# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001398344-25-011474
**Filing Date:** 2025-6
**Character Count:** 4490
**Document Hash:** 67f563c9e153a1e01fb170c78040b8f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011474.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001398344-25-011474

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB Fund Trust
- **CENTRAL INDEX KEY:** 0001618627

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 609-731-6256

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN Capital Funds Trust
- **DATE OF NAME CHANGE:** 20140904

**The RBB Fund Trust**

615 East Michigan Street

Milwaukee, Wisconsin 53202

June 6, 2025

**VIA EDGAR TRANSMISSION**

Christopher Bellacicco

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

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| | |
|:---|:---|
| **Re:** | **The RBB Fund Trust (the "Trust")<br> File Nos.: 333-200168 and 811-23011** |

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Dear Mr. Bellacicco:

The purpose of this letter is to respond to the Commission staff's (the "Staff") oral comments provided to U.S. Bank Global Fund Services on June 3, 2025 regarding the Trust's post-effective amendment ("PEA") No. 58 to its registration statement on Form N-1A. PEA No. 58 was filed with the Securities and Exchange Commission (the "Commission") pursuant to Rule 485(a)(2) under the Securities Act of 1933, as amended, on Form N-1A on April 18, 2025. The sole purpose of PEA No. 58 was to register a new series of the Trust: MUFG Japan Small Cap Active ETF (the "Fund").

The Trust will file a subsequent PEA under Rule 485(b) ("Amended Registration Statement") to update any missing information, respond to Staff comments, and file updated exhibits.

For your convenience, each comment made by the Staff has been reproduced in bold typeface immediately followed by the Trust's response. Capitalized but undefined terms used herein have the meanings assigned to them in PEA No. 58. The Trust confirms that the response to Staff comments provided in one section will be similarly updated in other parallel sections, except as noted by the Trust.

**GENERAL**

**1. Comment: Please acknowledge that the Trust is responsible for the adequacy and accuracy of the disclosure in the filing.**

Response: The Trust acknowledges that it is responsible for the adequacy and accuracy of the disclosure in the filing.

**PROSPECTUS**

**<u>Summary Section – Principal Investment Strategies</u>**

**2. Please supplementally explain why it is appropriate for the Fund to consider a company with a market capitalization of up to $10 billion to be a small cap company.**

Response: In determining the market capitalization range for small cap companies, the Fund referred to the market capitalization of the MSCI Japan Small Cap Index. As of the end of February 2025, the market capitalization range of the MSCI Japan Small Cap Index was from $313 million to $10.7 billion. (Please refer to the below chart.) Given the market capitalization range of the MSCI Japan Small Cap Index, the Fund believes that the current upper limit of $10 billion for determining a small cap company is appropriate.

![](fp0093870-1_001.jpg)

**STATEMENT OF ADDITIONAL INFORMATION**

**<u>Investment Restrictions</u>**

**3. Please add disclosure regarding Investment Restriction Number 6, noting that the Fund will look through to the underlying investments of an acquired open-end investment company for purposes of complying with its own concentration policy**

Response: The Trust will add the following:

"For purposes of Investment Restriction Number 6, the Fund will look through to the underlying investments of an acquired open-end investment company for purposes of complying with its concentration policy."

\* \* \* \* \*

If you have any questions or comments regarding this filing, please do not hesitate to contact Edward Paz of U.S. Bank Global Fund Services at edward.paz@usbank.com.

Very truly yours,

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| |
|:---|
| /s/ James G. Shaw |
| James G. Shaw |
| <br> Secretary |

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cc: Allison Daly, Clearbrook Investment Consulting, LLC

Steven Plump, The RBB Fund Trust

Jillian Bosmann, Faegre Drinker Biddle & Reath LLP

Gwendolyn Williamson, Faegre Drinker Biddle & Reath LLP