# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001398344-26-006734
**Filing Date:** 2026-4
**Character Count:** 557715
**Document Hash:** 211c57417d8748c837f2648a78c00811
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-006734.hdr.sgml**: 20260420

**ACCESSION NUMBER**: 0001398344-26-006734

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260420

**DATE AS OF CHANGE**: 20260420

**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:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23011
- **FILM NUMBER:** 26875822

**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
**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:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-200168
- **FILM NUMBER:** 26875821

**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

Filed with the Securities and Exchange Commission on April 20, 2026

1933 Act Registration File No. 333-200168

1940 Act Registration File No. 811-23011

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

**FORM N-1A**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] <br> Pre-Effective Amendment No.   [ ] <br> Post-Effective Amendment No. <u>90</u> [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] <br> Amendment No. <u>93</u> [X]

(Check Appropriate Box or Boxes)

**<u>THE RBB FUND TRUST</u>**

(Exact Name of Registrant as Specified in Charter)

**615 East Michigan Street**

**Milwaukee, Wisconsin 53202**

(Address of Principal Executive Offices, including Zip Code)

Registrant's Telephone Number, including Area Code: (**609) 731-6256**

Copies to:

---

| | |
|:---|:---|
| **STEVEN PLUMP** | **JILLIAN L. BOSMANN, ESQUIRE** |
| **The RBB Fund Trust** | **Faegre Drinker Biddle & Reath LLP** |
| **615 East Michigan Street** | **One Logan Square, Suite 2000** |
| **Milwaukee, Wisconsin 53202-5207** | **Philadelphia, Pennsylvania 19103-6996** |

---

Approximate Date of Proposed Public Offering: As soon as practicable after the Registration Statement becomes effective.

[ ] immediately upon filing pursuant to paragraph (b)

[ ] on (date) pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[ ] on (date) pursuant to paragraph (a)(1)

[X] 75 days after filing pursuant to paragraph (a)(2)

[ ] on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to Completion**

**Dated April 20, 2026**

**Prospectus**

**Polen Dividend Income ETF<br> (NYSE Arca, Inc. – DIVZ)**

**Polen International Dividend Income ETF<br> (Cboe BZX Exchange, Inc. – IDVZ)**

**of The RBB Fund Trust**

**[●], 2026**

**The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| POLEN DIVIDEND INCOME ETF | 1 |
| POLEN INTERNATIONAL DIVIDEND INCOME ETF | 6 |
| ADDITIONAL INFORMATION ABOUT THE FUNDS | 13 |
| MANAGEMENT OF THE FUNDS | 19 |
| HOW TO BUY AND SELL SHARES | 20 |
| DIVIDENDS, DISTRIBUTIONS, AND TAXES | 22 |
| DISTRIBUTION | 26 |
| ADDITIONAL CONSIDERATIONS | 26 |
| FINANCIAL HIGHLIGHTS | 29 |

---

No securities dealer, sales representative, or any other person has been authorized to give any information or to make any representations, other than those contained in this Prospectus or in approved sales literature in connection with the offer contained herein, and if given or made, such other information or representations must not be relied upon as having been authorized by the Polen Dividend Income ETF or the Polen International Dividend Income ETF (each a "Fund" and together, the "Funds") or The RBB Fund Trust (the "Trust"). This Prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby in any jurisdiction or to any person to whom it is unlawful to make such offer.

**Polen Dividend Income ETF**

**SUMMARY SECTION**

**Investment Objective**

The investment objective of the Polen Dividend Income ETF (the "Fund") is to provide capital appreciation with lower volatility and a higher dividend yield compared to the S&P 500 Index.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | |
|:---|:---|
| Management Fees | 0.65% |
| Distribution (12b-1) Fees<sup>(1)</sup> | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.65% |

---

(1) The Fund's Rule 12b-1 Plan has been approved by the Board but has not been implemented, such that no related fees accrue to
the Fund.

(2) "Other Expenses" are estimated for the current fiscal year.

*Example*

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (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:

---

| | | | |
|:---|:---|:---|:---|
| **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| $66 | $208 | $362 | $810 |

---

 

*Portfolio Turnover*

 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year ended December 31, 2025, the Predecessor Fund's (defined below) portfolio turnover was 52% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by purchasing 25-35 stocks of companies that pay dividends and expect to grow the dividends over time and are trading at attractive valuations at the time of the investment. The Fund's investment adviser, Opal Capital LLC (the "Adviser"), and sub-adviser, Polen Capital Management, LLC (the "Sub-Adviser"), will seek to invest in such companies that are established businesses with high cash flow, stable revenue streams, and more disciplined capital reinvestment programs which may, in turn, experience lower volatility relative to the overall equity market. The Adviser and Sub-Adviser will focus on companies whose stock is listed on a U.S. exchange with market capitalizations greater than $8 billion, but may include companies with market capitalizations of less than $8 billion if their dividend yields are above the market average. The Adviser and Sub-Adviser will select companies for the Fund that, in the Sub-Adviser's determination, provide the best combination of dividend yield with potential for dividend growth and are currently under-valued in the market. Under normal circumstances, at least 80% of the Fund's net assets, plus borrowings for investment purposes, will be invested in dividend paying equity securities, including common stocks and American Depositary Receipts ("ADRs").

The Adviser makes its initial identification of potential portfolio securities based on its assessment of a company's ability and commitment to sustain and grow its dividends. The Adviser seeks to identify such companies by utilizing a combination of quantitative and qualitative indicators of the company's financial position, growth opportunities, historical payouts, and management commentary, as well as the competitive landscape.

The Adviser will then review the current market valuation of these companies which the Adviser believes are under-valued. The Adviser first identifies "high quality companies," which are generally defined as companies with a sustainable competitive advantage, offering stable and growing free cash flows, and quality management teams that have the capital discipline to distribute dividends to shareholders. The Adviser then selects companies whose stock is trading at a valuation that it believes offers an opportunity to generate above average returns over time. The Adviser utilizes a variety of metrics (e.g., price compared to earnings ratio, market capitalization compared to book value, free cash flow yield, etc.) in the valuation process and seeks to identify companies that are attractively priced both in absolute terms and relative to their peers with a preference of companies with higher free cash flow.

The Fund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company ("RIC") under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the "Code").

**Principal Investment Risks**

Loss of money is a risk of investing in the Fund. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The Fund's principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Different risks may be more significant at different times depending on market conditions or other factors.

● **Active Management Risk.** The Fund is subject to management risk as an actively-managed investment portfolio. The Adviser's investment approach may fail to produce the intended result.

● **American Depositary Receipts ("ADRs").** ADRs 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.

