# EDGAR Filing Document

**Accession Number:** 0001650149
**File Stem:** 0000894189-25-010918
**Filing Date:** 2025-10
**Character Count:** 27980
**Document Hash:** e5143018c2d29720a754cb1bd404004d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-010918.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0000894189-25-010918

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251010

**EFFECTIVENESS DATE**: 20251010

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Series Portfolios Trust
- **CENTRAL INDEX KEY:** 0001650149

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289608
- **FILM NUMBER:** 251387006

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-765-6620

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

    

As filed with the U.S. Securities and Exchange Commission on October 10, 2025

**Registration No. 333-289608**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-14**

---

| |
|:---|
| Pre-Effective Amendment No. __ |
| Post-Effective Amendment No. 1 |

---

(Check appropriate box or boxes.)

**<u>SERIES PORTFOLIOS TRUST</u>**

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices) (Zip Code)

(Registrant's Telephone Number, Including Area Code) (414) 516-1709

Ryan L. Roell, President and Principal Executive Officer

Series Portfolios Trust

c/o U.S. Bank Global Fund Services

615 East Michigan Street, Third Floor

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copies to:

JoAnn M. Strasser, Esq.

Thompson Hine LLP

41 South High Street, 17th Floor

Columbus, OH 43215

This filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1993, as amended.

This post-effective amendment No. 1 to the Registration Statement on Form N-14 of the Registrant is being filed solely to provide Exhibits (12) and (16)(b) to Part C of the Registration Statement previously filed with the Commission on August 14, 2025.

Parts A and B of the Registration Statement filed with the Commission on August 14, 2025, and the definitive versions thereof filed with the SEC on <u>[September](https://www.sec.gov/Archives/edgar/data/1650149/000089418925007485/equablesharesetfn-14.htm)[17](https://www.sec.gov/Archives/edgar/data/1650149/000089418925007485/equablesharesetfn-14.htm)[, 2025 pursuant to Rule 497](https://www.sec.gov/Archives/edgar/data/1650149/000089418925007485/equablesharesetfn-14.htm)</u> under the Securities Act are incorporated by reference herein.

    

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**PART C**

**OTHER INFORMATION**

**Item 15. Indemnification**

Reference is made to Article VII of the Registrant's Agreement and Declaration of Trust, Article VI of Registrant's Amended and Restated By-Laws and Paragraph 7 of the Distribution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule 484 under the Securities Act of 1933, as amended (the "Securities Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the U.S. Securities and Exchange Commission ("SEC") such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue."

