns (For the periods ended December 31, 2024) 2020-06-08 2020-06-08 2020-06-08 2020-06-08 0.1038 0.0753 0.0739 0.0589 0.0681 0.0531 0.2502 0.1578 <span id="xdx_905_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member_zvWYSFZDl0f">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000068715Member_zvLb7EIbrUug">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_z9bdzgvLgLxj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The SGI Prudent Fund (for this section only, the “Fund”) seeks long-term capital appreciation. There can be no guarantee that the Fund will achieve its investment objective. </span></p> Expenses and Fees <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zOPaO8hXnhJ6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. Additionally, you may be required to pay commissions and/or other forms of compensation to an intermediary for transactions in the Fund, which are not reflected in the table or the example below. </p> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0041 0.0000 0.0116 0.0000 0.0116 Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses have been restated for the current fiscal year. December 31, 2026 Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zEbHkQc9ow8h" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class I Shares of 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 118 368 638 1409 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_z5ISZN0leYo1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member_zth2smWoeZO7">21%</span> of the average value of its portfolio. </span></p> 0.21 Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zrwt7w8ao8Z9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invests in securities of affiliated and unaffiliated open-end mutual funds and exchange-traded funds (“ETFs”) (collectively, “Underlying Funds”). The Fund may allocate assets across six categories of Underlying Funds: domestic equities, foreign equities (including emerging markets securities), domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade and high yield bonds, and money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">Under normal circumstances, the Fund will invest primarily in Underlying Funds focused on domestic equities, a lesser amount in Underlying Funds focused on large capitalization foreign equities, mid-capitalization foreign equities, emerging markets and domestic investment-grade bonds, and a small amount in Underlying Funds focused on small-capitalization foreign equities, domestic high yield bonds, foreign investment-grade and high yield bonds, and money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser attempts to lower the Fund’s market risk by investing in Underlying Funds that seek to lower the overall volatility of the Fund’s portfolio. The Fund seeks volatility between 60%-80% as compared to the S&amp;P 500^® Total Return Index. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index. In addition, the Adviser reviews the idiosyncratic risks associated with each Underlying Fund and if these risks are deemed elevated with increased downside risks the Adviser may make changes to the Underlying Funds. The Adviser selects Underlying Funds for the Fund that it anticipates will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts to manage the Fund’s volatility, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will not experience periods of higher volatility. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser may evaluate how an Underlying Fund uses proxy votes and access to corporate management. This process may include interviews with an Underlying Fund’s management and an examination of an Underlying Fund’s proxy voting records, prospectus and other reports. The methods that Underlying Funds use may vary. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may focus its investments in a particular industry or sector for the purpose of capitalizing on performance momentum in that industry or sector due to significant changes in market conditions or geopolitical conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may sell an Underlying Fund if the Adviser identifies fundamental legal or other risks and/or if the risk/return ranking declines due to increasing risk and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes. </span></p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Currency Risk.</b> Underlying Funds that invest in foreign securities are subject to currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and that may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">■ </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective investment advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds, or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Dividend-Paying Securities Risk.</b> Underlying Funds that invest in dividend-paying securities may be subject to the risk that the company issuing such securities may fail and have to decrease or eliminate its dividend. In such an event, an Underlying Fund, and in turn the Fund, may not only lose the dividend payout but the stock price of the company may fall. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Emerging Markets Risk: </b>Investment in emerging market securities involves greater risk than that associated with investment in foreign securities of developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. In addition, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Equity Risk.</b> The Underlying Funds’ investments in common stock are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Exchange-Traded Fund Risk.</b> In addition to risks generally associated with investments in investment company securities, ETFs are subject to the following risks that do not apply to traditional mutual funds: (i) an ETF’s shares may trade at a market price that is above or below their net asset value (“NAV”); (ii) an active trading market for an ETF’s shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; or (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed Income Securities Risk.</b> To the extent the Fund invests in Underlying Funds that invest in fixed income securities, the Fund will be subject to fixed income securities risks. While fixed income securities normally fluctuate less in price than stocks, there have been extended periods of increases in interest rates that have caused significant declines in fixed income securities prices. The values of fixed income securities may be affected by changes in the credit rating or financial condition of their issuers. Generally, the lower the credit rating of a security, the higher the degree of risk as to the payment of interest and return of principal. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Credit Risk</span>. The issuer of a fixed income security may not be able to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation. An Underlying Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Duration Risk</span>. Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Income Risk</span>. The Fund’s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest in Underlying Funds that invest their assets in lower-yielding securities. Because interest rates vary, it is impossible to predict the income or yield of the Fund for any particular period. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Interest Rate Risk</span>. The value of the Fund or an Underlying Fund may fluctuate based upon changes in interest rates and market conditions. As interest rates increase, the value of an Underlying Fund’s income-producing investments may go down. For example, bonds tend to decrease in value when interest rates rise. Debt obligations with longer maturities typically offer higher yields, but are subject to greater price movements as a result of interest rate changes than debt obligations with shorter maturities. Changing interest rates may have unpredictable effects on the markets and an Underlying Fund’s investments and may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Prepayment Risk</span>. The Fund may invest in Underlying Funds that invest in securities that are subject to fluctuations in yield, due to prepayment rates that may be faster or slower than expected. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Rating Risk</span>. If a rating agency gives a debt security a lower rating, the value of the debt security will decline because investors will demand a higher rate of return. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Foreign Custody Risk.</b> An Underlying Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Underlying Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Underlying Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Foreign Securities Risk.</b> Underlying Funds that invest in foreign securities may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections and differences in taxation, auditing and other financial practices. Investments in emerging market securities by Underlying Funds are subject to higher risks than those in developed countries because there is greater uncertainty in less established markets and economies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Growth Risk.</b> If an Underlying Fund’s adviser’s perceptions of a company’s growth potential is wrong, the securities purchased by that Underlying Fund may not perform as expected, thereby reducing the Underlying Fund’s and the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> The risk that when investing on a shorter-term basis, the Fund may as a result trade more frequently and incur higher levels of brokerage fees and commissions and cause higher levels of current tax liability to shareholders of the Fund. A portfolio turnover rate of 100% is considered to be high. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High-Yield Securities (“Junk Bond”) Risk.</b> To the extent that a Fund invests in Underlying Funds that invest in high-yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”), the Fund may be subject to greater levels of interest rate and credit risk than funds that do not invest in such securities. Junk bonds are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce an Underlying Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Underlying Fund may lose its entire investment, which will affect the Underlying Fund’s and the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Index Management Risk.</b> To the extent the Fund invests in an Underlying Fund that is intended to track a target index, it is subject to the risk that the Underlying Fund may track its target index less closely. For example, an adviser to the Underlying Fund may select securities that are not fully representative of the index, and the Underlying Fund’s transaction expenses, and the size and timing of its cash flows, may result in the Underlying Fund’s performance being different than that of its index. Additionally, the Underlying Fund will generally reflect the performance of its target index even when the index does not perform well. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Industry or Sector Focus Risk.</b> To the extent the Fund invests in Underlying Funds that focus their investments in a particular industry or sector, the Fund’s shares may be more volatile and fluctuate more than shares of a fund investing in a broader range of securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Large-Capitalization Companies Risk.</b> The stocks of large capitalization companies as a group could fall out of favor with the market, causing an Underlying Fund and the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Low Volatility Risk. </b>Underlying Funds with investments in low volatility companies are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility Underlying Funds may not produce investment exposure that has lower variability to changes in market levels. Investing in low volatility Underlying Funds may limit the Fund’s gains in rising markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk.</b> The Fund is subject to the risk of poor investment selection in Underlying Funds. The Underlying Funds may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in Underlying Funds that the Adviser believes will produce less volatility, there is no guarantee that the Underlying Funds will perform as expected. The prices of securities held by the Underlying Funds may decline in response to conditions affecting the general economy, overall market changes, local, regional or global political, social or economic instability, and currency, interest rate and commodity price fluctuations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Mid-Capitalization Companies Risk.</b> The stocks of mid-capitalization companies that the Underlying Funds may invest in may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Opportunity Risk.</b> As with all mutual funds, the Fund is subject to the risk of missing out on an opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Small-Capitalization Companies Risk.</b> Small-cap companies that the Underlying Funds may invest in may be more volatile than, and not as readily marketable as, those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Additionally, the trading volume of small-cap company securities may make them more difficult to sell than those of larger companies. Moreover, the lack of an efficient market for the securities may make them difficult to value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">■ </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Funds Risk. </b>Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The Fund’s investment performance and its ability to achieve its investment objective are directly related to the performance of the Underlying Funds in which it invests. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. <b> </b></p> </td> </tr> </table> Performance Information <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zGQmEqipSGFc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The following performance information provides some indication of the risks of investing in the Fund. <span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member_zJOgF9QoIbs">The bar chart shows how the performance of the Fund’s Class I Shares has varied year to year. The bar chart assumes reinvestment of dividends and distributions. The table illustrates how the Fund’s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance.</span> <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member_zEr6VkK4NIO6">As with all such investments, past performance, both before and after taxes, does not necessarily indicate how the Prudent Fund will perform in the future.</span> Updated performance information is available online at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member_z5eMbcX4opIj">www.sgiam.com</span> or by calling <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member_ze19qg4qCVBj">1-855-744-8500</span>. </span></p> The bar chart shows how the performance of the Fund’s Class I Shares has varied year to year. The bar chart assumes reinvestment of dividends and distributions. The table illustrates how the Fund’s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance. As with all such investments, past performance, both before and after taxes, does not necessarily indicate how the Prudent Fund will perform in the future. www.sgiam.com 1-855-744-8500 TOTAL RETURNS FOR THE CALENDAR YEAR ENDED DECEMBER 31 0.0749 -0.1285 0.1133 0.0918 <p id="xdx_A88_eoef--BarChartClosingTextBlock_zBc1Y4EtIlOf" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member__oef--ClassAxis__custom--C000219686Member_zzZXDytKgD8h">Best Quarter</span>: <span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member__oef--ClassAxis__custom--C000219686Member_zBOHA5qVMjbj">8.76%</span> in the quarter ended <span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member__oef--ClassAxis__custom--C000219686Member_zidnC4Py7KQc">December 31, 2023</span><br/> <span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member__oef--ClassAxis__custom--C000219686Member_zg6HrnD1yjDk">Worst Quarter</span>: <span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member__oef--ClassAxis__custom--C000219686Member_zxdA1s9eitAi">-8.23%</span> in the quarter ended <span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member__oef--ClassAxis__custom--C000219686Member_z71b2hRCFmce">June 30, 2022</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_90C_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member__oef--ClassAxis__custom--C000219686Member_zUh4PRft0sjh">year-to-date total return</span> for the three months ended <span id="xdx_902_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member__oef--ClassAxis__custom--C000219686Member_z90oAiMUXngg">September 30, 2025</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member__oef--ClassAxis__custom--C000219686Member_zSBRxmp9svCa">6.67%</span>. </span></p> Best Quarter 0.0876 2023-12-31 Worst Quarter -0.0823 2022-06-30 year-to-date total return 2025-09-30 0.0667 Average Annual Total Returns (For the periods ended December 31, 2024) 2020-06-08 2020-06-08 2020-06-08 2020-06-08 2020-06-08 0.0918 0.0509 0.0589 0.0388 0.0581 0.0352 0.2502 0.1578 0.1503 0.4749 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zNEhNO5swP5a" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_90D_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member_zcMqNa0pieP9">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000068716Member_z0QjpUP140hg">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zcTbjzElfYh1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The SGI U.S. Large Cap Core ETF (for this section only, the “Fund”) seeks to provide long-term capital appreciation. </p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zX1XSfPAoYwe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0085 0.0000 0.0000 0.0085 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zM7pa3A2dHr3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 87 271 471 1049 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zFBuj4gJN4re" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member_zsXfgtVV5Yz5">145%</span> of the average value of its portfolio. </span></p> 1.45 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zrHPyS246In8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively-managed exchange-traded fund (“ETF”) and seeks to achieve its objective by investing under normal circumstances at least 80% of the net assets of the portfolio (including borrowings for investment purposes) in securities of large-capitalization companies, which the Fund considers to be those companies listed within the Russell 1000^® Index or S&amp;P 500^® Index (the “Indexes”). The Fund’s investments will generally consist primarily of common stocks, but may also include preferred stocks, warrants to acquire common stock, and securities convertible into common stock. The Fund purchases equity securities traded in the United States on registered exchanges or the over-the-counter market. The Fund may also invest in other registered investment companies, including ETFs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Summit Global Investments, LLC (the “Adviser”) attempts to achieve the Fund’s objective by investing in stocks that have strengthening business metrics (<i>i.e.</i>, earnings, debt, return on assets, competition, customers, industry, etc.) and favorable quantitative factors such as earnings variability, leverage, volatility, price/book, price/cash flow, etc. In addition, </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">the Adviser reviews the idiosyncratic risks associated with each stock. The Fund may sell a stock if these risks are deemed elevated with increased downside risks due to social, environmental, legal, governance risks, and/or if the risk/return characteristics decline due to increasing risk and/or decreasing return potential. Further, the Fund may also decrease weight in an investment for risk control purposes. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Further, the Adviser may not sell from the portfolio a holding that the Adviser believes is likely to appreciate more than an Index solely because the market capitalizations of such holdings cause the portfolio to hold less than 80% of its net assets within these Indexes. As such, the Fund may, from time to time, hold less than 80% of its net assets within these Indexes. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">In seeking to achieve its principal investment strategies, the Fund may engage in trading of portfolio securities that may result in a high portfolio turnover rate. The Fund may also seek to increase its income by lending portfolio securities.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"></span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Semi-Transparent Actively-Managed ETF with Proxy Portfolio Structure. </i>The Fund is an actively-managed, semi-transparent ETF. Unlike traditional ETFs, which generally publish their portfolio holdings on a daily basis, the Fund discloses a portfolio transparency substitute—the “Proxy Portfolio”—and certain related information about the relative performance of the Proxy Portfolio and the Fund’s actual portfolio (“Actual Portfolio”) holdings (the “Proxy Portfolio Disclosures”). While the Proxy Portfolio includes some of the Fund’s holdings, it is not the Fund’s Actual Portfolio, and the Fund will not disclose the daily holdings of the Actual Portfolio. The Proxy Portfolio Disclosures are intended to help keep the market price of the Fund’s Shares trading at or close to the underlying net asset value (“NAV”) per Share of the Fund. Although the Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Proxy Portfolio to identify the Fund’s trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its shareholders. The Fund’s exemptive relief limits the types of securities in which the Fund can invest, which may constrain the Fund’s ability to implement its investment strategies. </p> Loss of money is a risk of investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--ConvertibleSecuritiesRiskMember_zgcqUIvV2J55">Convertible Securities Risk</span>.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_91F_ecustom--CyberSecurityRiskMember_zwMotGs0XRXa"><b>Cyber Security Risk</b></span></span><span style="-sec-ix-redline: true"><b>. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91D_ecustom--DividendpayingSecuritiesRiskMember_zkvmU5V7OjQc">Dividend-Paying Securities Risk</span>.</b> The Fund may invest in dividend-paying securities and may be subject to the risk that the company issuing such securities may fail and have to decrease or eliminate its dividend. In such an event, the Fund, may not only lose the dividend payout but the stock price of the company may fall. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--EquityRiskMember_ziPtAAGMxBOe">Equity Risk</span>.</b> The Fund’s investments in common stock are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--EtfRiskMember_zM2PqvouO1Ze">ETF Risk</span></b>. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Cash Transactions Risk,” “ Limitations of Intraday Indicative Value (IIV) Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as authorized participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund 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. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. Further, the Fund is utilizing a novel and unique structure, which may affect the number of entities willing to act as APs, market makers and/or liquidity providers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk.</i> Unlike traditional ETFs, the securities in the Fund’s basket of securities exchanged for a Creation Unit will not correspond pro rata to the positions in the Fund’s portfolio, and the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Limitations of Intraday Indicative Value (IIV) Risk.</i> The Exchange or a market data vendor intends to disseminate the approximate per share value of the Fund’s Proxy Portfolio every 15 seconds (the ‘’intraday indicative value’’ or ‘’IIV’’). The IIV should not be viewed as a ‘’real-time’’ update of the NAV per share of the Fund because (i) the IIV is not be calculated in the same manner as the NAV, which is computed once a day, generally at the end of the business day, (ii) the calculation of NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV, (iii) unlike the calculation of NAV, the IIV does not take into account Fund expenses, and (iv) the IIV is based on the Proxy Portfolio and not on the Fund’s Actual Portfolio. The Fund, the Adviser and their affiliates are not involved in, or responsible for, any aspect of the calculation or dissemination of the Fund’s IIV, and the Fund, the Adviser and their affiliates do not make any warranty as to the accuracy of these calculations. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, the NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Proxy Portfolio and/or Actual Portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although the Proxy Portfolio structure is intended to provide market participants with enough information to allow for an effective arbitrage mechanism that will help to keep the market price of the Fund’s Shares at or close to the Fund’s NAV, there is a risk that market prices for Fund Shares will vary significantly from the Fund’s NAV. This risk is heightened in times of market volatility or periods of steep market declines. This risk may be greater for the Fund than for traditional ETFs that disclose their full portfolio holdings on a daily basis because the publication of the Proxy Portfolio does not provide the same level of transparency as the daily publication of the actual portfolio by a traditional ETF. This could cause the Fund’s Shares to have wider bid/ask spreads and larger premiums/discounts than traditional ETFs using the same or similar investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--HighPortfolioTurnoverRiskMember_zLC59R3cTRj8">High Portfolio Turnover Risk</span>.</b> Portfolio turnover risk is the risk that when investing on a shorter-term basis, the Fund may as a result trade more frequently and incur higher levels of brokerage fees and commissions and cause higher levels of current tax liability to shareholders of the Fund. A portfolio turnover rate of 100% is considered to be high. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--InvestmentCompaniesAndEtfsRiskMember_zNgqhPuHgb51">Investment Companies and ETFs Risk</span>.</b> The Fund’s investment performance may be affected by the investment performance of the underlying funds in which the Fund may invest. Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the investment company or ETF holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--LargecapCompaniesRiskMember_zoNJ9B0mRpal">Large-Cap Companies Risk</span>.</b> The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--ManagementRiskMember_zxQIzvfQx3C1">Management Risk</span>.</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--MarketRiskMember_zAIkHZ5g5uxj">Market Risk</span>.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--OpportunityRiskMember_zPM8Z6DpKCN2">Opportunity Risk</span>.</b> As with all mutual funds, the Fund is subject to the risk of missing out on an opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--OverthecounterRiskMember_zmTYHEvkVLHa">Over-the-Counter Risk</span>.</b> Securities traded on over-the-counter (“OTC”) markets are not listed and traded on an organized exchange such as the New York Stock Exchange (“NYSE”). Generally, the volume of trading in an unlisted or OTC common stock is less than the volume of trading in an exchange-listed stock. As a result, the market liquidity of some stocks in which the Fund invests may not be as great as that of exchange-listed stocks and, if the Fund were to dispose of such stocks, the Fund may have to offer the shares at a discount from recent prices or sell the shares in small lots over an extended period of time. In addition, penny stocks and pink sheet stocks can be classified as OTC stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_917_ecustom--SecuritiesLendingRiskMember_ziaknFUzeJ3c">Securities Lending Risk</span>.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--SemitransparentStructureRiskMember_zsSy1G3mqHK9">Semi-Transparent Structure Risk</span>.</b> The goal of the Proxy Portfolio is, during all market conditions, to track closely the daily performance of the Actual Portfolio and minimize intra-day misalignment between the performance of the Proxy Portfolio and the performance of the Actual Portfolio. The Proxy Portfolio is designed to reflect the economic exposures and the risk characteristics of the Actual Portfolio on any given trading day. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 67.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Proxy Portfolio methodology is novel and not yet proven as an effective arbitrage mechanism. The effectiveness of the Proxy Portfolio as an arbitrage mechanism is contingent upon, among other things, the Fund’s factor model analysis creating a Proxy Portfolio that performs in a manner substantially identical to the performance of the Fund’s Actual Portfolio. While the Proxy Portfolio may include some of the Fund’s holdings, it is not the Fund’s Actual Portfolio. ETFs trading on the basis of a published Proxy Portfolio may exhibit wider premiums and discounts, bid/ ask spreads, and tracking error than other ETFs using the same investment strategies that publish their portfolios on a daily basis, especially during periods of market disruption or volatility. Therefore, shares of the Fund may cost investors more to trade than shares of a traditional ETF. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 67.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Each day the Fund calculates the overlap between the holdings of the prior business day’s Proxy Portfolio compared to the Actual Portfolio (<i>i.e.</i>, proxy overlap) and the difference, in percentage terms, between the Proxy Portfolio per share NAV and that of the Actual Portfolio (<i>i.e.</i>, tracking error). If the tracking error becomes large, there is a risk that the performance of the Proxy Portfolio may deviate from the performance of the Actual Portfolio. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 67.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">The Fund’s Board monitors its tracking error and bid/spread. If deviations become too large, the Board will consider the continuing viability of the Fund, whether shareholders are being harmed, and what, if any, corrective measures would be appropriate. See the Statement of Additional Information for further discussion of the Board’s monitoring responsibilities. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 67.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Although the Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Proxy Portfolio to identify a Fund’s trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its shareholders. </p> </td> </tr> </table> Performance <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_ze3aMLLly7Wd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. <span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member_zFOfJ4Nsf1y4">The bar chart shows the performance of the Fund for one year. The table illustrates how the Fund’s average annual total returns for one-year and since-inception periods compare with those of a broad measure of market performance and the Fund’s Index. </span><span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member_z3QHjZTuJje1">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results.</span> Updated performance information is available on the Fund’s website at <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member_zsJBGGpeayMa">www.sgiam.com</span>. </span></p> The bar chart shows the performance of the Fund for one year. The table illustrates how the Fund’s average annual total returns for one-year and since-inception periods compare with those of a broad measure of market performance and the Fund’s Index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. www.sgiam.com TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 0.1987 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_zIe7Zu1kuuE" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member__oef--ClassAxis__custom--C000236679Member_zwiZwfdQzjj2">Best Quarter</span>: <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member__oef--ClassAxis__custom--C000236679Member_zzMWcijbzgd">12.57%</span> in the quarter ended <span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member__oef--ClassAxis__custom--C000236679Member_z9bPyEfUvKg1">March 31, 2024</span><br/> <span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member__oef--ClassAxis__custom--C000236679Member_zAqN9TYoJSxi">Worst Quarter</span>: <span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member__oef--ClassAxis__custom--C000236679Member_zqOUZjft7812">0.21%</span> in the quarter ended <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member__oef--ClassAxis__custom--C000236679Member_zfBnqjLCHFUb">December 31, 2024</span> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_909_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member__oef--ClassAxis__custom--C000236679Member_zhO2wD0ACQG3">year-to-date total return</span> for the three months ended <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member__oef--ClassAxis__custom--C000236679Member_z4ZgPX5TLgKe">September 30, 2025</span> was <span id="xdx_90A_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member__oef--ClassAxis__custom--C000236679Member_zR60KBMy9Yi4">12.29%</span>. </span></p> Best Quarter 0.1257 2024-03-31 Worst Quarter 0.0021 2024-12-31 year-to-date total return 2025-09-30 0.1229 Average Annual Total Returns (For the periods ended December 31, 2024) 2023-03-30 2023-03-30 2023-03-30 2023-03-30 0.1987 0.2329 0.1625 0.2078 0.1206 0.1709 0.2502 0.2549 <p id="xdx_A8B_eoef--PerformanceTableClosingTextBlock_zTeH2y6pFhda" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member_zx5CySsradY5">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90C_eoef--PerformanceTableOneClassOfAfterTaxShown_c20251231__20251231__dei--LegalEntityAxis__custom--S000076677Member_zyGWkL7s1eZ7">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z1PQuYEwIzRb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The SGI Dynamic Tactical ETF (for this section only, the “Fund”) seeks to provide long-term capital appreciation. </p> Fees and Expenses <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zWT64ukWRccb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0095 0.0000 0.0000 0.0037 0.0132 Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zvzzsta66Pvl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 134 418 723 1590 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zKx2T4KqTJic" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member_zXt37Aj0Jgxa">108%</span> of the average value of its portfolio. </span></p> 1.08 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_z3MmKsTjcEDl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively-managed exchange-traded fund (“ETF”) and invests in securities of affiliated and unaffiliated ETFs and open-end mutual funds (collectively, “Underlying Funds”). The Fund utilizes both fundamental analysis and proprietary quantitative frameworks that help inform the investment decision-making process regarding strategic investment opportunities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may allocate among major equity asset classes and sectors, within the Underlying Funds, of the U.S., foreign and emerging markets equity of any capitalization. It may further allocate, including by not limited to: domestic investment-grade bonds, domestic high yield bonds (also known as “junk bonds”), foreign investment-grade, commodities, precious metals and money market funds during periods of weakness in equity markets. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">It will generally have some level of investment in equity assets classes but there is no stated limit on the percentage of assets the fund can invest in a particular Underlying Fund or the percentage of assets the fund will allocate to any one asset class, and at times the fund may focus on a small number of Underlying Funds or asset classes and may be non-diversified across asset classes and/or Underlying Funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal circumstances, the Fund will seek to fully participate in the positive upside of equity markets. The Fund will seek to reduce risk when fundamental and quantitative frameworks identify weakness within various asset classes and/or sectors and will tactically alternate various Underlying Funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Summit Global Investments, LLC (the “Adviser”) may make tactical exposure changes for various other reason. For example, the Adviser may attempt to lower the Fund’s market risk by investing in the Underlying Funds that seek to lower the overall volatility of the Fund’s portfolio as compared to the S&amp;P 500^® Index. Volatility is a statistical measurement of the magnitude of up and down fluctuations in the value of a financial instrument or index. In addition, the Adviser reviews the idiosyncratic risks associated with each of the Underlying Funds and if these risks are deemed elevated with increased downside risks the Adviser may make changes to the Underlying Funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser selects the Underlying Funds for the Fund that it anticipates will produce a portfolio with less volatility with more capital protection and consistent returns. While the Adviser attempts to manage the Fund’s various risks, such as volatility and downside risks, there is no guarantee that the strategy will be successful or that the Fund’s portfolio will not experience periods of volatility and loss. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Adviser may evaluate how corporate management executes the objective of the Underlying Fund through examination of the Underlying Fund’s proxy voting records, prospectus and other reports. The methods that the Underlying Funds use may vary. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may focus its investments in a particular industry or sector for the purpose of capitalizing due to significant changes in market conditions or geopolitical conditions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may sell one or more of the Underlying Funds if the Adviser identifies fundamental, legal or other risks and/or if the risk/return ranking declines due to increasing risk and/or decreasing return potential. The Fund may also decrease weight in an investment for risk control purposes. Additionally, the Fund may seek to increase its income by lending portfolio securities. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><i>Semi-Transparent Actively-Managed ETF with Portfolio Reference Basket Structure.</i> The Fund is an actively-managed, semi-transparent ETF. Unlike traditional ETFs, which generally publish their portfolio holdings on a daily basis, the Fund discloses a portfolio transparency substitute—the “Portfolio Reference Basket”—and certain related information about the Portfolio Reference Basket relative to the Fund’s actual portfolio (“Actual Portfolio”) holdings (the “Portfolio Reference Basket Disclosures”), which are intended to help keep the market price of the Fund’s Shares trading at or close to the underlying net asset value (“NAV”) per Share of the Fund. While the Portfolio Reference Basket includes all of the Fund’s holdings, it is not the Fund’s Actual Portfolio because the holdings will be weighted differently, subject to a minimum weightings overlap of 90% with the Fund’s Actual Portfolio at the beginning of each trading day. The Fund also discloses the maximum deviation between the weightings of the specific securities in the Portfolio Reference Basket and the weightings of those specific securities in the Actual Portfolio, as well as between the weighting of the respective cash positions (the “Guardrail Amount”). The Guardrail Amount is intended to ensure that no individual security in the Portfolio Reference Basket will be overweighted or underweighted by more than the publicly disclosed percentage when compared to the actual weighting of each security within the Actual Portfolio as of the beginning of each trading day. The Fund is actively-managed and does not seek to track an index. </p> Loss of money is a risk of investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--AffiliatedFundRiskMember_ziwYrQYZa26i">Affiliated Fund Risk</span>.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--CurrencyRiskMember_z5U8AijrWpe3">Currency Risk</span>.</b> Underlying Funds that invest in foreign securities are subject to currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and that may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, the Underlying Funds, and the Underlying Fund’s third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective investment advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds, or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Dividend-Paying Securities Risk.</b> Underlying Funds that invest in dividend-paying securities may be subject to the risk that the company issuing such securities may fail and have to decrease or eliminate its dividend. In such an event, an Underlying Fund, and in turn the Fund, may not only lose the dividend payout but the stock price of the company may fall. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--EmergingMarketsRiskMember_zJphx2y8Aljg">Emerging Markets Risk</span>.</b> The Fund may invest in companies organized in emerging market countries. Investment in emerging market securities involves greater risk than that associated with investment in foreign securities of developed foreign countries. These risks include volatile currency exchange rates, periods of high inflation, increased risk of default, greater social, economic and political uncertainty and instability, less governmental supervision and regulation of securities markets, weaker auditing and financial reporting standards, lack of liquidity in the markets, and the significantly smaller market capitalizations of emerging market issuers. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Equity Risk.</b> The Underlying Funds’ investments in common stock are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Cash Transactions Risk,” “Limitations of Intraday Indicative Value (IIV) Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as authorized participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund 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. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. Further, the Fund is utilizing a novel and unique structure, which may affect the number of entities willing to act as APs, market makers and/or liquidity providers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk.</i> Unlike traditional ETFs, the securities in the Fund’s basket of securities exchanged for a Creation Unit will not correspond pro rata to the positions in the Fund’s portfolio, and the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Limitations of Intraday Indicative Value (IIV) Risk. </i>The Exchange or a market data vendor intends to disseminate the approximate per share value of the Fund’s Portfolio Reference Basket every 15 seconds (the “intraday indicative value” or “IIV”). The IIV should not be viewed as a “real-time” update of the NAV per share of the Fund because (i) the IIV is not be calculated in the same manner as the NAV, which is computed once a day, generally at the end of the business day, (ii) the calculation of NAV may be subject to fair valuation at different prices than those used in the calculations of the IIV, (iii) unlike the calculation of NAV, the IIV does not take into account Fund expenses, and (iv) the IIV is based on the Portfolio Reference Basket and not on the Fund’s Actual Portfolio. The Fund, the Adviser , Sub-Adviser and their affiliates are not involved in, or responsible for, any aspect of the calculation or dissemination of the Fund’s IIV, and the Fund, the Adviser, Sub-Adviser and their affiliates do not make any warranty as to the accuracy of these calculations. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, the Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 63pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Portfolio Reference Basket and/or Actual Portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although the Portfolio Reference Basket structure is intended to provide market participants with enough information to allow for an effective arbitrage mechanism that will help to keep the market price of the Fund’s Shares at or close to the Fund’s NAV, there is a risk that market prices for Fund Shares will vary significantly from the Fund’s NAV. This risk is heightened in times of market volatility or periods of steep market declines. This risk may be greater for the Fund than for traditional ETFs that disclose their full portfolio holdings on a daily basis because the publication of the Portfolio Reference Basket does not provide the same level of transparency as the daily publication of the actual portfolio by a traditional ETF. This could cause the Fund’s Shares to have wider bid/ask spreads and larger premiums/discounts than traditional ETFs using the same or similar investment strategies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--FixedIncomeSecuritiesRiskMember_zVsTrxtmLD0e">Fixed Income Securities Risk</span>.</b> To the extent the Fund invests in Underlying Funds that invest in fixed income securities, the Fund will be subject to fixed income securities risks. While fixed income securities normally fluctuate less in price than stocks, there have been extended periods of increases in interest rates that have caused significant declines in fixed income securities prices. The values of fixed income securities may be affected by changes in the credit rating or financial condition of their issuers. Generally, the lower the credit rating of a security, the higher the degree of risk as to the payment of interest and return of principal. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Credit Risk.</span> The issuer of a fixed income security may not be able to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation. An Underlying Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Duration Risk.</span> Prices of fixed income securities with longer effective maturities are more sensitive to interest rate changes than those with shorter effective maturities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Income Risk.</span> The Fund’s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest in Underlying Funds that invest their assets in lower-yielding securities. Because interest rates vary, it is impossible to predict the income or yield of the Fund for any particular period. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Interest Rate Risk.</span> The value of the Fund or an Underlying Fund may fluctuate based upon changes in interest rates and market conditions. As interest rates increase, the value of an Underlying Fund’s income-producing investments may go down. For example, bonds tend to decrease in value when interest rates rise. Debt obligations with longer maturities typically offer higher yields, but are subject to greater price movements as a result of interest rate changes than debt obligations with shorter maturities. Changing interest rates may have unpredictable effects on the markets and an Underlying Fund’s investments and may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Prepayment Risk.</span> The Fund may invest in Underlying Funds that invest in securities that are subject to fluctuations in yield, due to prepayment rates that may be faster or slower than expected. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">Rating Risk.</span> If a rating agency gives a debt security a lower rating, the value of the debt security will decline because investors will demand a higher rate of return. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--ForeignCustodyRiskMember_zqXQ6fnivVp5">Foreign Custody Risk</span>.</b> An Underlying Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories appointed by the Underlying Fund’s custodian (each a “Foreign Custodian”). Some Foreign Custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Underlying Fund’s ability to recover its assets if </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well-regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--ForeignSecuritiesRiskMember_znQM4eMNegY6">Foreign Securities Risk</span>. </b>Underlying Funds that invest in foreign securities may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections and differences in taxation, auditing and other financial practices. Investments in emerging market securities by Underlying Funds are subject to higher risks than those in developed countries because there is greater uncertainty in less established markets and economies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--GrowthRiskMember_zlWlBl15p4U4">Growth Risk</span>.</b> If an Underlying Fund adviser’s perceptions of a company’s growth potential are wrong, the securities purchased by that Underlying Fund may not perform as expected, thereby reducing the Underlying Fund’s and the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> Portfolio turnover risk is the risk that when investing on a shorter-term basis, the Fund may as a result trade more frequently and incur higher levels of brokerage fees and commissions and cause higher levels of current tax liability to shareholders of the Fund. A portfolio turnover rate of 100% is considered to be high. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--HighYieldSecuritiesJunkBondRiskMember_zIXOsX9KORTk">High-Yield Securities (“Junk Bond”) Risk</span>. </b>To the extent that a Fund invests in Underlying Funds that invest in high-yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”), the Fund may be subject to greater levels of interest rate and credit risk than funds that do not invest in such securities. Junk bonds are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce an Underlying Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Underlying Fund may lose its entire investment, which will affect the Underlying Fund’s and the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--IndexManagementRiskMember_zFR0MupjPkHg">Index Management Risk</span>. </b>To the extent the Fund invests in an Underlying Fund that is intended to track a target index, it is subject to the risk that the Underlying Fund may track its target index less closely. For example, an adviser to the Underlying Fund may select securities that are not fully representative of the index, and the Underlying Fund’s transaction expenses, and the size and timing of its cash flows, may result in the Underlying Fund’s performance being different than that of its index. Additionally, the Underlying Fund will generally reflect the performance of its target index even when the index does not perform well. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--IndustryOrSectorFocusRiskMember_zVW3kfYnxgE1">Industry or Sector Focus Risk</span>.</b> To the extent the Fund invests in Underlying Funds that focus their investments in a particular industry or sector, the Fund’s shares may be more volatile and fluctuate more than shares of a fund investing in a broader range of securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--LargecapitalizationCompaniesRiskMember_zzk4PMpmxTV5">Large-Capitalization Companies Risk</span>.</b> The stocks of large capitalization companies as a group could fall out of favor with the market, causing an Underlying Fund and the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--LowVolatilityRiskMember_zuKagdAWj5Rf">Low Volatility Risk</span>.</b> Underlying Funds with investments in low volatility companies are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility Underlying Funds may not produce investment exposure that has lower variability to changes in market levels. Investing in low volatility Underlying Funds may limit the Fund’s gains in rising markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk.</b> The Fund is subject to the risk of poor selection in Underlying Funds. The Underlying Funds may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in Underlying Funds that the Adviser believes will produce less volatility, there is no guarantee that the Underlying Funds will perform as expected. The prices of securities held by the Underlying Funds may decline in response to conditions affecting the general economy, overall market changes, local, regional or global political, social or economic instability, and currency, interest rate and commodity price fluctuations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--MidCapitalizationCompaniesRiskMember_zNKjovjJfz9h">Mid-Capitalization Companies Risk</span>.</b> The stocks of mid-capitalization companies that the Underlying Funds may invest in may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Opportunity Risk.</b> As with all mutual funds, the Fund is subject to the risk of missing out on an opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--SmallCapitalizationCompaniesRiskMember_zFK98ajAuc85">Small-Capitalization Companies Risk</span>.</b> Small-cap companies that the Underlying Funds may invest in may be more volatile than, and not as readily marketable as, those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Additionally, the trading volume of small-cap company securities may make them more difficult to sell than those of larger companies. Moreover, the lack of an efficient market for the securities may make them difficult to value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--UnderlyingFundsRiskMember_zD8PgiEHRktg">Underlying Funds Risk</span>.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The Fund’s investment performance and its ability to achieve its investment objective are directly related to the performance of the Underlying Funds in which it invests. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. In October 2020, the SEC adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in another investment company. These regulatory changes may adversely impact the Fund’s investment strategies and operations. </p> </td> </tr> </table> Performance <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zImCVErkk1w4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. <span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member_zXoF8UayKYY2">The bar chart shows the performance of the Fund for one year. The table illustrates how the Fund’s average annual total returns for one-year and since-inception periods compare with those of a broad measure of market performance and the Fund’s Index.</span> <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member_zhpom4FeDHkb">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results.</span> Updated performance information is available on the Fund’s website at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member_zTFhUN7wRg6g">www.sgiam.com</span>. </span></p> The bar chart shows the performance of the Fund for one year. The table illustrates how the Fund’s average annual total returns for one-year and since-inception periods compare with those of a broad measure of market performance and the Fund’s Index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. www.sgiam.com TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31 0.1327 <p id="xdx_A82_eoef--BarChartClosingTextBlock_z0Xbi5EPPsF1" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member__oef--ClassAxis__custom--C000236678Member_zWvecFWn3V95">Best Quarter</span>: <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member__oef--ClassAxis__custom--C000236678Member_zywQYkZNz9B7">7.65%</span> in the quarter ended <span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member__oef--ClassAxis__custom--C000236678Member_zW9roRQ92Lo6">March 31, 2024</span><br/> <span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member__oef--ClassAxis__custom--C000236678Member_zE3HtaHUzWka">Worst Quarter</span>: <span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member__oef--ClassAxis__custom--C000236678Member_znKyJfqoU8Dh">-0.96%</span> in the quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member__oef--ClassAxis__custom--C000236678Member_zcBCRDilCKG5">December 31, 2024</span> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_90E_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member__oef--ClassAxis__custom--C000236678Member_zYzJlj5Obmhd">year-to-date total return</span> for the three months ended <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member__oef--ClassAxis__custom--C000236678Member_zKfJyZG61jkl">September 30, 2025</span> was <span id="xdx_900_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member__oef--ClassAxis__custom--C000236678Member_z3NtlEkJBcBk">4.92%</span>. </span></p> Best Quarter 0.0765 2024-03-31 Worst Quarter -0.0096 2024-12-31 year-to-date total return 2025-09-30 0.0492 Average Annual Total Returns (For the periods ended December 31, 2024) 2023-03-29 2023-03-29 2023-03-29 2023-03-29 2023-03-29 0.1327 0.1285 0.0951 0.1051 0.0861 0.0918 0.2502 0.2586 0.1871 0.1969 <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zQuGhxlUo1qf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member_zVvOKnfGGGj8">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span id="xdx_904_eoef--PerformanceTableOneClassOfAfterTaxShown_c20251231__20251231__dei--LegalEntityAxis__custom--S000076676Member_zU8FmvYUp84g">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SGI Enhanced Global Income ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zCuU88mTEeOb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the SGI Enhanced Global Income ETF (for this section only, the “Fund”) is to seek capital appreciation and current income. </p> Fees and Expenses <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zdTfTkCnNQE1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0098 0.0000 0.0000 0.0000 0.0098 Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zIV5zCtZml42" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 100 312 542 1201 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zVwKaCs432y8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000084011Member_zrB4CWuHlQt1">231%</span> of the average value of its portfolio. </span></p> 2.31 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zgPoEHOHE257" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively-managed exchange-traded fund (“ETF”) and seeks to achieve its objective by (1) actively investing in global companies that offer dividend income and that trade on U.S. stock exchanges and (2) investing in options strategies that seek to generate current income. The Fund uses an actively traded put and call options strategy that choose deep out-of-the-money strike prices generally expiring within 1-7 days to generate income. The options selling strategy </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">seeks to provide income using exposure to the value of the S&amp;P 500 Index (the “Index”) or other broad benchmark indices. The Fund is subject to limits on the potential gains and losses as a result of the nature of the options strategy it employs. The Fund’s options contracts are intended to provide current income from option premiums and a limit on the Fund’s indirect participation in gains or losses, if any, of the increase in the value of the Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s investments in non-U.S. companies include, without limitation, common stocks, preferred stocks, warrants to acquire common stock, securities convertible into common stock through depository receipts, and American Depository Receipts (“ADRs”). The Fund invests, under normal market conditions, significantly (ordinarily at least 40% - unless market conditions are not deemed favorable by Summit Global Investments, LLC (the “Adviser”), in which case the Fund would invest at least 30%) in non-U.S. companies. The Fund defines non-U.S. companies as companies (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets or derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States. The Fund may also invest in other registered investment companies, including ETFs, which may or may not be managed by the Adviser (“Underlying Funds”). The Fund may invest in or have exposure to companies of any size, but primarily invests in large- and mid- capitalization companies. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to provide an “enhanced” yield compared to traditional option-based strategies. It does this by frequently selling short-term options (typically less than one week in duration), which typically generates more income than selling longer-term options over the same period. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends to enter into derivatives or other transactions, including options contracts, that provide leverage, in compliance with Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is expected to be a full derivatives user under Rule 18f-4, and has adopted policies and procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund may engage in derivative transactions could also limit or prevent the Fund from using certain instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In addition to its options investments, the Fund may hold short-term U.S. Treasury securities for collateral for the options, and to generate income. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In seeking to achieve its principal investment strategies, the Fund may engage in trading of portfolio securities that may result in a high portfolio turnover rate. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> Loss of money is a risk of investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--AffiliatedFundRiskMember_z377kDGoiAo4">Affiliated Fund Risk</span>. </b>Affiliated fund risk is the risk that the Adviser may select investments in other investment companies, including ETFs, for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--CommonStockRiskMember_zYefLTFG3Jo6">Common Stock Risk</span>.</b> Investments in common stocks are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--ConcentrationRiskMember_zkmHm03isv46">Concentration Risk</span>. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--ConvertibleSecuritiesRiskMember_z7V4dzV4bn4a">Convertible Securities Risk</span>. </b>Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--CounterpartyRiskMember_zKsx4GV49r18">Counterparty Risk</span>.</b> Some of the derivatives entered into by the Fund are not traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. A counterparty defaulting on its payment obligations to the Fund will cause the value of an investment in the Fund to decrease. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--CurrencyRiskMember_zo9NCh5j4Hl">Currency Risk</span>. </b>Investment in foreign securities also involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_912_ecustom--CyberSecurityRiskMember_zVGdeGEFmF6b">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--DerivativesRiskMember_zqcAqO3caTKg">Derivatives Risk</span>.</b> The Fund’s investments in derivative instruments including options, forward currency exchange contracts, swaps and futures, which may be leveraged, may result in losses. Investments in derivative instruments may result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The 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. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--DividendpayingSecuritiesRiskMember_zOV3HmyRyef3">Dividend-Paying Securities Risk</span>.</b> A company issuing dividend-paying securities may fail and have to decrease or eliminate its dividend. In such an event, the Fund may not only lose the dividend payout but the stock price of the company may fall. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--EtfRiskMember_zm108R33JaV3">ETF Risk</span>. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Cash Transactions Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as authorized participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares. Further, the Fund is utilizing a novel and unique structure, which may affect the number of entities willing to act as APs, market makers and/or liquidity providers. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk.</i> Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, the The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s Portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund’s NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--ForeignSecuritiesRiskMember_zWePhBoevgYb">Foreign Securities Risk</span>. </b>International investing may be subject to special risks, including, but not limited to, currency exchange rate volatility, political, social or economic instability, less publicly available information, less stringent investor protections and differences in taxation, auditing and other financial practices. Foreign securities in which the Fund invests may be traded in markets that close before the time that the Fund calculates its NAV. Furthermore, certain foreign securities in which the Fund invests may be listed on foreign exchanges that trade on weekends or other days when the Fund does not calculate its NAV. As a result, the value of the Fund’s holdings may change on days when shareholders are not able to purchase or redeem the Fund’s shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--FuturesRiskMember_zpe8iDBXDCO1">Futures Risk</span>. </b>The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market, and possible regulatory position limits and restrictions for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">predict correctly the direction of securities prices, equity indices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--HighPortfolioTurnoverRiskMember_z6NRW23gZuO8">High Portfolio Turnover Risk</span>.</b> The risk that when investing on a shorter-term basis, the Fund may as a result trade more frequently and incur higher levels of brokerage fees and commissions and cause higher levels of current tax liability to shareholders of the Fund. A portfolio turnover rate of 100% is considered to be high. For the last fiscal year, the annual portfolio turnover rate of the Fund was lower than 100%, but the Fund’s portfolio turnover rate is expected to vary from year to year. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--LargecapCompaniesRiskMember_zWQOl9Sn8oKe">Large-Cap Companies Risk</span>.</b> The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--LargeShareholderRiskMember_z7Rsv7gtIYuk">Large Shareholder Risk</span>.</b> Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund’s shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--LeverageRiskMember_z4XG8PYJoJH">Leverage Risk</span>.</b> Leverage amplifies changes in the Fund’s NAV and may make the Fund more volatile. Derivatives may create leverage and can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate of losses. There can be no assurance that the Fund’s use of any leverage will be successful. The Fund’s investment exposure can exceed its net assets, sometimes by a significant amount. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--LiquidityRiskMember_zuEMt5iZtmMg">Liquidity Risk</span>.</b> Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--LowVolatilityRiskMember_zbWy6LD3z5q3">Low Volatility Risk</span>.</b> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks’ price levels. Investing in low volatility stocks may limit the Fund’s gains in rising markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ManagementRiskMember_z99dym2kJWC2">Management Risk</span>.</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--MarketRiskMember_zmtVD2fsokR8">Market Risk</span>. </b>The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--MidcapCompaniesRiskMember_zDh9eSWiSr73">Mid-Cap Companies Risk</span>.</b> The stocks of mid-sized companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--OptionsRiskMember_zKeBXgfUpKek">Options Risk</span>.</b> An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a “call”) or sell (a “put”) an asset in the near future at an agreed upon price prior to the expiration date of the option. The Fund may “cover” a call option by owning the security underlying the option or through other means. The price and value of options can be highly volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including its anticipated volatility, which are affected by national and international fiscal and monetary policies, the time remaining until the expiration of the option contract and economic events, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. The value of the option contracts in which the Fund invests are substantially influenced by the value of the Index, and the Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--OtherInvestmentCompanyRiskMember_zNLx4pAng3r8">Other Investment Company Risk</span>.</b> To the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies’ investments, as well as to the other investment companies’ expenses. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"><p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_91D_ecustom--PriceParticipationRiskMember_zuqBtynp4Zh1"><b>Price Participation Risk</b></span><b>.</b> The Fund employs an investment strategy that includes the sale of out-of-the-money put option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the Index over the call period (typically, one day, but may range up to one week). This means that if the Index experiences an increase in value above the strike price of the sold put options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform the Index over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by the Index over each call period, but has full exposure to any decreases in value experienced by the Index over the call period, the NAV of the Fund may decrease over any given time period. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_911_ecustom--SecuritiesLendingRiskMember_zfauORwFkl0f">Securities Lending Risk</span>. </b>The Fund may lend portfolio securities to institutions, such as certain broker- dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--ReferencedIndexRiskMember_z3gvLhSWUSG9"><span id="xdx_91E_ecustom--SecuritiesLendingRiskMember_zvqygNM6QySd">Referenced Index Risk</span></span>.</b> The Fund invests in options contracts that are based on the value of the Index (or in ETFs that track the Index’s performance). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--WarrantsRiskMember_zQHAkl4iiKGd">Warrants Risk</span>.</b> The purchase of warrants involves the risk that the Fund could lose the purchase value of a warrant if the right to subscribe to additional shares is not executed prior to the warrant’s expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the level of the underlying security. </p> </td> </tr> </table> Performance <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zo5F5OR4zzni" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance as of the date of this Prospectus. <span id="xdx_902_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000084011Member_ztSq7G1ZZJa1">Performance information will be included once the Fund has at least one calendar year of performance. </span><span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000084011Member_z0Yaf3Cu0s82">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results.</span> Recent performance information is available on the Fund’s website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000084011Member_zfhSuXHJDCG4">www.sgiam.com</span>. </p> Performance information will be included once the Fund has at least one calendar year of performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. www.sgiam.com SGI Enhanced Core ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zEHmtNjEKg15" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the SGI Enhanced Core ETF (for this section only, the “Fund”) is to seek income. </p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zcuJqWowJqff" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0098 0.0000 0.0000 0.0000 0.0098 Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zHjRNE8fZlG2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 100 312 542 1201 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zxWbzTmlJ847" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the <span id="xdx_900_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000084010Member_zO7MutaSwXW5">0%</span> portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a high portfolio turnover rate. </span></p> 0 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zX2vze2nHzBd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively-managed exchange-traded fund (“ETF”) and seeks to achieve its objective by (1) investing in a diversified portfolio of higher-yielding high quality short-term money market instruments, money market mutual funds and/or fixed-income and other debt-related instruments, and (2) investing in ultra-short-term options strategies that seek to generate current income. The Fund is not a money market fund and does not seek to maintain a fixed or stable net asset value (“NAV”). The Fund uses an actively traded put and call options strategy that chooses deep out of the money strike prices generally expiring within 1-7 days to generate income. The options selling strategy seeks to provide income using exposure to the value of the S&amp;P 500 Index (the “Index”) or other broad benchmark indices and is subject to limits on the potential gains and losses as a result of the nature of the options strategy. The Fund’s options contracts are intended to provide current income from option premiums and a limit on the Fund’s indirect participation in gains or losses, if any, of the increase in the value of the Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to provide an “enhanced” yield compared to traditional option-based strategies. It does this by frequently selling short-term options (typically less than one week in duration), which usually generates more income than selling longer-term options over the same period. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In addition to its options investments, the Fund will hold short-term U.S. Treasury securities for collateral for the options, and to generate income. The Fund may also invest in fixed-income and other debt-related instruments, bank deposits and bank obligations (including certificates of deposit, time deposits and bankers’ acceptances) of U.S. or foreign banks denominated in any currency, repurchase agreements and other registered investment companies, including ETFs. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends to enter into derivatives or other transactions, including options contracts, that provide leverage, in compliance with Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is expected to be a full derivatives user under Rule 18f-4, and has adopted policies and procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund may engage in derivative transactions could also limit or prevent the Fund from using certain instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In seeking to achieve its principal investment strategies, the Fund may engage in trading of portfolio securities that may result in a high portfolio turnover rate. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> Loss of money is a risk of investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--BankObligationsRiskMember_zxrF4vH82Dgd">Bank Obligations Risk</span>.</b> The Fund may invest in deposits and other obligations of U.S. and non-U.S. banks and financial institutions. Investments in obligations of non-U.S. banks and financial institutions may involve risks that are different from investments in obligations of U.S. banks. These risks include future unfavorable political and economic developments, seizure or nationalization of foreign deposits, currency controls, interest limitations or other governmental restrictions that might affect the payment of principal or interest on the securities held by the Fund. All investments in deposits and other obligations are subject to credit risk, which is the risk that the Fund may lose its investments in these instruments if, for example, the issuing financial institution collapses and is unable to meet its obligations. This risk is more acute for investments in deposits and other obligations that are not insured by a government or private entity. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Convertible Securities Risk.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Counterparty Risk.</b> Some of the derivatives entered into by the Fund are not traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. A counterparty defaulting on its payment obligations to the Fund will cause the value of an investment in the Fund to decrease. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Derivatives Risk.</b> The Fund’s investments in derivative instruments including options, forward currency exchange contracts, swaps and futures, which may be leveraged, may result in losses. Investments in derivative instruments may result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The 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. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--DurationRiskMember_zzwfyRsS8FWa">Duration Risk</span>.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Cash Transactions Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as authorized participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to 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 </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 63pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares. Further, the Fund is utilizing a novel and unique structure, which may affect the number of entities willing to act as APs, market makers and/or liquidity providers. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk.</i> Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s Portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. There is a risk that market prices for Shares will vary significantly from the Fund’s NAV. This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--FixedIncomeRiskMember_zt2MKaQs1Lmd">Fixed Income Risk</span>.</b> Fixed income securities, such as U.S. Treasuries, or derivatives based on fixed income securities, are subject to credit risk and interest rate risk. Credit risk, as described more fully herein, refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Prices of fixed income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed income security prices and, accordingly, the Fund’s returns and share price. In addition, the Fund may be subject to “call” risk, which is the risk that during a period of falling interest rates the issuer may redeem a security by repaying it early (which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates), and “extension” risk, which occurs during a rising interest rate environment because certain obligations will be paid off by an issuer more slowly than anticipated (causing the value of those securities held by the Fund to fall). </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Futures Risk. </b>The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market, and possible regulatory position limits and restrictions for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, equity indices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Large Shareholder Risk.</b> Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund’s shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Leverage Risk.</b> Leverage amplifies changes in the Fund’s NAV and may make the Fund more volatile. Derivatives may create leverage and can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate of losses. There can be no assurance that the Fund’s use of any leverage will be successful. The Fund’s investment exposure can exceed its net assets, sometimes by a significant amount. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk.</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Options Risk.</b> An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a “call”) or sell (a “put”) an asset in the near future at an agreed upon price prior to the expiration date of the option. The Fund may “cover” a call option by owning the security underlying the option or through other means. The price and value of options can be highly volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including its anticipated volatility, which are affected by national and international fiscal and monetary policies, the time remaining until the expiration of the option contract and economic events, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. The value of the option contracts in which the Fund invests are substantially influenced by the value of the Index, and the Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Other Investment Company Risk.</b> To the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies’ </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">investments, as well as to the other investment companies’ expenses. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Price Participation Risk.</b> The Fund employs an investment strategy that includes the sale of out-of-the-money put option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the Index over the call period (typically, one day, but may range up to one week). This means that if the Index experiences an increase in value above the strike price of the sold put options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform the Index over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by the Index over each call period, but has full exposure to any decreases in value experienced by the Index over the call period, the NAV of the Fund may decrease over any given time period. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Referenced Index Risk.</b> The Fund invests in options contracts that are based on the value of the Index (or in ETFs that track the Index’s performance). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"><p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_919_ecustom--RepurchaseAgreementRiskMember_zsfRueAOze26"><b>Repurchase Agreement Risk</b></span><b>.</b> When the Fund enters into a repurchase agreement, the Fund is exposed to the risk that the other party (i.e., the counterparty) will not fulfill its contractual obligation. In a repurchase agreement, there exists the risk that, when the Fund buys a security from a counterparty that agrees to repurchase the security at an agreed upon price (usually higher) and time, the counterparty will not repurchase the security. These risks are magnified to the extent that a repurchase agreement is secured by collateral other than cash or U.S. government securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker- dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--USGovernmentObligationsRiskMember_zrcSPzwGNxu5">U.S. Government Obligations Risk</span>.</b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. </p> </td> </tr> </table> Performance <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zELCrw7OTwxe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance as of the date of this Prospectus. <span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000084010Member_zMYzd3MlHfpa">Performance information will be included once the Fund has at least one calendar year of performance.</span> <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000084010Member_zCEUDH15HCdf">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results.</span> Recent performance information is available on the Fund’s website at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000084010Member_zoqol4ypMDrc">www.sgiam.com</span>. </p> Performance information will be included once the Fund has at least one calendar year of performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. www.sgiam.com SGI Enhanced Nasdaq-100 ETF Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zQs3T7HVwO0b" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the SGI Enhanced Nasdaq-100 ETF (the “Fund”) is to seek capital appreciation and current income. </p> Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_ztc2iPSgJVCc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0098 0.0000 0.0000 0.0098 Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zRDbzJH9M4v7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 100 312 542 1201 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zBPaNslPrrO6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which least to the <span id="xdx_90D_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000085263Member_zug215AoBzo8">0%</span> portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a high portfolio turnover rate. </span></p> 0 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zGH5aOe0Hllj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively-managed exchange-traded fund (“ETF”) that, under normal market circumstances, seeks to achieve its objective by (1) investing at least 80% of its net assets (including borrowings for investment purposes) in equity investments of companies that, at the time of investment, are included in the Nasdaq-100^® Index (the “Index”) and/or options or futures, ETFs or options on ETFs that seek to replicate the returns of the Index (the “80% Policy”), and (2) investing in options strategies that seek to generate current income. The Fund’s equity investments may include common </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">stock, preferred stock, warrants, securities convertible into common stock, futures, forwards, and options. To the extent options or futures are used to meet the Fund’s 80% policy, the notional value of the options or futures will be used when determining the Fund’s compliance. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a “call”) or sell (a “put”) an asset at an agreed-upon price (“strike price”) prior to a specified date (“expiration date”) in the near future. A call option gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell the underlying asset at the strike price at any time prior to the expiration date of the option, regardless of the market price of the underlying asset. A put option gives the purchaser the right to sell, and the writer (seller) the obligation to buy the underlying asset at the strike price at any time prior the expiration date of the option, regardless of the market price of the underlying asset. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">A call option is considered out-of-the-money if the market price of the underlying asset is trading below the strike price of the call. A put option is out-of-the-money if the market price of the underlying asset is above the put’s strike price. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">An option premium paid to the writer (seller) is in consideration for the writer (seller) undertaking the obligation to sell (in a call option), or to buy (in a put option) the underlying asset, under the options contract. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund uses an actively traded put and call options strategy that writes/sells options with deep out-of-the-money strike prices generally having an expiration date within 1-7 days to generate income. The Fund seeks to provide an “enhanced” yield compared to traditional option-based strategies. It does this by frequently selling short-term options (typically less than one week in duration) to generate income. Options that expire within 1 - 7 days and that are deep out-of-the-money exhibit a greater tendency to expire worthless and help avoid additional costs to the Fund of needing to close out the options contracts through repurchasing them at a higher price. Thus, it is more likely that the Fund would be able to collect the entire premium of the options sold. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s options selling strategy seeks to provide income using exposure to the value of the Index and other broad benchmark indices such as the S&amp;P 500^® Index and the Russell 2000^® Index. The Fund will consider factors such as liquidity, demand, premiums, and volatility in writing options against various broad benchmark indexes. The Index is a market-capitalization weighted index comprised of the securities of the 100 of the largest non-financial companies listed on The Nasdaq Stock Market LLC based on their market capitalization. Such securities may include companies domiciled domestically or internationally (including in emerging markets), and may include common stocks, preferred stock, warrants, securities convertible into common stock, and depositary receipts representing interests in non-U.S. companies. The Index excludes companies that are classified in the “Financials” group by the Industry Classification Benchmark, a product of FTSE International Limited. As of March 28, 2024, the Index had significant exposure to companies in the Technology and Consumer Discretionary sectors. The Fund will not concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries, but the Fund may have significant exposure from time to time to companies in particular industries similar to the make-up of the Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The S&amp;P 500^® Index is an unmanaged index composed of 500 common stocks, classified in eleven industry sectors, which represent approximately 80% of the U.S. equities market. The S&amp;P 500^® Index assigns relative values to the stocks included in the index, weighted according to each stock’s total market value relative to the total market value of the other stocks included in the index. The Russell 2000^® Index is an unmanaged index that consists of the 2,000 smallest companies in the Russell 3000^® Index which is designed to represent approximately 98% of the investable US equity market. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Since the Fund writes/sells options with deep out-of-the-money strike prices, the Fund’s options contracts are intended to provide current income from option premiums. The Fund is subject to limits on the potential gains from selling options contracts to the premiums it collects as a result of the nature of the Fund’s options selling strategy. When the Fund sells an options contract it collects a premium as the seller. When the Fund holds a contract until expiration the premium collected is paid to the Fund. This process creates additional income to the Fund. The Fund may need to purchase or buy the same options contract based on market movements of the underlying indexes to avoid a loss or lock in a loss. This purchase or buy is meant to close out the options contract position, either locking in a gain or loss, based on the price received from when selling the options contract compared to the price paid for when purchasing the same options contract. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends to enter into derivatives or other transactions, including options contracts, that provide leverage, in compliance with Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is expected to be a full derivatives user under Rule 18f-4, and has adopted policies and procedures for investing in derivatives </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">and other transactions in compliance with Rule 18f-4. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund may engage in derivative transactions could also limit or prevent the Fund from using certain instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In addition to its options investments and equity investments, the Fund may hold short-term U.S. Treasury securities for collateral for the options, and to generate income. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in securities of non-U.S. companies including, without limitation, common stocks, preferred stocks, warrants to acquire common stock, securities convertible into common stock, and American Depository Receipts (“ADRs”). The Fund defines non-U.S. companies as companies (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets or derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States. The Fund may also invest in other registered investment companies, including ETFs (which may or may not be managed by the Adviser (“Underlying Funds”), to the extent permitted by applicable law and subject to certain restrictions. The Fund primarily invests in large-capitalization companies, but may invest in or have exposure to companies of any size within the limits of the Fund’s 80% Policy. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In seeking to achieve its investment objectives, the Fund may engage in trading of portfolio securities that may result in a high portfolio turnover rate. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned strategies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash, eligible U.S. dollar-denominated money market instruments, or cash equivalents, including short- or intermediate-term U.S. Treasury securities, as well as other short-term investments, including high quality, short-term debt securities, and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures. Accordingly, during such periods, the Fund may not achieve its investment objective. </p> Loss of money is a risk of investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Common Stock Risk. </b>Investments in common stocks are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Convertible Securities Risk.</b> Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Counterparty Risk. </b>Some of the derivatives entered into by the Fund are not traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. A counterparty defaulting on its payment obligations to the Fund will cause the value of an investment in the Fund to decrease. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk.</b> Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Derivatives Risk. </b>The Fund’s investments in derivative instruments including options, forward currency exchange contracts, swaps and futures, which may be leveraged, may result in losses. Investments in derivative instruments may result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The 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. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Dividend-Paying Securities Risk.</b> A company issuing dividend-paying securities may fail and have to decrease or eliminate its dividend. In such an event, the Fund may not only lose the dividend payout but the stock price of the company may fall. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--EquityMarketsRiskMember_zF4XcIS9Vj76">Equity Markets Risk</span>. </b>The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Cash Transactions Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 63pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk.</i> Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, the The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s Portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund’s NAV. Where all or portion of the Fund’s underlying securities trade in a foreign market that is closed when the market in which the Fund’s Shares are listed is open for trading, there may be changes between the last quote of the underlying securities’ value in the closed foreign market and the value of such underlying securities during the Fund’s domestic trading day. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Futures Risk:</b> The successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market, and possible regulatory position limits and restrictions for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Adviser’s inability to predict correctly the direction of securities prices, equity indices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> The risk that when investing on a shorter-term basis, the Fund may as a result trade more frequently and incur higher levels of brokerage fees and commissions and cause higher levels of current tax liability to shareholders of the Fund. A portfolio turnover rate of 100% is considered to be high. The Adviser may engage in active trading, and will not consider portfolio turnover a limiting factor in making decisions for the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--InflationAndDeflationRiskMember_zw8ehvmeLAOe">Inflation and Deflation Risk</span>. </b>Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and any distributions thereon may decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to the </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Fund’s shareholders. Deflation risk is the risk that the prices of goods and services in the U.S. and many foreign economies may decline over time. Deflation may have an adverse effect on stock prices and the creditworthiness of issuers and may make defaults on debt more likely. If a country’s economy slips into a deflationary pattern, it could last for a prolonged period and be difficult to reverse. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Large-Cap Companies Risk. </b>The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Large Shareholder Risk.</b> Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund’s shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Leverage Risk. </b>Leverage amplifies changes in the Fund’s NAV and may make the Fund more volatile. Derivatives may create leverage and can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate of losses. There can be no assurance that the Fund’s use of any leverage will be successful. The Fund’s investment exposure can exceed its net assets, sometimes by a significant amount. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk.</b> The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-Diversification Risk.</b> The Fund is non-diversified. Compared to other funds, the Fund may invest more of its assets in a smaller number of companies. Gains or losses on a single stock may have greater impact on the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--NonUSIssuersRiskMember_z4HUTvPWtfa8">Non-U.S. Issuers Risk</span>. </b>Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Options Risk.</b> An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a “call”) or sell (a “put”) an asset in the near future at an agreed upon price prior to the expiration date of the option. The Fund may “cover” a call option by owning the security underlying the option or through other means. The price and value of options can be highly volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including its anticipated volatility, which are affected by national and international fiscal and monetary policies, the time remaining until the expiration of the option contract and economic events, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. The value of the option contracts in which the Fund invests are substantially influenced by the value of the Index, and the Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Other Investment Company Risk.</b> To the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those other investment companies. Investments in other investment companies are subject to the risks of the other investment companies’ </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">investments, as well as to the other investment companies’ expenses. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Price Participation Risk.</b> The Fund employs an investment strategy that includes the sale of out-of-the-money put option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the Index over the call period (typically, one day, but may range up to one week). This means that if the Index experiences an increase in value above the strike price of the sold put options during a call period, the Fund will likely not experience that increase to the same extent and may significantly underperform the Index over the call period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by the Index over each call period, but has full exposure to any decreases in value experienced by the Index over the call period, the NAV of the Fund may decrease over any given time period. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Referenced Index Risk.</b> The Fund invests in options contracts that are based on the value of the Index (or in ETFs that track the Index’s performance). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--SectorRiskMember_zxIZZer3xBu6">Sector Risk</span>.</b> To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker- dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--TrackingErrorRiskMember_z0bfq5r43Sri">Tracking Error Risk</span>. </b>The performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--TemporaryInvestmentsMember_z4AyyqbrPkra">Temporary Investments</span>. </b>The Fund may depart from its principal investment strategy in response to adverse market, economic, political or other conditions by taking a temporary defensive position (up to 100% of its assets) in cash, cash equivalents and all types of money market and short-term debt securities. The value of money market instruments tends to fall when current interest rates rise. Money market instruments are generally less sensitive to interest rate changes than longer-term securities. If the Fund were to take a temporary defensive position, it may be unable to achieve its investment objective for a period of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>U.S. Government Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91D_ecustom--ValuationRiskMember_zTxnt5u8UrAj">Valuation Risk</span>.</b> During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value its options contracts becomes more difficult and the judgment of the Adviser, as the Fund’s valuation designee, employing the fair value procedures adopted by the Board of Directors (the “Board”) of the RBB Fund, Inc. (the “Company”), may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. In the event an investment may need to be fair valued, the valuation involves subjectivity and there is a risk that the Fund may not be able to sell an investment at the price assigned to it in accordance with the Company’s policies and procedures in accordance with Rule 2a-5 of the 1940 Act (“Rule 2a-5”). </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Warrants Risk. </b>The purchase of warrants involves the risk that the Fund could lose the purchase value of a warrant if the right to subscribe to additional shares is not executed prior to the warrant’s expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the level of the underlying security. </p> </td> </tr> </table> Performance <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zYqALOR4cW25" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance as of the date of this Prospectus. <span id="xdx_900_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000085263Member_zH8g6USLUfyf">Performance information will be included once the Fund has at least one calendar year of performance.</span> <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000085263Member_zV9w7KCMtqWc">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results.</span> Recent performance information is available on the Fund’s website at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000085263Member_zYCicWBhTp09">www.sgiam.com</span>. </p> Performance information will be included once the Fund has at least one calendar year of performance. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. www.sgiam.com SUMMARY SECTION Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zY9lN1Tylq5a" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the SGI Enhanced Market Leaders ETF (the “Fund”) is to seek capital appreciation and current income. </p> Fees and Expenses <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zn2WXxfVhcA9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0.0000 0.0009 0.0059 “Other Expenses” are estimated for the current fiscal year. Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zloliRB2YGta" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 60 189 329 738 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zN67wPeRvcY7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended December 31, 2024 the Fund’s portfolio turnover rate was 0.00%. For the period from January 1, 2025 to the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_908_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member_z5rPVq2sjLxi">13%</span> of the average value of its portfolio. </span></p> 0.13 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zI2C4Wmf4i9l" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is an actively-managed exchange-traded fund (“ETF”) and seeks to achieve its objective by (1) investing under normal circumstances at least 80% of the net assets of the portfolio (including borrowings for investment purposes) in securities of large-capitalization companies (the “80% Policy”). For the purposes of the 80% Policy, the Fund considers large-capitalization companies to be those companies listed within the Russell 1000^® Index or S&amp;P 500^® Index. The Fund will also invest in options strategies that seek to generate current income. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s equity investments will generally consist primarily of common stocks, but may also include other equity securities. Equity securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. The Fund purchases equity securities traded in the United States on registered exchanges or the over-the-counter market. The Fund may also invest in other registered investment companies, including ETFs. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Summit Global Investments, LLC (the “Adviser”) attempts to achieve the Fund’s objective by investing in stocks of companies it considers “market leaders.” The Adviser considers a market leader to be a company with strengthening business metrics (i.e., earnings, debt, return on assets, competition, customers, industry, etc.) and favorable quantitative factors such as earnings variability, leverage, volatility, price/book, price/cash flow, etc. In addition, the Adviser reviews the idiosyncratic risks associated with each stock. The Fund may sell a stock if these risks are deemed elevated with increased downside risks and/or if the risk/return characteristics decline due to increasing risk and/or decreasing return potential. Further, the Fund may also decrease weight in an investment for risk control purposes. Further, the Adviser may not sell from the portfolio a holding that the Adviser believes is likely to appreciate more than the Russell 1000^® Index or S&amp;P 500^® Index solely because the market capitalizations of such holdings cause the portfolio to hold less than 80% of its net assets within these indexes. As such, the Fund may, from time to time, hold less than 80% of its net assets within large capitalization companies. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund typically uses an actively traded put and call options strategies that writes/sells options with both out-of-the-money strike prices and covered calls to generate income. The Fund seeks to provide an “enhanced” yield compared to traditional option-based strategies. It does this by both frequently selling short-term options (typically less than six weeks in duration), spread options (typically one to four weeks in duration), and covered calls to generate income. Options that expire within six weeks and that are out-of-the-money exhibit a greater tendency to expire worthless and help avoid additional costs to the Fund of needing to close out the options contracts through repurchasing them at a higher price. Thus, it is more likely that the Fund would be able to collect the entire premium of the options sold. To the extent that the Fund writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Fund could experience a substantial or unlimited loss. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s options strategy seeks to provide income using exposure that includes to the value of the underlying stock, the S&amp;P 500^® Index, or other broad benchmark indices (each, an “Index”). The Fund will consider factors such as liquidity, demand, premiums, and volatility in utilizing options against various Indexes or stocks. The Fund’s options contracts are intended to provide a limit on the Fund’s indirect participation in gains or losses, if any, of the increase in the value of an Index or stock. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a “call”) or sell (a “put”) an asset at an agreed-upon price (“strike price”) prior to a specified date (“expiration date”) in the near future. A call option gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell the underlying asset at the strike price at any time prior to the expiration date of the option, regardless of the market price of the underlying asset. A put option gives the purchaser the right to sell, and the writer (seller) the obligation to buy the underlying asset at the strike price at any time prior the expiration date of the option, regardless of the market price of the underlying asset. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">A call option is considered out-of-the-money if the market price of the underlying asset is trading below the strike price of the call. A put option is out-of-the-money if the market price of the underlying asset is above the put’s strike price. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">An option premium paid to the writer (seller) is in consideration for the writer (seller) undertaking the obligation to sell (in a call option), or to buy (in a put option) the underlying asset, under the options contract. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Since the Fund writes/sells options with out-of-the-money strike prices, the Fund’s options contracts are intended to provide current income from option premiums or the difference between premiums with an options spread. The Fund is subject to limits on the potential gains from selling options contracts to the premiums it collects as a result of the nature of the Fund’s options strategy. When the Fund sells an options contract it collects a premium as the seller. When the Fund holds a contract until expiration the premium collected is paid to the Fund. This process creates additional income to the Fund. The Fund may need to purchase or buy the same options contract based on market movements of the underlying Indexes to avoid a loss or lock in a loss. This purchase or buy is meant to close out the options contract position, either locking in a gain or loss, based on the price received from when selling the options contract compared to the price paid </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">for when purchasing the same options contract. The Fund may also write covered call options on a portion of the common stocks in its portfolio. In exchange for writing a call option on an underlying portfolio security, the Fund receives income, in the form of a premium, from the option buyer. The Fund’s covered call options help to partially offset the effect of a price decline of the portfolio securities of the Fund through means of the premiums received by the Fund. At the same time, because the Fund must be prepared to deliver the underlying security in return for the strike price, even if its current value is greater, the Fund gives up some ability to participate in the underlying security price increases. The Fund may employ a “covered call” option strategy meaning the option written by the Fund is a call option on a portfolio security that the Fund invests in. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The extent of option writing activity will depend upon market conditions and the Advisor’s ongoing assessment of the attractiveness of writing call options on the Fund’s stock holdings and Indexes. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund intends to enter into derivatives or other transactions, including options contracts, that provide leverage, in compliance with Rule 18f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is expected to be a full derivatives user under Rule 18f-4, and has adopted policies and procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund may engage in derivative transactions could also limit or prevent the Fund from using certain instruments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In addition to its options investments and equity investments, the Fund may hold short-term U.S. Treasury securities for collateral for the options, and to generate income. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is non-diversified and invests in a limited number of securities. Therefore, the Fund’s investment performance may be more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests in a greater number of issuers. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">While the Adviser intends to fully invest the Fund’s assets at all times in accordance with the above-mentioned strategies, the Fund reserves the right to hold up to 100% of its assets, as a temporary defensive measure, in cash, eligible U.S. dollar-denominated money market instruments, or cash equivalents, including short- or intermediate-term U.S. Treasury securities, as well as other short-term investments, including high quality, short-term debt securities, and make investments inconsistent with its investment objective. The Adviser will determine when market conditions warrant temporary defensive measures. Accordingly, during such periods, the Fund may not achieve its investment objective. </p> Loss of money is a risk of investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--AffiliatedFundRiskMember_zoKSdrXwZNm7">Affiliated Fund Risk</span>. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--CommonStockRiskMember_zvr9k7rBftWe">Common Stock Risk</span>.</b> Investments in common stocks are subject to market, economic and business risks that will cause their price to fluctuate over time. Therefore, an investment in the Fund may be more suitable for long-term investors who can bear the risk of these fluctuations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--CoveredCallStrategyRiskMember_z1vFbTf7s46f">Covered Call Strategy Risk</span>.</b> The Fund may write covered call options on securities as a means of increasing the yield on its assets and as a means of providing limited protection against decreases in its market value. When the Fund writes an option, if the underlying securities do not increase or decrease to a price level that would make the exercise of the option profitable to the holder thereof, the option generally will expire without being exercised and the Fund will realize as profit the premium received for such option. When a call option of which the Fund is the writer is exercised, the Fund will be required to sell the underlying securities to the option holder at the strike price, and will not participate in any increase in the price of such securities above the strike price. When a put option of which the Fund is the writer is exercised, the Fund will be required to purchase the underlying securities at a price in excess of the market value of such securities. The Fund will have no control over the exercise of the option by the option holder and may lose the benefit from any capital appreciation on the underlying security. Many factors may influence the option holder’s decision to exercise the option, including, but not limited to, the value of the underlying security, price volatility, dividend yield, and interest rates. To the extent that these factors increase the call option’s value, the option holder is more likely to exercise the option, which may negatively affect the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--CoveredCallTaxRiskMember_z5Kbi4Nlfnl9">Covered Call Tax Risk</span>. </b>The Fund’s covered call strategy may limit its ability to distribute dividends eligible for treatment as qualified dividend income and to distribute dividends eligible for the dividends received deduction for corporate shareholders. For these reasons, a significant portion of income received from the Fund may be subject to tax at effective tax rates that are higher than the rates that would apply if the Fund were to engage in a different investment strategy. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--ConvertibleSecuritiesRiskMember_zT8And32KyTk">Convertible Securities Risk</span>. </b>Securities that can be converted into common stock, such as certain securities and preferred stock, are subject to the usual risks associated with fixed income investments, such as interest rate risk and credit risk. In addition, because they react to changes in the value of the equity securities into which they will convert, convertible securities are also subject to the risks associated with equity securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91B_ecustom--CyberSecurityRiskMember_zI2zu3crrUil">Cyber Security Risk</span>.</b> Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--DerivativesRiskMember_zzfHUF8N53gc">Derivatives Risk</span>.</b> The Fund’s investments in derivative instruments including options, forward currency exchange contracts, swaps and futures, which may be leveraged, may result in losses. Investments in derivative instruments may result in losses exceeding the amounts invested. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The 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. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--DividendpayingSecuritiesRiskMember_zFtA0WnnCdY8">Dividend-Paying Securities Risk</span>.</b> A company issuing dividend-paying securities may fail and have to decrease or eliminate its dividend. In such an event, the Fund may not only lose the dividend payout but the stock price of the company may fall. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--EquityMarketsRiskMember_zkinFgIHhT4j">Equity Markets Risk</span>.</b> The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--EtfRiskMember_zR2yHlJXNqF4">ETF Risk</span>. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: “Authorized Participants, Market Makers and Liquidity Providers Concentration Risk,” “Cash Transactions Risk,” “Secondary Market Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Appreciated Securities Risk.</i> The Fund holds certain securities that were exchanged into the Fund at its inception in 1976. The cost, for income tax purposes, of such securities is the tax basis of the individual investor at the time of that exchange. The basis of those securities may be relatively low, and it is therefore possible that the Fund will recognize significant gain if it sells those securities. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s Portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">o </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund’s NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--InflationAndDeflationRiskMember_zPXNTmsUSJY">Inflation and Deflation Risk</span>.</b> Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Fund’s shares and any distributions thereon may decline. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to the Fund’s shareholders. Deflation risk is the risk that the prices of goods and services in the U.S. and many foreign economies may decline over time. Deflation may have an adverse effect on stock prices and the creditworthiness of issuers and may make defaults on debt more likely. If a country’s economy slips into a deflationary pattern, it could last for a prolonged period and be difficult to reverse. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--InvestmentCompaniesAndEtfsRiskMember_z7UJxoKRpxic">Investment Companies and ETFs Risk</span>. </b>The Fund’s investment performance may be affected by the investment performance of the underlying funds in which the Fund may invest. Investing in other investment companies, including ETFs, may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments the investment company or ETF holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. Certain ETFs may be thinly traded and experience large spreads between the “ask” price quoted by a seller and the “bid” price offered by a buyer. The existence of extreme market volatility or potential lack of an active trading market for an ETF’s shares could result in such shares trading at a significant premium or discount to their NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--LargecapCompaniesRiskMember_zEBBfxNx83Y5">Large-Cap Companies Risk</span>.</b> The stocks of large capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--LargeShareholderRiskMember_zGT4tL8Gz0a">Large Shareholder Risk</span>. </b>Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund’s shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--LeverageRiskMember_z8dOgNCcLjte">Leverage Risk</span>.</b> Leverage amplifies changes in the Fund’s NAV and may make the Fund more volatile. Derivatives may create leverage and can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate of losses. There can be no assurance that the Fund’s use of any leverage will be successful. The Fund’s investment exposure can exceed its net assets, sometimes by a significant amount. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--LiquidityRiskMember_zqXH5QUSyyM6">Liquidity Risk</span>.</b> Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--ManagementRiskMember_zvJ4q0Jwepvl">Management Risk</span>. </b>The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--MarketRiskMember_zwhgFtOMgSjd">Market Risk</span>.</b> The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-Diversification Risk. </b>The Fund is non-diversified. Compared to other funds, the Fund may invest more of its assets in a smaller number of companies. Gains or losses on a single stock may have greater impact on the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--OpportunityRiskMember_zmXLWVm4bMuk">Opportunity Risk</span>. </b>As with all mutual funds, the Fund is subject to the risk of missing out on an opportunity because the assets necessary to take advantage of it are tied up in less advantageous investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--OptionsRiskMember_z7yLjL8iH2T5">Options Risk</span>.</b> An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a “call”) or sell (a “put”) an asset in the near future at an agreed upon price prior to the expiration date of the option. The Fund may “cover” a call option by owning the security underlying the option or through other means. The price and value of options can be highly volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including its anticipated volatility, which are affected by national and international fiscal and monetary policies, the time remaining until the expiration of the option contract and economic events, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. The value of the option contracts in which the Fund invests are substantially influenced by the value of the Index, and the Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--OverthecounterRiskMember_zhZh6C56DXF7">Over-the-Counter Risk</span>.</b> Securities traded on over-the-counter (“OTC”) markets are not listed and traded on an organized exchange such as the New York Stock Exchange (“NYSE”). Generally, the volume of trading in an unlisted or OTC common stock is less than the volume of trading in an exchange-listed stock. As a result, the market liquidity of some stocks in which the Fund invests may not be as great as that of exchange-listed stocks and, if the Fund were to dispose of such stocks, the Fund may have to offer the shares at a discount from recent prices or sell the shares in small lots over an extended period of time. In addition, penny stocks and pink sheet stocks can be classified as OTC stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--PriceParticipationRiskMember_zZqwoaVqAy3g">Price Participation Risk</span>. </b>The Fund employs an investment strategy that includes the sale of out-of-the-money put and call option contracts, which does not allow the Fund to participate in increases in value experienced by the Index over the call period (typically, one day, but may range up to one week). This means that if the Index experiences an increase in value above the strike price of the sold put options during a call period, the Fund will not experience that increase and may underperform the Index over the call period. Additionally, because the Fund does not participate in increases in value experienced by the Index from selling options over each call period, the NAV of the Fund may decrease over any given time period based on the change in the underlying value of the puts or calls sold. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--ReferencedIndexRiskMember_z9rVLVHgDeU2">Referenced Index Risk</span>. </b>The Fund invests in options contracts that are based on the value of an Index (or in ETFs that track the Index’s performance). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--SecuritiesLendingRiskMember_zEUHhTdc38X9">Securities Lending Risk</span>. </b>The Fund may lend portfolio securities to institutions, such as certain broker- dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--TemporaryInvestmentsMember_zHsmh10fD0zg">Temporary Investments</span>.</b> The Fund may depart from its principal investment strategy in response to adverse market, economic, political or other conditions by taking a temporary defensive position (up to 100% of its assets) in cash, cash equivalents and all types of money market and short-term debt securities. The value of money market instruments tends to fall when current interest rates rise. Money market instruments are generally less sensitive to interest rate changes than longer-term securities. If the Fund were to take a temporary defensive position, it may be unable to achieve its investment objective for a period of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--UsgovernmentobligationsriskMember_zoDh4JAdCUc3">U.S. Government Obligations Risk</span>. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (<i>i.e.</i>, the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--ValuationRiskMember_z6UQiNtQRxtj">Valuation Risk</span>.</b> During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value its options contracts becomes more difficult and the judgment of the Adviser, as the Fund’s valuation designee, employing the fair value procedures adopted by the Board of the Company, may play a greater role in the valuation of the Fund’s holdings due to reduced availability of reliable objective pricing data. Consequently, while such determinations may be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value. In the event an investment may need </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">to be fair valued, the valuation involves subjectivity and there is a risk that the Fund may not be able to sell an investment at the price assigned to it in accordance with the Company’s policies and procedures in accordance with Rule 2a-5 of the 1940 Act (“Rule 2a-5”). </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 22.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--WarrantsRiskMember_zYqaaMtBIRm2">Warrants Risk</span>.</b> The purchase of warrants involves the risk that the Fund could lose the purchase value of a warrant if the right to subscribe to additional shares is not executed prior to the warrant’s expiration. Also, the purchase of warrants involves the risk that the effective price paid for the warrant added to the subscription price of the related security may exceed the value of the subscribed security’s market price such as when there is no movement in the level of the underlying security. </p> </td> </tr> </table> Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zTD6S4UIJlO9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Effective as of the close of business on May 2, 2025, substantially all of the assets of the Chestnut Street Exchange Fund (the “Predecessor Fund”) were transferred to the Fund in a tax-free reorganization (the “Reorganization”). Returns prior to May 5, 2025 were generated under the management of the Predecessor Fund’s investment adviser and reflect a previous investment strategy. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member_z8N4xkqSybIe">The bar chart below illustrates the performance of the Predecessor Fund. The information shows you how the Predecessor Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. </span>The bar chart assumes reinvestment of dividends and distributions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member_zc0pXyzb29z5">The Predecessor Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results.</span> Updated performance information may be obtained on the Fund’s website at <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member_zgfvk3FvfKPj">www.sgiam.com</span> or by calling <span id="xdx_908_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member_zOO0tztYyBDf">1-855-744-8500</span>. </p> The bar chart below illustrates the performance of the Predecessor Fund. The information shows you how the Predecessor Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. The Predecessor Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future and does not guarantee future results. www.sgiam.com 1-855-744-8500 Total Returns for the Calendar Year Ended December 31 -0.0337 0.1236 0.1761 -0.0649 0.3054 0.0941 0.2054 -0.1434 0.1871 0.1292 <p id="xdx_A89_eoef--BarChartClosingTextBlock_zr8ZT5YF8N9g" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During the periods shown in the bar chart, the <span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member__oef--ClassAxis__custom--C000255149Member_zrMUjdZyRYN4">highest quarterly return </span>was <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member__oef--ClassAxis__custom--C000255149Member_zspt9oAcyRok">17.17%</span> (for the quarter ended <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member__oef--ClassAxis__custom--C000255149Member_zaWvhlz5sptg">June 30, 2020</span>) and the <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member__oef--ClassAxis__custom--C000255149Member_zMH8ww0eOOtl">lowest quarterly return</span> was <span id="xdx_901_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member__oef--ClassAxis__custom--C000255149Member_zBKFEJ3qSueg">-21.32%</span> (for the quarter ended <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member__oef--ClassAxis__custom--C000255149Member_zCsjxtIZ7bii">March 31, 2020</span>). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_90D_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member__oef--ClassAxis__custom--C000255149Member_zZVsoNTRCUl9">year-to-date total return</span> for the nine months ended <span id="xdx_908_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member__oef--ClassAxis__custom--C000255149Member_zYh34rJjVT5j">September 30, 2025</span> was <span id="xdx_904_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member__oef--ClassAxis__custom--C000255149Member_zFLhv96rBsKd">15.80%</span>. </span></p> highest quarterly return 0.1717 2020-06-30 lowest quarterly return -0.2132 2020-03-31 year-to-date total return 2025-09-30 0.1580 <p id="xdx_A8D_eoef--PerformanceTableNarrativeTextBlock_zT1UZSEUzAf1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The table below compares the average annual total returns for the Predecessor Fund for the periods ended December 31, 2024 to those of the S&amp;P 500 Index and Dow Jones Industrial Average Index. <span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member_zeFGsqo1W3wc">The after-tax returns are calculated using the historical highest individual federal marginal income tax rates.</span> These after-tax returns do not reflect the effect of any applicable state or local taxes. Your after-tax returns may differ from those shown. <span id="xdx_905_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000088774Member_zUll45TTA0zk">After-tax returns are not relevant to shareholders investing through tax-deferred arrangements, such as a 401(k) plan or an IRA.</span> </p> The after-tax returns are calculated using the historical highest individual federal marginal income tax rates. After-tax returns are not relevant to shareholders investing through tax-deferred arrangements, such as a 401(k) plan or an IRA. Average Annual Total Returns for the Periods Ended December 31, 2024 1976-12-29 1976-12-29 1976-12-29 1976-12-29 1976-12-29 0.1292 0.0866 0.0897 0.1084 0.1258 0.0830 0.0837 0.0970 0.0788 0.0677 0.0705 0.0918 0.2502 0.1453 0.1310 0.1168 0.1499 0.1055 0.1157 SUMMARY SECTION – F/m US Treasury 30 Year Bond ETF Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zTVk4s9vhE15" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m US Treasury 30 Year Bond ETF (the “F/m UST 30Y Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 30Y Total Return USD Unhedged Index (I00094US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zstqXOhZIMud" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 when purchasing or selling Fund Shares, which are not reflected in the tables and examples below. </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zBEEMX1uCf64" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zBWU7Em84abc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member_zhVimlohXqp7">390%</span> of the average value of its portfolio. </span></p> 3.90 Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zOF9owDyLPc5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the component securities of the Underlying Index, provided, however, that in the event that the most recently auctioned outstanding US Treasury Bond that matures closest to, but not beyond, 30 years from the rebalancing date is not included in the Underlying Index, then the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the most recently auctioned outstanding US Treasury Bond that matures closest to, but not beyond, 30 years from the rebalancing date. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser generally intends to replicate the constituent securities of the Underlying Index. “Replication” is an indexing strategy in which a fund invests in substantially all of the securities in its underlying index in approximately the same proportions as in the underlying index. The Adviser may use a “representative sampling” strategy in certain circumstances, such as when it may not be possible or practicable to fully implement a replication strategy. Representative sampling is investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was established by Bloomberg Finance L.P. (the “Index Provider”) with history backfilled to January 1, 1981. It tracks the most recent or “on-the-run” (“OTR”) 30 Year US Treasury security and is rebalanced on the last day of each month. The Index Provider constructs a single hypothetical security that mirrors the terms, conditions, and pricing of the most recent US Treasury security issued by the US government for the 30 Year issue. The hypothetical security is rolled to the new OTR Treasury security on the day after the treasury auction. On each day of the month, the hypothetical treasury is priced daily as per the OTR Treasury security it holds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://assets.bbhub.io/professional/sites/27/Bloomberg-Index-Publications-US-Treasury-Bellwether-Indices-20241217.pdf</span>. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s investment strategy is to pursue its investment objective. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated exchange-traded funds (each, an “ETF”) registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed).The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </span></p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_914_ecustom--AffiliatedFundRiskMember_zqYkvdVT7Fd9">Affiliated Fund Risk</span>. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ConcentrationRiskMember_z80Sw3INWLWd">Concentration Risk</span>.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91E_ecustom--CyberSecurityRiskMember_zwwV0DuDcvbe">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--DurationRiskMember_zLrQm38hNJ7e">Duration Risk</span>. </b>Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--EtfRiskMember_zgoRbp2jtXSg">ETF Risk</span>. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--FixedIncomeMarketRiskMember_zr1h5lz2ie25">Fixed-Income Market Risk</span>.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--HighPortfolioTurnoverRiskMember_zH0fR8JR5kv5">High Portfolio Turnover Risk</span>.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--IncomeRiskMember_zECSApoYZIkk">Income Risk</span>.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_917_ecustom--IndexRelatedRiskMember_zGFdCGHBVpv8">Index-Related Risk</span>. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--MarketRiskMember_z5UDrsVq6e0l">Market Risk</span>. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--OperationalRiskMember_z5mhX6d3m3qb">Operational Risk</span>.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--PassiveInvestmentRiskMember_zVUhbLcD5Yfh">Passive Investment Risk</span>.</b> The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. The Fund generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ReinvestmentRiskMember_zMnKeYE7x6uh">Reinvestment Risk</span>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ReverseRepurchaseAgreementsRiskMember_zOcKUjBWBzH3">Reverse Repurchase Agreements Risk</span>.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91B_ecustom--RiskofInvestingintheUnitedStatesMember_zGJwx1FGwDe6">Risk of Investing in the United States</span>.</b> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--SecuritiesLendingRiskMember_za7iT84tIYMd">Securities Lending Risk</span>.</b> The Fund may lend portfolio securities to institutions, such as certain broker dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--TrackingErrorRiskMember_zECJsut7umg6">Tracking Error Risk</span>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_911_ecustom--USGovernmentObligationsRiskMember_z9b0qxAE7Whb">U.S. Government Obligations Risk</span>.</b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </span></p> </td> </tr> </table> <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_z7phXmEzYqO7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member_zyaXuVSnC2Vb">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. </span>The bar chart shows the performance of the Fund for one</span><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">year. The table illustrates how the Fund</span><span style="font-weight: normal; font-style: normal">’</span><span style="font-weight: normal; font-style: normal">s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_90A_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member_zF7YwY7czBig">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. </span>Updated performance information is available online at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member_zAtvn4FFSyX1">www.fminvest.com</span>.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com Total Returns for the Calendar Year Ended December 31 -0.0799 <p id="xdx_A86_eoef--BarChartClosingTextBlock_z5TUlX6M7lcl" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member__oef--ClassAxis__custom--C000237347Member_zBIfzynjgpgf">Best Quarter</span>: <span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member__oef--ClassAxis__custom--C000237347Member_zwYW1csVD2Yg">7.98%</span> in the quarter ended <span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member__oef--ClassAxis__custom--C000237347Member_zuZn0frC2cWd">September 30, 2024</span><br/> <span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member__oef--ClassAxis__custom--C000237347Member_zLT2KpwcZdsg">Worst Quarter</span>: <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member__oef--ClassAxis__custom--C000237347Member_zfWukz0mgpli">-9.52%</span> in the quarter ended <span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member__oef--ClassAxis__custom--C000237347Member_zJ1ouu9nyL2h">December 31, 2024</span> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_901_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member__oef--ClassAxis__custom--C000237347Member_zMfk5RzvVGpg">year-to-date total return</span> for the three months ended <span id="xdx_903_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member__oef--ClassAxis__custom--C000237347Member_zQn6v7wSBxr5">September 30, 2025</span> was <span id="xdx_903_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member__oef--ClassAxis__custom--C000237347Member_zrhWKqlbkd">4.31%</span>. </span></p> Best Quarter 0.0798 2024-09-30 Worst Quarter -0.0952 2024-12-31 year-to-date total return 2025-09-30 0.0431 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2023-03-27 2023-03-27 2023-03-27 2023-03-27 2023-03-27 2023-03-27 -0.0799 -0.0608 -0.0959 -0.0762 -0.0469 -0.0520 -0.0809 -0.0575 -0.0803 -0.0609 0.0070 0.0111 <p id="xdx_A87_eoef--PerformanceTableClosingTextBlock_zXPjRZGVe53f" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member_zSNOg3X0yor7">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_907_eoef--PerformanceTableExplanationAfterTaxHigher_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member_ztRsHM9sJ6F7">In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span> <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000077177Member_zIYNEyyRkI1d">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – F/m US Treasury 20 Year Bond ETF Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zO7HVIgaaDQ4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m US Treasury 20 Year Bond ETF (the “F/m UST 20Y Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 20Y Total Return USD Unhedged Index (I39156US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zlNrBpP720f8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 when purchasing or selling Fund Shares, which are not reflected in the tables and examples below. </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zHc811saaMa5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zQ3rg9Sy0gqf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member_zmTSyuTROTlk">353%</span> of the average value of its portfolio. </span></p> 3.53 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_z3n8kJBEoAhl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the component securities of the Underlying Index, provided, however, that in the event that the most recently auctioned outstanding US Treasury Bond that matures closest to, but not beyond, 20 years from the rebalancing date is not included in the Underlying Index, then the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the most recently auctioned outstanding US Treasury Bond that matures closest to, but not beyond, 20 years from the rebalancing date. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was established by Bloomberg Finance L.P. (the “Index Provider”) with history backfilled to January 1, 1981. It tracks the most recent or “on-the-run” (“OTR”) 20 Year US Treasury security and is rebalanced on the last day of each month. The Index Provider constructs a single hypothetical security that mirrors the terms, conditions, and pricing of the most recent US Treasury security issued by the U.S. government for the 20 Year issue. The hypothetical security is rolled to the new OTR Treasury security on the day after the treasury auction. On each day of the month, the hypothetical treasury is priced daily as per the OTR treasury security it holds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://assets.bbhub.io/professional/sites/27/Bloomberg-Index-Publications-US-Treasury-Bellwether-Indices-20241217.pdf</span>. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s investment strategy is to pursue its investment objective. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated exchange-traded funds (each, an “ETF”) registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk</b>. The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk.</b> There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. The Fund generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk.</b> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States</b>. Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>U.S. Government Obligations Risk.</b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </span></p> </td> </tr> </table> <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zow9hIVIliVa" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member_zEPxg6jfyBkb">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. </span>The bar chart shows the performance of the Fund for one year. The table illustrates how the Fund</span><span style="font-weight: normal; font-style: normal">’</span><span style="font-weight: normal; font-style: normal">s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member_zGdvcAwLyDga">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. </span>Updated performance information is available online at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member_zY283TiyZeS9">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">. </span></span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com Total Returns for the Calendar Year Ended December 31 -0.0492 <p id="xdx_A83_eoef--BarChartClosingTextBlock_zdBNSaKnaf03" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><br/> <span style="-sec-ix-redline: true"><span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member__oef--ClassAxis__custom--C000237345Member_zqqdbK46fn1c">Best Quarter</span>: <span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member__oef--ClassAxis__custom--C000237345Member_zo0ELYag2iLc">7.16%</span> in the quarter ended <span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member__oef--ClassAxis__custom--C000237345Member_zlutNtXF6s4d">September 30, 2024</span><br/> <span id="xdx_90D_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member__oef--ClassAxis__custom--C000237345Member_zLLmtBIkeEK6">Worst Quarter:</span> <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member__oef--ClassAxis__custom--C000237345Member_zGry0yYfXY3j">-7.75%</span> in the quarter ended <span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member__oef--ClassAxis__custom--C000237345Member_zy5bzuIpjM8a">December 31, 2024</span> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_907_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member__oef--ClassAxis__custom--C000237345Member_zhO0NwhKZepf">year-to-date total return</span> for the three months ended <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member__oef--ClassAxis__custom--C000237345Member_zn86g4SBbz2a">September 30, 2025</span> was <span id="xdx_908_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member__oef--ClassAxis__custom--C000237345Member_zNFq6s93sIQ1">5.11%</span>. </span></p> Best Quarter 0.0716 2024-09-30 Worst Quarter: -0.0775 2024-12-31 year-to-date total return 2025-09-30 0.0511 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2023-03-27 2023-03-27 2023-03-27 2023-03-27 2023-03-27 2023-03-27 -0.0497 -0.0383 -0.0663 -0.0544 -0.0291 -0.0355 -0.0518 -0.0367 -0.0507 -0.0389 0.0070 0.0111 <p id="xdx_A8B_eoef--PerformanceTableClosingTextBlock_zsONNF0qvjo1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member_zmRAdeNQcMp7">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90C_eoef--PerformanceTableExplanationAfterTaxHigher_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member_zJteUe9UcbCf">In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000077175Member_zXS20UHHDb3l">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – F/m US Treasury 10 Year Note ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_z7JEts8ROgAd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m US Treasury 10 Year Note ETF (the “F/m UST 10Y Note Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 10Y Total Return USD Unhedged Index (I00093US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zppaCy4EZar" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 when purchasing or selling Fund Shares, which are not reflected in the tables and examples below. </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A8B_eoef--ExpenseExampleNarrativeTextBlock_zVynNkQM7g93" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zYNVPw9Bu7I7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover rates may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member_zs7vtUEAl0O8">402%</span> of the average value of its portfolio. </span></p> 4.02 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zZTzj5Vrzag1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the component securities of the Underlying Index, provided, however, that in the event that the most recently auctioned outstanding US Treasury Note that matures closest to, but not beyond, 10 years from the rebalancing date is not included in the Underlying Index, then the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the most recently auctioned outstanding US Treasury Note that matures closest to, but not beyond, 10 years from the rebalancing date. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was established by Bloomberg Finance L.P. (the “Index Provider”) with history backfilled to January 1, 1981. It tracks the most recent or “on-the-run” (“OTR”) 10 Year US Treasury security and is rebalanced on the last day of each month. The Index Provider constructs a single hypothetical security that mirrors the terms, conditions, and pricing of the most recent US Treasury security issued by the U.S. government for the 10 Year issue. The hypothetical security is rolled to the new OTR Treasury security on the day after the treasury auction. On each day of the month, the hypothetical treasury is priced daily as per the OTR Treasury security it holds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at https://assets.bbhub.io/professional/sites/27/Bloomberg-Index-Publications-US-Treasury-Bellwether-Indices-20241217.pdf. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund’s investment strategy is to pursue its investment objective. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated exchange-traded funds (each, an “ETF”) registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the fund’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk.</b> There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. The Fund generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk.</b> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States</b>. Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>U.S. Government Obligations Risk.</b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </span></p> </td> </tr> </table> <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zDyDSvo00P67" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information:</b><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member_zs1GgLrKw9ei">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund.</span> The bar chart shows the performance of the Fund from year to year. The table illustrates how the Fund</span><span style="font-weight: normal; font-style: normal">’</span><span style="font-weight: normal; font-style: normal">s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member_zufkA3o8JCV2">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available online at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member_zVJIZ4fvyOU8">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com Total Returns for the Calendar Years Ended December 31 0.0312 -0.0176 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_zVucqZuDTw4j" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_903_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member__oef--ClassAxis__custom--C000237341Member_z9dFGJjH4Zz3">Best Quarter</span>: <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member__oef--ClassAxis__custom--C000237341Member_zwlGTb5SBbji">6.58%</span> in the quarter ended <span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member__oef--ClassAxis__custom--C000237341Member_zUXHMstULqx5">December 31, 2023</span><br/> <span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member__oef--ClassAxis__custom--C000237341Member_zLDIUXYm3PNa">Worst Quarter</span>: <span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member__oef--ClassAxis__custom--C000237341Member_zTon0rP9bJZi">-5.20%</span> in the quarter ended <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member__oef--ClassAxis__custom--C000237341Member_zx4W1N4kY8b4">December 31, 2024</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_90A_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member__oef--ClassAxis__custom--C000237341Member_zDLU0i3zvJPg">year-to-date total return</span> for the three months ended <span id="xdx_905_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member__oef--ClassAxis__custom--C000237341Member_zZfb4dFkCIea">September 30, 2025</span> was <span id="xdx_909_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member__oef--ClassAxis__custom--C000237341Member_zx90bfR2UjN4">6.94%</span>. </span></p> Best Quarter 0.0658 2023-12-31 Worst Quarter -0.0520 2024-12-31 year-to-date total return 2025-09-30 0.0694 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2022-08-08 2022-08-08 2022-08-08 2022-08-08 2022-08-08 2022-08-08 -0.0176 -0.0287 -0.0335 -0.0433 -0.0103 -0.0275 -0.0173 -0.0260 -0.0169 -0.0277 0.0070 -0.0014 <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_zZ7eqAXSVtKl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_903_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member_zSiLuLecI8Gf">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90F_eoef--PerformanceTableExplanationAfterTaxHigher_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member_zvMZTtcyIAs1">In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. </span><span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000077171Member_z8ynub5d4UOe">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – F/m US Treasury 7 Year Note ETF Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zTxVrdYUEw5b" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m US Treasury 7 Year Note ETF (the “F/m UST 7Y Note Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 7Y Total Return USD Unhedged Index (I39160US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zekFcMP8ruEe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 when purchasing or selling Fund Shares, which are not reflected in the tables and examples below. </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zr2lVm4Fna4i" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zVfyKL1Hphpb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover rates may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_dp_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member_zgt437mZBuG8">1,122</span>% of the average value of its portfolio. </span></p> 11.22 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zvqunpKo0Cy7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the component securities of the Underlying Index, provided, however, that in the event that the most recently auctioned outstanding US Treasury Note that matures closest to, but not beyond, 7 years from the rebalancing date is not included in the Underlying Index, then the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the most recently auctioned outstanding US Treasury Note that matures closest to, but not beyond, 7 years from the rebalancing date. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was established by Bloomberg Finance L.P. (the “Index Provider”) with history backfilled to January 1, 1981. It tracks the most recent or “on-the-run” (“OTR”) 7 Year US Treasury security and is rebalanced on the last day of each month. The Index Provider constructs a single hypothetical security that mirrors the terms, conditions, and pricing of the most recent US Treasury security issued by the U.S. government for the 7 Year issue. The hypothetical security is rolled to the new OTR Treasury security on the day after the treasury auction. On each day of the month, the hypothetical treasury is priced daily as per the OTR Treasury security it holds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://assets.bbhub.io/professional/sites/27/Bloomberg-Index-Publications-US-Treasury-Bellwether-Indices-20241217.pdf.</span> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s investment strategy is to pursue its investment objective. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated exchange-traded funds (each, an “ETF”) registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk. </b>Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk</i>. Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the fund’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk. </b>Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. The Fund generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>U.S. Government Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </span></p> </td> </tr> </table> <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zPTUQORTiZJ7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member_zxTpJU0mCEp4">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund.</span> The bar chart shows the performance of the Fund from one year. The table illustrates how the Fund</span><span style="font-weight: normal; font-style: normal">’</span><span style="font-weight: normal; font-style: normal">s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member_zX5u6TNHTmid">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available online at <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member_zMxGtu1ckqE2">www.fminvest.com</span>.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com Total Returns for the Calendar Year Ended December 31 0.0009 <p id="xdx_A85_eoef--BarChartClosingTextBlock_zucElbfJO7Ad" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member__oef--ClassAxis__custom--C000237350Member_zYrsg0fPhZF3">Best Quarter</span>: <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member__oef--ClassAxis__custom--C000237350Member_zvGntSTXuukf">5.15%</span> in the quarter ended <span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member__oef--ClassAxis__custom--C000237350Member_zto4bnXY6Jmi">September 30, 2024</span><br/> <span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member__oef--ClassAxis__custom--C000237350Member_z7ZwH85LXHCd">Worst Quarter</span>: <span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member__oef--ClassAxis__custom--C000237350Member_zKOsMj2f2pk3">-3.96%</span> in the quarter ended <span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member__oef--ClassAxis__custom--C000237350Member_zGmyqxsc1c68">December 31, 2024 </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_90E_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member__oef--ClassAxis__custom--C000237350Member_z83qj2NZoSXd">year-to-date total return</span> for the three months ended <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member__oef--ClassAxis__custom--C000237350Member_zVvlDStPdRe9">September 30, 2025</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member__oef--ClassAxis__custom--C000237350Member_zkUY8TS0aUG8">6.64%</span>. </span></p> Best Quarter 0.0515 2024-09-30 Worst Quarter -0.0396 2024-12-31 year-to-date total return 2025-09-30 0.0664 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2023-03-27 2023-03-27 2023-03-27 2023-03-27 2023-03-27 2023-03-27 0.0009 0.0030 -0.0153 -0.0130 0.0005 -0.0044 0.0004 0.0047 0.0019 0.0034 0.0070 0.0111 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_zHc0SmZM2N1a" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member_z6E2uo70qjcg">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90F_eoef--PerformanceTableExplanationAfterTaxHigher_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member_zfofuJwHqUL1">In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span> <span id="xdx_906_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000077180Member_zTySIGbQHUoe">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – F/m US Treasury 5 Year Note ETF Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_z3lzkGstgwtj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m US Treasury 5 Year Note ETF (the “F/m UST 5Y Note Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 5Y Total Return USD Unhedged Index (I00092US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zUBNjiV1eLJ8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 when purchasing or selling Fund Shares, which are not reflected in the tables and examples below. </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zeGR7I9tTfK6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_z7rWl26ZeLMg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover rates may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_dp_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member_zhBI5Aej2JKa">1,037</span>% of the average value of its portfolio. </span></p> 10.37 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zkBQo9rUwgEg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the component securities of the Underlying Index, provided, however, that in the event that the most recently auctioned outstanding US Treasury Note that matures closest to, but not beyond, 5 years from the rebalancing date is not included in the Underlying Index, then the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the most recently auctioned outstanding US Treasury Note that matures closest to, but not beyond, 5 years from the rebalancing date. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was established by Bloomberg Finance L.P. (the “Index Provider”) with history backfilled to January 1, 1981. It tracks the most recent or “on-the-run” (“OTR”) 5 Year US Treasury security and is rebalanced on the last day of each month. The Index Provider constructs a single hypothetical security that mirrors the terms, conditions, and pricing of the most recent US Treasury security issued by the U.S. government for the 5 Year issue. The hypothetical security is rolled to the new OTR Treasury security on the day after the treasury auction. On each day of the month, the hypothetical treasury is priced daily as per the OTR Treasury security it holds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://assets.bbhub.io/professional/sites/27/Bloomberg-Index-Publications-US-Treasury-Bellwether Indices-20241217.pdf</span>. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s investment strategy is to pursue its investment objective. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated exchange-traded funds (each, an “ETF”) registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Affiliated Fund Risk.</b><span style="font-weight: normal; font-style: normal"> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk. </b>The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk.</b> The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. The Fund generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States. </b>Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>U.S. Government Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </span></p> </td> </tr> </table> <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zOIzhD8p0pQf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member_zFY34bS8lXGe">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund.</span> The bar chart shows the performance of the Fund for one year. The table illustrates how the Fund</span><span style="font-weight: normal; font-style: normal">’</span><span style="font-weight: normal; font-style: normal">s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member_zhashZdWNKMb">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available online at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member_zgqYE3uqUQk7">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com Total Returns for the Calendar Year Ended December 31 0.0116 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_z4DU1STLW2O5" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member__oef--ClassAxis__custom--C000237348Member_z2W0RYP0bzl1">Best Quarter</span>: <span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member__oef--ClassAxis__custom--C000237348Member_zcyZthtMIApg">4.34%</span> in the quarter ended <span id="xdx_90E_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member__oef--ClassAxis__custom--C000237348Member_zh2y5ktKJa0a">September 30, 2024</span><br/> <span id="xdx_90A_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member__oef--ClassAxis__custom--C000237348Member_zBYssrj0Uohi">Worst Quarter</span>: <span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member__oef--ClassAxis__custom--C000237348Member_zpmqR3bhWCwh">-2.67%</span> in the quarter ended <span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member__oef--ClassAxis__custom--C000237348Member_zFJs9Py4jPz3">December 31, 2024</span> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_90F_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member__oef--ClassAxis__custom--C000237348Member_zrlplSyJHkB2">year-to-date total return</span> for the three months ended <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member__oef--ClassAxis__custom--C000237348Member_zTizyuTjqV5l">September 30, 2025</span> was <span id="xdx_909_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member__oef--ClassAxis__custom--C000237348Member_zoAPfOmLxkK">5.90%</span>. </span></p> Best Quarter 0.0434 2024-09-30 Worst Quarter -0.0267 2024-12-31 year-to-date total return 2025-09-30 0.0590 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2023-03-27 2023-03-27 2023-03-27 2023-03-27 2023-03-27 2023-03-27 0.0116 0.0140 -0.0045 -0.0021 0.0068 0.00396 0.0119 0.0157 0.0123 0.0150 0.0070 0.0111 <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_zkrelvsyWq0f" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member_zS9DGVZmgqFb">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90C_eoef--PerformanceTableExplanationAfterTaxHigher_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member_z3KpdjrUpfdl">In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. </span><span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000077178Member_zKJM9nXe3MJg">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – F/m US Treasury 3 Year Note ETF Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_z04w9HfTZ2Vh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m US Treasury 3 Year Note ETF (the “F/m UST 3Y Note Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 3Y Total Return USD Unhedged Index (I06674US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zZGdTfSZpmAf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 when purchasing or selling Fund Shares, which are not reflected in the tables and examples below. </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zWXzMEz1TJ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zRZJzawGVmL4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover rates may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_dp_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member_zY5PzwBDwcD5">1,086</span>% of the average value of its portfolio. </span></p> 10.86 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zjuoZros2XN7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the component securities of the Underlying Index, provided, however, that in the event that the most recently auctioned outstanding US Treasury Note that matures closest to, but not beyond, 3 years from the rebalancing date is not included in the Underlying Index, then the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the most recently auctioned outstanding US Treasury Note that matures closest to, but not beyond, 3 years from the rebalancing date. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was established by Bloomberg Finance L.P. (the “Index Provider”) with history backfilled to January 1, 1981. It tracks the most recent or “on-the-run” (“OTR”) 3 Year US Treasury security and is rebalanced on the last day of each month. The Index Provider constructs a single hypothetical security that mirrors the terms, conditions, and pricing of the most recent US Treasury security issued by the U.S. government for the 3 Year issue. The hypothetical security is rolled to the new OTR Treasury security on the day after the treasury auction. On each day of the month, the hypothetical treasury is priced daily as per the OTR Treasury security it holds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://assets.bbhub.io/professional/sites/27/Bloomberg-Index-Publications-US-Treasury-Bellwether-Indices-20241217.pdf</span>. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s investment strategy is to pursue its investment objective. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated exchange-traded funds (each, an “ETF”) registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Affiliated Fund Risk. </b><span style="font-weight: normal; font-style: normal">Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk. </b>The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. The Fund generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States. </b>Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>U.S. Government Obligations Risk.</b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </span></p> </td> </tr> </table> <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_ztua5Isy7GOa" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member_z41spFKilsS3">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. </span>The bar chart shows the performance of the Fund for one year. The table illustrates how the Fund</span><span style="font-weight: normal; font-style: normal">’</span><span style="font-weight: normal; font-style: normal">s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_908_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member_zWogiQGp9MIf">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. </span>Updated performance information is available online at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member_zFqFuwy8HHkk">www.fminvest.com</span>.</span></span><span style="font-weight: normal; font-style: normal"> </span></span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com Total Returns for the Calendar Year Ended December 31 0.0292 <p id="xdx_A85_eoef--BarChartClosingTextBlock_zK4myoAbELj5" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member__oef--ClassAxis__custom--C000237342Member_zx14bB1iifY4">Best Quarter</span>: <span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member__oef--ClassAxis__custom--C000237342Member_zaXxozixm5wg">3.48%</span> in the quarter ended <span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member__oef--ClassAxis__custom--C000237342Member_zqj8blNdYAUa">September 30, 2024</span><br/> <span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member__oef--ClassAxis__custom--C000237342Member_zBmTTXBkpDG4">Worst Quarter</span>: <span id="xdx_908_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member__oef--ClassAxis__custom--C000237342Member_zTjIyVrqAR56">-1.02%</span> in the quarter ended <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member__oef--ClassAxis__custom--C000237342Member_zONQoi8vzUE6">December 31, 2024 </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_908_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member__oef--ClassAxis__custom--C000237342Member_z1ddU5C2RPyb">year-to-date total return</span> for the three months ended <span id="xdx_90A_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member__oef--ClassAxis__custom--C000237342Member_zazJNzITkuUj">September 30, 2025</span> was <span id="xdx_906_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member__oef--ClassAxis__custom--C000237342Member_zEW14e2I5RX6">4.65%</span>. </span></p> Best Quarter 0.0348 2024-09-30 Worst Quarter -0.0102 2024-12-31 year-to-date total return 2025-09-30 0.0465 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2023-03-27 2023-03-27 2023-03-27 2023-03-27 2023-03-27 2023-03-27 0.0292 0.0277 0.0126 0.0108 0.0172 0.0140 0.0317 0.0305 0.0299 0.0286 0.0070 0.0111 <p id="xdx_A81_eoef--PerformanceTableClosingTextBlock_zWBX2oufRnGi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member_zUpJvCh5HrLh">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_906_eoef--PerformanceTableExplanationAfterTaxHigher_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member_z6SpCMRqADzg">In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span> <span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000077172Member_zUFRxAiSLWE3">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – F/m US Treasury 2 Year Note ETF Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zNflhOra3rV7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m US Treasury 2 Year Note ETF (the “F/m UST 2Y Note Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 2Y Total Return USD Unhedged Index (BTB2TRUU) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zcAFexARKrgh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 when purchasing or selling Fund Shares, which are not reflected in the tables and examples below. </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zB1wyMDXJNYf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zJEIzl8tsU5d" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover rates may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_dp_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member_zRgLtDhhhdK">1,301</span>% of the average value of its portfolio. </span></p> 13.01 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zfiLYAMcxBNj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the component securities of the Underlying Index, provided, however, that in the event that the most recently auctioned outstanding US Treasury Note that matures closest to, but not beyond, 2 years from the rebalancing date is not included in the Underlying Index, then the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the most recently auctioned outstanding US Treasury Note that matures closest to, but not beyond, 2 years from the rebalancing date. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span style="text-decoration: underline">The Underlying Index</span><span style="text-decoration: underline"> </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was established by Bloomberg Finance L.P. (the “Index Provider”) with history backfilled to January 1, 1981. It tracks the most recent or “on-the-run” (“OTR”) 2 Year US Treasury security and is rebalanced on the last day of each month. The Index Provider constructs a single hypothetical security that mirrors the terms, conditions, and pricing of the most recent US Treasury security issued by the U.S. government for the 2 Year issue. The hypothetical security is rolled to the new OTR Treasury security on the day after the treasury auction. On each day of the month, the hypothetical treasury is priced daily as per the OTR Treasury security it holds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://assets.bbhub.io/professional/sites/27/Bloomberg-Index-Publications-US-Treasury-Bellwether-Indices-20241217.pdf</span>. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s investment strategy is to pursue its investment objective. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated exchange-traded funds (each, an “ETF”) registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as AP. 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, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk. </b>Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. The Fund generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States. </b>Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>U.S. Government Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </span></p> </td> </tr> </table> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zE03Ha3cV5Sf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member_zKgo8lBJMuj4">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund.</span> The bar chart shows the performance of the Fund from year to year. The table illustrates how the Fund</span><span style="font-weight: normal; font-style: normal">’</span><span style="font-weight: normal; font-style: normal">s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member_zLbX1Seo0sqh">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available online at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member_zpGnRoMIrXQb">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com Total Returns for the Calendar Years Ended December 31 0.0347 0.0372 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zSuij5Q8VEQc" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90F_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member__oef--ClassAxis__custom--C000237344Member_z6FecMzp2Gl4">Best Quarter</span>: <span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member__oef--ClassAxis__custom--C000237344Member_z9F0lZIYHir2">2.84%</span> in the quarter ended <span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member__oef--ClassAxis__custom--C000237344Member_ztgu8hrTQl25">September 30, 2024</span><br/> <span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member__oef--ClassAxis__custom--C000237344Member_zDqCkgAJUGJc">Worst Quarter</span>: <span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member__oef--ClassAxis__custom--C000237344Member_zfKF89YSxqx2">-0.92%</span> in the quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member__oef--ClassAxis__custom--C000237344Member_zmJZ7WlIkSjh">June 30, 2023</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_90B_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member__oef--ClassAxis__custom--C000237344Member_z4BLuMSI4h1">year-to-date total return</span> for the three months ended <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member__oef--ClassAxis__custom--C000237344Member_ziNTyhKSo9Pb">September 30, 2025</span> was <span id="xdx_905_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member__oef--ClassAxis__custom--C000237344Member_zsDEtSQn71k">3.71%</span>. </span></p> Best Quarter 0.0284 2024-09-30 Worst Quarter -0.0092 2023-06-30 year-to-date total return 2025-09-30 0.0371 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2022-08-08 2022-08-08 2022-08-08 2022-08-08 2022-08-08 2022-08-08 0.0372 0.0259 0.0195 0.0089 0.0218 0.0125 0.0379 0.0272 0.0374 0.0260 0.0070 -0.0014 <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_zOLkoYTxPlEc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member_zLeUWr1baay3"><span id="xdx_908_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member_zArFULzEDXS1">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span></span> <span id="xdx_90A_eoef--PerformanceTableExplanationAfterTaxHigher_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member_zPhuoqfuxNrf">In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span> <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000077174Member_zGFI3nybgyJ6">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – F/m US Treasury 12 Month Bill ETF Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zTM26ks7OZy5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m US Treasury 12 Month Bill ETF (the “F/m UST 12M Bill Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 1Y Total Return USD Unhedged Index (I01061US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zVdCB9zm0cv2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 when purchasing or selling Fund Shares, which are not reflected in the tables and examples below. </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_z0kMGzo7UEa6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zxEDUwM1T4Ff" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover rates may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member_ziOng4rJLiS3">0%</span> portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a high portfolio turnover rate. </span></p> 0 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zPYjjN1unYke" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the component securities of the Underlying Index, provided, however, that in the event that the most recently auctioned outstanding US Treasury Bill that matures closest to, but not beyond, 1 year from the rebalancing date is not included in the Underlying Index, then the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the most recently auctioned outstanding US Treasury Bill that matures closest to, but not beyond, 1 year from the rebalancing date. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was established by Bloomberg Finance L.P. (the “Index Provider”) with history backfilled to January 1, 1981. It tracks the most recent or “on-the-run” (“OTR”) 12 Month US Treasury security and is rebalanced on the last day of each month. The Index Provider constructs a single hypothetical security that mirrors the terms, conditions, and pricing of the most recent US Treasury </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">security issued by the U.S. government for the 12 Month issue. The hypothetical security is rolled to the new OTR Treasury security on the day after the treasury auction. On each day of the month, the hypothetical treasury is priced daily as per the OTR Treasury security it holds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://assets.bbhub.io/professional/sites/27/Bloomberg-Index-Publications-US-Treasury-Bellwether-Indices-20241217.pdf</span>. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s investment strategy is to pursue its investment objective. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated exchange-traded funds (each, an “ETF”) registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Affiliated Fund Risk. </b><span style="font-weight: normal; font-style: normal">Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Funds. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk.</b> The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. The Fund generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States. </b>Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>U.S. Government Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </span></p> </td> </tr> </table> <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zWtC0IlFBMR3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member_zGj57UhsBGwg">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund.</span> The bar chart shows the performance of the Fund from year to year. The table illustrates how the Fund</span><span style="font-weight: normal; font-style: normal">’</span><span style="font-weight: normal; font-style: normal">s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member_z98LkAeHhaO3">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available online at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member_zbhbOALvNK6i">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com Total Returns for the Calendar Years Ended December 31 0.0471 0.0487 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_zGF1umO2mH26" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_905_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member__oef--ClassAxis__custom--C000237343Member_zXnlAW4W9IH8">Best Quarter</span>: <span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member__oef--ClassAxis__custom--C000237343Member_zrXrAg27Nlti">2.01%</span> in the quarter ended <span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member__oef--ClassAxis__custom--C000237343Member_zXMqTPSdhlVb">September 30, 2024</span><br/> <span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member__oef--ClassAxis__custom--C000237343Member_zzytjX1b5E42">Worst Quarter</span>: <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member__oef--ClassAxis__custom--C000237343Member_zmgS8E8Sejgl">0.35%</span> in the quarter ended <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member__oef--ClassAxis__custom--C000237343Member_zL9iArCfoeng">June 30, 2023</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_907_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member__oef--ClassAxis__custom--C000237343Member_z6vOUN9IqALc">year-to-date total return</span> for the three months ended <span id="xdx_900_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member__oef--ClassAxis__custom--C000237343Member_zZp4emkN5bVb">September 30, 2025</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member__oef--ClassAxis__custom--C000237343Member_zVJCBGcyf9wk">3.29%</span>. </span></p> Best Quarter 0.0201 2024-09-30 Worst Quarter 0.0035 2023-06-30 year-to-date total return 2025-09-30 0.0329 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2022-11-14 2022-11-14 2022-11-14 2022-11-14 2022-11-14 2022-11-14 0.0487 0.0476 0.0294 0.0277 0.0286 0.0278 0.0503 0.0505 0.0490 0.0486 0.0070 0.0263 <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_zM8yL6Q0ccS8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_900_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member_zb8LbpOa4usg">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_908_eoef--PerformanceTableExplanationAfterTaxHigher_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member_zcb7eadWayji">In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000077173Member_zqshE7jUoDw3">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span></span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – F/m US Treasury 6 Month Bill ETF Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zrjLJKTld2Nj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m US Treasury 6 Month Bill ETF (the “F/m UST 6M Bill Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 6M Total Return USD Unhedged Index (I00088US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zdH8FtFI1bH2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 when purchasing or selling Fund Shares, which are not reflected in the tables and examples below. </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zjsEkXx3Qm76" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_z09e0uLJUUA2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover rates may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the <span id="xdx_904_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member_zQStpnak0OXh">0%</span> portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a high portfolio turnover rate. </span></p> 0 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_z8cMAY81jeP7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the component securities of the Underlying Index, provided, however, that in the event that the most recently auctioned outstanding US Treasury Bill that matures closest to, but not beyond, 6 months from the rebalancing date is not included in the Underlying Index, then the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the most recently auctioned outstanding US Treasury Bill that matures closest to, but not beyond, 6 months from the rebalancing date. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was established by Bloomberg Finance L.P. (the “Index Provider”) with history backfilled to January 1, 1981. It tracks the most recent or “on-the-run” (“OTR”) 6 Month US Treasury security and is rebalanced on the last day of each month. The Index Provider constructs a single hypothetical security that mirrors the terms, conditions, and pricing of the most recent US Treasury </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">security issued by the U.S. government for the 6 Month issue. The hypothetical security is rolled to the new OTR Treasury security on the day after the treasury auction. On each day of the month, the hypothetical treasury is priced daily as per the OTR Treasury security it holds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://assets.bbhub.io/professional/sites/27/Bloomberg-Index-Publications-US-Treasury-Bellwether-Indices-20241217.pdf</span>. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s investment strategy is to pursue its investment objective. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated exchange-traded funds (each, an “ETF”) registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk. </b>Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. The Fund generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>U.S. Government Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </span></p> </td> </tr> </table> <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zWJQRRKL9rLj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member_zHoJmA8EF7y1">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. </span>The bar chart shows the performance of the Fund for one year. The table illustrates how the Fund</span><span style="font-weight: normal; font-style: normal">’</span><span style="font-weight: normal; font-style: normal">s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member_zhvNpRSxWy66">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available online at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member_zuvgIhoDC05b">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">. </span></span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com Total Returns for the Calendar Year Ended December 31 0.0518 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_zOmIdCM2c0o4" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member__oef--ClassAxis__custom--C000237349Member_zHUxGbbIpQ82">Best Quarter</span>: <span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member__oef--ClassAxis__custom--C000237349Member_zapr9ppqC5Ic">1.54%</span> in the quarter ended <span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member__oef--ClassAxis__custom--C000237349Member_zPANKX7n4lVa">September 30, 2024</span><br/> <span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member__oef--ClassAxis__custom--C000237349Member_z2ryQjHM7Lfd">Worst Quarter</span>: <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member__oef--ClassAxis__custom--C000237349Member_zdRgsdPtSOhj">1.11%</span> in the quarter ended <span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member__oef--ClassAxis__custom--C000237349Member_zn2DCU7QvWra">December 31, 2024</span> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_908_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member__oef--ClassAxis__custom--C000237349Member_z4qH4M13jAve">year-to-date total return</span> for the three months ended <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member__oef--ClassAxis__custom--C000237349Member_zaqM8miBsMe4">September 30, 2025</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member__oef--ClassAxis__custom--C000237349Member_zJDpp2hZhoEd">3.15%</span>. </span></p> Best Quarter 0.0154 2024-09-30 Worst Quarter 0.0111 2024-12-31 year-to-date total return 2025-09-30 0.0315 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2023-03-06 2023-03-06 2023-03-06 2023-03-06 2023-03-06 2023-03-06 0.0518 0.0521 0.0310 0.0307 0.0304 0.0306 0.0542 0.0544 0.0535 0.0538 0.0070 0.0263 <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_zBeUilC0xeOa" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member_zoHslCqsTyO7">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_903_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000077179Member_zSQA1HyQsLyb">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – F/m US Treasury 3 Month Bill ETF Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zNgPTbXlqpBb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m US Treasury 3 Month Bill ETF (the “F/m UST 3M Bill Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index (I00087US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_z9hKOcwLsFo5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 when purchasing or selling Fund Shares, which are not reflected in the tables and examples below. </span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zVEK4DQIeoE9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zO2RnZ9ZU89d" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover rates may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the <span id="xdx_903_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member_zwQRn3dDcl3i">0%</span> portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a high portfolio turnover rate. </span></p> 0 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zFyPDjlCJQea" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in the component securities of the Underlying Index, provided, however, that in the event that the most recently auctioned outstanding US Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date is not included in the Underlying Index, then the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in the most recently auctioned outstanding US Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was established by Bloomberg Finance L.P. (the “Index Provider”) with history backfilled to January 1, 1981. It tracks the most recent or “on-the-run” (“OTR”) 3 Month US Treasury security and is rebalanced on the last day of each month. The Index Provider constructs a single hypothetical security that mirrors the terms, conditions, and pricing of the most recent US </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Treasury security issued by the U.S. government for the 3 Month issue. The hypothetical security is rolled to the new OTR Treasury security on the day after the treasury auction. On each day of the month, the hypothetical treasury is priced daily as per the OTR Treasury security it holds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://assets.bbhub.io/professional/sites/27/Bloomberg-Index-Publications-US-Treasury-Bellwether-Indices-20241217.pd</span>f. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s investment strategy is to pursue its investment objective. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated exchange-traded funds (each, an “ETF”) registered under the Investment Company Act of 1940, as amended (the “1940 Act”), that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk. </b>Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk.</b> There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk. </b>Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk.</b> The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. The Fund generally does not attempt to invest the Fund’s assets in defensive positions under any market conditions, including declining markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk.</b> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b><span style="font-weight: normal; font-style: normal"> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>U.S. Government Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </span></p> </td> </tr> </table> <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zM1r2SLitYwe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member_zXoCqfFVO2s1">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. </span>The bar chart shows the performance of the Fund from year to year. The table illustrates how the Fund</span><span style="font-weight: normal; font-style: normal">’</span><span style="font-weight: normal; font-style: normal">s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member_zFKyvADp6wfi">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information is available online at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member_zQshrNiWN0g5">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com Total Returns for the Calendar Years Ended December 31 0.0512 0.0516 <p id="xdx_A85_eoef--BarChartClosingTextBlock_zkgt5wGCeClc" style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member__oef--ClassAxis__custom--C000237346Member_zAUxMN85gDf2">Best Quarter</span>: <span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member__oef--ClassAxis__custom--C000237346Member_zO0ZiiQCPrci">1.36%</span> in the quarter ended <span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member__oef--ClassAxis__custom--C000237346Member_zMECAVTKHTf4">September 30, 2024</span><br/> <span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member__oef--ClassAxis__custom--C000237346Member_zUicEWTbiDkf">Worst Quarter</span>: <span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member__oef--ClassAxis__custom--C000237346Member_zQxeeS7iBDqa">1.15%</span> in the quarter ended <span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member__oef--ClassAxis__custom--C000237346Member_zklceIzQbTe7">December 31, 2024</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_90E_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member__oef--ClassAxis__custom--C000237346Member_zv00J9VohuV1">year-to-date total return</span> for the three months ended <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member__oef--ClassAxis__custom--C000237346Member_zkGyCSNiJjwc">September 30, 2025</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member__oef--ClassAxis__custom--C000237346Member_zNC2ZuM1jekh">3.17%</span>. </span></p> Best Quarter 0.0136 2024-09-30 Worst Quarter 0.0115 2024-12-31 year-to-date total return 2025-09-30 0.0317 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 2022-08-08 2022-08-08 2022-08-08 2022-08-08 2022-08-08 2022-08-08 0.0516 0.0483 0.0303 0.0287 0.0302 0.0285 0.0529 0.0488 0.0528 0.0482 0.0070 -0.0014 <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_za4m6Xlxis6e" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member_z4B9f1XYt772">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000077176Member_zw2S35pssX7k">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. SUMMARY SECTION – F/m 6-Month Investment Grade Corporate Bond ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zYIViveAIu85" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m 6-Month Investment Grade Corporate Bond ETF (the “F/m 6M Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Liquid Corporate 6 Month Maturity Index (I39350US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_znJNbXUa70hh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares.</b></span></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zR5Aid3IgUG8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zEc5YEIyUmrc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zIQ8FaMN6qdf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index, a subset of the Bloomberg US Liquid Corporate Maturity Index (the “LCM Parent Index”) and the Bloomberg U.S. Credit + 144A Index (the “144A Parent Index” and together with the LCM Parent Index, the “Parent Indices”), which is comprised of selected investment-grade corporate bonds with a remaining term maturity of approximately 6 months. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investment grade corporate bonds that have a remaining term maturity of at least 3 months but less than 9 months. For purposes of this policy, investment grade corporate bonds are publicly- and privately-offered debt securities issued by private issuers that are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or are unrated securities that the Adviser considers to be of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund generally invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span style="text-decoration: underline">The Underlying Index and Parent Indices</span><span style="text-decoration: underline"> </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was created in January 2025, with history backfilled to January 1, 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that (i) are included in the Parent Indices; (ii) have a remaining term of at least 3 months, but less than 9 months, and (iii) have at least $300 million face value amount outstanding. Of the qualifying securities, the Index Provider selects one per issuer for inclusion in the Underlying Index based on the priority of (1) time since issue, (2) ranking, and (3) amount outstanding. Most recent issuances are selected first, followed by ranking (with senior bonds selected first) and then the issue with the largest outstanding principal amount is selected. Underlying Index constituents are equally weighted. The Underlying Index is reconstituted and rebalanced by the Index Provider on the third-to-last business day of each month, and there is no limit to the number of issues included in the Underlying Index. As of December 1, 2025, the Underlying Index included approximately 457 constituents and was most concentrated in securities of companies in the financials industry or sector, which comprised approximately 48.14% of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The two Parent Indices with respect to the Underlying Index were created by the Index Provider in January 2025 (with history backfilled to January 1, 2011) and April 2018 (with history backfilled to January 1, 1998), respectively. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The LCM Parent Index measures the performance of the most recent bond per issue across USD- denominated investment-grade corporate bonds with a specified maturity range. The LCM Parent Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that are (i) included in the 144A Parent Index and (ii) have at least $300 million face value amount outstanding. The Index Provider selects individual securities from the 144A Parent Index utilizing a rules-based approach by applying various screening rules and equally weighting the constituents. When selecting constituents, the determination occurs on the third-to-last business day of each month. For each specified maturity range, the eligible bonds must be at least the lower bound in years, but not including the upper bound, until final maturity, regardless of optionality, as of the end of the month. Enhanced Equipment Trust Certificate bonds are excluded from the LCM Parent Index. LCM Parent Index constituents are equally weighted and the securities included in the LCM Parent Index are updated by the Index Provider on the last business day of each month. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The 144A Parent Index consists of investment-grade US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets bonds that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, and have $300 million or more of outstanding face value. The Index Provider deems securities as “investment grade” based on the middle rating of Fitch Ratings, Inc. (BBB- or better), Moody’s Investors Service, Inc. (Baa3 or better) and/or Standard &amp; Poor’s Financial Services LLC, a subsidiary of S&amp;P Global (BBB- or better). When a rating from only two agencies is available, the lower is used. In addition, the securities in the 144A Parent Index must be denominated in U.S. dollars and, with limited exception, must be fixed rate. Bonds that convert from fixed to floating rate, including fixed-to-float perpetuals, will exit the 144A Parent Index one (1) year prior to conversion to floating-rate. Excluded from the 144A Parent Index are contingent capital securities, bonds with equity type features (e.g., warrants, convertibles, preferreds), taxable and tax-exempt municipal securities, inflation-linked bonds, floating-rate issues, private placements, retail bonds, USD25/USD50 par bonds, structured notes, pass-through certificates, and illiquid securities with no available internal or third-party pricing source. The 144A Parent Index is market capitalization-weighted, and the securities included in the 144A Parent Index are updated by the Index Provider on the last business day of each month. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the Underlying Index and the Parent Indices is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://www.bloomberg.com/professional/products/indices/fixed-income/</span>. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--AffiliatedFundRiskMember_zpRevZd2gxpj">Affiliated Fund Risk</span>.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--ConcentrationRiskMember_zefSvjku28W1">Concentration Risk</span>.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91F_ecustom--CorporateBondsRiskMember_zb2UVdvoFCql">Corporate Bonds Risk</span>.</b> Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91C_ecustom--CyberSecurityRiskMember_zbAPK8FTLewf">Cyber Security Risk</span>.</b> Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting the Fund’s third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--EtfRiskMember_zL80JL5Haltk">ETF Risk</span>.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash, rather than on an in-kind basis. Because of this, the Fund may incur certain costs, such as brokerage costs, or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--FixedIncomeMarketRiskMember_zxmEo0wvfoR">Fixed-Income Market Risk</span>. </b>The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. In addition, the Fund may be subject to risks associated with investments in senior non-preferred bonds (sometimes referred to as a “bail-in bonds”), which are debt securities issued by financial institutions that can be converted into equity securities if such conversion is mandated by a financial institution’s regulatory authority due to the financial institution facing the possibility of bankruptcy. The mandatory conversion of a bail-in bond into an equity security may result in a reduction in value of the security and, if the Fund holds such security when the conversion occurs, the Fund’s performance may be negatively impacted. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--FloatingRateSecuritiesRiskMember_zp4Nv3N3HXsh">Floating Rate Securities Risk</span>. </b>Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed-rate securities of the same maturity. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk, which could impair their value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--HighPortfolioTurnoverRiskMember_zglxCyNepgE5">High Portfolio Turnover Risk</span>.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--IncomeRiskMember_zW9PLoadD8Mb">Income Risk</span>.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91B_ecustom--IndexRelatedRiskMember_zlDivAjY7dE4">Index-Related Risk</span>. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s or Underlying Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--LiquidityRiskMember_ztOoZik5xlT">Liquidity Risk</span>.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--ManagementRiskMember_zInQrogxmqx9">Management Risk</span></b>. As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--MarketRiskMember_zbaCxA3RKeyh">Market Risk</span>.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--NewFundRiskMember_zUWDdV1E37M">New Fund Risk</span>.</b> The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--NonUSIssuersRiskMember_zCGoZmpzopYh">Non-U.S. Issuers Risk</span>.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--OperationalRiskMember_zqazi1t4zaJ7">Operational Risk</span>. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--PassiveInvestmentRiskMember_zdqdNkAnzluh">Passive Investment Risk</span>.</b> The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--RatingAgenciesRiskMember_zPsOiX7xwa5i">Rating Agencies Risk</span>. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund or an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ReinvestmentRiskMember_zPP7wqxfzGkf">Reinvestment Risk</span>.</b> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--ReverseRepurchaseAgreementsRiskMember_zQHToVi5SqQd">Reverse Repurchase Agreements Risk</span>.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91E_ecustom--RiskofInvestingintheUnitedStatesMember_zgmXfQt4JLLf">Risk of Investing in the United States</span>.</b> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_911_ecustom--SectorConcentrationRiskMember_z486ZO0lKn0b">Sector Concentration Risk</span>.</b> To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--SecuritiesLendingRiskMember_z5WjJ3CowFnh">Securities Lending Risk</span>.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breached its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--TrackingErrorRiskMember_zvImYSaim8S">Tracking Error Risk</span>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--UnderlyingFundsRiskMember_zMkeLYvtAfai">Underlying Funds Risk</span>.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--ValuationRiskMember_zBsaKlam0lv3">Valuation Risk</span>.</b> The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zux8dYYdjs51" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_90D_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000083573Member_zCVK6CSqYJ38">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus.</span> Performance information will be available once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at </span><span style="font-weight: normal; font-style: normal"><span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000083573Member_z77tj5NznSUf">www.fminvest.com</span></span><span style="font-weight: normal; font-style: normal">. </span></span></p> Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. www.fminvest.com SUMMARY SECTION – F/m 9-18 Month Investment Grade Corporate Bond ETF Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zlUgpJEt9Lte" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m 9-18 Month Investment Grade Corporate Bond ETF (the “F/m 9-18M Bond Fund ” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Liquid Corporate 9-18 Month Maturity Index (I39351US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zu0DVHAA6cH2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zobVP7BSS6E7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zyl20BTbX3i9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_z2txzBJUfXGd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index, a subset of the Bloomberg US Liquid Corporate Maturity Index (the “LCM Parent Index”) and the Bloomberg US Credit + 144A Index (the “144A Parent Index” and together with the LCM Parent Index, the “Parent Indices”), which is comprised of selected investment-grade corporate bonds with a remaining term maturity of at least 9 months, but less than 18 months. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investment grade corporate bonds that have a remaining term maturity of at least 9 months, but less than 18 months. For purposes of this policy, investment grade corporate bonds are publicly- and privately-offered debt securities issued by private issuers that are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or are unrated securities that the Adviser considers to be of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund generally invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Indices </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was created in January 2025, with history backfilled to January 1, 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that (i) are included in the Parent Indices; (ii) have a remaining term of at least 9 months, but less than 18 months, and (iii) have at least $300 million face value amount outstanding. Of the qualifying securities, the Index Provider selects one per issuer for inclusion in the Underlying Index based on the priority of (1) time since issue, (2) ranking, and (3) amount outstanding. Most recent issuances are selected first, followed by ranking (with senior bonds selected first) and then the issue with the largest outstanding principal amount is selected. Underlying Index constituents are equally weighted. The Underlying Index is reconstituted and rebalanced by the Index Provider on the third-to-last business day of each month, and there is no limit to the number of issues included in the Underlying Index. As of December 1, 2025, the Underlying Index included approximately 892 constituents and was most concentrated in securities of companies in the financials industry or sector, which comprised approximately 45.62% of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The two Parent Indices with respect to the Underlying Index were created by the Index Provider in January 2025 (with history backfilled to January 1, 2011) and April 2018 (with history backfilled to January 1, 1998), respectively. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The LCM Parent Index measures the performance of the most recent bond per issue across USD- denominated investment-grade corporate bonds with a specified maturity range. The LCM Parent Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that are (i) included in the 144A Parent Index and (ii) have at least $300 million face value amount outstanding. The Index Provider selects individual securities from the 144A Parent Index utilizing a rules-based approach by applying various screening rules and equally weighting the constituents. When selecting constituents, the determination occurs on the third-to-last business day of each month. For each specified maturity range, the eligible bonds must be at least the lower bound in years, but not including the upper bound, until final maturity, regardless of optionality, as of the end of the month. Enhanced Equipment Trust Certificate bonds are excluded from the LCM Parent Index. LCM Parent Index constituents are equally weighted and the securities included in the LCM Parent Index are updated by the Index Provider on the last business day of each month. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The 144A Parent Index consists of investment-grade US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets bonds that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, and have $300 million or more of outstanding face value. The Index Provider deems securities as “investment grade” based on the middle rating of Fitch Ratings, Inc. (BBB- or better), Moody’s Investors Service, Inc. (Baa3 or better) and/or Standard &amp; Poor’s Financial Services LLC, a subsidiary of S&amp;P Global (BBB- or better). When a rating from only two agencies is available, the lower is used. In addition, the securities in the 144A Parent Index must be denominated in U.S. dollars and, with limited exception, must be fixed rate. Bonds that convert from fixed to floating rate, including fixed-to-float perpetuals, will exit the 144A Parent Index one (1) year prior to conversion to floating-rate. Excluded from the 144A Parent Index are contingent capital securities, bonds with equity type features (e.g., warrants, convertibles, preferreds), taxable and tax-exempt municipal securities, inflation-linked bonds, floating-rate issues, private placements, retail bonds, USD25/USD50 par bonds, structured notes, pass-through certificates, and illiquid securities with no available internal or third-party pricing source. The 144A Parent Index is market capitalization-weighted, and the securities included in the 144A Parent Index are updated by the Index Provider on the last business day of each month. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the Underlying Index and the Parent Indices is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://www.bloomberg.com/professional/products/indices/fixed-income/.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Corporate Bonds Risk. </b>Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk.</b> Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting the Fund’s third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Funds. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash, rather than on an in-kind basis. Because of this, the Fund may incur certain costs, such as brokerage costs, or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk. </b>The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the fund’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. In addition, the Fund may be subject to risks associated with investments in senior non-preferred bonds (sometimes referred to as a “bail-in bonds”), which are debt securities issued by financial institutions that can be converted into equity securities if such conversion is mandated by a financial institution’s regulatory authority due to the financial institution facing the possibility of bankruptcy. The mandatory conversion of a bail-in bond into an equity security may result in a reduction in value of the security and, if the Fund holds such security when the conversion occurs, the Fund’s performance may be negatively impacted. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Floating Rate Securities Risk.</b> Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed-rate securities of the same maturity. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk, which could impair their value. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s or Underlying Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk. </b>Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk.</b> As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-U.S. Issuers Risk. </b>Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk.</b> The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breached its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Funds Risk. </b>Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk.</b> The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zWDirw6p1dW" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus.<span id="xdx_909_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000083566Member_z7XK36Ghc7yh"> Performance information will be available once the Fund has at least one calendar year of performance.</span> Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000083566Member_zkyFDExwWU7f">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information will be available once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m 2-Year Investment Grade Corporate Bond ETF (ZTWO) Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_ze2SQdPj6Xeb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m 2-Year Investment Grade Corporate Bond ETF (the “F/m 2Y Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Liquid Corporate 2 Year Maturity Index (I39297US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zQKrFJaBSuPk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_z5UiS1UJtQ2j" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_z2kkOqFoGex2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. Portfolio turnover may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000083568Member_zhONik94Ckfd">35%</span> of the average value of its portfolio. </span></p> 0.35 Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zaAZgiAombJi" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index, a subset of the Bloomberg U.S. Credit + 144A Index (I33843US) (the “Parent Index”), that is comprised of selected investment-grade corporate bonds with a remaining term maturity of approximately 2 years. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investment grade corporate bonds that have at least 1.5 years, but less than 2.5 years, remaining to maturity. For purposes of this policy, investment grade corporate bonds are publicly- and privately-offered debt securities issued by private issuers that are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or are unrated securities that the Adviser considers to be of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund generally invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was created in January 2025, with history backfilled to January 1, 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that (i) are included in the Parent Index; (ii) have at least 2.5 years, but less than 3.5 years, remaining to maturity, and (iii) have at least $300 million face value amount outstanding. Of the qualifying securities, the Index Provider selects one per issuer for inclusion in the Underlying Index based on the priority of (1) time since issue, (2) ranking, and (3) amount outstanding. Most recent issuances are selected first, followed by ranking (with senior bonds selected first) and then the issue with the largest outstanding principal amount is selected. Underlying Index constituents are equally weighted. The Underlying Index is reconstituted and rebalanced by the Index Provider on the third-to-last business day of each month, and there is no limit to the number of issues included in the Underlying Index. As of December 1, 2025, the Underlying Index included approximately 578 constituents and was most concentrated in securities of companies in the Financial industry or sector, which comprised approximately 35.29% of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Parent Index was created in April 2018, with history backdated to January 1, 1998, by the Index Provider. The Parent Index consists of investment-grade US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets bonds that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, and have $300 million or more of outstanding face value. The Index Provider deems securities as “investment grade” based on the middle rating of Fitch Ratings, Inc. (BBB- or better), Moody’s Investors Service, Inc. (Baa3 or better) and/or Standard &amp; Poor’s Financial Services LLC, a subsidiary of S&amp;P Global (BBB- or better). When a rating from only two agencies is available, the lower is used. In addition, the securities in the Parent Index must be denominated in U.S. dollars and, with limited exception, must be fixed rate. Bonds that convert from fixed to floating rate, including fixed-to-float perpetuals, will exit the Parent Index one (1) year prior to conversion to floating-rate. Excluded from the Parent Index are contingent capital securities, bonds with equity type features (e.g., warrants, convertibles, preferreds), taxable and tax-exempt municipal securities, inflation-linked bonds, floating-rate issues, private placements, retail bonds, USD25/USD50 par bonds, structured notes, pass-through certificates, and illiquid securities with no available internal or third-party pricing source. The Parent Index is market capitalization-weighted, and the securities included in the Parent Index are updated by the Index Provider on the last business day of each month. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the Underlying Index and Parent Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider calculates each of the Underlying Index and Parent Index on a total return basis. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://www.bloomberg.com/professional/products/indices/fixed-income/</span>. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Corporate Bonds Risk. </b>Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk.</b> Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting the Fund’s third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in ETF Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash, rather than on an in-kind basis. Because of this, the Fund may incur certain costs, such as brokerage costs, or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk. </b>The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. In addition, the Fund may be subject to risks associated with investments in senior non-preferred bonds (sometimes referred to as a “bail-in bonds”), which are debt securities issued by financial institutions that can be converted into equity securities if such conversion is mandated by a financial institution’s regulatory authority due to the financial institution facing the possibility of bankruptcy. The mandatory conversion of a bail-in bond into an equity security may result in a reduction in value of the security and, if the Fund holds such security when the conversion occurs, the Fund’s performance may be negatively impacted. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk.</b> There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s or Underlying Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk.</b> As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk.</b> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund or an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Financials Sector Risk. </i>Financial Sector Risk is a principal risk of investing in the Fund. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breached its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Funds Risk.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zVusgl0DjpYk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information:</b><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. <span id="xdx_90C_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000083568Member_zZ9j9UqeuZOa">Performance information will be available once the Fund has at least one calendar year of performance. </span>Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000083568Member_zTCIofKvozTf">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information will be available once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m 3-Year Investment Grade Corporate Bond ETF (ZTRE) Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zoQdDXWEdkNd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m 3-Year Investment Grade Corporate Bond ETF (the “F/m 3Y Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Liquid Corporate 3 Year Maturity Index (I39299US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_z4lGr221pQe4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zJaw2WFpycL8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zjD1bJfynJKk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_908_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000083570Member_zAfzALTWyex">50%</span> of the average value of its portfolio. </span></p> 0.50 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zhCLTxVVwJw3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index, a subset of the Bloomberg U.S. Credit + 144A Index (the “Parent Index”), that is comprised of selected investment-grade corporate bonds with a remaining term maturity of approximately 3 years. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investment grade corporate bonds that have at least 2.5 years but less than 3.5 years remaining to maturity. For purposes of this policy, investment grade corporate bonds are publicly- and privately-offered debt securities issued by private issuers that are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or are unrated securities that the Adviser considers to be of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund generally invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was created in January 2025, with history backfilled to January 1, 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that (i) are included in the Parent Index; (ii) have at least 2.5 years, but less than 3.5 years, remaining to maturity, and (iii) have at least $300 million face value amount outstanding. Of the qualifying securities, the Index Provider selects one per issuer for inclusion in the Underlying Index based on the priority of (1) time since issue, (2) ranking, and (3) amount outstanding. Most recent issuances are selected first, followed by ranking (with senior bonds selected first) and then the issue with the largest outstanding principal amount is selected. Underlying Index constituents are equally weighted. The Underlying Index is reconstituted and rebalanced by the Index Provider on the third-to-last business day of each month, and there is no limit to the number of issues included in the Underlying Index. As of December 1, 2025, the Underlying Index included approximately 589 constituents and was most concentrated in securities of companies in the financial industry or sector, which comprised approximately 37.52% of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Parent Index was created in April 2018, with history backdated to January 1, 1998, by the Index Provider. The Parent Index consists of investment-grade US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets bonds that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, and have $300 million or more of outstanding face value. The Index Provider deems securities as “investment grade” based on the middle rating of Fitch Ratings, Inc. (BBB- or better), Moody’s Investors Service, Inc. (Baa3 or better) and/or Standard &amp; Poor’s Financial Services LLC, a subsidiary of S&amp;P Global (BBB- or better). When a rating from only two agencies is available, the lower is used. In addition, the securities in the Parent Index must be denominated in U.S. dollars and, with limited exception, must be fixed rate. Bonds that convert from fixed to floating rate, including fixed-to-float perpetuals, will exit the Parent Index one (1) year prior to conversion to floating-rate. Excluded from the Parent Index are contingent capital securities, bonds with equity type features (e.g., warrants, convertibles, preferreds), taxable and tax-exempt municipal securities, inflation-linked bonds, floating-rate issues, private placements, retail bonds, USD25/USD50 par bonds, structured notes, pass-through certificates, and illiquid securities with no available internal or third-party pricing source. The Parent Index is market capitalization-weighted, and the securities included in the Parent Index are updated by the Index Provider on the last business day of each month. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the Underlying Index and Parent Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider calculates each of the Underlying Index and Parent Index on a total return basis. Additional information regarding the Underlying Index is available at https://www.bloomberg.com/professional/products/indices/fixed-income/. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Corporate Bonds Risk.</b> Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk.</b> The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting the Fund’s third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash, rather than on an in-kind basis. Because of this, the Fund may incur certain costs, such as brokerage costs, or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk. </b>The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. In addition, the Fund may be subject to risks associated with investments in senior non-preferred bonds (sometimes referred to as a “bail-in bonds”), which are debt securities issued by financial institutions that can be converted into equity securities if such conversion is mandated by a financial institution’s regulatory authority due to the financial institution facing the possibility of bankruptcy. The mandatory conversion of a bail-in bond into an equity security may result in a reduction in value of the security and, if the Fund holds such security when the conversion occurs, the Fund’s performance may be negatively impacted. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk.</b> There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s or Underlying Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk.</b> As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk.</b> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund or an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Financials Sector Risk. </i>Financial Sector Risk is a principal risk of investing in the Fund. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breached its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Funds Risk.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_z971royTa3tj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information:</b><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. <span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000083570Member_znElCh3rhPgi">Performance information will be available once the Fund has at least one calendar year of performance.</span> Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000083570Member_zHhfcowgPsS4">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information will be available once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m 5-Year Investment Grade Corporate Bond ETF Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zOVBXGpO2HSf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m 5-Year Investment Grade Corporate Bond ETF (the “F/m 5Y Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Liquid Corporate 5 Year Maturity Index (I39328US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zSyk74I1F5Ec" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zFH9FX192hkl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zHhI6vgGcaQh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zoJ5iAIN6f2e" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index, a subset of the Bloomberg U.S. Credit + 144A Index (the “Parent Index”), that is comprised of selected investment-grade corporate bonds with a remaining term maturity of approximately 5 years. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investment grade corporate bonds that have at least 4.5 years but less than 5.5 years remaining to maturity. For purposes of this policy, investment grade corporate bonds are publicly- and privately-offered debt securities issued by private issuers that are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or are unrated securities that the Adviser considers to be of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund generally invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was created in January 2025, with history backfilled to January 1, 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that (i) are included in the Parent Index; (ii) have at least 4.5 years, but less than 5.5 years, remaining to maturity, and (iii) have at least $300 million face value amount outstanding. Of the qualifying securities, the Index Provider selects one per issuer for inclusion in the Underlying Index based on the priority of (1) time since issue, (2) ranking, and (3) amount outstanding. Most recent issuances are selected first, followed by ranking (with senior bonds selected first) and then the issue with the largest outstanding principal amount is selected. Underlying Index constituents are equally weighted. The Underlying Index is reconstituted and rebalanced by the Index Provider on the third-to-last business day of each month, and there is no limit to the number of issues included in the Underlying Index. As of December 1, 2025, the Underlying Index included approximately 598 constituents and was most concentrated in securities of companies in the financials industry or sector, which comprised approximately 37.96% of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Parent Index was created in April 2018, with history backdated to January 1, 1998, by the Index Provider. The Parent Index consists of investment-grade US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets bonds that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, and have $300 million or more of outstanding face value. The Index Provider deems securities as “investment grade” based on the middle rating of Fitch Ratings, Inc. (BBB- or better), Moody’s Investors Service, Inc. (Baa3 or better) and/or Standard &amp; Poor’s Financial Services LLC, a subsidiary of S&amp;P Global (BBB- or better). When a rating from only two agencies is available, the lower is used. In addition, the securities in the Parent Index must be denominated in U.S. dollars and, with limited exception, must be fixed rate. Bonds that convert from fixed to floating rate, including fixed-to-float perpetuals, will exit the Parent Index one (1) year prior to conversion to floating-rate. Excluded from the Parent Index are contingent capital securities, bonds with equity type features (e.g., warrants, convertibles, preferreds), taxable and tax-exempt municipal securities, inflation-linked bonds, floating-rate issues, private placements, retail bonds, USD25/USD50 par bonds, structured notes, pass-through certificates, and illiquid securities with no available internal or third-party pricing source. The Parent Index is market capitalization-weighted, and the securities included in the Parent Index are updated by the Index Provider on the last business day of each month. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the Underlying Index and Parent Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider calculates each of the Underlying Index and Parent Index on a total return basis. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://www.bloomberg.com/professional/products/indices/fixed-income/</span>. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Corporate Bonds Risk.</b> Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk.</b> The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting the Fund’s third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--DurationRiskMember_zJaEirkf1Uye">Duration Risk</span>.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash, rather than on an in-kind basis. Because of this, the Fund may incur certain costs, such as brokerage costs, or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the fund’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. In addition, the Fund may be subject to risks associated with investments in senior non-preferred bonds (sometimes referred to as a “bail-in bonds”), which are debt securities issued by financial institutions that can be converted into equity securities if such conversion is mandated by a financial institution’s regulatory authority due to the financial institution facing the possibility of bankruptcy. The mandatory conversion of a bail-in bond into an equity security may result in a reduction in value of the security and, if the Fund holds such security when the conversion occurs, the Fund’s performance may be negatively impacted. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s or Underlying Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk. </b>As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund or an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b><span style="font-weight: normal; font-style: normal"> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b><span style="font-weight: normal; font-style: normal">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breached its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Funds Risk.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zVtkzWRIR893" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. <span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000083572Member_ztLygZGSPTR7">Performance information will be available once the Fund has at least one calendar year of performance.</span> Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000083572Member_zwvarUnYZU08">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information will be available once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m 7-Year Investment Grade Corporate Bond ETF Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zRA0sBmDtO7d" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m 7-Year Investment Grade Corporate Bond ETF (the “F/m 7Y Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Liquid Corporate 7 Year Maturity Index (I39331US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zFlW8ULjfISa" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_z50hSP7syWc4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_z38xQ58EYibb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_z5lRCkDjmhr7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index, a subset of the Bloomberg U.S. Credit +144A Index (the “Parent Index”), that is comprised of selected investment-grade corporate bonds with a remaining term maturity of approximately 7 years. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investment grade corporate bonds that have at least 6.5 years, but less than 7.5 years, remaining to maturity. For purposes of this policy, investment grade corporate bonds are publicly- and privately-offered debt securities issued by private issuers that are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or are unrated securities that the Adviser considers to be of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund generally invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was created in January 2025, with history backfilled to January 1, 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that (i) are included in the Parent Index; (ii) have at least 6.5 years, but less than 7.5 years, remaining until maturity, and (iii) have at least $300 million face value amount outstanding. Of the qualifying securities, the Index Provider selects one per issuer for inclusion in the Underlying Index based on the priority of (1) time since issue, (2) ranking, and (3) amount outstanding. Most recent issuances are selected first, followed by ranking (with senior bonds selected first) and then the issue with the largest outstanding principal amount is selected. Underlying Index constituents are equally weighted. The Underlying Index is reconstituted and rebalanced by the Index Provider on the third-to-last business day of each month, and there is no limit to the number of issues included in the Underlying Index. As of December 1, 2025, the Underlying Index included approximately 355 constituents and was most concentrated in securities of companies in the financials industry or sector, which comprised approximately 33.52% of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Parent Index was created in April 2018, with history backdated to January 1, 1998, by the Index Provider. The Parent Index consists of investment-grade US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets bonds that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, and have $300 million or more of outstanding face value. The Index Provider deems securities as “investment grade” based on the middle rating of Fitch Ratings, Inc. (BBB- or better), Moody’s Investors Service, Inc. (Baa3 or better) and/or Standard &amp; Poor’s Financial Services LLC, a subsidiary of S&amp;P Global (BBB- or better). When a rating from only two agencies is available, the lower is used. In addition, the securities in the Parent Index must be denominated in U.S. dollars and, with limited exception, must be fixed rate. Bonds that convert from fixed to floating rate, including fixed-to-float perpetuals, will exit the Parent Index one (1) year prior to conversion to floating-rate. Excluded from the Parent Index are contingent capital securities, bonds with equity type features (e.g., warrants, convertibles, preferreds), taxable and tax-exempt municipal securities, inflation-linked bonds, floating-rate issues, private placements, retail bonds, USD25/USD50 par bonds, structured notes, pass-through certificates, and illiquid securities with no available internal or third-party pricing source. The Parent Index is market capitalization-weighted, and the securities included in the Parent Index are updated by the Index Provider on the last business day of each month. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the Underlying Index and Parent Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider calculates each of the Underlying Index and Parent Index on a total return basis. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://www.bloomberg.com/professional/products/indices/fixed-income/.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Corporate Bonds Risk. </b>Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk.</b> The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting the Fund’s third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash, rather than on an in-kind basis. Because of this, the Fund may incur certain costs, such as brokerage costs, or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. In addition, the Fund may be subject to risks associated with investments in senior non-preferred bonds (sometimes referred to as a “bail-in bonds”), which are debt securities issued by financial institutions that can be converted into equity securities if such conversion is mandated by a financial institution’s regulatory authority due to the financial institution facing the possibility of bankruptcy. The mandatory conversion of a bail-in bond into an equity security may result in a reduction in value of the security and, if the Fund holds such security when the conversion occurs, the Fund’s performance may be negatively impacted. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s or Underlying Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk. </b>As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund or an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b><span style="font-weight: normal; font-style: normal"> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b><span style="font-weight: normal; font-style: normal">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breached its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Funds Risk.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zt9TA0md0Vak" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information:</b><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal"><span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000083565Member_zURoNAijuj0h">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus.</span> Performance information will be available once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000083565Member_zWKC9Y4lJzA7">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. www.fminvest.com SUMMARY SECTION – F/m 10-Year Investment Grade Corporate Bond ETF (ZTEN) Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zlKRnYM4Sswj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m 10-Year Investment Grade Corporate Bond ETF (the “F/m 10Y Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Liquid Corporate 10 Year Maturity Index (I39298US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zHYhYFqtvXv6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_z3iguHljG8Rg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 85 192 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zUDWCMFE3Rmd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. For the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90B_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000083564Member_zzbfqC7OnuM9">203%</span> of the average value of its portfolio. </span></p> 2.03 Principal Investment Strategies <p id="xdx_A88_eoef--StrategyNarrativeTextBlock_z7mEForcvJI6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index, a subset of the Bloomberg U.S. Credit + 144A Index (the “Parent Index”), that is comprised of selected investment-grade corporate bonds with a remaining term maturity of approximately 10 years. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investment grade corporate bonds that have at least 9.5 years, but less than 10.5 years, remaining to maturity. For purposes of this policy, investment grade corporate bonds are publicly- and privately-offered debt securities issued by private issuers that are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or are unrated securities that the Adviser considers to be of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund generally invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was created in January 2025, with history backfilled to January 1, 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that (i) are included in the Parent Index; (ii) have at least 9.5 years, but less than 10.5 years, remaining until maturity, and (iii) have at least $300 million face value amount outstanding. Of the qualifying securities, the Index Provider selects one per issuer for inclusion in the Underlying Index based on the priority of (1) time since issue, (2) ranking, and (3) amount outstanding. Most recent issuances are selected first, followed by ranking (with senior bonds selected first) and then the issue with the largest outstanding principal amount is selected. Underlying Index constituents are equally weighted. The Underlying Index is reconstituted and rebalanced by the Index Provider on the third-to-last business day of each month, and there is no limit to the number of issues included in the Underlying Index. As of December 1, 2025, the Underlying Index included approximately 297 constituents and was most concentrated in securities of companies in the finaniciasl industry or sector, which comprised approximately 29.63% of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Parent Index was created in April 2018, with history backdated to January 1, 1998, by the Index Provider. The Parent Index consists of investment-grade US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets bonds that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, and have $300 million or more of outstanding face value. The Index Provider deems securities as “investment grade” based on the middle rating of Fitch Ratings, Inc. (BBB- or better), Moody’s Investors Service, Inc. (Baa3 or better) and/or Standard &amp; Poor’s Financial Services LLC, a subsidiary of S&amp;P Global (BBB- or better). When a rating from only two agencies is available, the lower is used. In addition, the securities in the Parent Index must be denominated in U.S. dollars and, with limited exception, must be fixed rate. Bonds that convert from fixed to floating rate, including fixed-to-float perpetuals, will exit the Parent Index one (1) year prior to conversion to floating-rate. Excluded from the Parent Index are contingent capital securities, bonds with equity type features (e.g., warrants, convertibles, preferreds), taxable and tax-exempt municipal securities, inflation-linked bonds, floating-rate issues, private placements, retail bonds, USD25/USD50 par bonds, structured notes, pass-through certificates, and illiquid securities with no available internal or third-party pricing source. The Parent Index is market capitalization-weighted, and the securities included in the Parent Index are updated by the Index Provider on the last business day of each month. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the Underlying Index and Parent Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider calculates each of the Underlying Index and Parent Index on a total return basis. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://www.bloomberg.com/professional/products/indices/fixed-income/</span>. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to continue to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Corporate Bonds Risk.</b> Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk.</b> The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting the Fund’s third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash, rather than on an in-kind basis. Because of this, the Fund may incur certain costs, such as brokerage costs, or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. In addition, the Fund may be subject to risks associated with investments in senior non-preferred bonds (sometimes referred to as a “bail-in bonds”), which are debt securities issued by financial institutions that can be converted into equity securities if such conversion is mandated by a financial institution’s regulatory authority due to the financial institution facing the possibility of bankruptcy. The mandatory conversion of a bail-in bond into an equity security may result in a reduction in value of the security and, if the Fund holds such security when the conversion occurs, the Fund’s performance may be negatively impacted. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s or Underlying Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk. </b>As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund or an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b><span style="font-weight: normal; font-style: normal"> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b><span style="font-weight: normal; font-style: normal">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 49.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Financials Sector Risk.</i> Financial Sector Risk is a principal risk of investing in the Fund. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breached its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Funds Risk.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available </p> </td> </tr> </table> <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_zGzreZnZ4l7h" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_90A_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000083564Member_zbldOiDL2qsc">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus.</span> Performance information will be available once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000083564Member_zvJh0d955TD7">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. www.fminvest.com SUMMARY SECTION – F/m 20-Year Investment Grade Corporate Bond ETF Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zitIEjmIR3I8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m 20-Year Investment Grade Corporate Bond ETF (the “F/m 20Y Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Liquid Corporate 20 Year Maturity Index (I39332US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zLKxoe8DPXc4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zPFf8Ctvwvo6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_z4jDrlLm7T1c" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zwrNat3AxSwj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index, a subset of the Bloomberg U.S. Credit + 144A Index (the “Parent Index”), that is comprised of selected investment-grade corporate bonds with a remaining term maturity of approximately 20 years. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investment grade corporate bonds that have at least 19.5 years, but less than 20.5 years, remaining to maturity. For purposes of this policy, investment grade corporate bonds are publicly- and privately-offered debt securities issued by private issuers that are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or are unrated securities that the Adviser considers to be of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund generally invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was created in January 2025, with history backfilled to January 1, 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that (i) are included in the Parent Index; (ii) have at least 19.5 years, but less than 20.5 years, remaining to maturity (iii) have at least $300 million face value amount outstanding. Of the qualifying securities, the Index Provider selects one per issuer for inclusion in the Underlying Index based on the priority of (1) time since issue, (2) ranking, and (3) amount outstanding. Most recent issuances are selected first, followed by ranking (with senior bonds selected first) and then the issue with the largest outstanding principal amount is selected. Underlying Index constituents are equally weighted. The Underlying Index is reconstituted and rebalanced by the Index Provider on the third-to-last business day of each month, and there is no limit to the number of issues included in the Underlying Index. As of December 1, 2025, the Underlying Index included approximately 118 constituents and was most concentrated in securities of companies in the healthcare and utilities industries or sectors industry or sector, which comprised approximately 16.95% and 16.94%, respectively, of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Parent Index was created in April 2018, with history backdated to January 1, 1998, by the Index Provider. The Parent Index consists of investment-grade US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets bonds that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, and have $300 million or more of outstanding face value. The Index Provider deems securities as “investment grade” based on the middle rating of Fitch Ratings, Inc. (BBB- or better), Moody’s Investors Service, Inc. (Baa3 or better) and/or Standard &amp; Poor’s Financial Services LLC, a subsidiary of S&amp;P Global (BBB- or better). When a rating from only two agencies is available, the lower is used. In addition, the securities in the Parent Index must be denominated in U.S. dollars and, with limited exception, must be fixed rate. Bonds that convert from fixed to floating rate, including fixed-to-float perpetuals, will exit the Parent Index one (1) year prior to conversion to floating-rate. Excluded from the Parent Index are contingent capital securities, bonds with equity type features (e.g., warrants, convertibles, preferreds), taxable and tax-exempt municipal securities, inflation-linked bonds, floating-rate issues, private placements, retail bonds, USD25/USD50 par bonds, structured notes, pass-through certificates, and illiquid securities with no available internal or third-party pricing source. The Parent Index is market capitalization-weighted, and the securities included in the Parent Index are updated by the Index Provider on the last business day of each month </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the Underlying Index and Parent Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider calculates each of the Underlying Index and Parent Index on a total return basis. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://www.bloomberg.com/professional/products/indices/fixed-income/</span>. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Corporate Bonds Risk.</b> Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk.</b> The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting the Fund’s third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash, rather than on an in-kind basis. Because of this, the Fund may incur certain costs, such as brokerage costs, or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the fund’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. In addition, the Fund may be subject to risks associated with investments in senior non-preferred bonds (sometimes referred to as a “bail-in bonds”), which are debt securities issued by financial institutions that can be converted into equity securities if such conversion is mandated by a financial institution’s regulatory authority due to the financial institution facing the possibility of bankruptcy. The mandatory conversion of a bail-in bond into an equity security may result in a reduction in value of the security and, if the Fund holds such security when the conversion occurs, the Fund’s performance may be negatively impacted. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s or Underlying Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk. </b>As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund or an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b><span style="font-weight: normal; font-style: normal"> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b><span style="font-weight: normal; font-style: normal">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breached its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Funds Risk.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zO4jcsBoHCA7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_908_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000083569Member_zweFL4vj8Ezb">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus.</span> Performance information will be available once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000083569Member_zgQoocb1Tpe5">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. www.fminvest.com SUMMARY SECTION – F/m 30-Year Investment Grade Corporate Bond ETF Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zpnW8UJLZKkg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m 30-Year Investment Grade Corporate Bond ETF (the “F/m 30Y Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Liquid Corporate 30 Year Maturity Index (I39334US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zY6qhkh5iDcj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zfwMXrmI6qw5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zLTlOQAIHXIh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zQK8cMGIOfm2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index, a subset of the Bloomberg U.S. Credit + 144A Index (the “Parent Index”), that is comprised of selected investment-grade corporate bonds with a remaining term maturity of approximately 30 years. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investment grade corporate bonds that have at least 29.5 years, but less than 30.5 years, remaining to maturity. For purposes of this policy, investment grade corporate bonds are publicly- and privately-offered debt securities issued by private issuers that are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or are unrated securities that the Adviser considers to be of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund generally invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was created in January 2025, with history backfilled to January 1, 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that (i) are included in the Parent Index; (ii) have at least 29.5 years, but less than 30.5 years, remaining to maturity, and (iii) have at least $300 million face value amount outstanding. Of the qualifying securities, the Index Provider selects one per issuer for inclusion in the Underlying Index based on the priority of (1) time since issue, (2) ranking, and (3) amount outstanding. Most recent issuances are selected first, followed by ranking (with senior bonds selected first) and then the issue with the largest outstanding principal amount is selected. Underlying Index constituents are equally weighted. The Underlying Index is reconstituted and rebalanced by the Index Provider on the third-to-last business day of each month, and there is no limit to the number of issues included in the Underlying Index. As of December 1, 2025, the Underlying Index included approximately 68 constituents and was most concentrated in securities of companies in the utilities industry or sector, which comprised approximately 29.41% of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Parent Index was created in April 2018, with history backdated to January 1, 1998, by the Index Provider. The Parent Index consists of investment-grade US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets bonds that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, and have $300 million or more of outstanding face value. The Index Provider deems securities as “investment grade” based on the middle rating of Fitch Ratings, Inc. (BBB- or better), Moody’s Investors Service, Inc. (Baa3 or better) and/or Standard &amp; Poor’s Financial Services LLC, a subsidiary of S&amp;P Global (BBB- or better). When a rating from only two agencies is available, the lower is used. In addition, the securities in the Parent Index must be denominated in U.S. dollars and, with limited exception, must be fixed rate. Bonds that convert from fixed to floating rate, including fixed-to-float perpetuals, will exit the Parent Index one (1) year prior to conversion to floating-rate. Excluded from the Parent Index are contingent capital securities, bonds with equity type features (e.g., warrants, convertibles, preferreds), taxable and tax-exempt municipal securities, inflation-linked bonds, floating-rate issues, private placements, retail bonds, USD25/USD50 par bonds, structured notes, pass-through certificates, and illiquid securities with no available internal or third-party pricing source. The Parent Index is market capitalization-weighted, and the securities included in the Parent Index are updated by the Index Provider on the last business day of each month. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the Underlying Index and Parent Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider calculates each of the Underlying Index and Parent Index on a total return basis. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://www.bloomberg.com/professional/products/indices/fixed-income/</span>. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Corporate Bonds Risk.</b> Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk.</b> The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting the Fund’s third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash, rather than on an in-kind basis. Because of this, the Fund may incur certain costs, such as brokerage costs, or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. In addition, the Fund may be subject to risks associated with investments in senior non-preferred bonds (sometimes referred to as a “bail-in bonds”), which are debt securities issued by financial institutions that can be converted into equity securities if such conversion is mandated by a financial institution’s regulatory authority due to the financial institution facing the possibility of bankruptcy. The mandatory conversion of a bail-in bond into an equity security may result in a reduction in value of the security and, if the Fund holds such security when the conversion occurs, the Fund’s performance may be negatively impacted. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s or Underlying Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk. </b>As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund or an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Risk of Investing in the United States.</b><span style="font-weight: normal; font-style: normal"> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b><span style="font-weight: normal; font-style: normal">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breached its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Funds Risk.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_ztgYEpupBOpb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000083571Member_zqfZGtGW9u4h">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus.</span> Performance information will be available once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000083571Member_zMeAnXMZSSHa">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. www.fminvest.com SUMMARY SECTION – F/m 15+ Year Investment Grade Corporate Bond ETF Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zc3lErLGHu88" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m 15+ Year Investment Grade Corporate Bond ETF (the “F/m 15+ Year Bond Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Liquid Corporate 15+ Year Maturity Index (I39335US) (the “Underlying Index”). </span></p> Fees and Expenses <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zGYqbL89voR" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). <b>This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Fund Shares.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0015 0 0 0.0015 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_z0PS9C0BArak" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 15 48 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_z0jc8cniNqbk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zS7m1zRNXr34" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Underlying Index, a subset of the Bloomberg U.S. Credit + 144A Index (the “Parent Index”), that is comprised of selected investment-grade corporate bonds with a remaining term maturity of greater than or equal to 15 years. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in investment grade corporate bonds that have a remaining term maturity of greater than or equal to 15 years. For purposes of this policy, investment grade corporate bonds are publicly- and privately-offered debt securities issued by private issuers that are rated in the four highest credit categories (AAA, AA, A, BBB, or an equivalent rating) by at least one nationally recognized rating agency or are unrated securities that the Adviser considers to be of comparable quality. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund generally invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index was created in January 2025, with history backfilled to January 1, 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of selected investment-grade corporate bonds of both U.S. and non-U.S. issuers that (i) are included in the Parent Index; (ii) have at least 15 years remaining to maturity, and (iii) have at least $300 million face value amount outstanding. Of the qualifying securities, the Index Provider selects one per issuer for inclusion in the Underlying Index based on the priority of (1) time since issue, (2) ranking, and (3) amount outstanding. Most recent issuances are selected first, followed by ranking (with senior bonds selected first) and then the issue with the largest outstanding principal amount is selected. Underlying Index constituents are equally weighted. The Underlying Index is reconstituted and rebalanced by the Index Provider on the third-to-last business day of each month, and there is no limit to the number of issues included in the Underlying Index. As of December 1, 2025, the Underlying Index included approximately 696 constituents and was most concentrated in securities of companies in the financials industry or sector, which comprised approximately 20.69% of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Parent Index was created in April 2018, with history backdated to January 1, 1998, by the Index Provider. The Parent Index consists of investment-grade US dollar-denominated, fixed-rate, taxable corporate and government-related bond markets bonds that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, and have $300 million or more of outstanding face value. The Index Provider deems securities as “investment grade” based on the middle rating of Fitch Ratings, Inc. (BBB- or better), Moody’s Investors Service, Inc. (Baa3 or better) and/or Standard &amp; Poor’s Financial Services LLC, a subsidiary of S&amp;P Global (BBB- or better). When a rating from only two agencies is available, the lower is used. In addition, the securities in the Parent Index must be denominated in U.S. dollars and, with limited exception, must be fixed rate. Bonds that convert from fixed to floating rate, including fixed-to-float perpetuals, will exit the Parent Index one (1) year prior to conversion to floating-rate. Excluded from the Parent Index are contingent capital securities, bonds with equity type features (e.g., warrants, convertibles, preferreds), taxable and tax-exempt municipal securities, inflation-linked bonds, floating-rate issues, private placements, retail bonds, USD25/USD50 par bonds, structured notes, pass-through certificates, and illiquid securities with no available internal or third-party pricing source. The Parent Index is market capitalization-weighted, and the securities included in the Parent Index are updated by the Index Provider on the last business day of each month. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Each of the Underlying Index and Parent Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider calculates each of the Underlying Index and Parent Index on a total return basis. Additional information regarding the Underlying Index is available at <span style="text-decoration: underline">https://www.bloomberg.com/professional/products/indices/fixed-income/</span>. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to be, and intends to qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Corporate Bonds Risk.</b> Corporate bonds are typically issued by public or private companies to finance their operations and are distinct from debt securities issued by a government or its agencies. Corporate bonds may be either secured or unsecured. Corporate bonds may have more speculative characteristics in their ability to repay principal and interest than other types of fixed income securities, such as government securities. Corporate bonds contain elements of both interest-rate risk and credit risk and are subject to the risks associated with other debt securities, among other risks. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates and may also be affected by the credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk.</b> The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting the Fund’s third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to ETF risks. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <div></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Cash Transactions Risk. </i>Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash, rather than on an in-kind basis. Because of this, the Fund may incur certain costs, such as brokerage costs, or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. In addition, the Fund may be subject to risks associated with investments in senior non-preferred bonds (sometimes referred to as a “bail-in bonds”), which are debt securities issued by financial institutions that can be converted into equity securities if such conversion is mandated by a financial institution’s regulatory authority due to the financial institution facing the possibility of bankruptcy. The mandatory conversion of a bail-in bond into an equity security may result in a reduction in value of the security and, if the Fund holds such security when the conversion occurs, the Fund’s performance may be negatively impacted. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s or Underlying Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk. </b>As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-U.S. Issuers Risk.</b> Securities issued by non-U.S. issuers carry different risks from securities issued by U.S. issuers. These risks include differences in accounting, auditing and financial reporting standards, the possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations, political instability, regulatory and economic differences, and potential restrictions on the flow of international capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund or an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Risk of Investing in the United States. </b><span style="font-weight: normal; font-style: normal">Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>●</b></span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> <span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b><span style="font-weight: normal; font-style: normal">To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may lend portfolio securities to institutions, such as certain broker-dealers. The Fund may experience a loss or delay in the recovery of its securities if the borrowing institution breached its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Funds Risk.</b> Investing in Underlying Funds may result in duplication of expenses, including advisory fees, in addition to the Fund’s own expenses. The risk of owning an Underlying Fund generally reflects the risks of owning the underlying investments the Underlying Fund holds. The Fund may incur brokerage fees in connection with its purchase of ETF shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zypH777aJmzc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal"><span id="xdx_905_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000083567Member_zYEl3apulGWj">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus.</span> Performance information will be available once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000083567Member_zqiZV2W4jIjg">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. www.fminvest.com SUMMARY SECTION – F/m Compoundr High Yield Bond ETF (CPHY) Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zx5hIiirzmN9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m Compoundr High Yield Bond ETF (the “F/m Compoundr High Yield Fund” or the “Fund”) is to seek investment results, that correspond (before fees and expenses) generally to the Nasdaq Compoundr High-Yield Corporate Bond™ (NCPHY™) Index.</span></p> Fees and Expenses <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zb8PSDJW3Zge" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Compoundr High Yield Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0049 0 0.0001 0 0.0050 -0.0024 0.0026 “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. December 31, 2026 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zaukCdD07w8f" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the F/m Compoundr High Yield Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 27 136 256 605 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zK2A4vwyJvw9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The F/m Compoundr High Yield Fund and the underlying funds in which the Fund invests pays transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or its underlying funds may indicate higher transaction costs and may result in the Fund or its underlying funds incurring increased expenses and/or higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. During the period from August 11, 2025 (the date on which the Fund commenced investment operations) through August 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_903_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000094424Member_zmsVrD93z5Uf">0%</span> of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the 0% portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a high portfolio turnover rate. </span></p> 0 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_ziIDEq66NWn9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The F/m Compoundr High Yield Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Nasdaq Compoundr High-Yield Corporate Bond™ Index (NCPHY™) (the “Underlying Index”), which is designed to offer exposure consistent with the total return of high-yield corporate bonds, without receiving and reinvesting dividend income, by investing in ETFs. The Fund is a “fund of funds,” meaning that it primarily invests its assets in the shares of affiliated and unaffiliated underlying funds that are registered under the Investment Company Act of 1940, more specifically, underlying ETFs (each an “Underlying Fund” and together, the “Underlying Funds”) rather than in securities of individual companies.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20251231__20251231__dei--LegalEntityAxis__custom--S000094424Member_zM5q85aC1Kmg">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in Underlying Funds that invest primarily in high-yield bonds.</span> For purposes of this policy, “high-yield bonds” are defined as publicly-issued U.S. dollar denominated, non-investment grade, fixed-rate taxable corporate bonds, regardless of optionality, and are rated as “high yield” with a middle rating of Moody’s^® Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) and Standard &amp; Poor’s^® Financial Services LLC (“S&amp;P”) of Ba1/BB+/BB+ or below, respectively. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to avoid receiving and reinvesting dividend income by temporarily rotating into similar ETFs on the ex-dividend date of each Underlying Fund in order to avoid receiving a dividend distribution. To achieve the rotation, the Fund effects in-kind creation and redemption transactions, which the Adviser does not expect to have tax implications beyond those ordinarily associated with in-kind transactions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser generally intends to use a replication methodology, meaning it will seek to invest in all of the Underlying Funds comprising the Underlying Index in proportion to their weightings in the Underlying Index. Under certain circumstances, the Adviser may use a representative sampling strategy, such as when it may not be possible or practicable to fully implement a replication strategy. In such case, the Fund would invest in a representative sampling of ETFs that are not included in the Underlying Index but collectively have an investment profile similar to the Underlying Index or in a representative sample of the component ETFs of the Underlying Index. To the extent the Fund uses a representative sampling strategy, it may not track the Underlying Index with the same degree of accuracy as an investment vehicle replicating the entire Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index in order to gain exposure to the high-yield fixed income market, cash and cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index was incepted on July 16, 2025 and is developed and owned by Compoundr, LLC (the “Index Provider”). The Index Provider has retained Nasdaq, Inc. (the “Index Calculator”) to calculate and maintain the Underlying Index. The Index Calculator may, from time-to-time, exercise reasonable discretion as it deems appropriate in order to maintain the integrity of the Underlying Index. The Underlying Index is an equal-weighted index consisting of one to two high-yield corporate bond ETFs (each a “Core Security” and together, the “Core Securities”) the majority of the time, but will temporarily rotate into similar ETFs (each a “Substitute Security” and together, the “Substitute Securities”) on the ex-dividend date of each Core Security in order to avoid receiving a dividend distribution. In composing the Underlying Index, the Index Provider selects Underlying Funds that are: (i) categorized as fixed income; (ii) listed on a U.S. exchange for at least three months; and (iii) have a daily traded value of at least $1 Million (USD). In order to qualify as a Substitute Security, an ETF must not have an upcoming ex-dividend date that overlaps with the Core Security and must meet the same eligibility criteria as the Core Security. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index follows an ad-hoc rebalancing schedule based on the ex-dividend dates of each of the Core Securities. The scheduled rebalance dates will generally be known at the beginning of each year, but are subject to change. A two-day rebalance will take place around each Core Security’s ex-dividend date. On the day prior to the Core Security’s ex-dividend date, the Index Provider will select a Substitute Security to be held for the Core Security’s ex-date. On the following day, the Index Provider will return the Underlying Index to the applicable Core Security. The Underlying Index is reconstituted on the last trading day prior to each ad-hoc reconstitution. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Additional information regarding the Underlying Index, including its value, is available at: <span style="text-decoration: underline">https://indexes.nasdaqomx.com/docs/Methodology_CompoundrFamily.pdf.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is not sponsored, endorsed, sold or promoted by Compoundr LLC or any of its respective affiliates (collectively, “Compoundr”). Compoundr makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or in the ability of the Underlying Index to track general market performance. The Underlying Index is determined, composed and calculated by Compoundr without regard to the Adviser or the Fund. Compoundr has no obligation to take the needs of the Adviser or the owners of the Fund into consideration in determining, composing, or calculating the Underlying Index. Compoundr is not responsible for, and has not participated in, the determination of the price and amount of Shares of the Fund, or the timing of the issuance or sale of Shares of the Fund, or in the determination or calculation of the equation by which the Fund is to be converted into cash, surrendered, or redeemed, as the case may be. Compoundr has no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the Underlying Index will accurately track index performance or provide positive investment returns. Compoundr LLC is not an investment adviser. Inclusion of a security within the Underlying Index is not a recommendation by Compoundr to buy, sell, or hold such security, nor is it considered to be investment advice. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Compoundr does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the Underlying Index or any data related thereto, or any communication, including, but not limited to, oral or written communications (including electronic communications), with respect thereto. Compoundr shall not be subject to any damages or liability for any errors, omissions, or delays therein. Compoundr makes no express or implied warranties, and expressly disclaims all warranties, of merchantability, or fitness for a particular purpose, or use, or as to results to be obtained by the Adviser, owners of the Fund, or any other person or entity from the use of the Underlying Index or with respect to any data related thereto. Without limiting any of the foregoing, in no event whatsoever shall Compoundr be liable for any indirect, special, incidental, punitive, or consequential damages, including, but not limited to, loss of profits, trading losses, lost time, or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability, or otherwise. There are no third-party beneficiaries of any agreements or arrangements between Compoundr and the Adviser, other than the licensors of the Underlying Index. THESE DISCLAIMERS ARE NOT STATEMENTS OF LAW.</b><span style="font-weight: normal; font-style: normal"> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Underlying Index to track general stock market performance. The Corporations’ only relationship to the Adviser (“Licensee”) is in the licensing of the Nasdaq^® mark and certain trade names of the Corporations and the use of the Underlying Index which is determined, composed and calculated by Nasdaq without regard to Licensee or the Fund. Nasdaq has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of Shares of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>The Corporations do not guarantee the accuracy and/or uninterrupted calculation of the Underlying Index or any data included therein. The Corporations make no warranty, express or implied, as to results to be obtained by Licensee, owners of the Fund, or any other person or entity from the use of the Underlying Index or any data included therein. The Corporations make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect, or consequential damages, even if notified of the possibility of such damages. THESE DISCLAIMERS ARE NOT STATEMENTS OF LAW.</b><span style="font-weight: normal; font-style: normal"> </span></p> Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in Underlying Funds that invest primarily in high-yield bonds. As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span>● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span><b><span id="xdx_916_ecustom--AffiliatedFundRiskMember_zJxG9WCvVWjh">Affiliated Fund Risk</span>.</b> Affiliated fund risk is the risk that the Adviser may select Underlying Funds and/or investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because affiliated Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91D_ecustom--ArtificialIntelligenceRiskMember_zVcEU4B4Ymni">Artificial Intelligence Risk</span>. </b>Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--AssetClassRiskMember_zWUpVexCire4">Asset Class Risk</span>. </b>The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, another index, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--CallRiskMember_z7Zx39tXfwz5">Call Risk</span>. </b>During periods of falling interest rates, an issuer of a callable bond held by an Underlying Fund may “call” or repay the security before its stated maturity, and the Underlying Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s performance, or in securities with greater risks or with other less favorable features. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--CashOrCashEquivalentsRiskMember_zXu3uUhUsMhd">Cash or Cash Equivalents Risk</span>. </b>At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objectives. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--ConcentrationRiskMember_zrkzJORLu3D9">Concentration Risk</span>.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the portfolio securities held by Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. The value of any underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. The Adviser cannot guarantee the adequacy of the protection of the Fund’s interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, the Adviser cannot assure that claims may not be asserted that might interfere with enforcement of the rights of the holder(s) of the relevant debt. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91E_ecustom--CyberSecurityRiskMember_zDZ9SSgwFcs">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging Shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber-failures. </span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--EtfRiskMember_zKUBAXOxCGq3">ETF Risk</span>. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"><span style="-sec-ix-redline: true"> </span></td> <td style="width: 13.5pt; vertical-align: top; text-align: right"><p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">●</span></p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange, The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--FixedIncomeMarketRiskMember_z6m9Czb0MvW2">Fixed-Income Market Risk</span>. </b>The market value of a fixed-income security held by an Underlying Fund may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s Share price and increase the Fund’s liquidity risk, expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--GeographicRiskMember_zs8gRlW9BKS5">Geographic Risk</span>.</b> A natural disaster could occur in a geographic region in which the Fund or an Underlying Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund and/or Underlying Fund’s investments in, or which are exposed to, the affected region. Also, current military conflicts in various geographic regions, including those in Europe and the Middle East, can lead to, and have led to, economic and market disruptions, which may not be limited to the geographic region in which the conflict is occurring. Such conflicts can also result, and have resulted in some cases, in sanctions being levied by the United States, the European Union and/or other countries against countries or other actors involved in the conflict. In addition, such conflicts </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">and related sanctions can adversely affect regional and global energy, commodities, financial and other markets and thus could affect the value of the Fund’s investments and/or the investments of the Underlying Funds. The extent and duration of any military conflict, related sanctions and resulting economic and market disruptions are impossible to predict, but could be substantial. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--HighPortfolioTurnoverRiskMember_zL3qkZY8hyV">High Portfolio Turnover Risk</span>.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_912_ecustom--HighYieldSecuritiesRiskMember_z1FFN9vv8538">High-Yield Securities Risk</span>. </b>Securities that are rated below investment-grade (commonly referred to as “junk bonds,” including those bonds rated lower than “BBB-” by S&amp;P or “Baa3” by Moody’s), or are unrated, may be deemed speculative and may be more volatile than higher rated securities of similar maturity with respect to the issuer’s continuing ability to meet principal and interest payments. Therefore, the Fund’s investments in high-yield securities expose it to a substantial degree of credit risk. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities by Underlying Funds could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities held by Underlying Funds could experience sudden and sharp volatility, which is generally associated more with investments in stocks. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--IncomeRiskMember_zVejAHHLula3">Income Risk</span>. </b>Under certain market conditions, the Fund may invest in Underlying Funds that are subject to income risk. The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--IndexRelatedRiskMember_zZCab2dbfMM5">Index-Related Risk</span>. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party provider and may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--IndexRebalanceRiskMember_zaPzSdRJiq6f">Index Rebalance Risk</span>. </b>Pursuant to the methodology that the Index Provider uses to calculate and maintain the Underlying Index, the Fund may own a significant portion of the Underlying Funds included in the Underlying Index. Any Underlying Fund may be removed from the Underlying Index in the event that it does not comply its eligibility requirements. As a result, the Fund may be forced to sell shares of Underlying Funds at inopportune times or for prices other than at current market values or may elect not to sell such shares on the day that they are removed from the Underlying Index, due to market conditions or otherwise. Due to these factors, the variation between the Fund’s annual return and the return of the Underlying Index may increase significantly. Apart from scheduled rebalances, the Index Provider may carry out additional ad hoc rebalances to the Underlying Index to, for example, correct an error in the selection of constituents. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances may also expose the Fund to additional tracking error risk. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider and/or the Index Calculator may increase the Fund’s costs and market exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--InflationRiskMember_zuXlgEZyQSu">Inflation Risk</span>. </b>Under certain market conditions, the Fund may invest in an Underlying Fund that is subject to inflation risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets may decline. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_915_eus-gaap--InterestRateRiskMember_zEFZn4SoPvgh">Interest Rate Risk</span>.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument held by an Underlying Fund usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by an Underlying Fund’s investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by Underlying Funds to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by Underlying Funds. The historically low-interest rate environment in recent years heightens the risks associated with rising interest rates. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--IssuerRiskMember_zher7WvpnMUi">Issuer Risk</span>. </b>The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure through its holding of Underlying Funds. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--InvestmentInUnderlyingFundsRiskMember_zZzSUIBFC971">Investment in Underlying Funds Risk</span>. </b>The Fund’s investment in shares of Underlying Funds subjects it to the risks of owning the securities underlying the Underlying Fund, as well as the same structural risks faced by an investor purchasing shares of the Underlying Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in an Underlying Fund, the Fund bears its proportionate share of the Underlying Fund’s expenses, subjecting Fund shareholders to duplicative expenses. Since the Fund invests in the Underlying Funds, the Fund’s investment performance and risks are likely to be directly related to those of the Underlying Funds. The Fund’s NAV will change with changes in the value of the Underlying Funds and other assets that the Fund holds. The shares of an Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV. Investors in the Fund will indirectly bear the expenses charged by the Underlying Funds, and an investment in the Fund may entail more expenses than a direct investment in the Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--LiquidityRiskMember_z2icovfGvozf">Liquidity Risk</span>. </b>Certain securities held by an Underlying Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, an Underlying Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that an Underlying Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--ManagementRiskMember_zb6peAGU258d">Management Risk</span>. </b>As the Fund’s portfolio will not always replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s primary use of a replication methodology, and the use of a representative sampling indexing strategy under certain circumstance, to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the Underlying Funds for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--MarketRiskMember_zn8Tb7QWJXM8">Market Risk</span>. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investments in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--MarketTradingRiskMember_zWtOXQZmYjV4">Market Trading Risk</span>. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund Shares. Any of these factors, among others, may lead to the Fund’s Shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund Shares at a time when the market price is at a premium to NAV or sell Fund Shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--NewFundRiskMember_zWr2xI3eKClc">New Fund Risk</span>.</b> The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--NonCorrelationRiskMember_zooZIJarpbFk">Non-Correlation Risk</span>. </b>The Fund’s return may not match the return of the Underlying Index for a number of reasons. The Fund incurs operating expenses not applicable to the Underlying Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Underlying Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Underlying Index or the ratios between the securities included in the Underlying Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the Underlying Index. Accordingly, the Fund’s return may underperform the return of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--OperationalRiskMember_zDNtM09MKzS5">Operational Risk</span>. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--PassiveInvestmentRiskMember_zhhmiSY06Pce">Passive Investment Risk</span>. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, it may only do so for up to 90 days. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--PremiumDiscountRiskMember_zduMCG9N6wS4">Premium/Discount Risk</span>. </b>The market price of the Fund’s Shares will generally fluctuate in accordance with changes in the Fund’s NAV as well as the relative supply of and demand for Shares on the exchange. The Adviser cannot predict whether Shares will trade below, at, or above their NAV because the Shares trade on the exchange at market prices and not at NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that Shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained. During stressed market conditions, the market for the Fund’s Shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying holdings, which could in turn lead to differences between the market price of the Fund’s Shares and their NAV and the bid/ask spread on the Fund’s Shares may widen. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--RatingAgenciesRiskMember_zkxw2uQXLfD5">Rating Agencies Risk</span>. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--ReinvestmentRiskMember_z7NW6qnOamGe">Reinvestment Risk</span>.</b> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--ReverseRepurchaseAgreementsRiskMember_zk83RLUYPKNb">Reverse Repurchase Agreements Risk</span>. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding Shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--RiskOfInvestingInTheUnitedStatesMember_z5KpJJ2WlQQ4">Risk of Investing in the United States</span>. </b>Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_917_ecustom--SectorConcentrationRiskMember_zEaVRJYVmW4d">Sector Concentration Risk</span>. </b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--SecuritiesLendingRiskMember_ztCRxu1BsW4f">Securities Lending Risk</span>. </b>The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--TaxRiskMember_zVJeRIFL8gN3">Tax Risk</span>. </b>Because the Fund is expected to invest in the Underlying Funds, distributions of short-term capital gains by an Underlying Fund will be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an Underlying Fund, if any, will not be available to offset net capital gains of the Fund. Further, the Fund’s realized losses on sales of shares of an Underlying Fund may be indefinitely or permanently deferred as “wash sales” to the extent it reacquires shares of the same Underlying Fund within the 61-day period beginning 30 days prior to the disposition date. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--TrackingErrorRiskMember_zCTyruhMgBzi">Tracking Error Risk</span>.</b> The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain RIC tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--USGovernmentObligationsRiskMember_zMoGmMrx6BWf">U.S. Government Obligations Risk</span>. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ValuationRiskMember_zrIyUkZmrTd6">Valuation Risk</span>. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_z1G5CQvf5044" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information:</b><span style="font-weight: normal; font-style: normal"> <span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000094424Member_z2QaxYH2I2s4">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance.</span> Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000094424Member_zeMGatQJJiqj">www.fminvest.com</span>.</span></span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m Compoundr U.S. Treasury 10-Year Note ETF (CPX) Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_z8HoUZUG2DSg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m Compoundr U.S. Treasury 10-Year Note ETF (the “F/m Compoundr UST 10Y Fund” or the “Fund”) is to seek investment results, that correspond (before fees and expenses) generally to the Nasdaq Compoundr 10-Year U.S. Treasury Note™ (NPCX™) Index.</span></p> Fees and Expenses <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zd9BKuspBjv7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Compoundr UST 10Y Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0034 0 0.0016 0 0.0050 “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. AFFE is estimated for the current fiscal year. Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zuo0Sy9Xi9Ha" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the F/m Compoundr UST 10Y Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 51 160 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zu7NjdcKNvY4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The F/m Compoundr UST 10Y Fund and the underlying funds in which the Fund invests pays transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or underlying funds may indicate higher transaction costs and may result in the Fund or underlying funds to incur increased expenses and/or higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. <span id="xdx_908_eoef--PortfolioTurnoverRate_dpo_c20251231__20251231__dei--LegalEntityAxis__custom--S000094428Member_zotUJz0otMO2">No</span></span> <span style="-sec-ix-redline: true">portfolio turnover rate is provided for the Fund because the Fund did not commence operations prior to the date of this Prospectus.</span></p> 0 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zkiYFh5a6ku1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The F/m Compoundr UST 10Y Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Nasdaq Compoundr 10-Year U.S. Treasury Note™ Index (NCPX™) (the “Underlying Index”), which is designed to offer exposure consistent with the total return of 10-Year U.S. Treasury bonds, without receiving and reinvesting dividend income, by investing in ETFs. The Fund is a “fund of funds,” meaning that it primarily invests its assets in the shares of affiliated and unaffiliated underlying funds that are registered under the Investment Company Act of 1940, more specifically, ETFs (each an “Underlying Fund” and together, the “Underlying Funds”) rather than in securities of individual companies.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_906_eoef--StrategyPortfolioConcentration_c20251231__20251231__dei--LegalEntityAxis__custom--S000094428Member_zEHF5ZNDEtc9">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in Underlying Funds that invest in 10-Year U.S. Treasury bonds that have a remaining maturity of approximately ten (10) years. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to avoid receiving and reinvesting dividend income by temporarily rotating into similar ETFs on the ex-dividend date of each Underlying Fund in order to avoid receiving a dividend distribution. To achieve the rotation, the Fund effects in-kind creation and redemption transactions, which the Adviser does not expect to have tax implications beyond those ordinarily associated with in-kind transactions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser generally intends to use a replication methodology, meaning it will seek to invest in all of the Underlying Funds comprising the Underlying Index in proportion to their weightings in the Underlying Index. Under certain circumstances, the Adviser may use a representative sampling strategy, such as when it may not be possible or practicable to fully implement a replication strategy. In such case, the Fund would invest in a representative sampling of ETFs that collectively have an investment profile similar to the Underlying Index or in a representative sample of the component ETFs of the Underlying Index. To the extent the Fund uses a representative sampling strategy, it may not track the Underlying Index with the same degree of accuracy as an investment vehicle replicating the entire Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index in order to gain exposure to the high-yield fixed income market, cash and cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index was incepted on July 16, 2025 and is developed and owned by Compoundr, LLC (the “Index Provider”). The Index Provider has retained Nasdaq, Inc. (the “Index Calculator”) to calculate and maintain the Underlying Index. The Index Calculator may, from time-to-time, exercise reasonable discretion as it deems appropriate in order to maintain the integrity of the Underlying Index. The Underlying Index is an equal-weighted index consisting of one to two 10-Year U.S. Treasury ETFs (each a “Core Security” and together, the “Core Securities”) the majority of the time, but will temporarily rotate into similar ETFs (each a “Substitute Security” and together, the “Substitute Securities”) on the ex-dividend date of each Core Security in order to avoid receiving a dividend distribution. In composing the Underlying Index, the Index Provider selects Underlying Funds that are: (i) categorized as fixed income; (ii) listed on a U.S. exchange for at least three months; and (iii) have a daily traded value of at least $1 Million (USD). In order to qualify as a Substitute Security, an ETF must not have an upcoming ex-dividend date that overlaps with the Core Security and must meet the same eligibility criteria as the Core Security. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index follows an ad-hoc rebalancing schedule based on the ex-dividend dates of each of the Core Securities. The scheduled rebalance dates will generally be known at the beginning of each year, but are subject to change. A two-day rebalance will take place around each Core Security’s ex-dividend date. On the day prior to the Core Security’s ex-dividend date, the Index Provider will select a Substitute Security to be held for the Core Security’s ex-date. On the following day, the Index Provider will return the Underlying Index to the applicable Core Security. The Underlying Index is reconstituted on the last trading day prior to each ad-hoc reconstitution. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Additional information regarding the Underlying Index, including its value, is available at: <span style="text-decoration: underline">https://indexes.nasdaqomx.com/docs/Methodology_CompoundrFamily.pdf.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is not sponsored, endorsed, sold or promoted by Compoundr LLC or any of its respective affiliates (collectively, “Compoundr”). Compoundr makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or in the ability of the Underlying Index to track general market performance. The Underlying Index is determined, composed and calculated by Compoundr without regard to the Adviser or the Fund. Compoundr has no obligation to take the needs of the Adviser or the owners of the Fund into consideration in determining, composing, or calculating the Underlying Index. Compoundr is not responsible for, and has not participated in, the determination of the price of Shares of the Fund, or the timing of the issuance or sale of Shares of the Fund, or in the determination or calculation of the equation by which the Fund is to be converted into cash, surrendered, or redeemed, as the case may be. Compoundr has no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the Underlying Index will accurately track index performance or provide positive investment returns. Compoundr LLC is not an investment adviser. Inclusion of a security within the Underlying Index is not a recommendation by Compoundr to buy, sell, or hold such security, nor is it considered to be investment advice. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Compoundr does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the Underlying Index or any data related thereto, or any communication, including, but not limited to, oral or written communications (including electronic communications), with respect thereto. Compoundr shall not be subject to any damages or liability for any errors, omissions, or delays therein. Compoundr makes no express or implied warranties, and expressly disclaims all warranties, of merchantability, or fitness for a particular purpose, or use, or as to results to be obtained by the Adviser, owners of the Fund, or any other person or entity from the use of the Underlying Index or with respect to any data related thereto. Without limiting any of the foregoing, in no event whatsoever shall Compoundr be liable for any indirect, special, incidental, punitive, or consequential damages, including, but not limited to, loss of profits, trading losses, lost time, or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability, or otherwise. There are no third-party beneficiaries of any agreements or arrangements between Compoundr and the Adviser, other than the licensors of the Underlying Index. THESE DISCLAIMERS ARE NOT STATEMENTS OF LAW.</b><span style="font-weight: normal; font-style: normal"> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Underlying Index to track general stock market performance. The Corporations’ only relationship to the Adviser (“Licensee”) is in the licensing of the Nasdaq^® mark and certain trade names of the Corporations and the use of the Underlying Index which is determined, composed and calculated by Nasdaq without regard to Licensee or the Fund. Nasdaq has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Shares of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>The Corporations do not guarantee the accuracy and/or uninterrupted calculation of the Underlying Index or any data included therein. The Corporations make no warranty, express or implied, as to results to be obtained by Licensee, owners of the Fund, or any other person or entity from the use of the Underlying Index or any data included therein. The Corporations make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect, or consequential damages, even if notified of the possibility of such damages. THESE DISCLAIMERS ARE NOT STATEMENTS OF LAW.</b><span style="font-weight: normal; font-style: normal"> </span></p> Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in Underlying Funds that invest in 10-Year U.S. Treasury bonds that have a remaining maturity of approximately ten (10) years. As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span>● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because affiliated Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Artificial Intelligence Risk.</b> Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Asset Class Risk. </b>The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, another index, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable bond held by an Underlying Fund may “call” or repay the security before its stated maturity, and the Underlying Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s performance, or in securities with greater risks or with other less favorable features </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cash or Cash Equivalents Risk. </b>At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objectives. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by such Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. The value of any underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. The Adviser cannot guarantee the adequacy of the protection of the Fund’s interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, the Adviser cannot assure that claims may not be asserted that might interfere with enforcement of the rights of the holder(s) of the relevant debt. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging Shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk. </b>Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i><b> </b>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"><span style="-sec-ix-redline: true"> </span></td> <td style="width: 13.5pt; vertical-align: top; text-align: right"><p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">●</span></p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange, The Nasdaq Stock Exchange LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s Share price and increase the Fund’s liquidity risk, expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--FixedIncomeSecuritiesRiskMember_zwquZu9bx1yk">Fixed-Income Securities Risk</span>.</b> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer, willingness of broker-dealers and other market participants to make markets in the applicable securities, and general market liquidity (i.e., market risk). Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. There is a risk that a lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> Under certain market conditions, the Fund may invest in Underlying Funds that are subject to income risk. The Fund’s income may decline when interest rates fall or if there are defaults in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party Provider and may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition.</p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; margin-bottom: 0pt; margin-top: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Index Rebalance Risk. </b>Pursuant to the methodology that the Index Provider uses to calculate and maintain the Underlying Index, the Fund may own a significant portion of the Underlying Funds included in the Underlying Index. Any Underlying Fund may be removed from the Underlying Index in the event that it does not comply its eligibility requirements. As a result, the Fund may be forced to sell shares of Underlying Funds at inopportune times or for prices other than at current market values or may elect not to sell such shares on the day that they are removed from the Underlying Index, due to market conditions or otherwise. Due to these factors, the variation between the Fund’s annual return and the return of the Underlying Index may increase significantly. Apart from scheduled rebalances, the Index Provider may carry out additional ad hoc rebalances to the Underlying Index to, for example, correct an error in the selection of constituents. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances may also expose the Fund to additional tracking error risk. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider and/or the Index Calculator may increase the Fund’s costs and market exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Inflation Risk.</b> Under certain market conditions, the Fund may invest in an Underlying Fund that is subject to inflation risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets may decline. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. The historically low-interest rate environment in recent years heightens the risks associated with rising interest rates. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Investment in Underlying Funds Risk. </b>The Fund’s investment in shares of Underlying Funds subjects it to the risks of owning the securities of the Underlying Fund, as well as the same structural risks faced by an investor purchasing shares of the Underlying Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses. Since the Fund invests in the Underlying Funds, the Fund’s investment performance and risks are likely to be directly related to those of the Underlying Funds. The Fund’s NAV will change with changes in the value of the Underlying Funds and other assets that the Fund holds. The shares of an Underlying Fund may trade at </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">a premium or discount to the Underlying Fund’s NAV. Investors in the Fund will indirectly bear the expenses charged by the Underlying Funds, and an investment in the Fund may entail more expenses than a direct investment in the Underlying Funds. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk. </b>Certain securities held by an Underlying Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, an Underlying Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that an Underlying Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk. </b>As the Fund’s portfolio will not always replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s primary use of a replication methodology, and the use of a representative sampling indexing strategy under certain circumstances, to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> Economies and financial markets throughout the world are becoming increasingly 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 value of the Fund and/or the Underlying Fund’s investments may be negatively affected by adverse changes in overall economic or market conditions, such as the level of economic activity and productivity, unemployment and labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources including labor, and debt levels and credit ratings, among other factors. Such adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets. The Fund and the Underlying Funds subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund and the Underlying Funds’ NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--MarketPriceRiskMember_zxUXaLcxWvK9">Market Price Risk</span>. </b>Fund Shares are listed for trading on an exchange and are bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate, in some cases materially, in response to changes in the NAV and supply and demand for Shares. As a result, the trading prices of Shares may deviate significantly from the NAV during periods of market volatility. The Adviser cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units (defined below), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained in the long-term. If market makers exit the business or are unable to continue making markets in Fund Shares, Shares may trade at a discount to NAV like closed-end fund shares and may even face delisting (that is, investors would no longer be able to trade Shares in the secondary market). Further, while the creation/redemption feature is designed to make it likely that Shares normally will trade close to the value of the Fund’s holdings, disruptions to creations and redemptions, including disruptions at market makers, APs or market participants, or during periods of significant market volatility, may result in market prices that differ significantly from the value of the Fund’s holdings. Although market makers will generally take advantage of differences between the NAV and the market price of Fund Shares through arbitrage opportunities, there is no guarantee that they will do so. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s Shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV is likely to widen. Further, secondary markets may be subject to irregular trading activity, wide bid-ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those APs creating and redeeming Shares directly with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund Shares. Any of these factors, among others, may lead to the Fund’s Shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund Shares at a time when the market price is at a premium to NAV or sell Fund Shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-Correlation Risk. </b>The Fund’s return may not match the return of the Underlying Index for a number of reasons. The Fund incurs operating expenses not applicable to the Underlying Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Underlying Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Underlying Index or the ratios between the securities included in the Underlying Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the Underlying Index. Accordingly, the Fund’s return may underperform the return of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, it may only do so for up to 90 days. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Premium/Discount Risk. </b>The market price of the Fund’s Shares will generally fluctuate in accordance with changes in the Fund’s NAV as well as the relative supply of and demand for Shares on the exchange. The Adviser cannot predict whether Shares will trade below, at, or above their NAV because the Shares trade on the exchange at market prices and not at NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that Shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained. During stressed market conditions, the market for the Fund’s Shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying holdings, which could in turn lead to differences between the market price of the Fund’s Shares and their NAV and the bid/ask spread on the Fund’s Shares may widen. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--PricingRiskMember_zSiTqkUiSPA8">Pricing Risk</span>. </b>If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding Shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--RiskOfInvestingInU.S.Member_zAtOTqN88ETa">Risk of Investing in the U.S.</span> </b>Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tax Risk.</b> Because the Fund is expected to invest in the Underlying Funds, distributions of short-term capital gains by an Underlying Fund will be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an Underlying Fund, if any, will not be available to offset net capital gains of the Fund. Further, the Fund’s realized losses on sales of shares of an Underlying Fund may be indefinitely or permanently deferred as “wash sales” to the extent it reacquires shares of the same Underlying Fund within the 61-day period beginning 30 days prior to the disposition date. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain RIC tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--U.S.GovernmentObligationsRiskMember_zrCfHBGtOtjk">U.S. Government Obligations Risk</span>. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--U.S.TreasuryAndAgencyMarketRiskMember_zjpVOSxabs6f">U.S. Treasury and Agency Market Risk</span>. </b>The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk.</b> The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zhE85aaFiOAe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Performance Information:</b><span style="font-weight: normal; font-style: normal"> <span id="xdx_908_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000094428Member_z4Otn0FAjrR4">Performance information for the F/m Compoundr UST 10Y Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance.</span> Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000094428Member_ztSoRFrnlIt4">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">. </span></p> Performance information for the F/m Compoundr UST 10Y Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m Compoundr U.S. Aggregate Bond ETF (CPAG) Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zg5l9SmeHyBg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m Compoundr U.S. Aggregate Bond ETF (the “F/m Compoundr U.S. Aggregate Fund” or the “Fund”) is to seek investment results, that correspond (before fees and expenses) generally to the Nasdaq Compoundr U.S. Aggregate Bond™ Index (NCPAG™).</span></p> Fees and Expenses <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zQ0LHWdjgBv2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Compoundr U.S. Aggregate Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0039 0 0.0001 0 0.0040 -0.0014 0.0026 “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. December 31, 2026 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zjntEOr1dUwf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the F/m Compoundr U.S. Aggregate Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 27 136 256 605 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_znVKh2o6vAk5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The F/m Compoundr U.S. Aggregate Fund and the funds in which the Fund invests (each, an “Underlying Fund” and collectively, the “Underlying Funds”) pays transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolios). A higher portfolio turnover rate for the Fund or Underlying Funds may indicate higher transaction costs and may result in the Fund or Underlying Funds to incur increased expenses and/or higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may change from year-to-year, as well as within a year. During the period from August 11, 2025 (the date on which the Fund commenced investment operations) through August 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_903_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000094427Member_zdCQV2kTqNoc">0%</span> of the average value of its portfolio. In accordance with industry practice, derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate, which leads to the 0% portfolio turnover rate reported above. If those instruments were included in the calculation, the Fund would have a high portfolio turnover rate. </span></p> 0 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_z1cDJrR1655l" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The F/m Compoundr U.S. Aggregate Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Nasdaq Compoundr U.S. Aggregate Bond™ Index (NPCHY™) (the “Underlying Index”), which is designed to offer exposure consistent with the total return of U.S. investment-grade aggregate bonds, without receiving and reinvesting dividend income, by investing in ETFs. The Fund is a “fund of funds,” meaning that it primarily invests its assets in the shares of affiliated and unaffiliated underlying funds that are registered under the Investment Company Act of 1940, more specifically, ETFs (each an “Underlying Fund” and together, the “Underlying Funds”) rather than in securities of individual companies.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90D_eoef--StrategyPortfolioConcentration_c20251231__20251231__dei--LegalEntityAxis__custom--S000094427Member_zFQJL1imVZzj">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in Underlying Funds that primarily invest in U.S. dollar denominated investment-grade bonds.</span> For purposes of this policy, “investment-grade bonds” includes fixed rate, non-convertible, taxable, investment grade (must be Baa3/BBB- or higher using the middle rating of Moody’s Investors Service, Inc., S&amp;P Global Ratings, and Fitch Ratings Inc.) government bonds, investment grade corporate bonds, investment-grade mortgage pass-through securities, investment-grade commercial mortgage-backed securities and other investment-grade asset-backed securities that are publicly for sale in the United States. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund seeks to avoid receiving and reinvesting dividend income by temporarily rotating into similar ETFs on the ex-dividend date of each Underlying Fund in order to avoid receiving a dividend distribution. To achieve the rotation, the Fund effects in-kind creation and redemption transactions, which the Adviser does not expect to have tax implications beyond those ordinarily associated with in-kind transactions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser generally intends to use a replication methodology, meaning it will seek to invest in all of the Underlying Funds comprising the Underlying Index in proportion to their weightings in the Underlying Index. Under certain circumstances, the Adviser may use a representative sampling strategy, such as when it may not be possible or practicable to fully implement a replication strategy. In such case, the Fund would invest in a representative sampling of ETFs that collectively have an investment profile similar to the Underlying Index or in a representative sample of the component ETFs of the Underlying Index. To the extent the Fund uses a representative sampling strategy, it may not track the Underlying Index with the same degree of accuracy as an investment vehicle replicating the entire Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index in order to gain exposure to the broad fixed income market, cash and cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index was incepted on July 16, 2025 and is developed and owned by Compoundr, LLC (the “Index Provider”). The Index Provider has retained Nasdaq, Inc. (the “Index Calculator”) to calculate and maintain the Underlying Index. The Index Calculator may, from time-to-time, exercise reasonable discretion as it deems appropriate in order to maintain the integrity of the Underlying Index. The Underlying Index is an equal-weighted index consisting of one to two investment-grade bond ETFs (each a “Core Security” and together, the “Core Securities”) the majority of the time, but will temporarily rotate into similar ETFs (each a “Substitute Security” and together, the “Substitute Securities”) on the ex-dividend date of each Core Security in order to avoid receiving a dividend distribution. In composing the Underlying Index, the Index Provider selects Underlying Funds that are: (i) categorized as fixed income; (ii) listed on a U.S. exchange for at least three months; and (iii) have a daily traded value of at least $1 Million (USD). In order to qualify as a Substitute Security, an ETF must not have an upcoming ex-dividend date that overlaps with the Core Security and must meet the same eligibility criteria as the Core Security. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index follows an ad-hoc rebalancing schedule based on the ex-dividend dates of each of the Core Securities. The scheduled rebalance dates will generally be known at the beginning of each year, but are subject to change. A two-day rebalance will take place around each Core Security’s ex-dividend date. On the day prior to the Core Security’s ex-dividend date, the Index Provider will select a Substitute Security to be held for the Core Security’s ex-date. On the following day, the Index Provider will return the Underlying Index to the applicable Core Security. The Underlying Index is reconstituted on the last trading day prior to each ad-hoc reconstitution. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Additional information regarding the Underlying Index, including its value, is available at: <span style="text-decoration: underline">https://indexes.nasdaqomx.com/docs/Methodology_CompoundrFamily.pdf.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is not sponsored, endorsed, sold or promoted by Compoundr LLC or any of its respective affiliates (collectively, “Compoundr”). Compoundr makes no representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or in the ability of the Underlying Index to track general market performance. The Underlying Index is determined, composed and calculated by Compoundr without regard to the Adviser or the Fund. Compoundr has no obligation to take the needs of the Adviser or the owners of the Fund into consideration in determining, composing, or calculating the Underlying Index. Compoundr is not responsible for, and has not participated in, the determination of the price of Shares of the Fund, or the timing of the issuance or sale of Shares of the Fund, or in the determination or calculation of the equation by which the Fund is to be converted into cash, surrendered, or redeemed, as the case may be. Compoundr has no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the Underlying Index will accurately track index performance or provide positive investment returns. Compoundr LLC is not an investment adviser. Inclusion of a security within the Underlying Index is not a recommendation by Compoundr to buy, sell, or hold such security, nor is it considered to be investment advice. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Compoundr does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the Underlying Index or any data related thereto, or any communication, including, but not limited to, oral or written communications (including electronic communications), with respect thereto. Compoundr shall not be subject to any damages or liability for any errors, omissions, or delays therein. Compoundr makes no express or implied warranties, and expressly disclaims all warranties, of merchantability, or fitness for a particular purpose, or use, or as to results to be obtained by the Adviser, owners of the Fund, or any other person or entity from the use of the Underlying Index or with respect to any data related thereto. Without limiting any of the foregoing, in no event whatsoever shall Compoundr be liable for any indirect, special, incidental, punitive, or consequential damages, including, but not limited to, loss of profits, trading losses, lost time, or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability, or otherwise. There are no third-party beneficiaries of any agreements or arrangements between Compoundr and the Adviser, other than the licensors of the Underlying Index. THESE DISCLAIMERS ARE NOT STATEMENTS OF LAW.</b><span style="font-weight: normal; font-style: normal"> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is not sponsored, endorsed, sold or promoted by Nasdaq, Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Fund. The Corporations make no representation or warranty, express or implied to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Underlying Index to track general stock market performance. The Corporations’ only relationship to the Adviser (“Licensee”) is in the licensing of the Nasdaq^® mark and certain trade names of the Corporations and the use of the Underlying Index which is determined, composed and calculated by Nasdaq without regard to Licensee or the Fund. Nasdaq has no obligation to take the needs of the Licensee or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index. The Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of Shares of the Fund to be issued or in the determination or calculation of the equation by which the Fund is to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>The Corporations do not guarantee the accuracy and/or uninterrupted calculation of the Underlying Index or any data included therein. The Corporations make no warranty, express or implied, as to results to be obtained by Licensee, owners of the Fund or any other person or entity from the use of the Underlying Index or any data included therein. The Corporations make no express or implied warranties, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Underlying Index or any data included therein. Without limiting any of the foregoing, in no event shall the Corporations have any liability for any lost profits or special, incidental, punitive, indirect, or consequential damages, even if notified of the possibility of such damages. THESE DISCLAIMERS ARE NOT STATEMENTS OF LAW.</b><span style="font-weight: normal; font-style: normal"> </span></p> Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in Underlying Funds that primarily invest in U.S. dollar denominated investment-grade bonds. As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span>● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because affiliated Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Artificial Intelligence Risk. </b>Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Asset Class Risk.</b> The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, another index, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cash or Cash Equivalents Risk.</b> At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objectives. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--CounterpartyRiskMember_zvNPiKrVXMD9">Counterparty Risk</span>.</b> The Underlying Funds may engage in transactions in securities and financial instruments that involve counterparties. Counterparty risk is the risk that a counterparty (the other party to a transaction or an agreement or the party with whom the Underlying Fund executes transactions) to a transaction with the Underlying Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Credit Risk. </b>The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by such Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. The value of any underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. The Adviser cannot guarantee the adequacy of the protection of the Fund’s interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, the Adviser cannot assure that claims may not be asserted that might interfere with enforcement of the rights of the holder(s) of the relevant debt. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging Shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security <span style="-sec-ix-redline: true">incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber-failures. </span></span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--DurationRiskMember_zMmtgeeUCv3">Duration Risk</span>.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer- duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"><span style="-sec-ix-redline: true"> </span></td> <td style="width: 13.5pt; vertical-align: top; text-align: right"><p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">●</span></p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk.</i> Although Shares are intended to be listed on a national securities exchange, The Nasdaq Stock Market LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s Share price and increase the Fund’s liquidity risk, expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Securities Risk.</b> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer, willingness of broker-dealers and other </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">market participants to make markets in the applicable securities, and general market liquidity (i.e., market risk). Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. There is a risk that a lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk.</b> In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Index-Related Risk. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party Provider and may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Index Rebalance Risk.</b> Pursuant to the methodology that the Index Provider uses to calculate and maintain the Underlying Index, the Fund may own a significant portion of the Underlying Funds included in the Underlying Index. Any Underlying Fund may be removed from the Underlying Index in the event that it does not comply its eligibility requirements. As a result, the Fund may be forced to sell shares of Underlying Funds at inopportune times or for prices other than at current market values or may elect not to sell such shares on the day that they are removed from the Underlying Index, due to market conditions or otherwise. Due to these factors, the variation between the Fund’s annual return and the return of the Underlying Index may increase significantly. Apart from scheduled rebalances, the Index Provider may carry out additional ad hoc rebalances to the Underlying Index to, for example, correct an error in the selection of constituents. When the Fund in turn rebalances its portfolio, any transaction costs and market exposure arising from such portfolio rebalancing will be borne by the Fund and its shareholders. Unscheduled rebalances may also expose the Fund to additional tracking error risk. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider and/or the Index Calculator may increase the Fund’s costs and market exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Inflation Risk. </b>Under certain market conditions, the Fund may invest in an Underlying Fund that is subject to inflation risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets may decline. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Interest Rate Risk. </b>Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument held by an Underlying Fund usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by an Underlying Fund’s investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio <span style="-sec-ix-redline: true">securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by Underlying Funds to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by Underlying Funds. The historically low-interest rate environment in recent years heightens the risks associated with rising interest rates. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Investment in Underlying Funds Risk. </b>The Fund’s investment in shares of Underlying Funds subjects it to the risks of owning the securities of the Underlying Fund, as well as the same structural risks faced by an investor purchasing shares of the Underlying Fund, including authorized participant concentration risk, market maker risk, premium/discount risk and trading issues risk. As a shareholder in another ETF, the Fund bears its proportionate share of the ETF’s expenses, subjecting Fund shareholders to duplicative expenses. Since the Fund invests in the Underlying Funds, the Fund’s investment performance and risks are likely to be directly related to those of the Underlying Funds. The Fund’s NAV will change with changes in the value of the Underlying Funds and other assets that the Fund holds. The shares of an Underlying Fund may trade at a premium or discount to the Underlying Fund’s NAV. Investors in the Fund will indirectly bear the expenses charged by the Underlying Funds, and an investment in the Fund may entail more expenses than a direct investment in the Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--IssuerSpecificRiskMember_z8kAvO0CYOrc">Issuer-Specific Risk</span>. </b>The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk. </b>Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk.</b> As the Fund’s portfolio will not always replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s primary use of a replication methodology, and the use of a representative sampling indexing strategy under certain circumstances, to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>Economies and financial markets throughout the world are becoming increasingly 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 value of the Fund and/or an Underlying Fund’s investments may be negatively affected by adverse changes in overall economic or market conditions, such as the level of economic activity and productivity, unemployment and labor force participation rates, inflation or deflation (and expectations for inflation or deflation), interest rates, demand and supply for particular products or resources including labor, and debt levels and credit ratings, among other factors. Such adverse conditions may contribute to an overall economic contraction across entire economies or markets, which may negatively impact the profitability of issuers operating in those economies or markets. The Fund and/or an Underlying Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund and/or an Underlying Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Price Risk.</b> Fund Shares are listed for trading on an exchange and are bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate, in some cases materially, in response to changes in the NAV and supply and demand for Shares. As a result, the trading prices of Shares may deviate significantly from the NAV during periods of market volatility. The Adviser cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units (defined below), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained in the long-term. If market makers exit the business or are unable to continue making markets in Fund Shares, Shares may trade at a discount to NAV like closed-end fund shares and may even face delisting (that is, investors would no longer be able to trade Shares in the secondary market). Further, while the creation/redemption feature is designed to make it likely that Shares normally will trade close to the value of the Fund’s holdings, disruptions to creations and redemptions, including disruptions at market makers, APs or market participants, or during periods of significant market volatility, may result in market prices that differ significantly from the value of the Fund’s holdings. Although market makers will generally take advantage of differences between the NAV and the market price of Fund Shares through arbitrage opportunities, there is no guarantee that they will do so. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s Shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV is likely to widen. Further, secondary markets may be subject to irregular trading activity, wide bid-ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those APs creating and redeeming Shares directly with the Fund. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund Shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund Shares. Any of these factors, among others, may lead to the Fund’s Shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund Shares at a time when the market price is at a premium to NAV or sell Fund Shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--MortgageBackedAndAssetBackedSecuritiesRiskMember_zI5L72kVY2F7">Mortgage-Backed and Asset-Backed Securities Risk</span>. </b>The Fund may invest in Underlying Funds that invest in mortgage- and asset-backed securities, which are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk.</b> The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Non-Correlation Risk. </b>The Fund’s return may not match the return of the Underlying Index for a number of reasons. The Fund incurs operating expenses not applicable to the Underlying Index, and may incur costs in buying and selling securities, especially when rebalancing the Fund’s portfolio holdings to reflect changes in the composition of the Underlying Index. In addition, the Fund’s portfolio holdings may not exactly replicate the securities included in the Underlying Index or the ratios between the securities included in the Underlying Index. Additionally, in order to comply with its investment strategies and policies, the Fund portfolio may deviate from the composition of the Underlying Index. Accordingly, the Fund’s return may underperform the return of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Passive Investment Risk. </b>The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, it may only do so for up to 90 days. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--PrepaymentAndExtensionRiskMember_ze6hLW2ElON2">Prepayment and Extension Risk</span>.</b> When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund’s Share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; margin-bottom: 0pt; margin-top: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Premium/Discount Risk. </b>The market price of the Fund’s Shares will generally fluctuate in accordance with changes in the Fund’s NAV as well as the relative supply of and demand for Shares on the exchange. The Adviser cannot predict whether Shares will trade below, at, or above their NAV because the Shares trade on the exchange at market prices and not at NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that Shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained. During stressed market conditions, the market for the Fund’s Shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying holdings, which could in turn lead to differences between the market price of the Fund’s Shares and their NAV and the bid/ask spread on the Fund’s Shares may widen. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Pricing Risk.</b> If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which an Underlying Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk.</b> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding Shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk.</b> The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tax Risk. </b>Because the Fund is expected to invest in the Underlying Funds, distributions of short-term capital gains by an Underlying Fund will be recognized as ordinary income by the Fund and would not be offset by the Fund’s capital loss carryforwards, if any. Capital loss carryforwards of an Underlying Fund, if any, will not be available to offset net capital gains of the Fund. Further, the Fund’s realized losses on sales of shares of an Underlying Fund may be indefinitely or permanently deferred as “wash sales” to the extent it reacquires shares of the same Underlying Fund within the 61-day period beginning 30 days prior to the disposition date. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Tracking Error Risk. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain RIC tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>U.S. Government Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--WhenIssuedSecuritiesRiskMember_zvhDcpsxyWo4">When-Issued Securities Risk</span>.</b> The Fund may invest in Underlying Funds that purchase securities on a when-issued or forward commitment basis. The purchase price of such securities is typically fixed at the time of the commitment, with delivery and payment taking place in the future. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchase of securities on a when-issued or forward commitment basis may give rise to investment leverage, and may result in increased volatility of the Underlying Fund’s NAV. Default by, or bankruptcy of, a counterparty to a when-issued transaction would expose the Underlying Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction. The Financial Industry Regulatory Authority, Inc. (“FINRA”) Rules impose mandatory margin requirements for certain types of when-issued or forward commitment transactions, with limited exceptions. Such transactions require mandatory collateralization, which may increase the cost of such transactions and impose added operational complexity. </p> </td> </tr> </table> <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_z0jXcOHvqQ72" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information:</b><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal"><span id="xdx_904_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000094427Member_zA7GiqQf6HXe">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance.</span> Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000094427Member_zBBRxkmeZuLh">www.fminvest.com</span>.</span></span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m High Yield 100 ETF (ZTOP) Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zBUxizSzrZ04" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m High Yield 100 ETF (the “F/m High Yield 100 Fund” or the “Fund”) is to seek investment results, that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index (I39255US).</span></p> Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zvhQnZ1Mo9Zg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m High Yield 100 Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0039 0 0 0.0039 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_z375NjZ3Hm9k" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> 40 125 219 493 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zU3oexi8B10g" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover may vary from year-to-year, as well as within a year. During the period from April 14, 2025 (the date on which the Fund commenced investment operations) through August 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_90F_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000091534Member_zkq5Yb3OWWm3">4%</span> of the average value of its portfolio. </span></p> 0.04 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zJi3IqKa6W0h" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The F/m High Yield 100 Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index (the “Underlying Index”), a subset of the Bloomberg U.S. Corporate High Yield Index (the “Parent Index”), which is designed to measure the performance of select below-investment grade bonds issued by the 100 largest issuers based on market capitalization. The Parent Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market and classifies securities as “high yield” if the middle rating of Moody’s^® Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) and Standard &amp; Poor’s^® Financial Services LLC (“S&amp;P”) is, respectively, Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, as defined by the Parent Index, are excluded. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in high yield bonds issued by the 100 largest issuers based on market capitalization, which have at least $300 million in outstanding face value. For purposes of this policy, bonds are considered “high yield” if the middle rating of Moody’s, Fitch and S&amp;P is Ba1/BB+/BB+ or below, respectively. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing substantially all of its assets in the securities of issuers comprising the Underlying Index and in securities that the Adviser believes to have economic characteristics substantially identical to such securities. The Fund may invest in securities of both U.S. and non-U.S. issuers, and the Adviser expects that the Fund will invest primarily in the securities of issuers domiciled in the U.S. and other developed markets. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. To the extent the Underlying Index concentrates (<i>i.e.</i>, holds more than 25% of its total assets) in the securities of a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent as the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index was created in January 2025, with history backfilled to January 1, 2007, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is comprised of 100 below investment-grade corporate bonds selected by the Index Provider that (i) are included in the Parent Index and (ii) have at least $300 million of outstanding face value. In composing the Underlying Index, the Index Provider excludes from the Parent Index pay-in-kind (PIK) bonds, zero-coupon bonds and enhanced equipment trust certificate bonds. Of the remaining qualifying securities in the Parent Index, the Index Provider selects the 100 largest issuers of high-yield debt based on market capitalization. Next, the Index Provider selects one bond per issuer based on the priority of (1) credit rating (ranked from best to worst), (2) coupon (ranked from highest to lowest), and (3) time since issue (ranked from most recent to oldest). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Underlying Index is reconstituted and rebalanced by the Index Provider at each month-end and holds 100 constituents weighted equally. As of December 1, 2025, the Underlying Index was most concentrated in securities of companies in the communications and consumer cyclical sectors, based on the Level 3 Bloomberg Fixed Income Classification, which comprised approximately 16% and 15% respectively of the Underlying Index as of that date. Because the Underlying Index is reconstituted and rebalanced monthly, the constituent components of the Underlying Index are likely to change over time. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Parent Index was created by the Index Provider in 1998, with history backfilled to July 1, 1983. The Parent Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securities are classified as “high yield” if the middle rating of Moody’s, Fitch and S&amp;P is BA1 (Moody’s)/BB+ (Fitch)/BB+ or below (S&amp;P). When a rating from only two agencies is available, the lower rating is used; when only one agency rates a bond, that rating is used. The Parent Index consists of corporate bonds of both U.S. and non-U.S. issuers that have a remaining maturity of greater than or equal to one year, have been publicly issued in the U.S. domestic market, are fully taxable, and have $150 million or more of outstanding face value. The securities in the Parent Index are denominated in U.S. dollars and, with limited exception, are fixed rate. The Parent Index includes: (i) PIK and toggle notes, (ii) bullet, putable, sinkable/amortizing and callable bonds, (iii) original issue zero coupon bonds and (iv) fixed-rate and fixed-to-float (including fixed-to-variable) capital securities. Excluded securities include debt issued by emerging markets corporate issuers, defaulted bonds, contingent capital securities, bonds with equity type features, partial PIK bonds, Eurodollar issues, inflation-linked bonds, floating-rate issues, private placements, retail bonds, structured notes, pass-through certificates, and illiquid securities with no available pricing. The Parent Index is market value-weighted, and the securities included in the Parent Index are updated by the Index Provider at each month-end. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Additional information regarding the Underlying Index, including its value, is available at https://assets.bbhub.io/professional/sites/27/Bloomberg-U.S.-High-Yield-Top-100-Quality-Select-Equal-Weighted-Index.pdf. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund has elected and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”).</span></p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--AffiliatedFundRiskMember_z8gnhLxfzLjj">Affiliated Fund Risk</span>.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--AssetClassRiskMember_zsDTPowGWXrg">Asset Class Risk</span>.</b> The securities and other assets in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, another index, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--CallRiskMember_zyLUo3BwMmyk">Call Risk</span>. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--CashOrCashEquivalentsRiskMember_zCPo38eQkX73">Cash or Cash Equivalents Risk</span>.</b> At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objectives. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--ConcentrationRiskMember_zF9gM05II76c">Concentration Risk</span>.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Credit Risk.</b> The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by such Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--CyberSecurityRiskMember_zsurnx6lZKac">Cyber Security Risk</span>.</b> Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber-failures. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--DistressedSecuritiesRiskMember_zmqoZbrB2QCj">Distressed Securities Risk</span>.</b> Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--DurationRiskMember_zNbgekftnVNb">Duration Risk</span>. </b>Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer- duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. As interest rates rise, the value of a bond will fall in direct proportion to its duration and conversely, as interest rates fall, the value of a bond will increase in direct proportion to its duration. Therefore, the longer a bond’s duration (measured in years), the more sensitive its price will be to interest rate changes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--EtfRiskMember_z68gXZfMojQ5">ETF Risk</span>. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> ● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--FixedIncomeMarketRiskMember_zT3UMqgU8egd">Fixed-Income Market Risk</span>.</b> The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s Share price and increase the Fund’s liquidity risk, expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--FixedIncomeSecuritiesRiskMember_zm2zU6P4aP2k">Fixed-Income Securities Risk</span>.</b> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (<i>i.e.</i>, credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer, willingness of broker-dealers and other market participants to make markets in the applicable securities, and general market liquidity (<i>i.e.</i>, market risk). Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. There is a risk that a lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--GeographicRiskMember_zE78IADXuZsa">Geographic Risk</span>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region. Also, current military conflicts in various geographic regions, including those in Europe and the Middle East, can lead to, and have led to, economic and market disruptions, which may not be limited to the geographic region in which the conflict is occurring. Such conflicts can also result, and have resulted in some cases, in sanctions being levied by the United States, the European Union and/or other countries against countries or other actors involved in the conflict. In addition, such conflicts and related sanctions can adversely affect regional and global energy, commodities, financial and other markets and thus could affect the value of the Fund’s investments. The extent and duration of any military conflict, related sanctions and resulting economic and market disruptions are impossible to predict, but could be substantial. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--HighPortfolioTurnoverRiskMember_zloaAGnelQo">High Portfolio Turnover Risk</span>. </b>In seeking to track the Underlying Index, the Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark- ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--HighYieldSecuritiesRiskMember_zd864ynlDvI1">High Yield Securities Risk</span>.</b> Securities that are rated below investment-grade (commonly referred to as “junk bonds,” including those bonds rated lower than “BBB-” by S&amp;P or “Baa3” by Moody’s), or are unrated, may be deemed speculative and may be more volatile than higher rated securities of similar maturity with respect to the issuer’s continuing ability to meet principal and interest payments. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--IlliquidInvestmentsRiskMember_z8s5U504PHfi">Illiquid Investments Risk</span>. </b>The Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund will have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without significantly changing the market value of the investment. To the extent the Fund holds illiquid investments, the illiquid investments may reduce the returns of the Fund because the Fund may be unable to transact at advantageous times or prices. In addition, if the Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their Shares, the Fund will need to sell liquid securities to meet redemption requests and illiquid securities will become a larger portion of the Fund’s holdings. During periods of market volatility, liquidity in the market for the Fund’s Shares may be impacted by the liquidity in the market for the underlying securities or instruments held by the Fund, which could lead to the Fund’s Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--IncomeRiskMember_zAIy7OApD7a8">Income Risk</span>. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, bonds in the Underlying Index are substituted, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--IndexRelatedRiskMember_zLb2hSNtekD9">Index-Related Risk</span>.</b> There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components. Errors in index data, index computations or the construction of the Underlying Index in </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party Provider and may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--InflationRiskMember_z0Eu5KuIcvee">Inflation Risk</span>. </b>Inflation risk is the risk that the real value of certain assets or real income from investments (the value of such assets or income after accounting for inflation) will be less in the future as inflation decreases the value of money. Inflation, and investors’ expectation of future inflation, can impact the current value of the Fund’s portfolio, resulting in lower asset values and losses to shareholders. This risk may be elevated compared to historical market conditions because of recent monetary policy measures and the current interest rate environment. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Interest Rate Risk. </b>Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--IssuerRiskMember_zHEB50Kg4fok">Issuer Risk</span>.</b> The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--JunkBondsRiskMember_zZB5gPjqN2w3">Junk Bonds Risk</span>.</b> High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment-grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--LiquidityRiskMember_zCc7dVF7taka">Liquidity Risk</span>. </b>Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--ManagementRiskMember_zfGpfcc2WS94">Management Risk</span>. </b>As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--MarketRiskMember_zrmhKqBPUt1d">Market Risk</span>. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investments in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--MarketPriceRiskMember_zzFEachQOqq7">Market Price Risk</span>.</b> Fund shares are listed for trading on an exchange and are bought and sold in the secondary market at market prices. The market prices of shares will fluctuate, in some cases materially, in response to changes in the NAV and supply and demand for shares. As a result, the trading prices of shares may deviate significantly from the NAV during periods of market volatility. The Adviser cannot predict whether shares will trade above, below or at their NAV. Given the fact that shares can be created and redeemed in Creation Units (defined below), the Adviser believes that large discounts or premiums to the NAV of shares should not be sustained in the long-term. If market makers exit the business or are unable to continue making markets in Fund shares, shares may trade at a discount to NAV like closed-end fund shares and may even face delisting (that is, investors would no longer be able to trade shares in the secondary market). Further, while the creation/redemption feature is designed to make it likely that Shares normally will trade close to the value of the Fund’s holdings, disruptions to creations and redemptions, including disruptions at market makers, APs or market participants, or during periods of significant market volatility, may result in market prices that differ significantly from the value of the Fund’s holdings. Although market makers will generally take advantage of differences between the NAV and the market price of Fund Shares through arbitrage opportunities, there is no guarantee that they will do so. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s Shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV is likely to widen. Further, secondary markets may be subject to irregular trading activity, wide bid-ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those APs creating and redeeming shares directly with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--MarketTradingRiskMember_z59T5bHjHP5j">Market Trading Risk</span>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--NewFundRiskMember_z0doZ0rGguik">New Fund Risk</span>.</b> The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--NonU.S.SecuritiesRiskMember_zLXW6NL31hRe">Non-U.S. Securities Risk</span>. </b>Securities issued by non-U.S. issuers are subject to different legal, regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less publicly available information about non-U.S. issuers. Foreign governments may restrict investment by foreigners, limit withdrawal of trading profit or currency from the country, restrict currency exchange or seize foreign investments. In addition, the Fund may be limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the U.S. Foreign market trading hours, different clearing and settlement procedures, and holiday schedules may limit the Fund’s ability to engage in portfolio transactions. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--OperationalRiskMember_zApsT89EcVq3">Operational Risk</span>. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--PassiveInvestmentRiskMember_zOXhTyYFdPol">Passive Investment Risk</span>.