● **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, 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 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.

● **Dividend Paying Risk.** While the Fund may hold stocks of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The Fund's emphasis on dividend-paying companies involves the risk that such companies may fall out of favor with investors and underperform the market.

● **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.

● **ETF Investment Risk.** 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."

● *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* 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.

 

● *Secondary Market Trading Risk.* Although Shares are listed on a national securities exchange, 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 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.

● *Shares May Trade at Prices Other Than NAV Risk.* 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.

● **Large-Cap Companies Risk.** Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

● **Mid-Cap Companies Risk.** Mid-cap companies may not have the management experience, financial resources, product diversification and competitive strengths of large-cap companies and, therefore, their securities tend to be more volatile than the securities of larger, more established companies, making them less liquid than other securities.

● **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.

● **Tax Risk.** 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") and satisfy certain diversification requirements. If the Fund were to fail to satisfy these tests, it would become subject to tax at regular corporate tax rates and would not be entitled to a dividends paid deduction.

● **Value Investing Risk.** Value 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. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.

**Performance**

It is currently contemplated that before the Fund commences operation, substantially all of the assets of the Polen Dividend Income ETF, a series of Elevation Series Trust (the "Predecessor Fund") will be transferred to the Fund in a tax-free reorganization (the "Reorganization"). If approved by shareholders of the Predecessor Fund, the Reorganization is expected to occur in the third quarter of 2026. Accordingly, the Fund is the successor to the Predecessor Fund, and the performance information shown is that of the Predecessor Fund. The Fund has an investment objective, strategies and policies substantially the same as the Predecessor Fund. The performance of the Predecessor Fund reflects performance of its predecessor fund (the "Prior Predecessor Fund") prior to June 13, 2025. The Prior Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Predecessor Fund.

The bar chart below illustrates the performance of the Predecessor Fund, which has varied year by year and provides some indication of the risks of investing in the Fund. The bar chart assumes reinvestment of dividends and distributions.

The performance table below shows how the Predecessor Fund's average annual total returns for 1 year, 5 years and 10 years compare with those of a broad measure of market performance. The performance information that follows reflects the performance of the investment adviser to the Predecessor 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. Updated performance information, current through the most recent month end is available by calling [●].

Calendar Year Total Returns

[●]

The calendar year-to-date return of the Predecessor Fund as of March 31, 2026 was [●]%. During the period of time shown in the bar chart, the highest quarterly return was [●]% for the quarter ended [●], and the lowest quarterly return was [●]% for the quarter ended [●].

[●]

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above 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 Shares through tax-deferred arrangements such as an individual retirement account ("IRA") or other tax-advantaged accounts. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Management of the Fund**

***<u>Investment Adviser</u>***

Opal Capital LLC serves as the investment Adviser.

***<u>Investment Sub-Adviser</u>***

Polen Capital Management, LLC serves as the investment Sub-Adviser.

***<u>Portfolio Manager</u>***

<u>*Name*</u> <u>*Title with Adviser*</u> <u>*Tenure with the Fund*</u> <br> Austin Graff, CFA Founder and Chief Investment Officer Since Inception

**Purchase and Sale of Fund Shares**

Shares are intended to be listed on a national securities exchange, the Exchange, and investors can only buy and sell Shares through brokers or dealers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). The median bid-ask spread for the Fund's most recent fiscal year cannot be provided because the Fund did not have a trading history to report trading information and related costs prior to the date of this Prospectus. Once available, information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be provided at www.[●].com.

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. Creation Units generally consist of 10,000 Shares, though this may change from time to time. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund (the "Deposit Securities") and/or a designated amount of U.S. cash.

**Tax Information**

Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is made through an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser, or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**Polen International Dividend Income ETF**

**SUMMARY SECTION**

**Investment Objective**

The investment objective of the Polen International Dividend Income ETF (the "Fund") is to provide capital appreciation with lower volatility and a higher dividend yield compared to the MSCI ACWI ex USA High Dividend Yield Total Return Index.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

**Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):**

---

| | |
|:---|:---|
| Management Fees | 0.75% |
| Distribution (12b-1) Fees<sup>(1)</sup> | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.75% |

---

(1) The Fund's Rule 12b-1 Plan has been approved by the Board but has not been implemented, such that no related fees accrue to
the Fund.

(2) "Other Expenses" are estimated for the current fiscal year.

*Example*

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (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:

---

| | | | |
|:---|:---|:---|:---|
| **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| $77 | $240 | $417 | $930 |

---

 

*Portfolio Turnover*

 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when 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. During the most recent fiscal year ended October 31, 2025, the Predecessor Fund's (defined below) portfolio turnover was 35% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in securities of dividend-paying companies.

The Fund's portfolio typically consists of 40-60 companies that pay dividends and that the adviser, Opal Capital LLC (the "Adviser"), expects will grow the dividends over time and are trading at attractive valuations at the time of the investment. The Adviser seeks companies that are established businesses with high cash flow, stable revenue streams, and disciplined capital reinvestment programs that may, as a result, experience lower volatility relative to the overall international equity market.

The Fund invests in non-U.S. companies with market capitalizations greater than $8 billion, but may include companies with market capitalizations of less than $8 billion if their dividend yields are above the market average. The Fund typically invests in non-U.S. companies through sponsored and/or unsponsored American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") but may directly invest in such companies on foreign exchanges. The Adviser makes its initial identification of potential portfolio securities based on its assessment of a company's ability and commitment to sustain and grow its dividends. The Adviser next identifies "high quality companies," which are generally defined as companies with a sustainable competitive advantage, offering stable and growing free cash flows, and quality management teams that have the capital discipline to distribute dividends to shareholders. The Adviser then selects companies whose stock is trading at a valuation that it believes offers an opportunity to generate above average returns over time.

The Fund invests at least 40% of its net assets in securities of companies that are economically tied to a country or countries outside the U.S., including emerging markets, meaning the company (i) is organized outside of the U.S.; (ii) has a class of securities whose principal securities market is outside of the U.S.; (iii) derives more than 50% of total revenues or earnings from goods produced, sales made, or services provided outside of the U.S.; or (iv) maintains more than 50% of its employees, assets, investments, operations, or other business activity outside of the U.S.

The MSCI ACWI ex USA High Dividend Yield Total Return Index (the "Index") referenced in the objective of the Fund is designed to reflect the performance of equities in the MSCI ACWI ex USA (excluding real estate investment trusts ("REITs")) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The Index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends.

The Fund is classified as a "non-diversified" investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a "diversified" fund.

The Fund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company ("RIC") under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the "Code").