**Item 16. Exhibits**

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| | | | |
|:---|:---|:---|:---|
| (1) |  |  | <u>[Amended and Restated Agreement and Declaration of Trust – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 4 on May 18, 2016.](https://www.sec.gov/Archives/edgar/data/1650149/000089418916009630/decoftrust_agr.htm)</u> |
| (2) |  |  | <u>[Amended and Restated Bylaws – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 18 on October 31, 2016.](https://www.sec.gov/Archives/edgar/data/1650149/000089418916012704/bylaws.htm)</u> |
| (3) |  |  | Not applicable. |
| (4) |  |  | Form of the Agreement and Plan of Reorganization is attached to Part A of Form N-14 as an appendix ("Appendix A") |
| (5) |  |  | Instruments Defining Rights of Security Holders – incorporated by reference to the <u>[Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1650149/000089418916009630/decoftrust_agr.htm)</u> and <u>[Bylaws](https://www.sec.gov/Archives/edgar/data/1650149/000089418916012704/bylaws.htm)</u>. |
| (6) |  |  | <u>[Investment Advisory Agreement between the Trust and Teramo Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/diiequableetfinvestmentadv.htm)[was p](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/diiequableetfinvestmentadv.htm)[reviously filed](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/diiequableetfinvestmentadv.htm)[with Post-Effective Amendment No. 220 to the Re](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/diiequableetfinvestmentadv.htm)[gistration S](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/diiequableetfinvestmentadv.htm)[tatement of Fo](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/diiequableetfinvestmentadv.htm)[rm N-1A on August 13, 2025, and is incorporated](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/diiequableetfinvestmentadv.htm)[herein by reference.](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/diiequableetfinvestmentadv.htm)</u> |
| (7) | (a) | (i) | <u>[Distribution Agreement between the Trust, on behalf of the Equable Shares Funds, and Quasar Distributors, LLC – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 39 on March 2, 2018.](https://www.sec.gov/Archives/edgar/data/1650149/000089418918001444/dist-agmt.htm)</u> |
|  |  | (ii) | <u>[Amendment to Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/eiiequableetf-etfdistribut.htm)[with respect to Equable Shares Hedged Equity ETF](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/eiiequableetf-etfdistribut.htm)[was previously filed with Post-Effective Amendment No. 220 to the Registration Statement of Form N-1A on August 13, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/eiiequableetf-etfdistribut.htm)</u> |
| (8) |  |  | Not applicable. |
| (9) | (a) |  | <u>[Custodian Agreement between the Trust and U.S. Bank, National Association – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Pre-Effective Amendment No. 1 on November 5, 2015.](https://www.sec.gov/Archives/edgar/data/1650149/000089418915005754/custagr.htm)</u> |
|  | (b) |  | <u>[Amendment to Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/gibequableetfamendmenttocu.htm)[with respect to Equable Shares Hedged Equity ETF](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/gibequableetfamendmenttocu.htm)[was previously filed with Post-Effective Amendment No. 220 to the Registration Statement of Form N-1A on August 13, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/gibequableetfamendmenttocu.htm)</u> |
| (10) |  |  | Not applicable. |
| (11) |  |  | <u>[Opinion and Consent of Counsel was previously filed to the Trust's Registration Statement on Form N-14 on August 14, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005582/a11legalopinionandconsent-.htm)</u> |
| (12) |  |  | <u>[Opinion of Counsel regarding certain tax matters –](equabletaxopinion.htm)</u>*<u>[Filed Herewith](equabletaxopinion.htm)</u>*<u>[.](equabletaxopinion.htm)</u> |
| (13) | (a) | (i) | <u>[Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Pre-Effective Amendment No. 1 on November 5, 2015.](https://www.sec.gov/Archives/edgar/data/1650149/000089418915005754/fundadmin_agr.htm)</u> |
|  |  | (ii) | <u>[Amendment to Fund Administration Servicing Agreement](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/hibequableetffundadministr.htm)[with respect to Equable Shares Hedged Equity ETF](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/hibequableetffundadministr.htm)[was previously filed with Post-Effective Amendment No. 220 to the Registration Statement of Form N-1A on August 13, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/hibequableetffundadministr.htm)</u> |
|  | (b) | (i) | <u>[Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Pre-Effective Amendment No. 1 on November 5, 2015.](https://www.sec.gov/Archives/edgar/data/1650149/000089418915005754/fundacct_agr.htm)</u> |
|  |  | (ii) | <u>[Amendment to Fund Accounting Agreement](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/hiibequableetfamendmenttoa.htm)[with respect to Equable Shares Hedged Equity ETF](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/hiibequableetfamendmenttoa.htm)[was previously filed with Post-Effective Amendment No. 220 to the Registration Statement of Form N-1A on August 13, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/hiibequableetfamendmenttoa.htm)</u> |