</b> The Fund is not actively managed and may be affected by a general decline in market segments related to the Underlying Index. The Fund invests in securities included in, or representative of, the Underlying Index, regardless of their investment merits. Although the Fund is permitted to invest up to 100% of its assets in money market instruments during unusual economic or market conditions, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--PrepaymentAndExtensionRiskMember_z5kC22tPqiPl">Prepayment and Extension Risk</span>. </b>When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund’s share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--PricingRiskMember_zBFV2eShI2a5">Pricing Risk</span>. </b>If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--RatingAgenciesRiskMember_zhzuCvDnVSg3">Rating Agencies Risk</span>.</b> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--ReinvestmentRiskMember_zSmIcF3F9JM">Reinvestment Risk</span>.</b> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--RestrictedSecuritiesrule144aSecuritiesRiskMember_z2Ifxn5L3Oh">Restricted Securities/Rule 144A Securities Risk</span>. </b>The Fund may invest in securities offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), which are restricted securities. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable in broad public markets. The Fund may not be able to sell a restricted security promptly or at a reasonable price. Although there is a substantial institutional market for Rule 144A securities, it is not possible to predict exactly how the market for Rule 144A securities will develop. A restricted security that was liquid at the time of purchase may subsequently become illiquid and its value may decline as a result. Restricted securities that are deemed illiquid will count towards the Fund’s 15% limitation on illiquid securities. In addition, transaction costs may be higher for restricted securities than for more liquid securities. The Fund may have to bear the expense of registering Rule 144A securities for resale and the risk of substantial delays in effecting the registration. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--ReverseRepurchaseAgreementsRiskMember_zn9qNBJFuFB6">Reverse Repurchase Agreements Risk</span>.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--RiskOfInvestingInUnitedStatesMember_zduK7BzVF1ol">Risk of Investing in the United States</span>.</b> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--SectorRiskMember_z2QnrsibaOs4">Sector Risk</span>. </b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--SecuritiesLendingRiskMember_zBqDMojeK3a3">Securities Lending Risk</span>.</b> The Fund may engage in securities lending (<i>i.e.</i>, lend portfolio securities to institutions, such as certain broker-dealers. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--TrackingErrorRiskMember_zw8iF49B4wUf">Tracking Error Risk</span>. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--U.S.GovernmentObligationsRiskMember_zeGdNnsjw54b">U.S. Government Obligations Risk</span>. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (<i>i.e.</i>, the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--ValuationRiskMember_zu97kSweXh0j">Valuation Risk</span>.</b> The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_z4w4G2Vosw29" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information:</b><span style="font-weight: normal; font-style: normal"> <span id="xdx_903_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000091534Member_zvT2kENqj695">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance.</span> Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000091534Member_zHKgQnqgPDaf">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF (RTHY) Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zudnLwf13jYd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the F/m Long-Term Treasury Inflation-Protected Security (TIPS) ETF (the “F/m Long-Term TIPS Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg U.S. TIPS 25+ Year Equal Weight Index (I39542US). </p> Fees and Expenses <p id="xdx_A84_eoef--ExpenseNarrativeTextBlock_zqwVMhhYFLeg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Long-Term TIPS Fund (“Shares”).<b> You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0019 0 0 0.0019 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zhW8VqJaJEg2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the F/m Long-Term TIPS Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 19 61 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zAJ31Qv3ZIca" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The F/m Long-Term TIPS Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </p> Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zXXuwiblFAu7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The F/m Long-Term TIPS Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Bloomberg U.S. TIPS 25+ Year Equal Weight Index (I39542US) (“Underlying Index”), a subset of the Bloomberg U.S. Treasury Inflation-Linked Bond Index (Series-L) (the “Parent Index”), which measures the performance of the U.S. Treasury Inflation-Protected Securities (“TIPS”) market with greater than or equal to twenty-five (25) years to maturity, with each constituent weighted equally by market value. TIPS are income-generating instruments whose interest and principal payments are adjusted for inflation. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, the non-seasonally adjusted Consumer Price Index for All Urban Consumers (“CPI-U”), and TIPS’ principal payments are adjusted according to changes in the CPI-U. A fixed coupon rate is applied to the inflation-adjusted principal so that, as inflation rises, both the principal value and the interest payments increase. This can provide a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in TIPS with maturities of greater than or equal to twenty-five (25) years. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines to have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index, including, but not limited to, bonds that are capital-indexed and linked to a commonly used domestic inflation index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. The Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the securities of a single issuer than a “diversified” fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index and Parent Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index was incepted in June 2025, with history backfilled to January 2011, by Bloomberg Index Services Limited (the “Index Provider”). The Underlying Index is composed of TIPS that are equally weighted by market value, with greater than or equal to twenty-five (25) years to maturity. Federal Reserve System Open Market Account (“SOMA”) holdings of TIPS are excluded from the face amount outstanding of each bond in the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index has a minimum liquidity requirement of $500M USD face value outstanding (not adjusted for inflation indexation) and principal and interest are inflation-linked and denominated in U.S. dollars. The bonds included in the Underlying Index must be capital-indexed and linked to a commonly used domestic inflation index. The bonds are rated investment grade (Baa3/BBB-/BBB- or higher) using the middle rating of Moody’s^® Investors Service, Inc.(“Moody’s”), Fitch Ratings, Inc. (“Fitch”) and Standard &amp; Poor’s^® Financial Services LLC (“S&amp;P”); when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. In cases where explicit bond level ratings are not available, the Index Provider may use other sources to classify securities by credit quality. Excluded from the Underlying Index are nominal bonds, floating rate bonds, non-government inflation-linked bonds, STRIPS, Treasury bills, bellwethers, private placements and retail bonds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Parent Index was incepted by the Index Provider in April 1998, with history backfilled to March 1, 1997. The Parent Index measures the performance of the TIPS market. Federal Reserve holdings of TIPS are excluded from the face amount outstanding of each bond in the Underlying Index. The Parent Index includes publicly-issued TIPS that have at least one year remaining to final maturity and have a minimum $500M outstanding face value (not adjusted for inflation indexation). The bonds are rated investment grade (Baa3/BBB-/BBB- or higher) using the middle rating of Moody’s, Fitch and S&amp;P; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. The bonds in the Parent Index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. Excluded from the Parent Index are nominal bonds, floating rate bonds, non-government inflation-linked bonds, STRIPS, Treasury bills, bellwethers, private placements and retail bonds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index and the Parent Index are each rebalanced by the Index Provider on the last business day of each month. The Underlying Index and the Parent Index are both calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Additional information regarding the Underlying Index, including its value, is available at <span style="text-decoration: underline">https://assets.bbhub.io/professional/sites/27/US-Treasury-Inflation-Linked-Bond-Index-Series-L.pdf.</span> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund-eligible investments (collectively, the “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The F/m Long-Term TIPS Fund has elected and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--AffiliatedFundRiskMember_zs1b8EDwSVP8">Affiliated Fund Risk</span>.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--AssetClassRiskMember_zL77nqw9vbig">Asset Class Risk</span>. </b>Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--CashOrCashEquivalentsRiskMember_zDjVP4mctm8e">Cash or Cash Equivalents Risk</span>.</b> At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objectives. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--ConcentrationRiskMember_znXdybDpcS6">Concentration Risk</span>.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--CyberSecurityRiskMember_zH8eKH0cJaAd">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--DurationRiskMember_ziNngXkJHQQe">Duration Risk</span>. </b>Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. As interest rates rise, the value of a bond will fall in direct proportion to its duration and conversely, as interest rates fall, the value of a bond will increase in direct proportion to its duration. Therefore, the longer a bond’s duration (measured in years), the more sensitive its price will be to interest rate changes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--EtfRiskMember_z2V7eiKE7JQ">ETF Risk</span>.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk.</i> Although Shares are intended to be listed on The Nasdaq Stock Market LLC, a national securities exchange, (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--FixedIncomeMarketRiskMember_zTlhSrsn6TZ3">Fixed Income Market Risk</span>.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities or duration will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--HighPortfolioTurnoverRiskMember_zDnXldGvFLnj">High Portfolio Turnover Risk</span>. </b>The Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--IncomeRiskMember_zyBDXLWDxx47">Income Risk</span>.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--IndexRelatedRiskMember_zIrrErW4kyIe">Index-Related Risk</span>.</b> There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party provider and may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--InflationIndexedBondsRiskMember_zhUsXbuTPBic">Inflation-Indexed Bonds Risk</span>. </b>The principal value of an investment is not protected or otherwise guaranteed by virtue of the Fund’s investments in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal value. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Short-term increases in inflation may lead to a decline in value. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. Periodic adjustments for inflation to the principal amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund’s gross income. Due to original issue discount, the Fund may be required to make annual distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a return of capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--InflationLinkedSecuritiesRiskMember_z2MwXNMaj9Fb">Inflation-Linked Securities Risk</span>. </b>In general, the value of an inflation-linked security, including TIPS, will typically decrease when real interest rates (nominal interest rates reduced by the expected impact of inflation) increase and increase when real interest rates decrease. When inflation is negative or concerns over inflation are low, the value and income of inflationlinked securities could fall and result in losses for the Fund and during periods of very low inflation, the yield on an inflation-linked security may be negative. Conversely, during sustained periods of high inflation, the Fund’s yield should increase, which may not be repeated. Funds that invest heavily in inflation-linked securities do not always move in lockstep with inflation because they do not necessarily buy inflation-linked securities when they are originally issued or hold them until maturity. In addition, the accrual of inflation adjustments on the Fund’s holdings may significantly impact the current level of dividends actually paid to shareholders. Changes in inflation rates and/or interest rates may cause the Fund’s yield to vary substantially over time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ManagementRiskMember_zvNRoMk8ibMj">Management Risk</span>. </b>As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--MarketRiskMember_zgox2q5aPVhl">Market Risk</span>. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics), war, acts of terrorism, recessions or other disruptive events (whether real, expected or perceived) in the local, regional or and global markets. These factors could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV. As a result, an investor could lose money over short periods due to short-term market movements or long periods of time during prolonged market downturns. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--MarketPriceRiskMember_zkm014jTxFl2">Market Price Risk</span>.</b> Fund Shares are listed for trading on an exchange and are bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate, in some cases materially, in response to changes in the NAV and supply and demand for Shares. As a result, the trading prices of Shares may deviate significantly from the NAV during periods of market volatility. The Adviser cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units (defined below), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained in the long-term. If market makers exit the business or are unable to continue making markets in Fund Shares, Shares may trade at a discount to NAV like closed-end fund shares and may even face delisting (that is, investors would no longer be able to trade Shares in the secondary market). Further, while the creation/redemption feature is designed to make it likely that Shares normally will trade close to the value of the Fund’s holdings, disruptions to creations and redemptions, including disruptions at market makers, APs or market participants, or during periods of significant market volatility, may result in market prices that differ significantly from the value of the Fund’s holdings. Although market makers will generally take advantage of differences between the NAV and the market price of Fund Shares through arbitrage opportunities, there is no guarantee that they will do so. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s Shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV is likely to widen. Further, secondary markets may be subject to irregular trading activity, wide bid-ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those APs creating and redeeming Shares directly with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--MarketTradingRiskMember_z2tQhGUDbJti">Market Trading Risk</span>.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund’s NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_917_ecustom--NewFundRiskMember_zUMJTPSlrHt">New Fund Risk</span>.</b> The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. Since the Fund is a new ETF, it has a limited history of operations for investors to evaluate. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--OperationalRiskMember_zEFxoaguqwAi">Operational Risk</span>.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--PassiveInvestmentRiskMember_zEOlcjlZXhV4">Passive Investment Risk</span>.</b> Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--ReinvestmentRiskMember_ztCDKg4A0KHd">Reinvestment Risk</span>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--ReverseRepurchaseAgreementsRiskMember_zYmIXxrgqZB2">Reverse Repurchase Agreements Risk</span>.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--RiskOfInvestingInTheUSMember_zbnB3VU1kfu">Risk of Investing in the U.S.</span> </b>Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--SecuritiesLendingRiskMember_zYMZ3DyYkuR1">Securities Lending Risk</span>. </b>The Fund may engage in securities lending (<i>i.e.</i>, lend portfolio securities to institutions, such as certain broker dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--UnderlyingFundRiskMember_zhRllcM2v3tj">Underlying Fund Risk</span>. </b>Other investment companies (<i>i.e.</i>, ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Each of the Underlying Funds is subject to its own specific risks, but the Adviser expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--UsTreasuryObligationsRiskMember_zm7RsdOCMpke">U.S. Treasury Obligations Risk</span>. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (<i>i.e.</i>, the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.<b> </b></p> </td> </tr> </table> Performance Information: <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_ziP4EQr3yUbb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span id="xdx_90E_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000091539Member_zrq5jYK6xpq9">Performance information for the F/m Long-Term TIPS Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus.</span> Performance information will be included once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_901_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000091539Member_zUHTDrS2mez7">www.fminvest.com</span></span>. </p> Performance information for the F/m Long-Term TIPS Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. www.fminvest.com SUMMARY SECTION – F/m Small Cap Core ETF (FMSC) Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_ztjz1Cfor1s4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the F/m Small Cap Core ETF (the “F/m Small Cap Core Fund” or the “Fund”) is to seek to deliver long-term growth of capital. </p> Fees and Expenses <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_z1TWxo8Lo2u7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Small Cap Core Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0065 0 0 0.0065 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zP1Oj5eEsYS2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the F/m Small Cap Core Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 66 208 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zriCHzUa2bpe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The F/m Small Cap Core Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </p> Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zUs3ylCLRTdh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The F/m Small Cap Core Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to deliver long-term growth of capital by utilizing a fundamental, bottom-up approach designed to identify underpriced securities with a strong potential for long-term appreciation. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in equity securities of “small cap” U.S. companies, which the Fund defines as those companies whose market capitalizations, at the time of purchase, fall within the range of (i) at least $250 million and (ii) the maximum capitalization of companies comprising the Russell 2000^® Index, which was approximately $32.8 billion as of October 31, 2025. The Russell 2000^® Index measures the performance of approximately 2,000 small-cap U.S. equities and is a trademark of FTSE Russell Company, which is not affiliated with or associated with the Fund nor the Adviser. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 20% of its assets in securities other than small-cap securities. As long as a majority of its net assets are invested in “small cap” U.S. companies, as defined above, the Fund is not required to sell a security if its market capitalization increases such that it ceases to be “small cap” at any time after its acquisition by the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In constructing its portfolio, the Adviser uses a research-based process based on a fundamental analysis of the small cap universe by sector specialists who evaluate drivers of corporate performance and provide detailed projections of earnings, cash flow and return on investments to identify those securities that it believes will provide the highest potential appreciation. The Adviser may make </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">adjustments to the model and Fund holdings at its discretion. In constructing and managing the model and in choosing the Fund’s investments, the Adviser utilizes insights from many sources, including, but not limited to, its internal investment research team, industry reports, and data from third-party service providers. The Fund’s active strategy gives it the flexibility to alter the investment strategies utilized in the construction of the Fund’s portfolio in response to changes in market conditions, emergent academic research or other considerations and allows the Adviser to maintain exposure to desired factors, while controlling exposure to certain industries, sectors and other risks. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest in cash and cash equivalents, money market instruments (such as repurchase agreements and money market funds), fixed income securities (such as government, corporate and bank debt obligations), common stock, equities, American Depository Receipts (“ADRs”), foreign securities (including emerging market securities), real estate investment trusts (“REITs”) and/or initial public offerings (“IPOs”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, the “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The F/m Small Cap Core Fund has elected and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ActiveManagementRiskMember_zg3yJDcdXAha">Active Management Risk</span>. </b>The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--AffiliatedFundRiskMember_zUbAlCZwAew2">Affiliated Fund Risk</span>.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--AssetClassRiskMember_zMA6TSMRdAY7">Asset Class Risk</span>. </b>The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to the general financial markets , a particular financial market, another index, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--ConcentrationRiskMember_zV3hlhVjMJz8">Concentration Risk</span>. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--CyberSecurityRiskMember_z2rMeWKf9TQ8">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 11pt Times New Roman, Times, Serif; margin-left: 0.25in; text-align: left; margin-bottom: 0pt; margin-top: 0pt">Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s Index Provider and other service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber-failures. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--DepositoryReceiptsRiskMember_zDr8URIRCvw3">Depository Receipts Risk</span>. </b>The Fund may hold the securities of non-U.S. companies in the form of American Depositary Receipts (“ADRs”). ADRs are negotiable certificates issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange, such as the New York Stock Exchange. Sponsored ADRs are issued with the support of the issuer of the foreign stock underlying the ADRs and carry all of the rights of common shares, including voting rights. The underlying securities of the ADRs in the Fund’s portfolio are usually denominated or quoted in currencies other than the U.S. Dollar. As a result, changes in foreign currency exchange rates may affect the value of the Fund’s portfolio. In addition, because the underlying securities of ADRs trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the securities underlying the ADRs may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for shares of the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--EmergingMarketsRiskMember_zpC5cgt6LqX6">Emerging Markets Risk</span>.</b> The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will. The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--EquitySecuritiesRiskMember_zRPYIyCgSWba">Equity Securities Risk</span>. </b>The price of equity securities fluctuates based on changes in a company’s activities and financial condition and in overall market conditions. Economic, political, and financial conditions, or industry or economic trends or developments, may for varying periods of time cause volatility, illiquidity, or other potentially adverse effects in the markets. The Fund’s investments in equity securities expose it to sudden and unpredictable drops in value and the potential for extended periods of lackluster performance. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--EtfRiskMember_zPIX2tDHmcbj">ETF Risk</span>. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk.</i> Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--ForeignInvestmentRiskMember_zhwlRR4zZf0c">Foreign Investment Risk</span>.</b> The Fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the Fund’s foreign investments, prevent the Fund from realizing the full value of its foreign investments or prevent the Fund from selling foreign securities it holds. Financial reporting standards for companies based in foreign markets differ from those in the United States. Additionally, foreign securities markets generally are smaller and less liquid than U.S. markets. Foreign governments may restrict investment by foreigners, limit withdrawal of trading profit or currency from the country, restrict currency exchange or seize foreign investments. In addition, the Fund may be limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the U.S. The foreign investments of the Fund may also be subject to foreign withholding taxes. Foreign brokerage commissions and other fees are generally higher than those for U.S. investments, and the transactions and custody of foreign assets may involve delays in payment, delivery or recovery of money or investments. Foreign markets can have liquidity risks beyond those typical of U.S. markets. Because foreign exchanges generally are smaller and less liquid than U.S. exchanges, buying and selling foreign investments can be more difficult and costly. Relatively small transactions can sometimes materially affect the price and availability of securities. In certain situations, it may become virtually impossible to sell an investment at a price that approaches portfolio management’s estimate of its value. For the same reason, it may at times be difficult to value the Fund’s foreign investments. In addition, because non-U.S. markets may be open on days when the Fund does not price its shares, the value of the foreign securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--GeographicRiskMember_zaiirH8Iccbi">Geographic Risk</span>.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region. Also, current military conflicts in various geographic regions, including those in Europe and the Middle East, can lead to, and have led to, economic and market disruptions, which may not be limited to the geographic region in which the conflict is occurring. Such conflicts can also result, and have resulted in some cases, in sanctions being levied by the United States, the European Union and/or other countries against countries or other actors involved in the conflict. In addition, such conflicts and related sanctions can adversely affect regional and global energy, commodities, financial and other markets and thus could affect the value of the Fund’s investments. The extent and duration of any military conflict, related sanctions and resulting economic and market disruptions are impossible to predict, but could be substantial. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--InitialPublicOfferingIPORiskMember_zqbOdwGUygWe">Initial Public Offering (“IPO”) Risk</span>.</b> The Fund may invest in companies that have recently completed an initial public offering. The stocks of such companies are unseasoned equities lacking a trading history, a track record of reporting to investors and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. In addition, IPOs share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_915_ecustom--IssuerSpecificRiskMember_zDv7Mv7azjr8">Issuer-Specific Risk</span>. </b>The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--InvestmentStyleRiskMember_zgZgRTDUIxMg">Investment Style Risk</span>.</b> Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending on market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes, but that employ different investment styles. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--MarketRiskMember_zzPC44F6XkA9">Market Risk</span>. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investments in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> inflation, changes in the actual or perceived creditworthiness of issuers and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time.</p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--MarketTradingRiskMember_zRwSUbKHoj0l">Market Trading Risk</span>. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--OperationalRiskMember_zTBs9h8dbsq7">Operational Risk</span>. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--NewFundRiskMember_zrwuqyii43T1">New Fund Risk</span>. </b>The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--RealEstateInvestmentTrustREITRiskMember_zTtAUsklsA4l">Real Estate Investment Trust (“REIT”) Risk</span>. </b>REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee’s ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory treatment. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--RiskOfInvestingInTheU.S.Member_zjgxixjXpAWa">Risk of Investing in the U.S.</span> </b>Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91F_ecustom--SectorConcentrationRiskMember_z0FstCphLJob">Sector Concentration Risk</span>. </b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--SecuritiesLendingRiskMember_zghR1lnYvtNb">Securities Lending Risk</span>. </b>The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--SmallCapitalizationCompaniesRiskMember_zIRJd0pw5HX9">Small-Capitalization Companies Risk</span>.</b> Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--UnderlyingFundRiskMember_zPict7EYACbh">Underlying Fund Risk</span>. </b>Other investment companies (i.e., ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Each of the Underlying Funds is subject to its own specific risks, but the Adviser expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--ValuationRiskMember_z2zCh4Uoikpk">Valuation Risk</span>. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zlrjconTR9Ql" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal">Performance information for the F/m Small Cap Core ETF is not included because the Fund had not commenced operations prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000091531Member_ziaurVm2N6E3">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">. </span></p> www.fminvest.com SUMMARY SECTION – F/m Small Cap Growth ETF (FMSG) Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zRUbL7G8ZqN3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the F/m Small Cap Growth ETF (the “F/m Small Cap Growth Fund” or the “Fund”) is to seek to deliver long-term growth of capital. </p> Fees and Expenses <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_z22DNuZZK0i8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Small Cap Growth Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0065 0 0 0.0065 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zCEOWQsNYTl7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the F/m Small Cap Growth Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 66 208 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zXc707OtIcXh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The F/m Small Cap Growth Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </p> Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zhqkFPJUTmCc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The F/m Small Cap Growth Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to deliver long-term growth of capital by utilizing a fundamental, bottom-up approach designed to identify underpriced securities with a strong potential for long-term appreciation. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in equity securities of “small cap” U.S. companies, which the Fund defines as those companies whose market capitalizations, at the time of purchase, fall within the range of (i) at least $250 million and (ii) the maximum capitalization of companies comprising the Russell 2000^® Growth Index, which was approximately $32.8 billion as of October 31, 2025. The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with relatively higher price-to-book ratios and higher forecasted growth values. The Russell 2000^® Growth Index is a trademark of FTSE Russell Company, which is not affiliated with or associated with the Fund nor the Adviser. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 20% of its assets in securities other than small-cap securities. As long as a majority of its net assets are invested in “small cap” U.S. companies, as defined above, the Fund is not required to sell a security if its market capitalization increases such that it ceases to be “small cap” at any time after its acquisition by the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In constructing its portfolio, the Adviser uses a research-based process based on a fundamental analysis of the small cap universe by sector specialists who evaluate drivers of corporate performance and provide detailed projections of earnings, cash flow and return on investments to identify those securities that it believes will provide the highest potential appreciation. The Adviser may make adjustments to the model and Fund holdings at its discretion. In constructing and managing the model and in choosing the Fund’s investments, the Adviser utilizes insights from many sources, including, but not limited to, its internal investment research team, industry reports, and data from third-party service providers. The Fund’s active strategy gives it the flexibility to alter the investment strategies utilized in the construction of the Fund’s portfolio in response to changes in market conditions, emergent academic research or other considerations and allows the Adviser to maintain exposure to desired factors, while controlling exposure to certain industries, sectors and other risks. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest in cash and cash equivalents, money market instruments (such as repurchase agreements and money market funds), fixed income securities (such as government, corporate and bank debt obligations), common stock, equities, American Depository Receipts (“ADRs”), foreign securities (including emerging market securities), real estate investment trusts (“REITs”) and/or initial public offerings (“IPOs”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The F/m Small Cap Growth Fund has elected and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Active Management Risk. </b>The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Asset Class Risk. </b>The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, another index, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s Index Provider and other service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber-failures. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Depository Receipts Risk. </b>The Fund may hold the securities of non-U.S. companies in the form of American Depositary Receipts (“ADRs”). ADRs are negotiable certificates issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange, such as the New York Stock Exchange. Sponsored ADRs are issued with the support of the issuer of the foreign stock underlying the ADRs and carry all of the rights of common shares, including voting rights. The underlying securities of the ADRs in the Fund’s portfolio are usually denominated or quoted in currencies other than the U.S. Dollar. As a result, changes in foreign currency exchange rates may affect the value of the Fund’s portfolio. In addition, because the underlying securities of ADRs trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the securities underlying the ADRs may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for shares of the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Emerging Markets Risk. </b>The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will. The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Equity Securities Risk.</b> The price of equity securities fluctuates based on changes in a company’s activities and financial condition and in overall market conditions. Economic, political, and financial conditions, or industry or economic trends or developments, may for varying periods of time cause volatility, illiquidity, or other potentially adverse effects in the markets. The Fund’s investments in equity securities expose it to sudden and unpredictable drops in value and the potential for extended periods of lackluster performance. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i> As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Foreign Investment Risk.</b> The Fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the Fund’s foreign investments, prevent the Fund from realizing the full value of its foreign investments or prevent the Fund from selling foreign securities it holds. Financial reporting standards for companies based in foreign markets differ from those in the United States. Additionally, foreign securities markets generally are smaller and less liquid than U.S. markets. Foreign governments may restrict investment by foreigners, limit withdrawal of trading profit or currency from the country, restrict currency exchange or seize foreign investments. In addition, the Fund may be limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the U.S. The foreign investments of the Fund may also be subject to foreign withholding taxes. Foreign brokerage commissions and other fees are generally higher than those for U.S. investments, and the transactions and custody of foreign assets may involve delays in payment, delivery or recovery of money or investments. Foreign markets can have liquidity risks beyond those typical of U.S. markets. Because foreign exchanges generally are smaller and less liquid than U.S. exchanges, buying and selling foreign investments can be more difficult and costly. Relatively small transactions can sometimes materially affect the price and availability of securities. In certain situations, it may become virtually impossible to sell an investment at a price that approaches portfolio management’s estimate of its value. For the same reason, it may at times be difficult to value the Fund’s foreign investments. In addition, because non-U.S. markets may be open on days when the Fund does not price its shares, the value of the foreign securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Geographic Risk.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region. Also, current military conflicts in various geographic regions, including those in Europe and the Middle East, can lead to, and have led to, economic and market disruptions, which may not be limited to the geographic region in which the conflict is occurring. Such conflicts can also result, and have resulted in some cases, in sanctions being levied by the United States, the European Union and/or other countries against countries or other actors involved in the conflict. In addition, such conflicts and related sanctions can adversely affect regional and global energy, commodities, financial and other markets and thus could affect the value of the Fund’s investments. The extent and duration of any military conflict, related sanctions and resulting economic and market disruptions are impossible to predict, but could be substantial. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Initial Public Offering (“IPO”) Risk. </b>The Fund may invest in companies that have recently completed an initial public offering. The stocks of such companies are unseasoned equities lacking a trading history, a track record of reporting to investors and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. In addition, IPOs share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Issuer-Specific Risk. </b>The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Investment Style Risk. </b>Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending on market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes, but that employ different investment styles. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investments in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk. </b>The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Real Estate Investment Trust (“REIT”) Risk. </b>REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee’s ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory treatment. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Risk of Investing in the U.S. </b>Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk. </b>To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Small-Capitalization Companies Risk.</b> Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Fund Risk.</b> Other investment companies (i.e., ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Each of the Underlying Funds is subject to its own specific risks, but the Adviser expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_z89GflFTU1o9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal">Performance information for the F/m Small Cap Growth ETF is not included because the Fund had not commenced operations prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at </span><span style="text-decoration: underline"><span style="font-weight: normal; font-style: normal"><span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000091532Member_zT0XA1BpsGT7">www.fminvest.com</span></span></span><span style="font-weight: normal; font-style: normal">. </span></p> www.fminvest.com SUMMARY SECTION – F/m SMID Equity ETF (FMSM) Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zgDuaSrZkQv9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the F/m SMID Equity ETF (the “F/m SMID Fund” or the “Fund”) is to seek to deliver long-term growth of capital. </p> Fees and Expenses <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zrnnLf7xgaVj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m SMID Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0065 0 0 0.0065 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zZZJmhD1Ihjk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the F/m SMID Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 66 208 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zeQhXD9GGwMe" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The F/m SMID Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </p> Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_z0Urv6ySmx93" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The F/m SMID Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to deliver long-term growth of capital by utilizing a fundamental, bottom-up approach designed to identify underpriced securities with a strong potential for long-term appreciation. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in equity securities of “small cap” and “mid cap” U.S. companies, which the Fund defines as those companies whose market capitalizations, at the time of purchase, fall within the range of (i) at least $250 million and (ii) the maximum capitalization of companies comprising the Russell 2500^® Index, approximately $36.0 billion as of October 31, 2025. The Russell 2500^® Index measures the performance of the small-to-mid cap segment of the U.S. equity universe, commonly referred to as “SMID” cap. The Russell 2500^® Index is a subset of the Russell 3000^® Index and includes approximately 2500 of the smallest securities based on a combination of their market capitalization and current index membership; it is a trademark of FTSE Russell Company, which is not affiliated with or associated with the Fund nor the Adviser. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 20% of its assets in securities other than small-cap and mid-cap securities. As long as a majority of its net assets are invested in “small cap” and “mid cap” U.S. companies, as defined above, the Fund is not required to sell a security if its market capitalization increases such that it ceases to be “small cap” or “mid cap” at any time after its acquisition by the Fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In constructing its portfolio, the Adviser uses a research-based process based on a fundamental analysis of the small and mid-cap universe by sector specialists who evaluate drivers of corporate performance and provide detailed projections of earnings, cash flow and return on investments to identify those securities that it believes will provide the highest potential appreciation. The Adviser may make adjustments to the model and Fund holdings at its discretion. In constructing and managing the model and in choosing the Fund’s investments, the Adviser utilizes insights from many sources, including, but not limited to, its internal investment research team, industry reports, and data from third-party service providers. The Fund’s active strategy gives it the flexibility to alter the investment strategies utilized in the construction of the Fund’s portfolio in response to changes in market conditions, emergent academic research or other considerations and allows the Adviser to maintain exposure to desired factors, while controlling exposure to certain industries, sectors and other risks. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also invest in cash and cash equivalents, money market instruments (such as repurchase agreements and money market funds), fixed income securities (such as government, corporate and bank debt obligations), common stock, equities, American Depository Receipts (“ADRs”), foreign securities (including emerging market securities), real estate investment trusts (“REITs”) and/or initial public offerings (“IPOs”). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, the “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The F/m SMID Fund has elected and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Active Management Risk. </b>The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Asset Class Risk. </b>The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, another index, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">exchanging shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s Index Provider and other service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber-failures. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Depository Receipts Risk.</b> The Fund may hold the securities of non-U.S. companies in the form of American Depositary Receipts (“ADRs”). ADRs are negotiable certificates issued by a U.S. financial institution that represent a specified number of shares in a foreign stock and trade on a U.S. national securities exchange, such as the New York Stock Exchange. Sponsored ADRs are issued with the support of the issuer of the foreign stock underlying the ADRs and carry all of the rights of common shares, including voting rights. The underlying securities of the ADRs in the Fund’s portfolio are usually denominated or quoted in currencies other than the U.S. Dollar. As a result, changes in foreign currency exchange rates may affect the value of the Fund’s portfolio. In addition, because the underlying securities of ADRs trade on foreign exchanges at times when the U.S. markets are not open for trading, the value of the securities underlying the ADRs may change materially at times when the U.S. markets are not open for trading, regardless of whether there is an active U.S. market for shares of the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Emerging Markets Risk. </b>The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will. The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Equity Securities Risk. </b>The price of equity securities fluctuates based on changes in a company’s activities and financial condition and in overall market conditions. Economic, political, and financial conditions, or industry or economic trends or developments, may for varying periods of time cause volatility, illiquidity, or other potentially adverse effects in the markets. The Fund’s investments in equity securities expose it to sudden and unpredictable drops in value and the potential for extended periods of lackluster performance. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, there may be significantly diminished trading in Fund Shares, Fund Shares may trade at a material discount to net asset value (“NAV”), and Fund Shares may possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”) and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Foreign Investment Risk. </b>The Fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the Fund’s foreign investments, prevent the Fund from realizing the full value of its foreign investments or prevent the Fund from selling foreign securities it holds. Financial reporting standards for companies based in foreign markets differ from those in the United States. Additionally, foreign securities markets generally are smaller and less liquid than U.S. markets. Foreign governments may restrict investment by foreigners, limit withdrawal of trading profit or currency from the country, restrict currency exchange or seize foreign investments. In addition, the Fund may be limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the U.S. The foreign investments of the Fund may also be subject to foreign withholding taxes. Foreign brokerage commissions and other fees are generally higher than those for U.S. investments, and the transactions and custody of foreign assets may involve delays in payment, delivery or recovery of money or investments. Foreign markets can have liquidity risks beyond those typical of U.S. markets. Because foreign exchanges generally are smaller and less liquid than U.S. exchanges, buying and selling foreign investments can be more difficult and costly. Relatively small transactions can sometimes materially affect the price and availability of securities. In certain situations, it may become virtually impossible to sell an investment at a price that approaches portfolio management’s estimate of its value. For the same reason, it may at times be difficult to value the Fund’s foreign investments. In addition, because non-U.S. markets may be open on days when the Fund does not price its shares, the value of the foreign securities in the Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Geographic Risk.</b> A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund’s investments in, or which are exposed to, the affected region. Also, current military conflicts in various geographic regions, including those in Europe and the Middle East, can lead to, and have led to, economic and market disruptions, which may not be limited to the geographic region in which the conflict is occurring. Such conflicts can also result, and have resulted in some cases, in sanctions being levied by the United States, the European Union and/or other countries against countries or other actors involved in the conflict. In addition, such conflicts and related sanctions can adversely affect regional and global energy, commodities, financial and other markets and thus could affect the value of the Fund’s investments. The extent and duration of any military conflict, related sanctions and resulting economic and market disruptions are impossible to predict, but could be substantial. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Initial Public Offering (“IPO”) Risk.</b> The Fund may invest in companies that have recently completed an initial public offering. The stocks of such companies are unseasoned equities lacking a trading history, a track record of reporting to investors and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. In addition, IPOs share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Issuer-Specific Risk. </b>The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Investment Style Risk. </b>Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending on market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes, but that employ different investment styles. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investments in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 13.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">inflation, changes in the actual or perceived creditworthiness of issuers and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, or financial events, public health crises (such as epidemics or pandemics), or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. As a result, an investor could lose money over short or long periods of time. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--MidCapitalizationCompaniesRiskMember_zmYT0hfbFUCj">Mid-Capitalization Companies Risk</span>. </b>Compared to large-capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies. As a result, the price of Fund Shares may be more volatile than that of a fund with a greater investment in large-capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>New Fund Risk. </b>The Fund is a newly organized, management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Risk of Investing in the U.S. </b>Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Sector Concentration Risk.</b> To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker-dealers. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Small-Capitalization Companies Risk. </b>Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization companies may be more volatile and less liquid than those of mid- and large-capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Underlying Fund Risk.</b> Other investment companies (i.e., ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Each of the Underlying Funds is subject to its own specific risks, but the Adviser expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zxwVVaTf6FCj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Performance Information: </b><span style="font-weight: normal; font-style: normal">Performance information for the F/m Small SMID Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. Performance information will be included once the Fund has at least one calendar year of performance. Updated performance information will be available on the Fund’s website at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000091540Member_zKlo2GTKKGkf">www.fminvest.com</span>. </span></p> www.fminvest.com SUMMARY SECTION – F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (RBIL) Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_z8tUfsCmlYu5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (the “F/m Ultrashort TIPS Fund” or the “Fund”) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg U.S. Ultrashort TIPS 1-13 Months Total Return Unhedged USD Index (I39232US). </p> Fees and Expenses <p id="xdx_A8C_eoef--ExpenseNarrativeTextBlock_zaZHEflL4wJk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Ultrashort TIPS Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0017 0 0 0.0017 “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zZxnveSWne5j" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> 17 55 96 217 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_z8T16wyUlwrg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">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 the Fund Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. Portfolio turnover rates may vary from year-to-year, as well as within a year. During the period from February 24, 2025 (the date on which the Fund commenced investment operations) through August 31, 2025, the portfolio turnover rate of the Fund was <span id="xdx_90B_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000090461Member_zQ9URDKR8oT9">66%</span> of the average value of its portfolio. </span></p> 0.66 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zedI1Zk3plY7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is a passively-managed exchange-traded fund (“ETF”) that seeks investment results, before fees and expenses, that correspond generally to the price and yield performance of the Bloomberg U.S. Ultrashort TIPS 1-13 Months Total Return Unhedged USD Index (I39232US) (the “Underlying Index”), which measures the performance of U.S. Treasury Inflation-Protected Securities (“TIPS”) with maturities from 1 month up to (but not including) 13 months. TIPS are income-generating instruments whose interest and principal payments are adjusted for inflation. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, the non-seasonally adjusted Consumer Price Index for All Urban Consumers (“CPI-U”), and TIPS’ principal payments are adjusted according to changes in the CPI-U. A fixed coupon rate is applied to the inflation-adjusted principal so that, as inflation rises, both the principal value and the interest payments increase. This can provide a hedge against inflation, as it helps preserve the purchasing power of an investment. Because of this inflation adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed-rate bonds. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in TIPS with maturities of 1-13 months. bonds typically have lower yields than conventional fixed-rate bonds. Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in TIPS with maturities of 1-13 months. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses a representative sampling indexing strategy in seeking to achieve the Fund’s investment objective. Under normal market conditions, the Fund invests substantially all of its assets in the securities comprising the Underlying Index and in securities that the Adviser determines to have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the Underlying Index, including, but not limited to, bonds that are capital-indexed and linked to a commonly used domestic inflation index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">In seeking to track the Underlying Index, the Fund may invest in securities that are not included in the Underlying Index, cash and cash equivalents and/or money market instruments, such as repurchase agreements and money market funds. The Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the securities of a single issuer than a “diversified” fund. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="text-decoration: underline">The Underlying Index </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index was incepted in January 2025, with history back to January 1, 2015, by Bloomberg Finance LP (the “Index Provider”). The Underlying Index is composed of equally weighted sub-components that have a remaining maturity from one (1) month up to (but not including) thirteen (13) months (<i>e.g.</i>, 1-2 month maturities, 2-3 maturities, etc.). Federal Reserve holdings of TIPS are excluded from the face amount outstanding of each bond in the Underlying Index. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index has a minimum liquidity requirement of $500M USD par amount outstanding (not adjusted for index duration). The bonds included in the Underlying Index are capital-indexed and linked to a commonly used domestic inflation index. Principal and interest are inflation-linked and denominated in U.S. dollars. The bonds are rated investment grade (Baa3/BBB-/BBB- or higher) using the middle rating of Moody’s^® Investors Service, Inc.(“Moody’s”), Fitch Ratings, Inc. (“Fitch”) and Standard &amp; Poor’s^® Financial Services LLC (“S&amp;P”); when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. In cases where explicit bond level ratings are not available, the Index Provider may use other sources to classify securities by credit quality. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Underlying Index is rebalanced by the Index Provider on the last business day of each month. The Underlying Index is calculated and administered by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider calculates the Underlying Index and Parent Index on a total return basis. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Additional information regarding the Underlying Index, including its value, is available at https://assets.bbhub.io/professional/sites/27/Bloomberg-US-Ultrashort-TIPS-1-13-Months-Index.pdf.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund has elected to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </span></p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--AffiliatedFundRiskMember_zLl83wEHMXDi">Affiliated Fund Risk</span></b>. Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--AssetClassRiskMember_z79zjpVkN3da">Asset Class Risk</span>.</b> Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--ConcentrationRiskMember_zagpshTHkfU">Concentration Risk</span>.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--CyberSecurityRiskMember_zVZVVE1soL74">Cyber Security Risk</span>. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. While the Fund and Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s Index Provider and other service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyberattacks or other cyber-failures. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--DurationRiskMember_zo2WztsvBzn3">Duration Risk</span>.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_914_ecustom--EtfRiskMember_zKwFTvzWaSrl">ETF Risk</span>. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Fund 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. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s Shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF Shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Secondary Market Trading Risk. </i>Although the Fund’s Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk.</i><b> </b>As with all ETFs, Fund Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--FixedIncomeMarketRiskMember_zu2X1wBN2uP9">Fixed-Income Market Risk</span>. </b>The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Fund’s Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s Share price and increase the Fund’s liquidity risk, expenses and/or taxable distributions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_918_ecustom--HighPortfolioTurnoverRiskMember_zggSKHhHnfha">High Portfolio Turnover Risk</span>. </b>The Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--IncomeRiskMember_zLa6encD6Qr4">Income Risk</span>.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity, or are called, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--IndexRelatedRiskMember_zNLGcIdeanj2">Index-Related Risk</span>. </b>There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor the Adviser can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party Provider and may cause the Index Provider to postpone a scheduled rebalance, which could cause the Underlying Index to vary from its normal or expected composition. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--InflationIndexedBondsRiskMember_zWEEwylBvPCl">Inflation-Indexed Bonds Risk</span>. </b>The principal value of an investment is not protected or otherwise guaranteed by virtue of the Fund’s investments in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal value. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Short-term increases in inflation may lead to a decline in value. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. Periodic adjustments for inflation to the principal amount of an inflation-indexed bond may give rise to original issue discount, which will be includable in the Fund’s gross income. Due to original issue discount, the Fund may be required to make annual distributions to shareholders that exceed the cash received, which may cause the Fund to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed bond is adjusted downward due to deflation, amounts previously distributed in the taxable year may be characterized in some circumstances as a return of capital. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91D_ecustom--InflationLinkedSecuritiesRiskMember_zwAwzvyPLxCe">Inflation-Linked Securities Risk</span>.</b> In general, the value of an inflation-linked security, including TIPS, will typically decrease when real interest rates (nominal interest rates reduced by the expected impact of inflation) increase and increase when real interest rates decrease. When inflation is negative or concerns over inflation are low, the value and income of inflation-linked securities could fall and result in losses for the Fund and during periods of very low inflation, the yield on an inflation-linked security may be negative. Conversely, during sustained periods of high inflation, the Fund’s yield should increase, which may not be repeated. Funds that invest heavily in inflation-linked securities do not always move in lockstep with inflation because they do not necessarily buy inflation-linked securities when they are originally issued or hold them until maturity. In addition, the accrual of inflation adjustments on the Fund’s holdings may significantly impact the current level of dividends actually paid to shareholders. Changes in inflation rates and/or interest rates may cause the Fund’s yield to vary substantially over time. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--ManagementRiskMember_zIm9BLrD0lz7">Management Risk</span>.</b> As the Fund’s portfolio will not typically replicate the Underlying Index fully, it is subject to the risk that the Adviser’s investment strategy may not produce the intended results. The Adviser’s use of a representative sampling indexing strategy to manage the Fund’s portfolio may subject the Fund to an increased risk of tracking error, in that the securities selected in aggregate for the Fund’s portfolio may not have an investment profile similar to those of the Underlying Index. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--MarketRiskMember_ztTmO4IwAUrk">Market Risk</span>.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics), war, acts of terrorism, recessions or other disruptive events (whether real, expected or perceived) in the local, regional or global markets. These factors could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV. As a result, an investor could lose money over short periods due to short-term market movements or long periods of time during prolonged market downturns. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_919_ecustom--MarketTradingRiskMember_z3FGSBv2i2k5">Market Trading Risk</span>.</b> Each Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund’s NAV. </span></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--NewFundRiskMember_zD1brbzu177b">New Fund Risk</span>. </b>The Fund is a newly organized management investment company with a limited operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91B_ecustom--OperationalRiskMember_z4T5iFSVwBJd">Operational Risk</span>. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91C_ecustom--PassiveInvestmentRiskMember_zHb8OUlj2ZUa">Passive Investment Risk</span>.</b> Although the Fund is permitted to invest up to 100% of its assets in money market instruments for temporary defensive or liquidity purposes, the Adviser generally does not attempt to invest the Fund’s assets in defensive positions. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_910_ecustom--ReinvestmentRiskMember_z4rSMC5q1oK9">Reinvestment Risk</span>. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_910_ecustom--ReverseRepurchaseAgreementsRiskMember_zmBuopb1bDlj">Reverse Repurchase Agreements Risk</span></b>. The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--RiskofInvestingintheUnitedStatesMember_zrRBYFpT0WB4">Risk of Investing in the United States</span>.</b> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"><p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_91D_ecustom--SecuritiesLendingRiskMember_zEvcpdNip5kc"><b>Securities Lending Risk</b></span><b>. </b>The Fund may engage in securities lending (<i>i.e.</i>, lend portfolio securities to institutions, such as certain broker dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_914_ecustom--TrackingErrorRiskMember_zZFBPKlyyJY7">Tracking Error Risk</span>. </b>The Fund may be subject to tracking error, which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences, transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of distributions, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_919_ecustom--UsTreasuryObligationsRiskMember_zZMg3ZTPULz1">U.S. Treasury Obligations Risk</span>. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (<i>i.e.</i>, the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of a Fund’s U.S. Treasury obligations to decline. </span></p> </td> </tr> </table> Performance Information <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zRwtREZaHe34" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Performance information for the Fund is not included because the Fund did not have a full calendar year of performance prior to the date of this Prospectus. <span id="xdx_902_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000090461Member_zs1XuJ9qbNJ3">Performance information will be included once the Fund has at least one calendar year of performance.</span> Updated performance information will be available on the Fund’s website at <span style="text-decoration: underline"><span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000090461Member_zgshCEixqJ9k">www.fminvest.com</span>.</span> </span></p> Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m Yield Curve Steepening Strategy ETF (USTP) Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zRb8J8o7jt4h" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the F/m Yield Curve Steepening Strategy ETF (the “F/m Yield Curve Steepening Fund” or the “Fund”) is to seek to implement a steepener yield curve strategy that is designed to benefit from the widening spread between short-term and long-term U.S. Treasury yields that typically occurs when shorter-maturity rates fall faster than longer-maturity rates, or when longer-maturity rates rise relative to shorter-maturity rates. </p> Fees and Expenses <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zCZsOwilm57e" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Yield Curve Steepening Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0 0 0.0050 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zyq6hhSJrNTb" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> 51 160 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zF6ikL60Gdgl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. Portfolio turnover rates may vary from year-to-year, as well as within a year. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zJeNfwPcEq44" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to implement a steepener yield curve strategy that is designed to benefit from the widening spread between short-term and long-term U.S. Treasury yields that typically occurs when shorter-maturity rates fall faster than longer-maturity rates, or when longer-maturity rates rise relative to shorter-maturity rates. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in a combination of long and short positions in U.S. Treasury securities or derivatives, such as U.S. Treasury futures, interest rate swaps, and options, to express a view on the shape of the yield curve. Specifically, the Fund may: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Take short positions in longer-duration U.S. Treasury securities or derivatives or affiliated ETFs to gain exposure to rising yields at the long end of the curve. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Take long positions in shorter-duration U.S. Treasury securities or derivatives or affiliated ETFs to gain exposure to falling yields at the short end of the curve. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser actively manages the Fund’s positions based on market conditions, macroeconomic trends, and interest rate forecasts. The Fund’s portfolio is constructed and rebalanced periodically to maintain exposure aligned with the yield steepener objective, considering factors such as economic data, Federal Reserve policy, and global interest rate dynamics. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also allocate a portion of its assets to cash, cash equivalents, or high-quality short-term instruments for liquidity and collateral purposes. The Fund does not seek to maintain a specific duration target, as its primary focus is on the relative movement between segments of the yield curve. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund has elected to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </span></p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--ActiveManagementRiskMember_z2lkPd0Suy2b">Active Management Risk</span>. </b>The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Asset Class Risk.</b> Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--CashOrCashEquivalentsRiskMember_zt5VgBN2yVv5">Cash or Cash Equivalents Risk</span>.</b> At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--ConcentrationRiskMember_zG0D2UaglVT3">Concentration Risk</span>.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--CounterpartyRiskMember_zjLLtncpPPgk">Counterparty Risk</span>. </b>Counterparty risk is the risk that a counterparty to a swap contract or other similar investment instrument may default on its payment obligation to the Fund. Such a default may cause the value of an investment in the Fund to decrease. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cyber Security Risk.</b> Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Derivatives Risk. </b>A Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Early Close/Trading Halt Risk.</b> An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent a Fund from buying or selling certain securities or financial instruments. In these circumstances, a Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Note Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"><p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">●</span></p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result, the trading prices of the Shares may deviate from the Fund’s NAV. 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 </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk.</b> When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities or duration will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Futures Risk. </b>Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>The Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Illiquid Investments Risk.</b> The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Interest Rate Risk. </b>Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Issuer Risk.</b> The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Leverage Risk</b>. Using derivatives can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leverage may also cause the Fund to have higher expenses than those of other funds that do not use such techniques. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics), war, acts of terrorism, recessions or other disruptive events (whether real, expected or perceived) in the local, regional or and global markets. These factors could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV. As a result, an investor could lose money over short periods due to short-term market movements or long periods of time during prolonged market downturns. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Trading Risk.</b> The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund’s NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> The Fund is a newly organized management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Options Risk. </b>When the Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. The Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, a Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. In order for a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Over-the-Counter Market Risk.</b> Securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup. The Fund is also exposed to default by the over-the-counter option writer who may be unwilling or unable to perform its contractual obligations to the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Pricing Risk. </b>If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rate-Linked Derivatives Risk. </b>The Fund’s exposure to derivatives tied to interest rates subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Investing in derivatives tied to interest rates, including through options tied to the shape of the U.S. interest rate curve, can be extremely volatile. The value of such investments 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. The Fund is expected to benefit from the options it holds if long-term U.S. interest rates rise during the time period in which the Fund holds the options. However, if long-term U.S. interest rates decrease, the Fund will lose money on the options, up to the amount invested in option premiums, and underperform an otherwise identical bond fund that had not used such options. Rate-linked derivatives may lose money if interest rates change in a manner not anticipated by the Adviser. An increase in interest rates may cause the value of securities held directly or indirectly by the Fund to decline to the extent that the Fund’s hedging strategy is not effectively implemented. Even if the Fund is hedged against losses due to long-term interest rate increases linked to U.S. interest rates, outright interest rate increases may also lead to heightened volatility in the fixed-income markets and may positively affect the value of the Fund’s options while negatively impacting the Fund’s investments in U.S. Treasuries. The Fund could lose money on the options held by the Fund, and the present value of the Fund’s portfolio investments could decrease if inflation increases. These interest rate-linked options may also cause the Fund’s net asset value and returns to be more volatile and expose the Fund to increased counterparty risk. Fluctuations in the U.S. interest rate curve or the price of the options owned by the Fund could materially adversely affect an investment in the Fund. The Fund’s investments in options are not intended to mitigate duration and credit risk or other factors influencing the price of U.S. government bonds, which may have a greater impact on the bonds’ returns than interest rate risk. Moreover, to the extent that interest rate risk has been priced into the government bonds owned directly or indirectly by the Fund, the Fund could underperform other investments even during periods of rising long-term U.S. interest rates. There is no guarantee that the Fund will have positive performance even in environments of sharply rising U.S. interest rates. There is no guarantee that the Fund will be able to successfully mitigate interest rate risk. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk.</b> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Risk of Investing in the United States. </b>Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may engage in securities lending (<i>i.e.</i>, lend portfolio securities to institutions, such as certain broker dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Shorting U.S. Treasury Securities Risk. </b>The Fund may seek short exposure to financial instruments such as U.S. Treasury securities. There is no guarantee that the returns on the Fund’s short positions will produce positive returns and the Fund could lose money if the short positions produce negative returns. U.S. Treasury prices are highly sensitive to changes in </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">interest rates and a decrease in yields (increase in prices) could result in significant losses for short positions. Shorting typically requires borrowing securities, which involves reliance on the availability of lenders and custodians. The failure of a counterparty to deliver the securities may impact the Fund’s execution of its strategy. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--SwapRiskMember_zu3jwXZ4RNDb">Swap Risk</span>. </b>Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Swaptions Risk: </b>A “swaption” is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may purchase interest rate payer swaptions. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>TBA Securities Risk. </b>In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security to be delivered. Instead, the seller agrees to accept any security that meets specified terms. TBA transactions involve the risk that the securities received may have less favorable characteristics than what was anticipated when the Fund entered into the transaction. TBA transactions are also subject to counterparty risk and will be exposed to changes in the value of the underlying investments during the term of the agreement. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>U.S. Treasury and Agency Market Risk.</b> The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>U.S. Treasury Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (<i>i.e.</i>, the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zbtEgBnO6Due" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b>Performance Information: </b><span style="font-style: normal; font-weight: normal">Performance information for the F/m Yield Curve Steepening Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. <span id="xdx_909_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000090466Member_zrHiE38ndjIj">Performance information will be included once the Fund has at least one calendar year of performance.</span></span> <span style="font-style: normal; font-weight: normal">Updated performance information will be available on the Fund’s website at <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000090466Member_zjAArU4gPEIl"><span style="text-decoration: underline">www.fminvest.com</span></span></span><span style="font-style: normal; font-weight: normal">. </span></p> Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m Yield Curve Flattening Strategy ETF (UFLT) Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zq0YB4FyHzVf" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the F/m Yield Curve Flattening Strategy ETF (the “F/m Yield Curve Flattening Fund” or the “Fund”) is to seek to implement a flattener yield curve strategy that is designed to benefit from the narrowing spread between short-term and long-term U.S. Treasury yields that typically occurs when shorter-maturity rates rise faster than longer-maturity rates, or when longer-maturity rates decline relative to shorter-maturity rates. </p> Fees and Expenses <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zQOyfymeXqel" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Yield Curve Flattening Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0 0 0.0050 Example <p id="xdx_A82_eoef--ExpenseExampleNarrativeTextBlock_zpiQRLYwfs2k" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> 51 160 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zPtv9McA59ph" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. Portfolio turnover rates may vary from year-to-year, as well as within a year. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zdUPjIlowSTc" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to implement a flattener yield curve strategy that is designed to benefit from the narrowing spread between short-term and long-term U.S. Treasury yields that typically occurs when shorter-maturity rates rise faster than longer-maturity rates, or when longer-maturity rates decline relative to shorter-maturity rates. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in a combination of long and short positions in U.S. Treasury securities or derivatives, such as U.S. Treasury futures, interest rate swaps, and options, to express a view on the shape of the yield curve. Specifically, the Fund may: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Take long positions in longer-duration U.S. Treasury securities or derivatives or affiliated ETFs to gain exposure to declining yields at the long end of the curve. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Take short positions in shorter-duration U.S. Treasury securities or derivatives or affiliated ETFs to gain exposure to rising yields at the short end of the curve. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser actively manages the Fund’s positions based on market conditions, macroeconomic trends, and interest rate forecasts. The Fund’s portfolio is constructed and rebalanced periodically to maintain exposure aligned with the yield flattener objective, considering factors such as economic data, Federal Reserve policy, and global interest rate dynamics. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also allocate a portion of its assets to cash, cash equivalents, or high-quality short-term instruments for liquidity and collateral purposes. The Fund does not seek to maintain a specific duration target, as its primary focus is on the relative movement between segments of the yield curve. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund has elected to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Active Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Asset Class Risk. </b>Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cash or Cash Equivalents Risk.</b> At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Counterparty Risk.</b> Counterparty risk is the risk that a counterparty to a swap contract or other similar investment instrument may default on its payment obligation to the Fund. Such a default may cause the value of an investment in the Fund to decrease. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cyber Security Risk.</b> Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--DerivativesRiskMember_zNitYUJrJSEe">Derivatives Risk</span>.</b> A Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk. </b>Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_913_ecustom--EarlyClosetradingHaltRiskMember_z63derZQSOKh">Early Close/Trading Halt Risk</span>. </b>An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent a Fund from buying or selling certain securities or financial instruments. In these circumstances, a Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as AP. 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, Note Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"><p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">●</span></p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result the trading prices of the Shares may deviate from the Fund’s NAV. 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 </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 45pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities or duration will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--FuturesRiskMember_zZM3f03FHrsc">Futures Risk</span>. </b>Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>The Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91D_ecustom--IlliquidInvestmentsRiskMember_zL3600yamoNi">Illiquid Investments Risk</span>. </b>The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91F_ecustom--IssuerRiskMember_zfRGzGOhkqpg">Issuer Risk</span>.</b> The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_917_ecustom--LeverageRiskMember_zvrGs2DgLmJl">Leverage Risk</span>. </b>Using derivatives can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leverage may also cause the Fund to have higher expenses than those of other funds that do not use such techniques. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--LiquidityRiskMember_zBxBvDHvDXA7">Liquidity Risk</span>. </b>Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics), war, acts of terrorism, recessions or other disruptive events (whether real, expected or perceived) in the local, regional or global markets. These factors could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV. As a result, an investor could lose money over short periods of time due to short-term market movements or long periods of time during prolonged market downturns. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund’s NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>New Fund Risk.</b> The Fund is a newly organized management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--OptionsRiskMember_zT1gGDhBRt56">Options Risk</span>. </b>When the Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. The Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, a Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. In order for a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_912_ecustom--OverthecounterMarketRiskMember_zf0C0CfQnwk9">Over-the-Counter Market Risk</span>.</b> Securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup. The Fund is also exposed to default by the over-the-counter option writer who may be unwilling or unable to perform its contractual obligations to the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--PricingRiskMember_zYCznfMYNLv3">Pricing Risk</span>.</b> If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91A_ecustom--RatelinkedDerivativesRiskMember_zMNdIfPwJWnj">Rate-Linked Derivatives Risk</span>.</b> The Fund’s exposure to derivatives tied to interest rates subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Investing in derivatives tied to interest rates, including through options tied to the shape of the U.S. interest rate curve, can be extremely volatile. The value of such investments 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. The Fund is expected to benefit from the options it holds if long-term U.S. interest rates rise during the time period in which the Fund holds the options. However, if long-term U.S. interest rates decrease, the Fund will lose money on the options, up to the amount invested in option premiums, and underperform an otherwise identical bond fund that had not used such options. Rate-linked derivatives may lose money if interest rates change in a manner not anticipated by the Adviser. An increase in interest rates may cause the value of securities held directly or indirectly by the Fund to decline to the extent that the Fund’s hedging strategy is not effectively implemented. Even if the Fund is hedged against losses due to long-term interest rate increases linked to U.S. interest rates, outright interest rate increases may also lead to heightened volatility in the fixed-income markets and may positively affect the value of the Fund’s options while negatively impacting the Fund’s investments in U.S. Treasuries. The Fund could lose money on the options held by the Fund, and the present value of the Fund’s portfolio investments could decrease if inflation increases. These interest rate-linked options may also cause the Fund’s net asset value and returns to be more volatile and expose the Fund to increased counterparty risk. Fluctuations in the U.S. interest rate curve or the price of the options owned by the Fund could materially adversely affect an investment in the Fund. The Fund’s investments in options are not intended to mitigate duration and credit risk or other factors influencing the price of U.S. government bonds, which may have a greater impact on the bonds’ returns than interest rate risk. Moreover, to the extent that interest rate risk has been priced into the government bonds owned directly or indirectly by the Fund, the Fund could underperform other investments even during periods of rising long-term U.S. interest rates. There is no guarantee that the Fund will have positive performance even in environments of sharply rising U.S. interest rates. There is no guarantee that the Fund will be able to successfully mitigate interest rate risk. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_911_ecustom--RatingAgenciesRiskMember_zbADX2nZIDTj">Rating Agencies Risk</span>.</b> Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk. </b>Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Risk of Investing in the United States. </b>Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may engage in securities lending (<i>i.e.</i>, lend portfolio securities to institutions, such as certain broker dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--ShortingUsTreasurySecuritiesRiskMember_zpl2F8TYv9F9">Shorting U.S. Treasury Securities Risk</span>.</b> The Fund may seek short exposure to financial instruments such as U.S. Treasury securities. There is no guarantee that the returns on the Fund’s short positions will produce positive returns and the Fund could lose money if the short positions produce negative returns. U.S. Treasury prices are highly sensitive to changes in </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">interest rates and a decrease in yields (increase in prices) could result in significant losses for short positions. Shorting typically requires borrowing securities, which involves reliance on the availability of lenders and custodians. The failure of a counterparty to deliver the securities may impact the Fund’s execution of its strategy. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">S<b>wap Risk.</b> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_91E_ecustom--SwaptionsRiskMember_zvPMBlpLFQu8">Swaptions Risk</span>. </b>A “swaption” is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may purchase interest rate payer swaptions. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">TBA Securities Risk. In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security to be delivered. Instead, the seller agrees to accept any security that meets specified terms. TBA transactions involve the risk that the securities received may have less favorable characteristics than what was anticipated when the Fund entered into the transaction. TBA transactions are also subject to counterparty risk and will be exposed to changes in the value of the underlying investments during the term of the agreement. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--UsTreasuryandAgencyMarketRiskMember_zcO3yYS3P7ta">U.S. Treasury and Agency Market Risk</span>. </b>The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_916_ecustom--UsTreasuryObligationsRiskMember_zXKiXI3M23Q9">U.S. Treasury Obligations Risk</span>. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (<i>i.e.</i>, the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_919_ecustom--ValuationRiskMember_zJKs7ZmMiV9a">Valuation Risk</span>.</b> The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zJ79reSeAOw7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-style: normal; font-weight: normal">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. <span id="xdx_90F_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000090465Member_z6uLN1FmQXDa">Performance information will be included once the Fund has at least one calendar year of performance.</span></span></span> <span style="-sec-ix-redline: true"><span style="font-style: normal; font-weight: normal">Updated performance information will be available on the Fund’s website at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000090465Member_zRCngAd8h3r8"><span style="text-decoration: underline">www.fminvest.com</span></span></span></span><span style="-sec-ix-redline: true"><span style="font-style: normal; font-weight: normal">. </span></span></p> Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m Rising Interest Rates Strategy ETF (URIZ) Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zzX9XEkk39Bh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the F/m Rising Interest Rates Strategy ETF (the “F/m Rising Rates Fund” or the “Fund”) is to seek to implement a rising rate strategy that is designed to benefit from rising interest rates in both short-term and long-term U.S. Treasury yields. </p> Fees and Expenses <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zwVjhaDgRAFd" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Rising Rates Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0 0 0.0050 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zy3iXofAFqsk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> 51 160 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zC3dZICI4ZO5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. Portfolio turnover rates may vary from year-to-year, as well as within a year. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_z2iGAf0K1jg3" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to implement a rising rate strategy that is designed to benefit from rising interest rates in both short-term and long-term U.S. Treasury yields. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in a combination of long and short positions in U.S. Treasury securities or derivatives, such as U.S. Treasury futures, interest rate swaps, and options, to express a view on the direction of interest rates. Specifically, the Fund may: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Take short positions in longer-duration and shorter-duration U.S. Treasury securities or derivatives or affiliated ETFs to gain exposure to rising yields across the curve. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Take long positions in U.S. Treasury securities or derivatives or affiliated ETFs to gain exposure to areas of the yield curve where yields may fall or rise less than other parts of the curve. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser actively manages the Fund’s positions based on market conditions, macroeconomic trends, and interest rate forecasts. The Fund’s portfolio is constructed and rebalanced periodically to maintain exposure aligned with rising rates strategy, considering factors such as economic data, Federal Reserve policy, and global interest rate dynamics. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also allocate a portion of its assets to cash, cash equivalents, or high-quality short-term instruments for liquidity and collateral purposes. The Fund does not seek to maintain a specific duration target, as its primary focus is on the relative movement between segments of the yield curve. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund has elected to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </span></p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Active Management Risk. </b>The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Asset Class Risk. </b>Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cash or Cash Equivalents Risk. </b>At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Counterparty Risk.</b> Counterparty risk is the risk that a counterparty to a swap contract or other similar investment instrument may default on its payment obligation to the Fund. Such a default may cause the value of an investment in the Fund to decrease. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cyber Security Risk.</b> Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Derivatives Risk. </b>A Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk. </b>Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent a Fund from buying or selling certain securities or financial instruments. In these circumstances, a Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk. </b>The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">●</span></p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. </i>Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as AP. 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, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares.</span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"><p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">●</span></p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk. </i>Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities or duration will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Futures Risk. </b>Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>The Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Illiquid Investments Risk.</b> The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Interest Rate Risk. </b>Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Issuer Risk. </b>The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Leverage Risk.</b> Using derivatives can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leverage may also cause the Fund to have higher expenses than those of other funds that do not use such techniques. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk. </b>Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk.</b> The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund’s NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>New Fund Risk. </b>The Fund is a newly organized management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk.</b> The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Options Risk.</b> When the Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. The Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, a Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. In order for a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Over-the-Counter Market Risk. </b>Securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup. The Fund is also exposed to default by the over-the-counter option writer who may be unwilling or unable to perform its contractual obligations to the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Pricing Risk. </b>If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rate-Linked Derivatives Risk.</b> The Fund’s exposure to derivatives tied to interest rates subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Investing in derivatives tied to interest rates, including through options tied to the shape of the U.S. interest rate curve, can be extremely volatile. The value of such investments 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. The Fund is expected to benefit from the options it holds if long-term U.S. interest rates rise during the time period in which the Fund holds the options. However, if long-term U.S. interest rates decrease, the Fund will lose money on the options, up to the amount invested in option premiums, and underperform an otherwise identical bond fund that had not used such options. Rate-linked derivatives may lose money if interest rates change in a manner not anticipated by the Adviser. An increase in interest rates may cause the value of securities held directly or indirectly by the Fund to decline to the extent that the Fund’s hedging strategy is not effectively implemented. Even if the Fund is hedged against losses due to long-term interest rate increases linked to U.S. interest rates, outright interest rate increases may also lead to heightened volatility in the fixed-income markets and may positively affect the value of the Fund’s options while negatively impacting the Fund’s investments in U.S. Treasuries. The Fund could lose money on the options held by the Fund, and the present value of the Fund’s portfolio investments could decrease if inflation increases. These interest rate-linked options may also cause the Fund’s net asset value and returns to be more volatile and expose the Fund to increased counterparty risk. Fluctuations in the U.S. interest rate curve or the price of the options owned by the Fund could materially adversely affect an investment in the Fund. The Fund’s investments in options are not intended to mitigate duration and credit risk or other factors influencing the price of U.S. government bonds, which may have a greater impact on the bonds’ returns than interest rate risk. Moreover, to the extent that interest rate risk has been priced into the government bonds owned directly or indirectly by the Fund, the Fund could underperform other investments even during periods of rising long-term U.S. interest rates. There is no guarantee that the Fund will have positive performance even in environments of sharply rising U.S. interest rates. There is no guarantee that the Fund will be able to successfully mitigate interest rate risk. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"></p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk.</b> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Risk of Investing in the United States. </b>Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may engage in securities lending (<i>i.e.</i>, lend portfolio securities to institutions, such as certain broker dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Shorting U.S. Treasury Securities Risk. </b>The Fund may seek short exposure to financial instruments such as U.S. Treasury securities. There is no guarantee that the returns on the Fund’s short positions will produce positive returns and the Fund could lose money if the short positions produce negative returns. U.S. Treasury prices are highly sensitive to changes in interest rates and a decrease in yields (increase in prices) could result in significant losses for short positions. Shorting typically requires borrowing securities, which involves reliance on the availability of lenders and custodians. The failure of a counterparty to deliver the securities may impact the Fund’s execution of its strategy. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Swap Risk.</b> Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Swaptions Risk. </b>A “swaption” is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may purchase interest rate payer swaptions. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><span id="xdx_910_ecustom--TbaSecuritiesRiskMember_ztT43IQobV5e">TBA Securities Risk</span>. </b>In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security to be delivered. Instead, the seller agrees to accept any security that meets specified terms. TBA transactions involve the risk that the securities received may have less favorable characteristics than what was anticipated when the Fund entered into the transaction. TBA transactions are also subject to counterparty risk and will be exposed to changes in the value of the underlying investments during the term of the agreement. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>U.S. Treasury and Agency Market Risk. </b>The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>U.S. Treasury Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (<i>i.e.</i>, the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zDy1pBncq54l" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information:</b> <span style="font-style: normal; font-weight: normal">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. <span id="xdx_908_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000090460Member_zf1lzCGkmaX1">Performance information will be included once the Fund has at least one calendar year of performance.</span></span></span> <span style="-sec-ix-redline: true"><span style="font-style: normal; font-weight: normal">Updated performance information will be available on the Fund’s website at <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000090460Member_zsiNvYKObPZ5"><span style="text-decoration: underline">www.fminvest.com</span></span></span></span><span style="-sec-ix-redline: true"><span style="font-style: normal; font-weight: normal">. </span></span></p> Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com SUMMARY SECTION – F/m Falling Interest Rates Strategy ETF (UFAL) Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_z7W3yT6cbvi7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of the F/m Falling Interest Rates Strategy ETF (the “F/m Falling Rates Fund” or the “Fund”) is to seek to implement a falling rate strategy that is designed to benefit from falling interest rates in both short-term and long-term U.S. Treasury yields. </p> Fees and Expenses <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_ztzkqnMWg6sl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the F/m Falling Rates Fund (“Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0050 0 0 0.0050 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zP281emB2AP5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></p> 51 160 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zLTg5Roz7Yx7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. Portfolio turnover rates may vary from year-to-year, as well as within a year. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. No portfolio turnover rate is provided for the Fund because the Fund had not commenced operations prior to the date of this Prospectus. </span></p> Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_znoyG2OAiq1b" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to implement a falling rate strategy that is designed to benefit from falling interest rates in both short-term and long-term U.S. Treasury yields. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Under normal market conditions, F/m Investments LLC (the “Adviser”) seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s net assets (plus any borrowings for investment purposes) in a combination of long and short positions in U.S. Treasury securities or derivatives, such as U.S. Treasury futures, interest rate swaps, and options, to express a view on the direction of interest rates. Specifically, the Fund may: </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Take long positions in longer-duration and shorter-duration U.S. Treasury securities or derivatives or affiliated ETFs to gain exposure to falling yields across the curve. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Take short positions in U.S. Treasury securities or derivatives or affiliated ETFs to gain exposure to areas of the yield curve where yields may rise or fall less than other parts of the curve. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser actively manages the Fund’s positions based on market conditions, macroeconomic trends, and interest rate forecasts. The Fund’s portfolio is constructed and rebalanced periodically to maintain exposure aligned with the rising rates view, considering factors such as economic data, Federal Reserve policy, and global interest rate dynamics. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also allocate a portion of its assets to cash, cash equivalents, or high-quality short-term instruments for liquidity and collateral purposes. The Fund does not seek to maintain a specific duration target, as its primary focus is on the relative movement between segments of the yield curve. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund eligible investments (collectively, “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may also seek to increase its income by lending securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 100% of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund has elected to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </span></p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Active Management Risk. </b>The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Affiliated Fund Risk. </b>Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Asset Class Risk. </b>The securities and other assets in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, or other asset classes. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cash or Cash Equivalents Risk. </b>At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, or asset class. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Counterparty Risk. </b>Counterparty risk is the risk that a counterparty to a swap contract or other similar investment instrument may default on its payment obligation to the Fund. Such a default may cause the value of an investment in the Fund to decrease. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Cyber Security Risk.</b> Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging shares or receiving distributions. While the Fund and the Adviser have established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Further, the Fund cannot control the cybersecurity plans and systems of the Fund’s service </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">providers, market makers, or issuers of securities in which the Fund invests. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Derivatives Risk. </b>A Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk. </b>Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Early Close/Trading Halt Risk. </b>An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent a Fund from buying or selling certain securities or financial instruments. In these circumstances, a Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">●</span></p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as AP. 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, Fund Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Fund Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares of the Fund in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Fund Shares.</span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk.</i> Although Shares are intended to be listed on a national securities exchange (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Shares trade on a stock exchange at prices at, above, or below the Fund’s most recent NAV. The Fund’s NAV is calculated at the end of each business day and fluctuates with changes in the market value of the Fund’s holdings. The trading price of the Shares fluctuates continuously throughout trading hours on the exchange, based on both the relative market supply of, and demand for, the Shares and the underlying value of the Fund’s portfolio holdings. As a result the trading prices of the Shares may deviate from the Fund’s NAV. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. Any of these factors, among others, may lead to the Shares trading at a premium or discount to NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk. </b>When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities or duration will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types of investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Futures Risk. </b>Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>High Portfolio Turnover Risk. </b>The Fund may incur relatively high portfolio turnover. The active and frequent trading of the Fund’s portfolio securities may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs, which could reduce the Fund’s return. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Illiquid Investments Risk. </b>The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Income Risk. </b>The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional bonds. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Interest Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates, which may negatively affect the value of debt instruments held by the Fund and have a negative impact on the Fund’s performance and NAV. Rising interest rates may prompt redemptions from the Fund, which may force the Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to Fund shareholders. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, result in heightened market volatility and detract from the Fund’s performance to the extent the Fund is exposed to such interest rates. Additionally, under certain market conditions in which interest rates are low and the market prices for portfolio securities have increased, the Fund may have a very low or even negative yield. A low or negative yield would cause the Fund to lose money in certain conditions and over certain time periods. An increase in interest rates will generally cause the value of securities held by the Fund to decline, may lead to heightened volatility in the fixed-income markets and may adversely affect the liquidity of certain fixed-income investments, including those held by the Fund. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Issuer Risk. </b>The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Leverage Risk.</b> Using derivatives can create leverage, which can amplify the effects of market volatility on the Fund’s share price and make the Fund’s returns more volatile. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leverage may also cause the Fund to have higher expenses than those of other funds that do not use such techniques. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk. </b>Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics), war, acts of terrorism, recessions or other disruptive events (whether real, expected or perceived) in the local, regional or global markets. These factors could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV. As a result, an investor could lose money over short periods due to short-term market movements or long periods of time during prolonged market downturns. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund’s NAV. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>New Fund Risk. </b>The Fund is a newly organized management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) may determine to liquidate the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Options Risk. </b>When the Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. The Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, a Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. In order for a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Over-the-Counter Market Risk. </b>Securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup. The Fund is also exposed to default by the over-the-counter option writer who may be unwilling or unable to perform its contractual obligations to the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Pricing Risk. </b>If market conditions make it difficult to value some investments, the Fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment’s sale. As a result, you could pay more than the market value when buying Fund Shares or receive less than the market value when selling Fund Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rate-Linked Derivatives Risk. </b>The Fund’s exposure to derivatives tied to interest rates subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. Investing in derivatives tied to interest rates, including through options tied to the shape of the U.S. interest rate curve, can be extremely volatile. The value of such </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">investments 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. The Fund is expected to benefit from the options it holds if long-term U.S. interest rates rise during the time period in which the Fund holds the options. However, if long-term U.S. interest rates decrease, the Fund will lose money on the options, up to the amount invested in option premiums, and underperform an otherwise identical bond fund that had not used such options. Rate-linked derivatives may lose money if interest rates change in a manner not anticipated by the Adviser. An increase in interest rates may cause the value of securities held directly or indirectly by the Fund to decline to the extent that the Fund’s hedging strategy is not effectively implemented. Even if the Fund is hedged against losses due to long-term interest rate increases linked to U.S. interest rates, outright interest rate increases may also lead to heightened volatility in the fixed-income markets and may positively affect the value of the Fund’s options while negatively impacting the Fund’s investments in U.S. Treasuries. The Fund could lose money on the options held by the Fund, and the present value of the Fund’s portfolio investments could decrease if inflation increases. These interest rate-linked options may also cause the Fund’s net asset value and returns to be more volatile and expose the Fund to increased counterparty risk. Fluctuations in the U.S. interest rate curve or the price of the options owned by the Fund could materially adversely affect an investment in the Fund. The Fund’s investments in options are not intended to mitigate duration and credit risk or other factors influencing the price of U.S. government bonds, which may have a greater impact on the bonds’ returns than interest rate risk. Moreover, to the extent that interest rate risk has been priced into the government bonds owned directly or indirectly by the Fund, the Fund could underperform other investments even during periods of rising long-term U.S. interest rates. There is no guarantee that the Fund will have positive performance even in environments of sharply rising U.S. interest rates. There is no guarantee that the Fund will be able to successfully mitigate interest rate risk. </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund invests. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk.</b> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reverse Repurchase Agreements Risk. </b>Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Risk of Investing in the United States.</b> Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Securities Lending Risk. </b>The Fund may engage in securities lending (<i>i.e.</i>, lend portfolio securities to institutions, such as certain broker dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of the collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Shorting U.S. Treasury Securities Risk. </b>The Fund may seek short exposure to financial instruments such as U.S. Treasury securities. There is no guarantee that the returns on the Fund’s short positions will produce positive returns and the Fund could lose money if the short positions produce negative returns. U.S. Treasury prices are highly sensitive to changes in interest rates and a decrease in yields (increase in prices) could result in significant losses for short positions. Shorting typically requires borrowing securities, which involves reliance on the availability of lenders and custodians. The failure of a counterparty to deliver the securities may impact the Fund’s execution of its strategy. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Swap Risk. </b>Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"><p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>●</b></p> </td> <td style="vertical-align: top; text-align: left"><p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Swaptions Risk</b>. A “swaption” is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may purchase interest rate payer swaptions. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised.</p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>TBA Securities Risk. </b>In a TBA transaction, a seller agrees to deliver a security at a future date, but does not specify the particular security to be delivered. Instead, the seller agrees to accept any security that meets specified terms. TBA transactions involve the risk that the securities received may have less favorable characteristics than what was anticipated when the Fund entered into the transaction. TBA transactions are also subject to counterparty risk and will be exposed to changes in the value of the underlying investments during the term of the agreement. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>U.S. Treasury and Agency Market Risk.</b> The U.S. Treasury and agency market can be volatile, and the value of instruments correlated with these markets may fluctuate dramatically from day to day. U.S. Treasury and agency obligations may provide relatively lower returns than those of other securities. Similar to other debt instruments, U.S. Treasury and agency obligations are subject to debt instrument risk and interest rate risk. In addition, changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury and agency obligations to decline. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. government and are generally considered to have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. government. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>U.S. Treasury Obligations Risk. </b>While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (<i>i.e.</i>, the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">V<b>aluation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zYW7MqK9D7Gl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Performance Information: </b><span style="font-style: normal; font-weight: normal">Performance information for the Fund is not included because the Fund had not commenced operations prior to the date of this Prospectus. <span id="xdx_90B_eoef--PerformanceOneYearOrLess_c20251231__20251231__dei--LegalEntityAxis__custom--S000090459Member_zd9gsJ4FmCR3">Performance information will be included once the Fund has at least one calendar year of performance.</span></span></span> <span style="-sec-ix-redline: true"><span style="font-style: normal; font-weight: normal">Updated performance information will be available on the Fund’s website at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000090459Member_zT6eVLoiDYj3"><span style="text-decoration: underline">www.fminvest.com</span></span></span></span><span style="-sec-ix-redline: true"><span style="font-style: normal; font-weight: normal">. </span></span></p> Performance information will be included once the Fund has at least one calendar year of performance. www.fminvest.com Summary Section Investment Objective <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zZ7USLxe85Mk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The investment objective of the F/m Opportunistic Income ETF (the “Fund”) is to provide investors with attractive income opportunities by identifying undervalued and opportunistic sectors and securities in the U.S. fixed income markets, while typically limiting duration and averaging an investment-grade credit quality. </span></p> Fees and Expenses <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zzBbDfOgxlc4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0039 0 0.0000 0.0004 0.0043 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zxmPSEJqjtWr" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your investment has a 5% return each year, and (2) the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </p> 44 138 241 542 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_z1QpESJGjxDp" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_90__eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member_z48rLyBf2PZY">136%</span> of the average value of its portfolio. </span></p> 1.36 Principal Investment Strategies <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_z71SpowveOqh" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund is an actively-managed exchange-traded fund (“ETF”) managed by F/m Investments LLC (the “Adviser”) that seeks to provide investors with attractive income opportunities while limiting duration and investing in broad array of fixed-income securities. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">In pursuing the Fund’s investment strategy, the Adviser employs a top-down macroeconomic approach to optimize duration exposure and sector allocation. Following the top-down analysis, the portfolio undergoes a bottom-up security selection process focused on optimizing yield and risk-adjusted returns. The dynamic, multi-sector Fund will adjust portfolio positioning to capitalize on relative value opportunities as it seeks to deliver consistent income while mitigating downside risk in changing market environments. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">Under normal market conditions, the Adviser seeks to achieve the Fund’s investment objective by investing at least 80% of the Fund’s assets in a diversified portfolio of fixed income securities across asset classes. For purposes of this policy, “fixed income securities” may include debt securities of governments and government agencies, their agencies and instrumentalities, convertible securities, commercial paper, mortgage-backed or asset-backed securities, preferred stock, non-investment grade obligations, investment-grade corporate bonds, high-yield corporate bonds, securitized debt instruments, municipal and local debt, and cash equivalents. Mortgage-backed securities may include collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities (“CMBS”). In addition, the Fund may invest in to-be-announced pass-through mortgage securities, which settle on a delayed delivery basis (“TBAs”). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Adviser allocates the Fund’s assets based upon its assessment of changing market, political and economic conditions. The Adviser will consider various factors, including evaluation of interest rate changes and credit risks. The Adviser has substantial latitude to invest across broad fixed income markets. The unconstrained investment approach may from time to time lead the Fund to have sizable allocations to particular markets, sectors and industries, and to have a sizable exposure to certain economic factors, such as credit risk or interest rate risk. The Fund typically seeks to maintain an average duration of 3.5 years or less.</span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">As of the date of this Prospectus, the Fund is expected to be significantly invested in the financial sector, industrials sector, and utilities sector, which means it will be more affected by the performance of such sectors than a fund that is not so significantly invested. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest up to 30% of its net assets in non-investment grade obligations (“junk bonds”). Non-investment grade obligations are generally rated at least BBB- or lower by S&amp;P or Baa3 by Moody's at the time of purchase or, if unrated, determined by the Adviser to be comparable in quality to the rated obligations. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may invest up to 20% of its net assets in municipal securities issued by states, U.S. territories, and possessions, general obligation securities and revenue securities, including private activity bonds. Municipal securities include municipal bonds, notes, and leases. Municipal leases are securities that permit government issuers to acquire property and equipment without the security being subject to constitutional and statutory requirements for the issuance of long-term fixed income securities. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may enter into reverse repurchase agreements in amounts not exceeding one-third of the Fund’s total assets (including the amount borrowed). </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may invest in securities of other affiliated and unaffiliated ETFs registered under the Investment Company Act of 1940, as amended, that invest primarily in Fund-eligible investments (collectively, the “Underlying Funds”) to the extent permitted by applicable law and subject to certain restrictions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund invests in debt securities with a broad range of maturities and the Fund’s investments may have fixed or variable principal payments. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may also seek to increase its income by lending portfolio securities. These loans will be secured by collateral (consisting of cash, U.S. government securities, or irrevocable letters of credit) maintained in an amount equal to at least 102% for domestic issuers and 105% for foreign issuers of the market value, determined daily, of the loaned securities. Cash collateral received by the Fund in connection with its lending of portfolio securities will be invested in short-term investments, including money market funds. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund may seek to manage risk or obtain investment exposure through the use of derivatives, such as futures, forwards, options, swaps (including, among others, interest rate and credit default swaps) and credit derivatives. The Fund may use derivatives to earn income and enhance returns, to manage or adjust the risk and duration exposure profile of the Fund, to replace more traditional direct investments, or to obtain exposure to certain markets. The use of these derivative transactions may allow the Fund to obtain net long or net negative (short) exposures to selected interest rates, durations or credit risks. The Adviser considers various factors, such as availability and cost, in deciding whether, when and to what extent to enter into derivative transactions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund may sell an investment or reduce its position if:</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 18pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">● Revised economic forecasts or interest rate outlook requires a repositioning of the portfolio;<br/> ● The investment subsequently fails to meet the investment criteria;<br/> ● Changing credit profile and/or conditions result in an unacceptable risk condition;<br/> ● A more attractive investment is found; or<br/> ● The Adviser believes that the investment has reached its appreciated potential. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">In order to respond to adverse market, economic, political, or other conditions, the Fund may assume a temporary defensive position that is inconsistent with its investment objective and principal investment strategy and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments. A defensive position, taken at the wrong time, may have an adverse impact on the Fund’s performance. The Fund may be unable to achieve its investment objective during the employment of a temporary defensive measure. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund has elected and intends to qualify each year for treatment as a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the “Code”). </span></p> As a result, you may lose money on your investment in the Fund, and there can be no assurance that the Fund will achieve its investment objective. <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ActiveManagementRiskMember_zyfp1pjshixR" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Active Management Risk.</b> The Fund is actively managed using proprietary investment strategies and processes. There can be no guarantee that these strategies and processes will be successful or that the Fund will achieve its investment objective. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedFundRiskMember_zw031oWzr11Z" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span>● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span><b>Affiliated Fund Risk.</b> Affiliated fund risk is the risk that the Adviser may select investments for the Fund based on its own financial interests or other business considerations rather than the Fund’s interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the Underlying Funds pay an advisory fee to the Adviser based on their assets, the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetClassRiskMember_z1aMdFZ8SL0k" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Asset Class Risk.</b> Securities and other assets in the Fund’s portfolio may underperform in comparison to the general financial markets, a particular financial market, or other asset classes. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CallRiskMember_zyTEdhGto2ju" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CashorCashEquivalentsRiskMember_zuKezFWYaTEx" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span>● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span><b>Cash or Cash Equivalents Risk: </b>When the Fund holds a significant amount of cash or cash equivalents, such as highly-rated short-term fixed income securities, and does not have significant exposures through investments in derivatives, it may not meet its investment objective and the Fund’s performance may significantly lag that of market indices which, by definition, are composed of groups of securities without a cash component. In addition, increases in inflation may lead to a decline in the value of cash or cash equivalent securities. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedMortgageObligationCMORiskMember_zgnUfk9Eu8vm" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Collateralized Mortgage Obligation (“CMO”) Risk.</b> CMOs are comprised of various tranches, the expected cash flows of which have varying degrees of predictability as compared with the underlying mortgage loans or mortgage pass-through entities. The less predictable the cash flow, the higher the yield and the greater the risk. In addition, if the collateral securing CMOs or any third-party guarantees is insufficient to make payments, the Fund could sustain a loss. Like other mortgage backed-securities, some CMOs are subject to credit risk. The Fund invests in both agency and non-agency CMOs. Many agency CMOs do not have credit risk as they are government guaranteed. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialMortgageBackedSecuritiesCMBSRiskMember_zlfYe1QMOXdS" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Commercial Mortgage-Backed Securities (“CMBS”) Risk. </b>CMBS are subject to credit risk and prepayment risk. Although prepayment risk is present, it is of a lesser degree in the CMBS market than in the residential mortgage market; commercial real estate property loans often contain provisions which substantially reduce the likelihood that such securities will be prepaid (e.g., significant prepayment penalties on loans and, in some cases, prohibition on principal payments for several years following origination). </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zm3I2bAVfFtY" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span>● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span><b>Concentration Risk.</b> The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in a particular issue, issuer or issuers, country, market segment, industries, project types, or asset class. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zvBxTaPQLm2l" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Counterparty Risk. </b>Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed. Because the Fund may enter into derivative agreements with a limited number of counterparties, this increase the Fund’s exposure to counterparty credit risk. Further, there is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund, and as a result, the Fund may not be able to achieve its leveraged investment objective or rebalance properly, which may result in significant losses to the Fund, or the Fund may decide to change its leveraged investment objective. Counterparty risk may be heightened when there is significant volatility in the overall market or in the U.S. Treasury 3-Month Bill. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zogTPZDDi9Lx" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Convertible Securities Risk.</b> The market price of a convertible security generally tends to behave like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Because a convertible security derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditRiskMember_zaocpjL2Q13l" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Credit Risk.</b> The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the Underlying Funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The Adviser cannot guarantee the adequacy of the protection of the Fund’s interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. A credit agency’s rating represents the organization’s opinion as to the credit quality of a security but is not an absolute standard of quality or guarantee as to the creditworthiness of an issuer. Ratings from a credit agency present an inherent conflict of interest because the agency is paid by the entities whose securities they rate. Rating agencies may fail to move quickly enough to change ratings in response to changing circumstances, and a rating may not reflect the fine shadings of risks within a given quality grade. The financial condition of an issuer of a fixed income security held by the Fund or an Underlying Fund may cause it to default or become unable to pay interest or principal due on the security. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--CyberSecurityRiskMember_zrg6DArdirzJ" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Cyber Security Risk. </b>Cyber security risk is the risk of an unauthorized breach and access to the Fund’s assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, the Underlying Funds, the Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent the Fund’s investors from purchasing, redeeming or exchanging Shares or receiving distributions. The Fund and the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, the Underlying Funds, and the Underlying Funds’ third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund, the Underlying Funds, or their respective investment advisers. Successful cyber-attacks or other cyber-failures or events affecting the Fund, the Underlying Funds or third-party service providers may adversely impact and cause financial losses to the Fund or its shareholders. The use of artificial intelligence and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. Issuers of securities in which the Fund or the Underlying Funds invest are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_ziLWhsRFPAcI" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span>● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span><b>Derivatives Risk.</b> A derivative is an instrument with a value based on the performance of an underlying currency, security, index or other reference asset. The use of derivatives involves risks different from, or greater than, the risks associated with investing in more traditional investments. Derivatives involve costs, may create leverage, and may be illiquid, volatile, and difficult to value. The Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price. The use of derivatives could also result in a loss if the counterparty to the transaction does not perform as promised, including because of such counterparty’s bankruptcy or insolvency. The investment results achieved by the use of derivatives by the Fund may not match or fully offset changes in the value of the underlying security, index or other reference asset that it was attempting to hedge or the investment opportunity the Fund was attempting to pursue. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DistressedSecuritiesRiskMember_zVg2GcPwZlSV" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Distressed Securities Risk</b>. Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--DurationRiskMember_zsheyyADw9dd" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Duration Risk.</b> Duration is a measure of the price sensitivity of a debt security or portfolio to interest rate changes. Duration risk is the risk that longer-duration debt securities will be more volatile and thus more likely to decline in price, and to a greater extent, in a rising interest rate environment than shorter-duration debt securities. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zW8ULpUxNnPj" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>ETF Risk.</b> The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks: </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.</i> Only an authorized participant (“AP”) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Secondary Market Trading Risk.</i> Although Shares are listed on a national securities exchange, The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Shares May Trade at Prices Other Than NAV Risk. </i>As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"> </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to the above ETF risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ExtensionRiskMember_zV08RIC2YcCn" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Extension Risk.</b> If interest rates rise, repayments of principal on certain debt securities, including, but not limited to, floating rate loans and mortgage-related securities, may occur at a slower rate than expected and the expected maturity of those securities could lengthen as a result. Securities that are subject to extension risk generally have a greater potential for loss when prevailing interest rates rise, which could cause their values to fall sharply. Interest-only and principal-only securities are especially sensitive to interest rate changes, which can affect not only their prices but can also change the income flows and repayment assumptions about those investments. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeMarketRiskMember_z4UCXF9IxIu6" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Fixed-Income Market Risk. </b>The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Fund to sell its holdings at a loss or at undesirable prices and adversely affect the Fund’s Share price and increase the Fund’s liquidity risk, Fund expenses and/or taxable distributions. To the extent the Fund invests in Underlying Funds that invest in fixed-income securities, the Fund will be further subject to fixed-income securities risks such as credit risk, duration risk, income risk, interest rate risk and rating agencies risk, as described herein. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRisk1Member_zN1hTdnkd0E1" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Fixed-Income Securities Risk</b>. Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer, willingness of broker-dealers and other market participants to make markets in the applicable securities, and general market liquidity (i.e., market risk). Lower rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made as scheduled. There is a risk that a lack of liquidity or other adverse credit market conditions may hamper the Fund’s ability to sell the debt securities in which it invests.</span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesRiskMember_zJ9yOLTbudl8" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span>● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span><b>Futures Risk.</b> Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldSecuritiesRiskMember_zXUz1Ea7RGuh" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>High-Yield Securities Risk.</b> Securities that are rated below investment-grade (commonly referred to as “junk bonds,” including those bonds rated lower than “BBB-” by S&amp;P or “Baa3” by Moody’s), or are unrated, may be deemed speculative and may be more volatile than higher rated securities of similar maturity with respect to the issuer’s continuing ability to meet principal and interest payments. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. Therefore, the Fund’s investments in high-yield securities expose it to a substantial degree of credit risk. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in the NAV of the Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities because there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for the Fund. In addition, the market for high-yield debt securities could experience sudden and sharp volatility, which is generally associated more with investments in stocks. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zZDPkPhjItgl" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span>● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span><b>Income Risk.</b> The Fund’s income may decline if interest rates fall. This decline in income can occur because the Fund or an Underlying Fund may subsequently invest in lower yielding bonds as bonds in its portfolio mature, are near maturity or are called, or the Fund or an Underlying Fund otherwise needs to purchase additional bonds. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--InflationRiskMember_z2hJmkG5DWQ9" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Inflation Risk.</b> Inflation risk is the risk that the real value of certain assets or real income from investments (the value of such assets or income after accounting for inflation) will be less in the future as inflation decreases the value of money. Inflation, and investors’ expectations of future inflation, can impact the current value of the Fund’s portfolio, resulting in lower asset values and losses to shareholders. This risk may be elevated compared to historical market conditions because of recent monetary policy measures and the current interest rate environment. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRateRisk1Member_zahz7X97U7Aj" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Interest-Rate Risk.</b> Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise. Changes in the value of a debt instrument usually will not affect the amount of income the Fund or an Underlying Fund receives from it but will generally affect the value of your investment in the Fund. Changes in interest rates may also affect the liquidity of the Fund’s or an Underlying Fund’s investments in debt instruments. In general, the longer the maturity or duration of a debt instrument, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Very low or negative interest rates may impact the Fund’s or an Underlying Fund’s yield and may increase the risk that, if followed by rising interest rates, the Fund’s performance will be negatively impacted. The Fund is subject to the risk that the income generated by its investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Such actions may negatively affect the value of debt instruments held by the Fund or an Underlying Fund, resulting in a negative impact on the Fund’s performance and NAV. Any interest rate increases could cause the value of the Fund’s or an Underlying Fund’s investments in debt instruments to decrease. Rising interest rates may prompt redemptions from the Fund or an Underlying Fund, which may force the Fund or Underlying Fund to sell investments at a time when it is not advantageous to do so, which could result in losses. Interest rates in the United States and many other countries have risen in recent periods and may continue to remain elevated for the foreseeable future. Because longer-term inflationary pressure may result from the U.S. government’s fiscal policies, the Fund may experience higher interest rates over its investment horizon. Additionally, as a result of increasing interest rates, reserves held by banks and other financial institutions in bonds and other debt securities could face a significant decline in value relative to deposits and liabilities, which coupled with general economic headwinds resulting from a changing interest rate environment, creates liquidity pressures at such institutions. As a result, certain sectors of the credit markets could experience significant declines in liquidity, and it is possible that the Fund will not be able to manage this risk effectively. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zyyLVMeFfSPc" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Issuer Risk.</b> The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--JunkBondsRiskMember_zjEXwKPQpKGy" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Junk Bonds Risk.</b> High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment-grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z3JMiZZfNjHF" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Liquidity Risk.</b> Certain securities held by the Fund may be difficult (or impossible) to sell at the time and at the price the Adviser would like. As a result, the Fund may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that the Fund may lose money or be prevented from realizing capital gains if it cannot sell a security at a particular time and price. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zCdJxEIU3RAl" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Management Risk.</b> The Fund is subject to management risk, which is the risk that the Adviser’s analysis of economic conditions and expectations regarding interest rate changes may fail to produce the intended results. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zWCtacFXbkB3" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span>● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span><b>Market Risk. </b>The trading prices of securities and other instruments fluctuate in response to a variety of factors. The Fund’s NAV and market price may fluctuate significantly in response to these and other factors including economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. As a result, an investor could lose money over short or long periods of time. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund may not be appropriate for use as a complete investment program. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketPriceRiskMember_zArHgWAa5Fcq" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Market Price Risk.</b> Fund Shares are listed for trading on an exchange and are bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate, in some cases materially, in response to changes in the NAV and supply and demand for Shares. As a result, the trading prices of Shares may deviate significantly from the NAV during periods of market volatility. The Adviser cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units (defined below), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained in the long-term. If market makers exit the business or are unable to continue making markets in Fund Shares, Shares may trade at a discount to NAV like closed-end fund shares and may even face delisting (that is, investors would no longer be able to trade Shares in the secondary market). Further, while the creation/redemption feature is designed to make it likely that Shares normally will trade close to the value of the Fund’s holdings, disruptions to creations and redemptions, including disruptions at market makers, APs or market participants, or during periods of significant market volatility, may result in market prices that differ significantly from the value of the Fund’s holdings. Although market makers will generally take advantage of differences between the NAV and the market price of Fund Shares through arbitrage opportunities, there is no guarantee that they will do so. In addition, the securities held by the Fund may be traded in markets that close at a different time than the exchange on which the Fund’s Shares trade. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV is likely to widen. Further, secondary markets may be subject to irregular trading activity, wide bid-ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those APs creating and redeeming Shares directly with the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketTradingRiskMember_zYwnU0tryIav" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Market Trading Risk. </b>The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. In stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s portfolio holdings, which may cause a variance in the market price of Shares and their underlying </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 31.5pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">NAV. In addition, an exchange or market may issue trading halts on specific securities or financial instruments. As a result, the ability to trade certain securities or financial instruments may be restricted, which may disrupt the Fund’s creation/redemption process, potentially affect the price at which Shares trade in the secondary market, and/or result in the Fund being unable to trade certain securities or financial instruments at all. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. Any of these factors may lead to the Shares trading at a premium or discount to the Fund’s NAV. </span></p> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageandAssetBackedSecuritiesRiskMember_zwSyhtG0Xsem" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Mortgage- and Asset-Backed Securities Risk. </b>The Fund may invest in mortgage- and asset-backed securities (both commercial and residential), which represent “pools” of mortgages or other assets, including consumer loans or receivables held in trust. These securities, in most cases, are not backed by the full faith and credit of the U.S. government, and there can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities where it is not obligated to do so. These securities may be subject to liquidity risk as well as the risk of illiquidity and default on the underlying asset or mortgage, particularly during periods of economic downturn. The liquidity of mortgage-related and asset-backed securities may change over time. In a period of rising interest rates, these securities may exhibit additional volatility. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MunicipalSecuritiesRiskMember_zTEG9HlGpaTF" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Municipal Securities Risk. </b>Adverse economic or political factors in the municipal bond market, including changes in the tax law, could impact the Fund in a negative manner. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalRiskMember_zD7yjbmom3B1" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Operational Risk. </b>The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zpAXf8sRP7iN" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Options Risk. </b>When the Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. The Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, the Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. In order for a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zmmpFdoo5D8K" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Preferred Stock Risk.</b> A preferred stock may decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status. Preferred stocks often behave like debt securities, but have a lower payment priority than the issuer’s bonds or other debt securities. Therefore, they may be subject to greater credit risk than those of debt securities. Preferred stocks also may be significantly less liquid than many other securities, such as corporate debt or common stock. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PremiumDiscountRiskMember_zyQAJWzWzLX0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Premium/Discount Risk.</b> The market price of the Fund’s Shares will generally fluctuate in accordance with changes in the Fund’s NAV as well as the relative supply of and demand for Shares on the Exchange. The Adviser cannot predict whether Shares will trade below, at, or above their NAV because the Shares trade on the Exchange at market prices and not at NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related, but not identical, to the same forces influencing the prices of the holdings of the Fund trading individually or in the aggregate at any point in time. However, given that Shares can only be purchased and redeemed in Creation Units, and only to and from broker-dealers and large institutional investors that have entered into participation agreements (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums to, their NAV), the Adviser believes that large discounts or premiums to the NAV of Shares should not be sustained. During stressed market conditions, the market for the Fund’s Shares may become less liquid in response to deteriorating liquidity in the market for the Fund’s underlying holdings, which could in turn lead to differences between the market price of the Fund’s Shares and their NAV and the bid/ask spread on the Fund’s Shares may widen. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentandExtensionRiskMember_zek4QPdyuiGl" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Prepayment and Extension Risk.</b> When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund’s Shares price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--RatingAgenciesRiskMember_zfbbqjbm6Pou" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Rating Agencies Risk. </b>Ratings are not an absolute standard of quality, but rather general indicators that reflect only the view of the originating rating agencies from which an explanation of the significance of such ratings may be obtained. There is no assurance that a particular rating will continue for any given period of time or that any such rating will not be revised downward or withdrawn entirely if, in the judgment of the agency establishing the rating, circumstances so warrant. A downward revision or withdrawal of such ratings, or either of them, may have an effect on the liquidity or market price of the securities in which the Fund or an Underlying Fund invests. The ratings of securitized assets may not adequately reflect the credit risk of those assets due to their structure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ReinvestmentRiskMember_zYfEX6thR1dy" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Reinvestment Risk.</b> Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund reinvests the proceeds from the disposition of its portfolio securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could negatively affect the market price of the Shares. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--RestrictedSecuritiesRuleASecuritiesRiskMember_zxvMcpTK8tkL" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Restricted Securities/Rule 144A Securities Risk. </b>The Fund may invest in securities offered pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), which are restricted securities. They may be less liquid and more difficult to value than other investments because such securities may not be readily marketable in broad public markets. The Fund may not be able to sell a restricted security promptly or at a reasonable price. Although there is a substantial institutional market for Rule 144A securities, it is not possible to predict exactly how the market for Rule 144A securities will develop. A restricted security that was liquid at the time of purchase may subsequently become illiquid and its value may decline as a result. Restricted securities that are deemed illiquid will count towards the Fund’s 15% limitation on illiquid securities. In addition, transaction costs may be higher for restricted securities than for more liquid securities. The Fund may have to bear the expense of registering Rule 144A securities for resale and the risk of substantial delays in effecting the registration. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ReverseRepurchaseAgreementsRiskMember_zM6K5hkh6KKh" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Reverse Repurchase Agreements Risk.</b> Reverse repurchase agreements are a form of secured borrowing and subject the Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding Shares. Reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RiskUSMember_zy2AtsA6tSg2" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Risk of Investing in the United States. </b>Certain changes in the United States economy, such as when the economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has exposure. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_z3SyvxNmdKaq" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Sector Risk.</b> To the extent the Fund, or an Underlying Fund in which the Fund invests, invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. </p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Financial Sector Risk. </i>Financial services companies are subject to extensive government regulation and, as a result, their profitability may be affected by new regulations or regulatory interpretations. Changes in interest rates can have a disproportionate effect on the financial sector and financial services companies whose securities the Fund may purchase may themselves have concentrated portfolios, which makes them vulnerable to economic conditions that affect that sector. Financial services companies have also been affected by increased competition, which could adversely affect the profitability or viability of such companies. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Industrial Sector Risk. </i>Companies in the industrial sector may be adversely affected by changes in the supply and demand for products and services, product obsolescence or discontinuance, claims for environmental damage or product liability and changes in general economic conditions, among other factors. Government regulation, word events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will also affect the performance of these companies. </span></p> </td> </tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 31.5pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><i>Utilities Sector Risk. </i>Utility companies are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Although rate changes of a regulated utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors, rate changes usually occur only following a delay after changes in financing costs. This factor will tend to favorably affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. Certain utility companies have experienced full or partial de-regulation in recent years. These companies are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention of other factors may render a utility company’s equipment unusable or obsolete and negatively impact profitability. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zrDH7hfIKK49" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Securities Lending Risk.</b> The Fund may engage in securities lending (i.e., lend portfolio securities to institutions, such as certain broker dealers). Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. The Fund could also experience a loss or delay in the recovery of its securities if the borrowing institution breaches its agreement with the Fund. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zxqLGqrqehNz" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Swap Risk. </b>A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Swaps may also be considered illiquid. It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zdEJnYnWbNJ7" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Tax Risk. </b>The Fund intends to qualify annually to be treated as a RIC under the Code. To qualify as a RIC under the Code, the Fund must invest in assets which produce the types of income specified in the Code and the Treasury regulations (“Qualifying Income”). Whether the income from certain derivatives, swaps, commodity-linked derivatives and other commodity/natural resource-related securities is Qualifying Income is unclear. The Internal Revenue Service (“IRS”) has issued a ruling that income realized from certain types of commodity-linked derivatives would not be Qualifying Income. If the Fund’s income is determined to not be Qualifying Income, it may cause the Fund to fail to qualify as a RIC under the Code. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--TBARiskMember_z4hjdtgrWo2q" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>TBA Risk.</b> In the TBA market, the seller agrees to deliver the mortgage-backed securities for an agreed-upon price on an agreed upon date, but makes no guarantee as to which or how many securities are to be delivered. The Fund relies on the seller to complete the transaction, and the seller’s failure to do so may cause the Fund to miss a price or yield considered advantageous to the Fund. In addition, the Fund bears the risk of loss in the event of the default or bankruptcy of the seller. The purchaser of TBA securities generally is subject to increased market risk relative to direct purchasers of mortgage-backed securities because the delivered securities may be less favorable than anticipated by the purchaser. Recently effective Financial Industry Regulatory Authority (“FINRA”) rules have implemented mandatory margin requirements for the TBA market that would require the Fund to post collateral in connection with its TBA transactions. There is no similar regulatory requirement applicable to the Fund’s TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity. Investments in TBAs may create leverage. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundsRiskMember_zGN94B31KJhh" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>Underlying Funds Risk. </b>Other investment companies (i.e., ETFs and money market funds (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Each of the Underlying Funds is subject to its own specific risks, but the Adviser expects the principal investment risks of such Underlying Funds will be similar to the risks of investing in the Fund </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zfRUIRmUTuX5" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true">● </span></p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="-sec-ix-redline: true"><b>U.S. Government Obligations Risk.</b> While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline. </span></p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zC8ZtZPTMYU5" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Valuation Risk. </b>The prices provided by the Fund’s pricing services or independent dealers or the fair value determinations made by the valuation committee of the Adviser may be different from the prices used by other mutual funds or from the prices at which securities are actually bought and sold. The prices of certain securities provided by pricing services may be subject to frequent and significant change, and will vary depending on the information that is available. </p> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--VariableRateSecuritiesRiskMember_zjky6uX1VZLz" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 18pt"> </td> <td style="width: 13.5pt; vertical-align: top; text-align: right"> <p style="font: 11pt Times New Roman; text-align: left; margin-top: 0pt; margin-bottom: 0pt">● </p> </td> <td style="vertical-align: top; text-align: left"> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>Variable Rate Securities Risk.</b> Variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Variable rate securities may be subject to greater liquidity risk than other debt securities, and there may be limitations on the Fund’s ability to sell the securities at any given time. </p> </td> </tr> </table> Performance Information <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zaW1LDmv2JNu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member_zp1lYgbuIzBo">The bar chart and performance table illustrate the risks and volatility of an investment in the Fund.</span> The bar chart shows the performance of the Fund for one year. The table illustrates how the Fund’s average annual total returns for the one-year and since-inception periods compare with those of a broad measure of market performance and another benchmark with similar portfolio characteristics to the Fund. <span id="xdx_90__eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member_znQw1eNOPcGb">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future.</span> Updated performance information will be available on the Fund’s website at <span id="xdx_90__eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member_z6XRgvHjFH73">www.fminvest.com</span>. </span></p> The bar chart and performance table illustrate the risks and volatility of an investment in the Fund. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.fminvest.com 0.0530 <p id="xdx_A8__eoef--BarChartClosingTextBlock_zGYR54PsYGV5" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member__oef--ClassAxis__custom--C000244682Member_zrORCFPkrks2">Best Quarter</span>: <span id="xdx_90__eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member__oef--ClassAxis__custom--C000244682Member_ziG3PbiMYvX3">5.30%</span> in the quarter ended <span id="xdx_90__eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member__oef--ClassAxis__custom--C000244682Member_zNRviG6rAsCW">September 30, 2024</span><br/> <span id="xdx_90__eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member__oef--ClassAxis__custom--C000244682Member_zTlE2kXx7Nv3">Worst Quarter</span>: <span id="xdx_90__eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member__oef--ClassAxis__custom--C000244682Member_zgNJeqJVKWqm">-1.30%</span> in the quarter ended <span id="xdx_90__eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member__oef--ClassAxis__custom--C000244682Member_zq08L6V4CeTl">December 31, 2024</span><b> </b></span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: center; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s <span id="xdx_90__eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member__oef--ClassAxis__custom--C000244682Member_zGFKCDkXNUwi">year-to-date total return</span> for the three months ended <span id="xdx_90__eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member__oef--ClassAxis__custom--C000244682Member_zv5TYfkTNlgA">September 30, 2025</span> was <span id="xdx_90__eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member__oef--ClassAxis__custom--C000244682Member_z5G10NZsWkNu">4.79%</span>.<b> </b></span></p> Best Quarter 0.0530 2024-09-30 Worst Quarter -0.0130 2024-12-31 year-to-date total return 2025-09-30 0.0479 PERFORMANCE TABLE (Average annual total returns for the periods ended December 31, 2024) 0.0530 0.0827 0.0297 0.0587 0.0311 0.0528 0.0125 0.0485 <p id="xdx_A8__eoef--PerformanceTableClosingTextBlock_zn3BuSws2n2Q" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90__eoef--PerformanceTableUsesHighestFederalRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member_zREuCVErvb6q">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.</span> <span id="xdx_90__eoef--PerformanceTableNotRelevantToTaxDeferred_c20251231__20251231__dei--LegalEntityAxis__custom--S000081704Member_zkU0apU9RUZ4">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> </span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. F/m Investments Large Cap Focused Fund Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_z6RAlt7W04i6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The investment objective of F/m Investments Large Cap Focused Fund (the “Fund”) is long-term growth of capital. </p> Expenses and Fees <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_z2UZjWAQWKy5" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (the “Shares”). <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples.</b> </p> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0.0025 0 0.0041 0.0041 0.0002 0.0002 0.0138 0.0113 -0.0021 -0.0021 0.0117 0.0092 Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursements shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. December 31, 2026 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zoxTfVJPPvZ4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest dividends and distributions, 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 (taking into account the contractual expense limitation in the 1 year example and the first year of the other examples). Although your actual costs may be higher or lower, based on these assumptions your costs would be: </span></p> 119 416 735 1639 94 338 602 1356 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zItrVsmz7Ul6" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. Portfolio turnover may vary from year to year, as well as within a year. During the fiscal year ended August 31, 2025, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member_zFBN7TsGAtN">132%</span> of the average value of its portfolio, respectively. </span></p> 1.32 Summary of Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zkINYFJYfeO4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The Fund’s principal investment objective is long-term growth of capital. The Fund seeks to achieve its investment objective by purchasing equity securities that the Adviser believes are likely to appreciate. The Adviser will focus on companies that exhibit accelerating growth in earnings and revenue. The Adviser generally seeks to purchase equity securities of large capitalization U.S. companies, and may purchase American Depository Receipts (“ADRs”) of international companies trading on U.S. exchanges. The Fund may invest across different industries and sectors. The Fund will invest at least 80% of its net assets in securities of large capitalization companies. The Fund considers large capitalization companies to include those that have a market capitalization, at the time of investment, comparable to the securities held in the S&amp;P 500^® Index. As of October 31, 2025, the S&amp;P 500^® Index included U.S. companies with a median market capitalization of $36.9 billion. The market capitalization of the companies in the S&amp;P 500 Index ranged from $5.7 billion to $4.9 trillion as of October 31, 2025. At times, the Fund may emphasize investment in a particular industry or sector. As of August 31, 2025, the Fund had approximately 64.6% of its net assets invested in stocks within the information technology sector. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Adviser uses quantitative screens to evaluate liquidity, capitalization, domicile, and desired risk attributes to determine an initial universe of large capitalization companies from which the Fund may invest. The Adviser then uses a quantitative process to evaluate company fundamentals and stock price trends of the investment candidates. Macroeconomic influences on portfolio candidates are considered before selecting the final securities for purchase in the portfolio. The Adviser considers whether to sell a particular security when the security receives declining scores from the Adviser’s proprietary model or the security causes the Fund’s portfolio to be exposed to unintended risks. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The periodic reconstitution and rebalancing of the portfolio according to the Fund’s quantitative investment strategy may result in significant portfolio turnover. A higher rate of portfolio turnover increases transaction expenses, which may negatively affect the Fund’s performance. High portfolio turnover also may result in the realization of substantial net short-term capital gains, which, when distributed, are taxable to shareholders. With respect to any percentage restriction on investment or use of assets in the Fund’s investment strategies, if such a percentage restriction is adhered to at the time a transaction is affected, a later increase or decrease in such percentage resulting from changes in values of securities or loans or amounts of net assets or security characteristics will not be considered a violation of the restriction. Any such changes in percentages do not require the sale of a security, but rather the Adviser will consider which action is in the best interest of the Fund and its shareholders, including the sale of the security. </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">The Fund is a “non-diversified” fund, which means it can invest in fewer securities at any one time than a diversified fund. </p> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_91C_ecustom--CyberSecurityRiskMember_zwb6NBNhw282">Cyber Security Risk</span>.</b><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, Adviser, custodian, transfer agent, distributor and other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The use of artificial intelligence and machine learning could exacerbate these risks or result in cyber security incidents that implicate personal data. The Fund and Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or Adviser. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--DepositaryReceiptsRiskMember_z6WwovhE7VJd">Depositary Receipts Risk</span> </b><span style="font-weight: normal; font-style: normal">— Depositary receipts are generally subject to the same risks as the foreign securities they evidence or into which they may be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and liquidity risk. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--EquitySecuritiesRiskMember_zgdM8Yd2DGhj">Equity Securities Risk</span></b><span style="font-weight: normal; font-style: normal"> — The price of equity securities fluctuates based on changes in a company’s activities and financial condition and in overall market conditions. Economic, political, and financial conditions, or industry or economic trends or developments, may for varying periods of time cause volatility, illiquidity, or other potentially adverse effects in the markets. The Fund’s investments in equity securities expose it to sudden and unpredictable drops in value and the potential for extended periods of lackluster performance. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91A_ecustom--ForeignSecuritiesRiskMember_zDe7a3tgBZaa">Foreign Securities Risk</span></b><span style="font-weight: normal; font-style: normal"> — Foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_919_ecustom--LargeCapSecurityRiskMember_zoRwMhR8aDz3">Large Cap Security Risk</span></b><span style="font-weight: normal; font-style: normal"> — Larger capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technological developments and consumer tastes, have fewer opportunities to expand the market for their products or services, and may not be able to attain the high growth rate of successful smaller companies. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_915_ecustom--MarketRiskMember_zP4SAOYH5S5g">Market Risk</span> </b><span style="font-weight: normal; font-style: normal">— Market risk refers to the risk that the value of securities in the Fund’s portfolio may decline due to daily fluctuations in the securities markets, including fluctuation in interest rates, national and international economic conditions, and general equity market conditions. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Economies and financial markets throughout the world have become interconnected which increases the possibility that economic, financial or political events in one sector or region could have potentially adverse effects on global economies or markets. For example, Russia’s military invasion of Ukraine, the responses and sanctions by other countries, and the potential for wider military conflicts or war, could continue to have adverse effects on regional and global economies, and may further strain global supply chains, and negatively affect global growth and inflation. Natural or environmental disasters or climate related events, such as earthquakes, fires, floods, hurricanes and tsunamis, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and the markets. For example, the outbreak of an infectious respiratory illness caused by a novel coronavirus, known as COVID-19, and efforts to contain its spread, have resulted, and may continue to result in labor shortages, supply chain disruptions, lower consumer demand for certain products and services, and significant disruptions to economies and markets, adversely affecting individual companies, sectors, industries, interest rates and investor sentiment. </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_91E_ecustom--ManagementStyleRiskMember_zabmL5ByL1Lf">Management Style Risk</span></b><span style="font-weight: normal; font-style: normal"> — The Fund intends to invest in growth-oriented stocks and the Fund’s performance may at times be better or worse than that of similar funds with other focuses or that have a broader investment style. There is no guarantee that the Adviser’s investment techniques and risk analyses, including its reliance on quantitative models, will produce the intended results. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><b><span id="xdx_910_ecustom--OperationalRiskMember_z4Vn79DoIO6h">Operational Risk</span></b><span style="font-weight: normal; font-style: normal"> — The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties, or other third parties, failed or inadequate processes or technology or systems failures. The Fund and the Adviser seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.</span><span style="font-weight: normal; font-style: normal"> </span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b>Risk of Non-Diversification</b><span style="font-weight: normal; font-style: normal"> </span><span style="font-weight: normal; font-style: normal">—</span><b> </b><span style="font-weight: normal; font-style: normal">The Fund is a non-diversified portfolio, which means that it has the ability to take larger positions in a smaller number of securities than a portfolio that is “diversified.” Non-diversification increases the risk that the Fund’s share price could decrease to a larger extent than a Fund that is diversified because of the poor performance of a single investment.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><b><span id="xdx_913_ecustom--SectorConcentrationRiskMember_z2kxFdhXWum">Sector Concentration Risk</span> </b><span style="font-weight: normal; font-style: normal">—</span><b> </b><span style="font-weight: normal; font-style: normal">Sector risk is the possibility that a certain sector may perform differently than other sectors or as the market as a whole. Although the Fund does not intend to concentrate its investments in any particular sector or sectors, the Fund may emphasize investments in one or more sectors, which may cause the Fund to have increased relative exposure to the price movements of those sectors. At times when the Fund emphasizes a particular sector, the value of its net assets will be more susceptible to the financial, market or economic events affecting that sector than would be the case for mutual funds that do not emphasize investment in a particular sector. This may increase the risk of loss associated with an investment in the Fund and increase the volatility of the Fund’s </span><span style="font-weight: normal; font-style: normal">S</span><span style="font-weight: normal; font-style: normal">hare price. As of August 31, 2025, the Fund had approximately 64.6% of its net assets invested in stocks within the information technology sector. The values of securities of companies in the information technology sector may be significantly affected adversely by competitive pressures, short product cycles, aggressive pricing and rapid obsolescence of existing technologies and products.</span><span style="font-weight: normal; font-style: normal"> </span></span></p> Fund Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_z0Arw5M25Sj" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The performance information for the Fund shown below reflects, for periods prior to January 18, 2022, the performance of the F/m Investments Large Cap Focused Fund, a series of IDX Funds (the “Original Fund”), and for periods between January 18, 2022 and October 30, 2023, the performance of the F/m Investments Large Cap Focused Fund, a series of F/m Funds Trust (the “Predecessor Fund”). The investment objectives, strategies and policies of the Original Fund and the Predecessor Fund were substantially similar to those of the Fund. The performance information shown reflects the performance of the Adviser except for periods prior to April 2020 when the Original Fund was managed by a different investment adviser. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member_zRtNppSuF086">The bar chart shows the performance of the Institutional Class shares for each full calendar year over the lifetime of the Fund and assumes reinvestment of dividends and distributions.</span> The table shows how the Fund’s average annual total returns for one year, five years, and since inception periods compare with those of broad measures of market performance. </span></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true"><span id="xdx_90D_eoef--PerformancePastDoesNotIndicateFuture_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member_zmucGAiYAgsj">Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results.</span> Updated performance information is available by visiting <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member_zI02rvY8fw9l">www.fminvest.com</span> or by calling <span id="xdx_90F_eoef--PerformanceAvailabilityPhone_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member_zkvmw480yief">1-800-292-6775</span>. </span></p> The bar chart shows the performance of the Institutional Class shares for each full calendar year over the lifetime of the Fund and assumes reinvestment of dividends and distributions. Performance information represents only past performance, before and after taxes, and does not necessarily indicate future results. www.fminvest.com 1-800-292-6775 TOTAL RETURNS FOR THE CALENDAR YEARS ENDED DECEMBER 31   Institutional Class   Annual Total Returns (Years Ended December 31) 0.2581 0.0147 0.3016 0.4264 0.2628 -0.3144 0.4105 0.3011 <p id="xdx_A83_eoef--BarChartClosingTextBlock_zdoyy99WZtw1" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">During the period shown in the chart, the <span id="xdx_90F_eoef--HighestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member__oef--ClassAxis__custom--C000243396Member_ztvsCLk3sS0f">highest quarterly return</span> was <span id="xdx_907_eoef--BarChartHighestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member__oef--ClassAxis__custom--C000243396Member_zHW3Lfncpvbc">30.29%</span> (for the quarter ended <span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member__oef--ClassAxis__custom--C000243396Member_zWVVdpnzirkl">June 30, 2020</span>) and the <span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member__oef--ClassAxis__custom--C000243396Member_zph6oDteDVak">lowest quarterly return</span> was <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member__oef--ClassAxis__custom--C000243396Member_zVeBBjKhe7mj">-23.00%</span> (for the quarter ended <span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member__oef--ClassAxis__custom--C000243396Member_zRUHHIUo222l">June 30, 2022</span>). </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt"><span style="-sec-ix-redline: true">The <span id="xdx_90F_eoef--YearToDateReturnLabel_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member__oef--ClassAxis__custom--C000243396Member_zBRzl06YJyg6">year-to-date total return</span> through <span id="xdx_90A_eoef--BarChartYearToDateReturnDate_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member__oef--ClassAxis__custom--C000243396Member_zM3tAXcAqUY2">September 30, 2025</span> was <span id="xdx_900_eoef--BarChartYearToDateReturn_c20251231__20251231__dei--LegalEntityAxis__custom--S000080833Member__oef--ClassAxis__custom--C000243396Member_zyFwdfR07zOd">24.00%</span>. </span></p> highest quarterly return 0.3029 2020-06-30 lowest quarterly return -0.2300 2022-06-30 year-to-date total return 2025-09-30 0.2400 AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED DECEMBER 31, 2024 2016-10-03 2016-10-03 2016-10-03 2016-10-03 2016-10-03 2016-10-03 0.3011 0.1778 0.1774 0.2794 0.1422 0.1457 0.1938 0.1317 0.1344 0.2983 0.1748 0.1746 0.3336 0.1896 0.1908 0.2502 0.1453 0.1490 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Institutional Class Shares only, and the after-tax returns for Investor Class Shares will vary to the extent it has different expenses. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Class A Shares made within 12 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The CDSC applies to redemptions of Class C Shares made within 12 months of purchase and will be assessed on an amount equal to the lesser of the offering price at the time of purchase of the shares redeemed and the net asset value of the shares redeemed at the time of redemption. Management Fees include advisory fees paid to both Abbey Capital Limited (the “Adviser”) and one or more trading advisers (the “Trading Advisers”). There are no performance fees charged by the Adviser or Trading Advisers either at the Fund or at the Fund’s wholly-owned Subsidiaries. “Other Expenses” for Class T Shares, which had not commenced operations as of the date of this Prospectus, are estimated for the current fiscal year. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 1.79%, 2.04%, 2.79% and 2.04% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares, Class C Shares and Class T Shares, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total Annual Fund Operating Expenses to exceed 1.79%, 2.04%, 2.79% or 2.04%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026 for Class I Shares, Class A Shares, Class C Shares and Class T Shares, and may not be terminated prior to that date without the approval of the Board of Directors of The RBB Fund, Inc. (the “Company”). If at any time the Fund’s Total Annual Fund Operating Expenses (not including acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.79%, 2.04%, 2.79% and 2.04%, as applicable, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Adviser, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Class I Shares only. After-tax returns for Class A Shares, Class C Shares and Class T Shares will vary. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Class A Shares made within 12 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. The CDSC applies to redemptions of Class C Shares made within 12 months of purchase and will be assessed on an amount equal to the lesser of the offering price at the time of purchase of the shares redeemed and the net asset value of the shares redeemed at the time of redemption. Management Fees include advisory fees paid to both Abbey Capital Limited (the “Adviser”) and one or more trading advisers (the “Trading Advisers”). There are no performance fees charged by the Adviser or Trading Advisers either at the Fund or at the Fund’s wholly-owned Subsidiaries. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. AFFE are estimated for the current fiscal year. Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. Without AFFE, the Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements would be 1.79%, 2.04% and 2.79% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares and Class C Shares, respectively. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 1.79%, 2.04% and 2.79% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares and Class C Shares, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total Annual Fund Operating Expenses to exceed 1.79%, 2.04% or 2.79%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026 for Class I Shares, Class A Shares and Class C Shares, and may not be terminated prior to that date without the approval of the Board of Directors of The RBB Fund, Inc. (the “Company”). If at any time the Fund’s Total Annual Fund Operating Expenses (not including acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.79%, 2.04% and 2.79%, as applicable, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Adviser, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown.After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Class I Shares only. After-tax returns for Class A Shares and Class C Shares will vary. Class A Shares and Class C Shares of the Fund commenced operations on February 16, 2022 and November 8, 2021, respectively. Performance shown prior to inception of the Class A Shares and Class C Shares is based on the performance of Class I Shares, adjusted for the higher expenses applicable to Class A Shares and Class C Shares, respectively. The Fund is currently only available to clients of the Fund’s investment adviser, Altair Advisers LLC (the “Adviser”) and to other investors at the Fund’s discretion. Investors in the Fund who are also clients of the Adviser will incur additional fees based on the total assets of the client under management with the Adviser. The Adviser does not receive a separate management fee from the Fund, although the Adviser is reimbursed for out-of-pocket expenses in connection with its compliance monitoring of Fund trading, up to 0.01% of the Fund’s average daily net assets. The management fee shown above reflects the aggregate fees paid by the Fund to the Sub-Advisers for the fiscal year ended August 31, 2025, plus reimbursements to the Adviser for out-of-pocket expenses. Investors in the Fund who are also clients of the Adviser should review the information provided separately by the Adviser for a discussion of fees and expenses charged by the Adviser. The Fund is currently only available to clients of the Fund’s investment adviser, Altair Advisers LLC (the “Adviser”) and to other investors at the Fund’s discretion. Investors in the Fund who are also clients of the Adviser will incur additional fees based on the total assets of the client under management with the Adviser. The Adviser does not receive a separate management fee from the Fund, although the Adviser is reimbursed for compliance expenses in connection with managing the Fund, up to 0.03% of the Fund’s average daily net assets. The management fee shown above reflects the aggregate fees paid by the Fund to the Sub-Advisers for the fiscal year ended August 31, 2025, plus reimbursements to the Adviser for out-of-pocket expenses. Investors in the Fund who are also clients of the Adviser should review the information provided separately by the Adviser for a discussion of fees and expenses charged by the Adviser. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the “Adviser”), has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) exceeds 0.80% or 1.05% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 0.80% or 1.05% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year for Institutional Class or Investor Class shares are less than 0.80% or 1.05%, respectively, or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the “Adviser”) has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) for the Fund’s Institutional Class shares exceeds 0.95% of the average daily net assets attributable to the Fund’s Institutional Class shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 0.95%: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s Total annual Fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 0.95% or the expense cap then in effect, or whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees waived and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the “Adviser”) has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) for the Fund’s Institutional Class shares exceeds 0.90% of the average daily net assets attributable to the Fund’s Institutional Class shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 0.90%: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. (the “Board”). If at any time the Fund’s Total annual Fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 0.90% or the expense cap then in effect, or whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees waived and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the “Adviser”), has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) exceeds 1.96% or 2.21% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 1.96% or 2.21% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year for Institutional Class or Investor Class shares are less than 1.96% or 2.21%, respectively, or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the “Adviser”), has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) exceeds 1.50% or 1.75% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 1.50% or 1.75% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares of the Fund, respectively: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year for Institutional Class or Investor Class shares are less than 1.50% or 1.75%, respectively, or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursements shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Institutional Class shares only. After-tax returns for Investor Class shares will vary. In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the “Adviser”) has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) for the Fund’s Institutional Class shares exceeds 1.10% of the average daily net assets attributable to the Fund’s Institutional Class shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 1.10%: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time, the Fund’s total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.10% or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s investment adviser, Boston Partners Global Investors, Inc. (the “Adviser”) has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total annual Fund operating expenses (excluding certain items discussed below) for the Fund’s Institutional Class shares exceeds 1.10% of the average daily net assets attributable to the Fund’s Institutional Class shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total annual Fund operating expenses to exceed 1.10%: short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time, the Fund’s total annual fund operating expenses (not including short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.10% or the expense cap then in effect, whichever is less, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on redemptions of Class C shares made within twelve months after a purchase of Class C Shares. The Fund has adopted a distribution plan for Class A Shares and Class C Shares pursuant to Rule 12b-1 (“Rule 12b-1 Plan”) under the Investment Company Act of 1940, as amended (the “1940 Act”) that permits payments of up to 0.25% as a percentage of average daily net assets of the Fund’s Class A Shares and payments of up to 1.00% as a percentage of average daily net assets of the Fund’s Class C Shares. “Other Expenses” includes Acquired Fund Fees and Expenses (“AFFE), which are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. Campbell & Company Investment Adviser LLC (“Campbell” or the “Adviser”) has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 2.00%, 1.75%, and 2.75% of the Fund’s average daily net assets for Class A Shares, Class I Shares, and Class C Shares, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total Annual Fund Operating Expenses to exceed 2.00%, 1.75%, and 2.75%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s Total Annual Fund Operating Expenses (not including acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 2.00%, 1.75%, and 2.75%, as applicable, the Adviser may recoup from the Fund any waived amount or other payments remitted by the Adviser within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement and the expense limitations that are current in effect. The Predecessor Fund commenced operations on March 4, 2013. Start of performance is March 8, 2013. After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown.If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment.In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period because a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.After tax returns shown are for Class I Shares only, after tax returns for Class A Shares and Class C Shares will vary. Class I Shares and Class A Shares commenced operations on March 8, 2013, Class C Shares commenced operations on February 11, 2014. Performance shown prior to inception of the Class C Shares is based on the performance of Class I Shares, adjusted for the higher expenses applicable to Class C Shares. The S&P 500 Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. Investors cannot invest directly in an index. The SG CTA Index is an equally weighted index. It is calculated daily using a pool of CTAs selected from the larger managers that are open to new investment. The index is rebalanced annually. The SG CTA Index is derived from data which is self-reported by investment managers based on the performance of privately managed funds. Investors cannot invest directly in an index. The BarclayHedge BTOP50 Index (“BTOP50 Index”) seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 Index employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50 Index. In each calendar year the selected trading advisors represent, in aggregate, no less than 50% of the investable assets of the Barclay CTA Universe. For 2025 there are 20 constituents in the BTOP50 Index. Investors cannot invest directly in an index. The Fund’s investment adviser, F/m Investments LLC (the “Adviser”), has contractually agreed to waive all or a portion of its advisory fee and/or reimburse expenses in an aggregate amount equal to the amount by which the Total Annual Fund Operating Expenses (excluding certain items discussed below) for the Fund’s Shares exceeds 0.54% of the average daily net assets attributable to the Fund’s Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total Annual Fund Operating Expenses to exceed 0.54%: acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s Total Annual Fund Operating Expenses (not including acquired fund fees and expenses, short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 0.54% or the expense cap then in effect, whichever is less, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Adviser, provided such reimbursement does not cause the Fund to exceed (i) expense limitations that were in effect at the time of the waiver or reimbursement, or (ii) the current expense limitations. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The Composite Index is comprised of the S&P 500® Index, Russell 1000® Value Index, Russell 2000® Index and Russell 2000® Value Index, each weighted 25%, 25%, 25% and 25%, respectively. Additional information about the Composite Index can be found under the section entitled “More About Each Fund’s Investments and Risks.” Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The Composite Index is comprised of the MSCI EAFE Index, MSCI EAFE Value Index, MSCI EAFE Small Company Index, and MSCI EAFE Emerging Markets Free Index, each weighted 25%, 25%, 25% and 25%, respectively. Additional information about the Composite Index can be found under the section entitled “More About Each Fund’s Investments and Risks.” Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. In certain cases, the figure representing “Fund Returns After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. The Composite Index is comprised of the Three-Month Treasury Bill Index, Bloomberg Intermediate Government Bond Index, ICE BofAML 1-3 Year US Government/Corporate Index and Bloomberg U.S. Aggregate Bond Index, each weighted 25%, 25%, 25% and 25%, respectively. Additional information about the Composite Index can be found under the section entitled “More About Each Fund’s Investments and Risks.” Acquired Fund Fees and Expenses are indirect fees and expenses that the Portfolio incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Portfolio Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Portfolio and does not include indirect expenses such as Acquired Fund Fees and Expenses. The Composite Index is comprised of the S&P 500® Index, Russell 1000® Value Index, Russell 2000® Index and Russell 2000® Value Index, each weighted 25%, 25%, 25% and 25%, respectively. Additional information about the Composite Index can be found under the section entitled “More About Each Portfolio’s Investments and Risks.” Acquired Fund Fees and Expenses are indirect fees and expenses that the Portfolio incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Portfolio Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Portfolio and does not include indirect expenses such as Acquired Fund Fees and Expenses. The Composite Index is comprised of the MSCI EAFE Index, MSCI EAFE Value Index, MSCI EAFE Small Company Index, and MSCI EAFE Emerging Markets Free Index, each weighted 25%, 25%, 25% and 25%, respectively. Additional information about the Composite Index can be found under the section entitled “More About Each Portfolio’s Investments and Risks.” Acquired Fund Fees and Expenses are indirect fees and expenses that the Portfolio incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Portfolio and does not include indirect expenses such as Acquired Fund Fees and Expenses. The Composite Index is comprised of the Three-Month Treasury Bill Index, Bloomberg Intermediate Government Bond Index, ICE BofAML 1-3 Year US Government/Corporate Index and Bloomberg U.S. Aggregate Bond Index, each weighted 25%, 25%, 25% and 25%, respectively. Additional information about the Composite Index can be found under the section entitled “More About Each Portfolio’s Investments and Risks.” Under the terms of the expense limitation agreement entered into by The RBB Fund, Inc. (the “Company”) and F/m Investments LLC (the “Adviser”), contractually agreed to reduce Management Fees and to absorb Other Expenses to the extent necessary to limit Total Annual Fund Operating Expenses (excluding brokerage costs, taxes, borrowing costs, interest, acquired fund fees and expenses and extraordinary expenses’) to an amount not exceeding 0.60% and 0.85% of the Fund’s average daily net assets attributable to the Institutional Class Shares and Retail Class Shares, respectively, to December 31, 2026. Management fee reductions and Other Expenses absorbed by the Adviser are subject to repayment by the Fund for a period of 3 years following the date such fees and expenses were waived or reimbursed, provided that the repayments do not cause Total Annual Fund Operating Expenses (excluding brokerage costs, taxes, borrowing costs, interest, acquired fund fees and expenses and extraordinary expenses’) to exceed either: (i) the expense limitation in effect at the time such fees and expenses were waived or absorbed; or (ii) any expense limitation in effect at the time the Adviser seeks reimbursement of such fees and expenses. This agreement may be terminated by either party upon 60 days’ prior written notice, provided, however, the Adviser may not terminate this agreement without the approval of the Board of Directors of the Company and this agreement will terminate automatically if the Adviser ceases to serve as investment adviser to the Fund. The Fund has adopted a distribution plan for Investor Class Shares pursuant to Rule 12b-1 (“Rule 12b-1 Plan”) under the Investment Company Act of 1940, as amended (the “1940 Act”) that permits payments of up to 0.25% as a percentage of average daily net assets of the Fund’s Investor Class Shares. “Other Expenses” and “Dividend and Interest Expenses” for Investor Class Shares, which had not commenced operations as of the date of this Prospectus, are estimated for the current fiscal year. “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. Optima Asset Management LLC (the “Adviser”) has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit Total Annual Fund Operating Expenses (excluding certain items discussed below) to 1.25% and 1.50% of the Fund’s average daily net assets attributable to Founders Class Shares and Investor Class Shares, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net Total Annual Fund Operating Expenses to exceed 1.25% and 1.50%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026, for Founders Class Shares and Investor Class Shares and may not be terminated without the approval of the Board of Directors (the “Board”) of The RBB Fund, Inc (the “Company”). If at any time the Fund’s Total Annual Fund Operating Expenses (not including acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.25% or 1.50%, as applicable, the Adviser may recoup from the Fund any waived amount or other payments remitted by the Adviser within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes; actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown.If you own shares of the Fund in a tax-deferred account, such as an individual retirement account or a 401(k) plan, this information is not applicable to your investment.In certain cases, the figure representing “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period because a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Effective October 2024, and pursuant to new regulatory requirements, the Bloomberg U.S. Universal Total Return Index replaced the Markit CDX.NA.HY 5Y Long Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the Markit CDX.NA.HY 5Y Long Total Return Index as an additional benchmark. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. Summit Global Investments, LLC (the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive management fees and reimburse expenses through December 31, 2026 to the extent that Total Annual Fund Operating Expenses (excluding certain items discussed below) exceed 0.98%, 1.23% and 1.98% of the Fund’s average daily net assets attributable to Class I Shares, Class A and Class C Shares, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and are expected to cause net Total Annual Fund Operating Expenses to exceed 0.98%, 1.23% or 1.98%, as applicable: acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2026 without the approval of the Board of Directors of the Company. If at any time the Fund’s Total Annual Fund Operating Expenses (not including acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 0.98%, 1.23% and 1.98% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares and Class C Shares, respectively, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. The returns in the bar chart are for Class I Shares. Class A Shares and Class C Shares would have substantially similar annual returns because each class of shares would have invested in the same portfolio of securities, and the annual returns would differ only to the extent that the classes have different expenses. The Fund’s Class A Shares are subject to a sales charge (load). Sales charges (loads) or account fees are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Class I Shares of the Fund commenced operations on February 29, 2012. Class C Shares and Class A Shares of the Fund commenced operations on December 31, 2015 and October 29, 2015, respectively. Since inception index performance is measured as of February 29, 2012. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A Shares made within 18 months after purchase where no initial sales charge was paid at time of purchase as part of an investment of $1,000,000 or more. “Other Expenses” for Class A Shares and Class C Shares, which had not commenced operations as of the date of this Prospectus, are estimated based on Class I Shares for the current fiscal year. Summit Global Investments, LLC (the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive management fees and reimburse expenses through December 31, 2026, to the extent that Total Annual Fund Operating Expenses (excluding certain items discussed below) exceed 0.84%, 1.09%, and 1.84% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares and Class C Shares, respectively. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and are expected to cause net Total Annual Fund Operating Expenses to exceed 0.84%,1.09% or 1.84%, as applicable: acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before While the Predecessor Fund commenced operations on March 31, 2009, the Predecessor Fund began investing consistent with its investment objective on April 1, 2009. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Summit Global Investments, LLC (the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive management fees and reimburse expenses through December 31, 2026, to the extent that Total Annual Fund Operating Expenses (excluding certain items discussed below) exceed 1.23% of the Fund’s average daily net assets attributable to Class I Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and are expected to cause net Total Annual Fund Operating Expenses to exceed 1.23%: Acquired Fund Fees and Expenses (“AFFE”), short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2026, without the approval of the Board of Directors of the Company. If at any time the Fund’s Total Annual Fund Operating Expenses (not including AFFE, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.23% of the Fund’s average daily net assets attributable to Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (IRA).In certain cases, the figure representing “Return after Taxes on Distributions and Sale of Fund Shares” may be higher than the other return figures for the same period, since a higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. “Other Expenses” are estimated for the current fiscal year. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Summit Global Investments, LLC (the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive management fees and reimburse expenses through December 31, 2026 to the extent that Total Annual Fund Operating Expenses (excluding certain items discussed below) exceed 1.95% of the average daily net assets attributable to the Fund’s Class I Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account: fund services administrative fee, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2026 without the approval of the Board of Directors of the Company. If at any time the Fund’s Total Annual Fund Operating Expenses (not including fund services administrative fee, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.95% of the average daily net assets attributable to the Fund’s Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses have been restated for the current fiscal year. Summit Global Investments, LLC (the “Adviser”), the Fund’s investment adviser, has contractually agreed to waive management fees and reimburse expenses through December 31, 2026 to the extent that Total Annual Fund Operating Expenses (excluding certain items discussed below) exceed 1.95% of the average daily net assets attributable to the Fund’s Class I Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account: fund services administrative fee, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2026 without the approval of the Board of Directors of the Company. If at any time the Fund’s Total Annual Fund Operating Expenses (not including fund services administrative fee, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than 1.95% of the average daily net assets attributable to the Fund’s Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as Acquired Fund Fees and Expenses. “Other Expenses” are estimated for the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. F/m Investments LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding AFFE, brokerage commissions, extraordinary items, interest or taxes) is limited to 0.25% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2026, and may not be terminated prior to that date without the approval of the Board of Directors of The RBB Fund, Inc. “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. AFFE is estimated for the current fiscal year. “Acquired Fund Fees and Expenses” (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratio in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude AFFE. F/m Investments LLC (the “Adviser”) has contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding AFFE, brokerage commissions, extraordinary items, interest or taxes) is limited to 0.25% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2026, and may not be terminated prior to that date without the approval of the Board of Directors of The RBB Fund, Inc. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Prior to September 15, 2025, the unitary management fee was 0.25%. “Other Expenses” have been estimated to reflect expenses to be incurred during the current fiscal year. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. Acquired Fund Fees and Expenses (“AFFE”) are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds. Please note that the amount of Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses after Fee Waiver/Expense Reimbursements shown in the above table will differ from the “Financial Highlights” section of the Prospectus, which reflects the operating expenses of the Fund and does not include indirect expenses such as AFFE. F/m Investments LLC (the “Adviser”) has contractually agreed to reduce its investment advisory fee and to absorb Fund expenses (a “Waiver/Reimbursement”) to the extent necessary to limit total annual operating expenses (excluding interest, taxes, AFFE, distribution and/or service fees, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) to an amount not exceeding a percentage of average daily net assets of 1.15% for Investor Class shares and 0.90% for Institutional Class shares through December 31, 2026. Any such Waiver/Reimbursement is subject to repayment by the Fund for a period of 3 years following the date of the Waiver/Reimbursement but only if such recoupment can be achieved without exceeding the expense limitation in place at the time of the Waiver/Reimbursement. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.After-tax returns are shown for Institutional Class Shares only, and the after-tax returns for Investor Class Shares will vary to the extent it has different expenses.