**Principal Investment Risks**

Loss of money is a risk of investing in the Fund. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The Fund's principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Different risks may be more significant at different times depending on market conditions or other factors.

● **Active Management Risk.** The Fund is subject to management risk as an actively-managed investment portfolio. The Adviser's investment approach may fail to produce the intended result.

● **American Depositary Receipts ("ADRs") and Global Depository Receipts ("GDRs") Risk.** Sponsored and unsponsored ADRs are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs, in sponsored form, are designed for use in U.S. securities markets. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees and provides financial information to the bank. 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. One risk of investing in an ADR (sponsored or unsponsored) is the political risk of the home country. Instability in the home country increases the risk of investing in an ADR. Another risk is exchange rate risk. ADR and GDR shares track the shares in the home country. If a country's currency is devalued, it will trickle down to the ADR. This can result in a significant loss, even if the company had been performing well. Another related risk is inflationary risk. Inflation is the rate at which the general level of prices for goods and services is rising and, subsequently, purchasing power is falling. Inflation can have a serious negative impact on business because the currency of a country with high inflation becomes less and less valuable each day.

● **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, 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 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.

● **Dividend Paying Risk.** While the Fund may hold securities of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The Fund's emphasis on dividend-paying companies involves the risk that such companies may fall out of favor with investors and underperform the market.

● **Early Close/Trading Halt Risk.** 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 the Fund or an underlying fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

● **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 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.

● **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.

● **ETF Investment Risk.** 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."

● *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* 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.

 

● *Cash Transactions Risk.* 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.

● *Secondary Market Trading Risk.* Although Shares are listed on a national securities exchange, 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 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.

● *Shares May Trade at Prices Other Than NAV Risk.* 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.

● **Foreign Markets Risk.** 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. Additionally, foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities.

● **Foreign Investment 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.

● **New Fund Risk.** The Fund is a newly organized, management investment company with 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 the Trust may determine to liquidate the Fund.

● **Large-Cap Companies Risk.** Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

● **Mid-Cap Companies Risk.** Mid-cap companies may not have the management experience, financial resources, product diversification and competitive strengths of large-cap companies and, therefore, their securities tend to be more volatile than the securities of larger, more established companies, making them less liquid than other securities.

● **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.

● **Non-Diversification Risk:** 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.

● **Value Investing Risk.** Value 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. Value stocks can react differently to political, economic, and industry developments than the market as a whole and other types of stocks. Value stocks also may underperform the market for long periods of time.

**Performance**

It is currently contemplated that before the Fund commences operation, substantially all of the assets of the Polen International Dividend Income ETF, a series of Elevation Series Trust (the "Predecessor Fund") will be transferred to the Fund in a tax-free reorganization (the "Reorganization"). If approved by shareholders of the Predecessor Fund, the Reorganization is expected to occur in the third quarter of 2026. Accordingly, the Fund is the successor to the Predecessor Fund, and the performance information shown is that of the Predecessor Fund. The Fund has an investment objective, strategies and policies substantially the same as the Predecessor Fund.

The bar chart below illustrates the performance of the Predecessor Fund, which has varied year by year and provides some indication of the risks of investing in the Fund. The bar chart assumes reinvestment of dividends and distributions.

The performance table below shows how the Predecessor Fund's average annual total returns for 1 year, 5 years and 10 years compare with those of a broad measure of market performance. The performance information that follows reflects the performance of the investment adviser to the Predecessor 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. Updated performance information, current through the most recent month end is available by calling [●].

Calendar Year Total Returns

[●]

The calendar year-to-date return of the Predecessor Fund as of March 31, 2026 was [●]%. During the period of time shown in the bar chart, the highest quarterly return was [●]% for the quarter ended [●], and the lowest quarterly return was []% for the quarter ended [●].

[●]

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above 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 Shares through tax-deferred arrangements such as an individual retirement account ("IRA") or other tax-advantaged accounts. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Management of the Fund**

***<u>Investment Adviser</u>***

Opal Capital LLC serves as the investment adviser.

***<u>Investment Sub-Adviser</u>***

Polen Capital Management, LLC serves as the investment sub-adviser.

***<u>Portfolio Manager</u>***

<u>*Name*</u> <u>*Title with Adviser*</u> <u>*Tenure with the Fund*</u> <br> Austin Graff, CFA Founder and Chief Investment Officer Since Inception

**Purchase and Sale of Fund Shares**

Shares are intended to be listed on a national securities exchange, the Exchange, and investors can only buy and sell Shares through brokers or dealers at market prices, rather than NAV. Because Shares trade at market prices rather than NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). The median bid-ask spread for the Fund's most recent fiscal year cannot be provided because the Fund did not have a trading history to report trading information and related costs prior to the date of this Prospectus. Once available, information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads will be provided at www.[●].com.

The Fund issues and redeems Shares at NAV only in large blocks known as "Creation Units," which only APs (typically, broker-dealers) may purchase or redeem. Creation Units generally consist of 10,000 Shares, though this may change from time to time. The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities closely approximating the holdings of the Fund (the "Deposit Securities") and/or a designated amount of U.S. cash.

**Tax Information**

Fund distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is made through an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Fund's investment Adviser, or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

**Investment Objective**

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| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| Polen Dividend Income ETF ("Dividend Income ETF") | Seeks to provide capital appreciation with lower volatility and a higher dividend yield compared to the S&P 500 Index. |
| Polen International Dividend Income ETF ("International Dividend Income ETF") | Seeks to provide capital appreciation with lower volatility and a higher dividend yield compared to the MSCI ACWI ex USA High Dividend Yield Total Return Index. |

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Each Fund's investment objective may be changed by the Board of Trustees (the "Board") of The RBB Fund Trust (the "Trust") without shareholder approval. Shareholders will, however, receive 60 days' prior written notice of any changes. Any such changes may result in a Fund having an investment objective different from the objective that the shareholder considered appropriate at the time of investment in the Fund.

**Portfolio Composition**

The Dividend Income ETF has adopted a non-fundamental investment policy to invest at least 80% of its net assets, plus the amount of borrowings for investment purposes, in dividend paying equity securities, including common stocks and ADRs.

The International Dividend Income ETF is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the Fund's net assets, plus borrowings for investment purposes, will be invested in dividend paying companies.