---

------

---

| | | | |
|:---|:---|:---|:---|
| | (c) | (i) | <u>[Amended and Restated Transfer Agent Agreement between the Trust and U.S. Bancorp Fund Services, LLC – incorporated herein by reference to Registrant's Registration Statement filed on Form N-1A as Post-Effective Amendment No. 174 on August 17, 2023.](https://www.sec.gov/Archives/edgar/data/1650149/000089418923005683/spt-amendedandrestatedmast.htm)</u> |
| | | (ii) | <u>[Amendment to Transfer Agent Agreement](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/hiiibequableetfamendmentto.htm)[with respect to Equable Shares Hedged Equity ETF](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/hiiibequableetfamendmentto.htm)[was previously filed with Post-Effective Amendment No. 220 to the Registration Statement of Form N-1A on August 13, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005571/hiiibequableetfamendmentto.htm)</u> |
| (14) |  |  | <u>[Cohen & Co Consent of Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005582/a14equablen-14cohencoconse.htm)[was previously filed to the Trust's Registration Statement on Form N-14 on August 14, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005582/a14equablen-14cohencoconse.htm)</u> |
| (15) |  |  | Not applicable. |
| (16) | (a) |  | <u>[Power of Attorney dated June 12, 2025, was previously filed to the Trust's Registration Statement on Form N-14 on August 14, 2025, and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1650149/000089418925005582/sptpowerofattorney-nx14xeq.htm)</u> |
|  | (b) |  | <u>[Power of Attorney](sptpowerofattorney-nx14xeq.htm)[dated](sptpowerofattorney-nx14xeq.htm)[O](sptpowerofattorney-nx14xeq.htm)[ctober 8, 2025](sptpowerofattorney-nx14xeq.htm)[–](sptpowerofattorney-nx14xeq.htm)</u>*<u>[Filed Herewith.](sptpowerofattorney-nx14xeq.htm)</u>* |
| (17) |  |  | <u>[The Target Fund's Annual Report on Form N-CSR for the fiscal year ended October 31, 2024 was previously filed with the Trust's Form N-CSR on January 10, 2025 and is incorporated by reference.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1650149/000113322825000381/eshef-efp12662_ncsr.htm)</u> |

---

**Item 17. Undertakings**

(1)The undersigned Registrant agrees that prior to any public reoffering of the securities registered through use of a prospectus which is part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by other items of the applicable form.

(2)The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, as amended, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of securities at that time shall be deemed to be the initial bona fide offering of them.

(3)The undersigned Registrant undertakes to file the opinion of counsel supporting the tax consequences of the proposed reorganization required by Item 16(12) of Form N-14 through an amendment to this registration statement within a reasonable time after the closing of the reorganization.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, this registration statement on Form N-14 has been signed on behalf of the Registrant, in the City of Milwaukee, and State of Wisconsin, on the 10th day of October, 2025.

Series Portfolios Trust

By: <u>/s/ Ryan L. Roell&nbsp;&nbsp;&nbsp;&nbsp;</u>

Ryan L. Roell

President

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| <u>/s/ Daniel B. Willey\*</u> | Trustee | October 10, 2025 |
| Daniel B. Willey |  |  |
| <u>/s/ Debra McGinty-Poteet\*</u>  | Trustee | October 10, 2025 |
| Debra McGinty-Poteet |  |  |
| <u>/s/ Koji Felton\*</u> | Trustee | October 10, 2025 |
| Koji Felton |  |  |
| <u>/s/ Ryan L. Roell</u> | President and Principal | October 10, 2025 |
| Ryan L. Roell | Executive Officer |  |
| <u>/s/ Doug M. Schafer\*</u> | Treasurer, Principal Financial | October 10, 2025 |
| Doug M. Schafer | Officer and Principal Accounting |  |
|  | Officer |  |
| <u>\*By: /s/ Ryan L. Roell</u> |  |  |
| Ryan L. Roell<br>Attorney-In Fact pursuant to Power of Attorney |  |  |

---

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit** | **Exhibit Number** |
| <u>[Opinion of Counsel regarding certain tax matters](equabletaxopinion.htm)</u> | EX.12 |
| <u>[Power of Attorney](sptpowerofattorney-nx14xeq.htm)[dated October 8, 2025](sptpowerofattorney-nx14xeq.htm)</u> | EX.16(b) |

---

## Ex-12

![image_1a.jpg](image_1a.jpg)

**Chapman and Cutler LLP**<br>320 South Canal Street, 27th Floor<br>Chicago, Illinois 60606<br>T 312.845.3000<br>F 312.701.2361<br>