Each Fund's 80% Policy is non-fundamental and can be changed by the Board of Trustees ("Board") of the RBB Fund Trust ("Trust") upon 60 days' prior notice to shareholders. Each Fund must comply with its 80% Policy at the time the Fund invests its assets. Accordingly, when a Fund no longer meets the 80% requirement as a result of circumstances beyond its control, such as changes in the value of portfolio holdings, the Fund would not have to sell its holdings, but any new investments it makes would need to be consistent with its 80% Policy. Each Fund may, from time to time, take temporary defensive positions that are inconsistent with a Fund's principal investment strategies in attempting to respond to adverse market, economic, political, or other conditions. This may cause a Fund to not achieve its investment objective.

**Additional Information About Each Fund's Principal Investments and Risks**

The following provides additional information about the principal and certain non-principal risks of investing in the Funds. More information about each Fund's risks is included in the SAI.

**Dividend Income ETF** **International Dividend Income ETF** 

**Active Management Risk.** The Funds are subject to management risk as actively-managed investment portfolios. The Adviser's investment approach may fail to produce the intended result.

**ADRs and GDRs Risk.** Sponsored and unsponsored ADRs are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs, in sponsored form, are designed for use in U.S. securities markets. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depositary's transaction fees and provides financial information to the bank. 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. One risk of investing in an ADR (sponsored or unsponsored) is the political risk of the home country. Instability in the home country increases the risk of investing in an ADR. Another risk is exchange rate risk. ADR and GDR shares track the shares in the home country. If a country's currency is devalued, it will trickle down to the ADR. This can result in a significant loss, even if the company had been performing well. Another related risk is inflationary risk. Inflation is the rate at which the general level of prices for goods and services is rising and, subsequently, purchasing power is falling. Inflation can have a serious negative impact on business because the currency of a country with high inflation becomes less and less valuable each day.

**Cybersecurity Risk.** The Funds and their service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a Fund to lose proprietary information, suffer data corruption, or lose operational capacity. Breaches in cyber security include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber-attacks. Cyber security breaches affecting a Fund, the Adviser, sub-Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact a Fund. For instance, cyber security breaches may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAVs, cause the release of private shareholder information or confidential business information, impede trading, subject a Fund to regulatory fines or financial losses and/or cause reputational damage. A Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause a Fund's investment in such companies to lose value. While a Fund and its service providers have established information technology and data security programs and have in place business continuity plans and other systems designed to prevent losses and mitigate cyber security risk, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified or that cyber-attacks may be highly sophisticated. Furthermore, a Fund has 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 a Fund and its Adviser.

**Dividend Paying Security Risk.** While the Funds may hold securities of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Funds. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. A Fund's emphasis on dividend-paying companies involves the risk that such companies may fall out of favor with investors and underperform the market.

**Early Close/Trading Halt Risk (International Dividend Income ETF only).** 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 the Fund or an Underlying Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

**Emerging Markets Risk** (**International Dividend Income ETF only**)**.** 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the imposition of exchange controls (including repatriation restrictions). The legal remedies for investors in emerging markets may be more limited than the 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 may be limited.

**Equity Securities Risk.** 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. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. Fluctuations in the value of equity securities in which a Fund invests will cause the NAV of a Fund to fluctuate. The value of an investment may decrease in response to overall stock market movements or the value of individual securities. A Fund purchases equity securities traded in the U.S. on registered exchanges or the over-the-counter market.

**ETF Investment Risks.** Each 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."

● *Authorized Participants, Market Makers and Liquidity Providers Concentration Risk.* Only an authorized participant may engage in creation or redemption transactions directly with a Fund. A 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.

● *Cash Transactions Risk.* Unlike certain ETFs, the Funds may effect their creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, a 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 a 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 a Fund had effected redemptions wholly on an in-kind basis.

● *Secondary Market Trading Risk.* Although Shares are listed on a national securities exchange, NYSE Arca, Inc. and Cboe BZX Exchange, Inc., as applicable (each an "Exchange" and collectively, the "Exchanges"), and may be traded on U.S. exchanges other than the Exchanges, 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 Exchanges may be halted. Trading may be halted because of market conditions or for reasons that, in the view of an Exchange, make trading in a Fund inadvisable. These may include: (a) the extent to which trading is not occurring in the securities and/or the financial instruments composing a 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.

● *Shares May Trade at Prices Other Than NAV Risk.* 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 a Fund's Shares will vary significantly from a Fund's NAV.

**Foreign Exchanges Risk (International Dividend Income ETF only).** 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. Additionally, foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities.

**Foreign Investment Risk (International Dividend Income ETF only).** 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.

**New Fund Risk (International Dividend Income ETF only).** 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 the Trust may determine to liquidate the Fund.

**Market Capitalization Risk.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Large-Capitalization Investing.* A Fund may invest in larger, more established companies, the securities of which may be unable
to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are
sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.
The Funds consider large companies to be companies with market capitalizations of $10 billion or greater.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Mid-Capitalization Investing.* Generally, mid-cap companies may have more potential for growth than
companies with larger market capitalizations. Investing in mid-cap companies, however, may involve greater risk than investing in large-cap
companies. Mid-cap companies may not have the management experience, financial resources, product diversification and competitive strengths
of large-cap companies. Therefore, their securities may be more volatile than the securities of larger, more established companies, making
them less liquid than other securities. Mid-cap company stocks may also be bought and sold less often and in smaller amounts than larger
company stocks. Because of this, if a Fund wants to sell a large quantity of a mid-cap company's stock, it may have to sell at a
lower price than it might prefer, or it may have to sell in smaller than desired quantities over a period of time.

**Market Risk.** Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market's expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, war, natural disasters, terrorism, conflicts and social unrest may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of a Fund's investments may be negatively affected by events impacting a country or region, regardless of whether a Fund invests in issuers located in or with significant exposure to such country or region.

Recently, the United States has enacted or proposed to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; global financial markets' stability; and global economic conditions. These events could, in turn, adversely affect a Fund's performance.

Additionally, various countries have seen significant internal conflicts and in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect a Fund's investments.

Recent examples of the above include conflict, loss of life and disaster connected to ongoing armed conflict in Europe and the Middle East. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities and commodities. These impacts could negatively affect a Fund's investments in securities and instruments that are economically tied to the applicable region and include (but are not limited to) declines in value and reductions in liquidity. In addition, to the extent new sanctions are imposed or previously relaxed sanctions are reimposed (including with respect to countries undergoing transformation), complying with such restrictions may prevent a Fund from pursuing certain investments, cause delays or other impediments with respect to consummating such investments or divestments, require divestment or freezing of investments on unfavorable terms, render divestment of underperforming investments impracticable, negatively impact a Fund's ability to achieve its investment objective, prevent a Fund from receiving payments otherwise due it, increase diligence and other similar costs to a Fund, render valuation of affected investments challenging, or require a Fund to consummate an investment on terms that are less advantageous than would be the case absent such restrictions. Any of these outcomes could adversely affect a Fund's performance with respect to such investments and thus a Fund's performance as a whole.

The current presidential administration has called for and is seeking to quickly enact significant changes to U.S. fiscal, tax, trade, healthcare, immigration, foreign, and government regulatory policy. Significant uncertainty exists with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or the current presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although a Fund cannot predict the impact, if any, of these changes to a Fund's business, they could adversely affect a Fund's business, financial condition, operating results and cash flows. Until a Fund knows what policy changes are made and how those changes impact a Fund's business and the business of a Fund's competitors over the long term, a Fund will not know if, overall, a Fund will benefit from them or be negatively affected by them.

Advancements in technology may also adversely impact markets and the overall performance of a 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 a Fund.

**Non-Diversification Risk (International Dividend Income ETF only)**. 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 Fund's 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.

**Tax Risk (Dividend Income ETF only)**. 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") and satisfy certain diversification requirements. If the Fund were to fail to satisfy these tests, it would become subject to tax at regular corporate tax rates and would not be entitled to a dividends paid deduction.

**Value Investing Risk.** Value stocks may perform differently from the market as a whole and an investment strategy purchasing these securities may cause the Funds to at times 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. Value stocks also may underperform the market for long periods of time. The determination that a stock is undervalued is subjective; the market may not agree, and a stock's price may not rise to what the Adviser believes is its full value. If the market does not consider the stock to be undervalued then the value of a Fund's Shares may decline, even if stock prices generally are rising. The Funds may make other types of investments and may engage in various other investment practices. These investments and practices, and their risks, are described in the Funds' Statement of Additional Information ("SAI").

**MANAGEMENT OF THE FUNDS**

The Board, of which each Fund is a series, is responsible for supervising the operations and affairs of the Funds. The Adviser is responsible for the daily management and administration of each Fund's operations.

**Investment Adviser**

The Adviser of each Fund is Opal Capital LLC, located at 5200 Town Center Circle, Suite 305, Boca Raton, Florida 33486. The Adviser is registered with the SEC as an investment adviser and offers a variety of investment management services. As of [●], 2026, the Adviser had approximately [●] million in assets under management and approximately [●] billion in assets under administration. The Adviser is controlled by Austin Graff and Polen Capital Management, LLC holds a minority equity stake in the Adviser.

Subject to the overall supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund's investment objective and policies and formulates a continuing investment strategy for the Fund pursuant to the terms of an investment advisory agreement between the Trust and the Adviser (the "Advisory Agreement"). Under the terms of the Advisory Agreement, each Fund pays the Adviser a unitary management fee that is computed and paid monthly at an annual rate of 0.65% and 0.75% for Dividend Income ETF and International Dividend Income ETF, respectively, of the average daily net assets of the respective Fund during the month. From the unitary management fees, the Adviser will pay all expenses incurred by it in connection with its activities under the investment advisory agreement. In addition, for no additional compensation, the Adviser shall pay all of the other operating expenses of each Fund, excluding: (i) its advisory fees payable under the investment advisory agreement; (ii) distribution fees and expenses, if any, paid by a Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (iii) interest expenses; (iv) brokerage expenses, trading expenses and other expenses (such as stamp taxes) in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (v) tax expenses (including any income or franchise taxes) and governmental fees; and (vi) extraordinary expenses, such as litigation costs and other expenses not incurred in the ordinary course of business. No information regarding the advisory fees paid by the Funds is currently available, as the Funds had not commenced operations prior to the date of this Prospectus.

**Investment Sub-Adviser**

The Trust and the Adviser submitted an application with the SEC for an exemptive order with respect to each Fund that would permit the Adviser to engage or terminate a sub-adviser, and to enter into and materially amend an existing sub-advisory agreement, upon the approval of the Board, without obtaining shareholder approval. This requested exemptive relief has been approved by the Board and each Fund's initial shareholder. Consequently, if approved by the SEC, under the exemptive order, the Adviser would have the right to hire, terminate and replace sub-advisers when the Board and the Adviser feel that a change would benefit the applicable Fund. The exemptive order is expected to enable each Fund to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approval of sub-advisory agreements. There is no guarantee that the SEC will grant the requested exemptive order.

Polen Capital Management, LLC, a Delaware limited liability company whose main offices are located at 1825 NW Corporate Boulevard, Suite 300, Boca Raton, Florida 33431, serves as the investment sub-adviser to the Funds. As of December 31, 2025, the Sub-Adviser had approximately $41.2 billion in assets under management.

Pursuant to an investment sub-advisory agreement between the Adviser and the Sub-Adviser (the "Sub-Advisory Agreement"), the Sub-Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of a Fund, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is entitled to a fee by the Adviser.

A discussion regarding the Board's initial approval of the Funds' Advisory Agreement and Sub-Advisory Agreement and the factors the Board considered with respect to their approval will be available in the Funds' first Form N-CSR, which will be available on the Funds' website and on the SEC's website at www.sec.gov.

**Portfolio Manager**

Austin Graff, CFA, is the Founder and Chief Investment Officer of the Adviser and serves as portfolio manager for the Dividend Income ETF and International Dividend Income ETF, and all of the firm's fundamental strategies. Mr. Graff founded the Adviser in 2020 and has more than 19 years of investment experience. Previously, he held positions at Titleist Asset Management, PIMCO and Goldman Sachs. At Titleist Asset Management Austin incubated the current Opal Dividend strategies. At PIMCO, Mr. Graff was an Analyst and Co-Portfolio Manager on the Global Dividend strategies, building the business to nearly $5 billion, including a Morningstar 5-star rated fund. At Goldman Sachs, Mr. Graff was an investment banker serving on teams that executed more than $40 billion in transaction value across various sectors including Infrastructure, Industrials and Financial Institutions. Mr. Graff holds an MBA and BS from Purdue University. He earned the Chartered Financial Analyst (CFA) designation in 2012.

The SAI provides additional information about the compensation of the Portfolio Manager, other accounts managed by him, and his ownership of Shares of the Funds.

**HOW TO BUY AND SELL SHARES**

Each Fund issues and redeems its Shares at NAV only in Creation Units. Only APs may acquire Shares directly from a Fund, and only APs may tender their Shares for redemption directly to a Fund, at NAV. APs must be (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation, a clearing agency that is registered with the SEC; or (ii) a Depository Trust Company ("DTC") participant (as discussed below). In addition, each AP must execute a Participant Agreement that has been agreed to by Quasar Distributors, LLC (the "Distributor"), and that has been accepted by U.S. Bank Global Fund Services (the "Transfer Agent"), with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

Investors can only buy and sell Shares in secondary market transactions through brokers. Shares are listed for trading on the secondary market on the applicable Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling a Fund's Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. In addition, because secondary market transactions occur at market prices, you may pay more than NAV when you buy Shares, and receive less than NAV when you sell those Shares.