&nbsp;&nbsp;&nbsp;&nbsp;

October 1, 2025

<br> <br> <br> <br>

Dear Ladies and Gentlemen:

You have requested our opinion regarding certain federal income tax consequences of the reorganization contemplated by that certain Agreement and Plan of Reorganization (the "*Plan*") adopted as of the 12th day of June, 2025 by and among (i) Series Portfolios Trust, a Delaware statutory trust (the "*Trust*"), severally and not jointly on behalf of its series identified on Exhibit A hereto (the "*Target Fund*"); and (ii) the Trust, severally and not jointly on behalf of its series identified on Exhibit A hereto (the "*Acquiring Fund*") in connection with the proposed transfer of all of the assets and liabilities of the Target Fund to the Acquiring Fund in exchange for shares of the Acquiring Fund (*"Acquiring Fund Shares"*) with an aggregate net asset value (*"NAV"*) equal to the NAV of the Target Fund, followed by the liquidating distribution by the Target Fund to its shareholders of the shares of the Acquiring Fund in proportion to their holdings of shares of the Target Fund (the *"Reorganization"*).

For purposes of this opinion, we have examined and relied upon (1) the Plan, (2) the Form N-14 filed by Acquiring Fund with the Securities and Exchange Commission, and (3) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.

For purposes of this opinion, we have examined and relied upon the accuracy and completeness of the facts, information, covenants, statements and representations contained in originals or copies of the Plan, the exhibits attached thereto, and such other documents and instruments as we have deemed necessary or appropriate. In our examination of the foregoing materials, we have assumed the genuineness of all signatures, legal capacity of natural persons, the authenticity of all documents submitted to us as originals and the conformity to the original documents of all documents submitted to us as copies. We have assumed that such documents reflect all the material facts relating to the Reorganization. In addition, we have assumed that the Reorganization will be consummated in accordance with the terms of such documents and that none of the material terms and conditions contained therein will have been waived or modified prior to the consummation of the Reorganization.

Equable tax opinion.docx

4934-9764-6938

![image_2a.jpg](image_2a.jpg)

------

![image_0.jpg](image_0.jpg)

October 1, 2025

This opinion is based upon the Internal Revenue Code of 1986, as amended (the *"Code"*), United States Treasury regulations, judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon the Reorganization taking place in the manner described in the Plan and the Form N-14 referred to above.

Based upon the foregoing, it is our opinion that with respect to the Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The acquisition by the Acquiring Fund of all of the assets of the Target Fund, as provided for in the Agreement, in exchange for Acquiring Fund Shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the Acquiring Fund Shares in complete liquidation of the Target Fund, will qualify as a reorganization within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)No gain or loss will be recognized by the Target Fund upon the transfer of all of its assets to, and assumption of all of its liabilities by, the Acquiring Fund in exchange solely for Acquiring Fund Shares pursuant to Section 361(a) and Section 357(a) of the Code, except for any gain or loss that may be required to be recognized upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)No gain or loss will be recognized by the Acquiring Fund upon the receipt by it of all of the assets of the Target Fund in exchange solely for the assumption of all of the liabilities of the Target Fund and issuance of the Acquiring Fund Shares pursuant to Section 1032(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)No gain or loss will be recognized by the Target Fund upon the distribution of the Acquiring Fund Shares by the Target Fund to its shareholders in complete liquidation (in pursuance of the Agreement) of the Target Fund pursuant to Section 361(c)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The tax basis of the assets of the Target Fund received by the Acquiring Fund will be the same as the tax basis of such assets in the hands of the Target Fund immediately prior to the transfer of such assets, increased by the amount of gain, or decreased by the amount of loss, if any, recognized by the Target Fund on the transfer pursuant to Section 362(b) of the Code.