**Book Entry**

Shares are held in book-entry form, which means that no stock certificates are issued. The DTC or its nominee is the record owner of all outstanding Shares.

Investors owning a Fund's Shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all Shares. DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of Shares, you are not entitled to receive physical delivery of stock certificates or to have Shares registered in your name, and you are not considered a registered owner of Shares. Therefore, to exercise any right as an owner of Shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" through your brokerage account.

**Share Trading Prices on the Exchange**

Trading prices of a Fund's Shares on the applicable Exchange may differ from the Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares. To provide additional information regarding the indicative value of Shares, the applicable Exchange or a market data vendor disseminates information every 15 seconds through the facilities of the Consolidated Tape Association, or other widely disseminated means, an updated "intraday indicative value" ("IIV") for Shares as calculated by an information provider or market data vendor. The Funds are neither involved in nor responsible for any aspect of the calculation or dissemination of the IIVs and make no representation or warranty as to the accuracy of the IIVs. If the calculation of the IIV is based on the basket of Deposit Securities, such IIV may not represent the best possible valuation of a Fund's portfolio because the basket of Deposit Securities does not necessarily reflect the precise composition of the current Fund portfolio at a particular point in time. The IIV should not be viewed as a "real-time" update of a Fund's NAV because the IIV may not be calculated in the same manner as the NAV, which is computed only once a day, typically at the end of the business day. The IIV is generally determined by using both current market quotations and/or price quotations obtained from broker-dealers that may trade in the Deposit Securities.

**Frequent Purchases and Redemptions of Shares**

The Funds impose no restrictions on the frequency of purchases and redemptions of Shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by Fund shareholders. Purchases and redemptions by APs, who are the only parties that may purchase or redeem Shares directly with the Funds, are an essential part of the ETF process and help keep share trading prices in line with NAV. As such, the Funds accommodate frequent purchases and redemptions by APs. However, the Board has also determined that frequent purchases and redemptions for cash may increase tracking error and portfolio transaction costs and may lead to the realization of capital gains or losses. To minimize these potential consequences of frequent purchases and redemptions, the Funds employ fair value pricing and impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Funds in effecting trades. In addition, the Funds reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

Each Fund's NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m. Eastern Time, each day the NYSE is open for business. The NAV for a Fund is calculated by dividing the Fund's net assets by its Shares outstanding.

In calculating its NAV, a Fund generally values its assets on the basis of market quotations, last sale prices, or estimates of value furnished by a pricing service or brokers who make markets in such instruments. If such information is not available for a security held by a Fund or is determined to be unreliable, the security will be valued at fair value estimates by the Funds' Valuation Designee (defined below) under guidelines established by the Board.

**Fair Value Pricing**

If market quotations are unavailable or deemed unreliable by the Funds' administrator, in consultation with the Adviser, securities will be fair valued by the Adviser, as the Funds' Valuation Designee (the "Valuation Designee"), in accordance with procedures adopted by the Board and under the Board's ultimate supervision. Relying on prices supplied by pricing services or dealers or using fair valuation involves the risk that the values used by a Fund to price its investments may be higher or lower than the values used by other investment companies and investors to price the same investments. The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "1940 Act"), each Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

**Dividends and Distributions**

Each Fund intends to pay out dividends, if any, monthly. Each Fund intends to distribute any net realized capital gains to its shareholders at least annually.

The International Dividend Income ETF will declare and pay capital gain distributions, if any, in cash. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

**Dividend Reinvestment Service**

Brokers may make the DTC book-entry dividend reinvestment service available to their customers who own Shares. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole Shares of a Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments, investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require a Fund's shareholders to adhere to specific procedures and timetables.

For taxable investors, distributions of a Fund's taxable income or gain are taxable whether reinvested in Shares or received in cash.

**Taxes**

Each Fund intends to elect to be, and intends to qualify each year for treatment as, a RIC under Subchapter M of Subtitle A, Chapter 1, of the Code.

As with any investment, you should consider how your investment in Shares of a Fund will be taxed. The tax information in this Prospectus is provided as general information about certain U.S. tax considerations relevant under current law, which may be subject to change in the future. Such tax information does not represent a detailed description of the U.S. federal income tax consequences to you in light of your particular circumstances, including if you are subject to special tax treatment. Except where otherwise indicated, the discussion relates to investors who are "United States persons" (within the meaning of the Code) holding Shares as capital assets for U.S. federal income tax purposes (generally, for investment). You should consult your own tax professional about the tax consequences of an investment in Shares of a Fund.

Unless your investment in Shares of a Fund is made through a tax-exempt entity or tax-advantaged account, such as an IRA plan, you need to be aware of the possible tax consequences when: (i) a Fund makes distributions; (ii) you sell your Shares listed on the Exchange; and (iii) you purchase or redeem Creation Units.

**Taxes on Distributions**

Each Fund intends to distribute, at least quarterly, substantially all of its net investment income and, at least annually, net capital gains income. For federal income tax purposes, distributions of investment income are generally taxable as ordinary income or qualified dividend income (as discussed below). Taxes on distributions of capital gains (if any) are determined by how long a Fund owned the investments that generated them, rather than how long a shareholder has owned his or her Shares. Sales of assets held by a Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by a Fund for one year or less generally result in short-term capital gains and losses. Distributions of a Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by a Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains, which for non-corporate shareholders are subject to tax at reduced rates. Distributions of short-term capital gain will generally be taxable as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional Shares of a Fund.

Distributions reported by a Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains, provided holding period and other requirements are met by both such Fund and the shareholder. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. The amount of a Fund's distributions that qualify for this favorable treatment may be reduced as a result of such Fund's securities lending activities, if any. Corporate shareholders may be entitled to a dividends-received deduction for the portion of dividends they receive from a Fund that are attributable to dividends received by such Fund from U.S. corporations, provided holding period and other requirements are met by both such Fund and the shareholder. The amount of the dividends qualifying for this deduction may, however, be reduced as a result of a Fund's securities lending activities, if any.

Income from U.S. treasury securities are generally exempt from state and local taxes. Distributions paid from any interest income and from any short-term or long-term capital gains will be taxable whether you reinvest those distributions or receive them in cash. Distributions paid from a Fund's net long-term capital gains, if any, are taxable to you as long-term capital gains, regardless of how long you have held your Shares.

If a Fund were to retain any net capital gain, such Fund may designate the retained amount as undistributed capital gains in a notice to shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income as long-term capital gain, their proportionate share of such undistributed amount, and (ii) will be entitled to credit their proportionate share of the U.S. federal income tax paid by such Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. If such an event occurs, the tax basis of Shares owned by a shareholder of a Fund will, for U.S. federal income tax purposes, generally be increased by the difference between the amount of undistributed net capital gain included in the shareholder's gross income and the tax deemed paid by the shareholder.

A Fund may make distributions that are treated as a return of capital. Such distributions are generally not taxable but will reduce the basis of your Shares. To the extent that the amount of any such distribution exceeds the basis of your Shares, however, the excess will be treated as gain from a sale of the Shares.

Shortly after the close of each calendar year, you will be informed of the character of any distributions received from the Funds.

U.S. individuals with income exceeding specified thresholds are subject to a 3.8% Medicare contribution tax on all or a portion of their "net investment income," which includes interest, dividends, and certain capital gains (including capital gains distributions and capital gains realized on the sale of Shares of a Fund). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income or gains earned by a Fund before your investment (and thus were included in the Shares' NAV when you purchased your Shares of a Fund).

You may wish to avoid investing in a Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable to you even though it may economically represent a return of a portion of your investment. This adverse tax result is known as "buying into a dividend."

**Taxes When Shares are Sold**

For federal income tax purposes, any gain or loss realized upon a sale of Shares of a Fund generally is treated as a capital gain or loss and as a long-term capital gain or loss if those Shares have been held for more than 12 months and as a short-term capital gain or loss if those Shares have been held for 12 months or less. However, any capital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid or undistributed capital gains deemed paid with respect to such Shares of a Fund. Any loss realized on a sale will be disallowed to the extent Shares of a Fund are acquired (or the shareholder enters into a contract or option to acquire Shares of a Fund), including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the sale of Shares. If disallowed, the loss will increase the basis of the Shares acquired.

**IRAs and Other Tax-Qualified Plans**

The one major exception to the preceding tax principles is that distributions on and sales of Shares of a Fund held in an IRA (or other tax-qualified plan) will not be currently taxable unless it borrowed to acquire the Shares.

**U.S. Tax Treatment of Foreign Shareholders**

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends or returns of capital) paid to you by a Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. The Funds may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. For these purposes, interest-related dividends and short-term capital gain dividends generally represent distributions of interest or short-term capital gains that would not have been subject to U.S. federal withholding tax at the source if received directly by a foreign shareholder, and that satisfy certain other requirements.

Properly reported distributions by a Fund that are received by foreign shareholders are generally exempt from U.S. federal withholding tax when they (a) are paid by a Fund in respect of such Fund's "qualified net interest income" (i.e., such Fund's U.S. source interest income, subject to certain exceptions, reduced by expenses that are allocable to such income), or (b) are paid by a Fund in connection with such Fund's "qualified short-term gains" (generally, the excess of such Fund's net short-term capital gains over such Fund's long-term capital losses for such tax year). However, depending on the circumstances, a Fund may report all, some or none of such Fund's potentially eligible distributions as derived from such qualified net interest income or from such qualified short-term gains, and a portion of such distributions (e.g., distributions attributable to interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding.

If a Fund were to retain any net capital gain and designate the retained amount as undistributed capital gains in a notice to shareholders, foreign shareholders would be required to file a U.S. federal income tax return in order to claim refunds of their portion of the tax paid by such Fund on deemed capital gain distributions.

Foreign shareholders will generally not be subject to U.S. tax on gains realized on the sale of Shares of a Fund, except that a nonresident alien individual who is present in the United States for 183 days or more in a calendar year will be taxable on such gains and on Capital Gain Dividends from such Fund.

However, if a foreign investor conducts a trade or business in the United States and the investment in a Fund is effectively connected with that trade or business, then the foreign investor's income from that Fund will generally be subject to U.S. federal income tax at graduated rates in a manner similar to the income of a U.S. citizen or resident.

Each Fund is generally required to withhold 30% on certain payments to shareholders that are foreign entities and that fail to meet prescribed information reporting or certification requirements.

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. All foreign investors should consult their own tax advisors regarding the tax consequences in their country of residence of an investment in any of the Funds.

**Backup Withholding**

Each Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares of a Fund) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that he, she or it is not subject to such backup withholding. A foreign investor can generally avoid such backup withholding by certifying his or her foreign status under penalties of perjury. The current backup withholding rate is 24%.

**Taxes on Purchases and Redemptions of Creation Units**

An AP who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the AP's aggregate basis in the securities surrendered plus the amount of cash, if any, paid for such Creation Units. The Internal Revenue Service, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales," or on the basis that there has been no significant change in economic position. Any gain or loss realized by an AP upon a creation of Creation Units will be treated as capital gain or loss if the AP holds the securities exchanged therefor as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held by the AP for more than 12 months, and otherwise will be short-term capital gain or loss.

The Trust on behalf of each Fund has the right to reject an order for a purchase of Creation Units if the AP (or a group of APs) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares of a Fund and if, pursuant to Section 351 of the Code, any of the Funds would have a basis in the securities different from the market value of such securities on the date of deposit. The Trust also has the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination. If a Fund does issue Creation Units to an AP (or group of APs) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares of a Fund, the AP (or group of APs) may not recognize gain or loss upon the exchange of securities for Creation Units.

An AP who redeems Creation Units will generally recognize a gain or loss equal to the difference between the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units and the AP's basis in the Creation Units. Any gain or loss realized by an AP upon a redemption of Creation Units will be treated as capital gain or loss if the AP holds the Shares comprising the Creation Units as capital assets, and otherwise will be ordinary income or loss. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if the Shares comprising the Creation Units have been held by the AP for more than 12 months, and otherwise will generally be short-term capital gain or loss. Any capital loss realized upon a redemption of Creation Units held for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions to the applicable AP of long-term capital gains with respect to the Creation Units (including any amounts credited to the AP as undistributed capital gains). However, any loss realized upon a redemption of Creation Units will be disallowed to the extent Shares of a Fund are acquired (or the AP enters into a contract or option to acquire Shares of a Fund), including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the redemption. If disallowed, the loss will be reflected in an increase to the basis of the Shares acquired.