------

![image_0.jpg](image_0.jpg)

October 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)The holding periods of the assets of the Target Fund in the hands of the Acquiring Fund will include the periods during which such assets were held by the Target Fund pursuant to Section 1223(2) of the Code, other than assets with respect to which gain or loss is required to be recognized and except where investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)No gain or loss will be recognized by the shareholders of the Target Fund upon the exchange of all of their Target Fund shares for the Acquiring Fund Shares (except with respect to cash received in lieu of fractional shares) pursuant to Section 354(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)The aggregate tax basis of the Acquiring Fund Shares received by a shareholder of the Target Fund (as adjusted for amounts allocable to cash received in lieu of any fractional shares) will be the same as the aggregate tax basis of the Target Fund shares exchanged therefor pursuant to Section 358(a)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)The holding period of the Acquiring Fund Shares received by a shareholder of the Target Fund will include the holding period of the Target Fund shares exchanged therefor, provided that the shareholder held the Target Fund shares as a capital asset on the date of the exchange pursuant to Section 1223(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)The Acquiring Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)The consummation of the Reorganization will not terminate the taxable year of the Target Fund. The part of the taxable year of the Target Fund before the Reorganization and the part of the taxable year of the Acquiring Fund after the Reorganization will constitute a single taxable year of the Acquiring Fund.

We express no opinion as to the federal income tax consequences of the Reorganization except as expressly set forth above, or as to any transaction except those consummated in accordance with the Plan. No opinion is expressed as to (i) the effect of the Reorganization on a Target Fund, Acquiring Fund or any Target Fund Shareholder with respect to any asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting or (ii) any other U.S, federal tax issues (except those set forth in the opinion) and all state, local or foreign tax issues of any kind.

We hereby consent to the filing of this opinion letter with the Securities and Exchange Commission as an exhibit to the Form N-14 and to the references therein to us under the heading

------

![image_0.jpg](image_0.jpg)

October 1, 2025

"Section A–Reorganizations — Questions and Answers/Synopsis–What are the Federal income and other tax consequences of the Reorganization," and "Certain Federal Income Tax Consequences". In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours,

<u>/s/ Chapman and Cutler LLP</u>

Chapman and Cutler LLP

------

![image_0.jpg](image_0.jpg)

October 1, 2025

**EXHIBIT A**

**CHART OF REORGANIZATIONS**

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| | |
|:---|:---|
| **Acquiring Fund** | **The Target Fund** |
| Equable Shares Hedged Equity ETF | Equable Shares Hedged Equity Fund |

---

## Ex-99.(B)

**<u>POWER OF ATTORNEY</u>**

The undersigned, being the Treasurer, Principal Financial Officer and Principal Accounting Officer of **Series Portfolios Trust** (the "'Trust") hereby appoints Ryan L. Roell and Adam W. Smith, each an officer of the Trust, each individually with power of substitution or resubstitution, his true and lawful attorneys-in-fact and agents (each, an "Attorney-in-Fact") with the power and authority to do any and all acts and things and to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable in furtherance of the business and affairs of the Trust and relating to compliance by the Trust with the Investment Company Act of 1940, as amended, the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (hereafter "Acts"), and any rules, regulations or requirements of the U.S. Securities and Exchange Commission (hereafter "SEC") in respect thereof, filing by the Trust of the Registration Statements on Form N-14 relating to the proposed reorganization of the **Equable Shares Hedged Equity Fund**, a series of the Trust, into the **Equable Shares Hedged Equity ETF**, also a series of the Trust, pursuant to the Acts and any amendments thereto, including applications for exemptive orders, rulings or filings of proxy materials (together "SEC filings"), signing in the name and on behalf of the undersigned as an officer of the Trust any and all such SEC filings, and the undersigned does hereby ratify and confirm all that said Attorneys-in-Fact shall do or cause to be done by virtue thereof.

The undersigned officer hereby executes this Power of Attorney as of the 8<sup>th</sup> day of October 2025.

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| | |
|:---|:---|
| /s/ Douglas Schafer | |
| Douglas Schafer | Principal Financial Officer |

---

<br>