A Fund may include a payment of cash in addition to, or in place of, the delivery of a basket of securities upon the redemption of Creation Units. A Fund may sell portfolio securities to obtain the cash needed to distribute redemption proceeds. This may cause a Fund to recognize investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind, which would generally not give rise to a taxable gain or loss for the Fund. As a result, a Fund may be less tax efficient if it includes such a cash payment in the proceeds paid upon the redemption of Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in a Fund. It is not a substitute for personal tax advice. You also may be subject to state and local tax on a Fund's distributions and sales of Shares of a Fund. Consult your personal tax advisor about the potential tax consequences of an investment in Shares of a Fund under all applicable tax laws. For more information, please see the section entitled "DIVIDENDS, DISTRIBUTIONS, AND TAXES" in the SAI.*

**DISTRIBUTION**

The Distributor, Quasar Distributors, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group) is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Funds on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Funds or the securities that are purchased or sold by the Funds. The Distributor's principal address is 190 Middle Street, Suite 301, Portland, Maine 04101.

**Distribution and Service Plan**

Trust has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act that allows each Fund to pay distribution and other fees for the sale and distribution of its shares. Because these fees would be paid out of each Fund's assets on an on-going basis, over time these fees would increase the cost of your investment and may cost you more than paying other types of sales charges. Payments to financial intermediaries under the Plan are tied directly to their own out-of-pocket expenses. As of this date, the Plan has not been implemented with respect to the Funds. The Plan may not be implemented without further Board approval. The maximum distribution fee is 0.25% of each Fund's average net assets under the Plan. The Funds do not expect to pay any 12b-1 fees during the current and next fiscal years.

**ADDITIONAL CONSIDERATIONS**

**Payments to Financial Intermediaries**

The Adviser and Sub-Adviser, out of their own resources and without additional cost to the Funds or their shareholders, may pay intermediaries, including affiliates of the Adviser and Sub-Adviser, for the sale of Fund Shares and related services, including participation in activities that are designed to make intermediaries more knowledgeable about exchange traded products. Payments are generally made to intermediaries that provide shareholder servicing, marketing and related sales support, educational training or support, or access to sales meetings, sales representatives and management representatives of the intermediary. Payments may also be made to intermediaries for making Shares of a Fund available to their customers generally and in investment programs. The Adviser and Sub-Adviser may also reimburse expenses or make payments from its own resources to intermediaries in consideration of services or other activities the Adviser and/or Sub-Adviser believes may facilitate investment in the Funds.

The possibility of receiving, or the receipt of, the payments described above may provide intermediaries or their salespersons with an incentive to favor sales of Shares of the Funds, and other funds whose affiliates make similar compensation available, over other investments that do not make such payments. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to the Funds and other ETFs.

**Premium/Discount Information**

Each Fund is new and therefore does not have any information regarding how often Shares are traded on the Exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of a Fund. Once available, this information will be presented, free of charge, at www.[●].com.

**Continuous Offering**

The method by which Creation Units are purchased and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Funds on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act of 1933, as amended (the "Securities Act"), may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the Prospectus delivery and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the transfer agent, breaks them down into individual Shares, and sells such Shares directly to customers, or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to categorization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available with respect to such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker dealer-firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with ordinary secondary market transactions) and thus dealing with Shares that are part of an over-allotment within the meaning of Section 4(a)(3)(a) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to Shares of a Fund are reminded that under Rule 153 of the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied by the fact that such Fund's Prospectus is available on the SEC's electronic filing system. The prospectus delivery mechanism provided in Rule 153 of the Securities Act is only available with respect to transactions on an exchange.

**Disclosure of Portfolio Holdings**

Each Fund discloses its full portfolio holdings, as of the close of business the prior day, each day before the opening of trading on the Exchange at www.[●].com. Recent information, including information regarding each Fund's NAV, market price, premiums and discounts, and bid/ask spreads, is also available on the website at www.[●].com. A description of the Funds' policies and procedures with respect to the disclosure of a Fund's portfolio securities is available in the Funds' SAI.

**Additional Information**

The Funds enter into contractual arrangements with various parties, including, among others, the Funds' investment adviser and investment sub-adviser, who provide services to the Funds. Shareholders are not parties to, or intended (or "third party") beneficiaries of, those contractual arrangements.

The Prospectus and the SAI provide information concerning the Funds that you should consider in determining whether to purchase Shares of a Fund. The Funds may make changes to this information from time to time. Neither this Prospectus nor the SAI is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Shareholder Rights**

The Trust Amended and Restated Agreement and Declaration of Trust (the "Trust Instrument") requires shareholders bringing a derivative action on behalf of a Fund to first make a pre-suit demand and also to collectively hold at least 10% of the outstanding Shares of the Trust or at least 10% of the outstanding Shares of the series or class to which the demand relates and to undertake to reimburse the Trust for the expense of any counsel or advisors used when considering the merits of the demand in the event that the Board determines not to bring such action. Following receipt of the demand, the Trustees must be afforded a reasonable amount of time to investigate and consider the demand. In each case, these requirements do not apply to claims arising under the federal securities laws.

**Duties of Trustees**

The Trust Instrument provides that the Trustees are subject to the same fiduciary duties to which the directors of a Delaware corporation would be subject if (i) the Trust were a Delaware corporation, (ii) the Shareholders were shareholders of such Delaware corporation, and (iii) the Trustees were directors of such Delaware corporation, and that such modified duties are instead of any fiduciary duties to which the Trustees would otherwise be subject. Without limiting the generality of the foregoing, all actions and omissions of the Trustees are evaluated under the doctrine commonly referred to as the "business judgment rule," as defined and developed under Delaware law, to the same extent that the same actions or omissions of directors of a Delaware corporation in a substantially similar circumstance would be evaluated under such doctrine. Notwithstanding the foregoing, the provisions of the Trust's Amended and Restated Agreement and Declaration of Trust and its By-Laws, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities relating thereto of a Trustee otherwise applicable under the foregoing standard or otherwise existing at law or in equity, replace such other duties and liabilities of such Trustee. In addition, nothing in the Trust Instrument modifying, restricting or eliminating the duties or liabilities of Trustees shall apply to, or in any way limit, the duties (including state law fiduciary duties of loyalty and care) or liabilities of such persons with respect to matters arising under the federal securities laws.

**NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATIONS NOT CONTAINED IN THIS PROSPECTUS OR IN THE FUNDS' SAI INCORPORATED HEREIN BY REFERENCE, IN CONNECTION WITH THE OFFERING MADE BY THIS PROSPECTUS AND, IF GIVEN OR MADE, SUCH REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST OR ITS DISTRIBUTOR. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFERING BY THE TRUST OR BY THE DISTRIBUTOR IN ANY JURISDICTION IN WHICH SUCH OFFERING MAY NOT LAWFULLY BE MADE.**

**FINANCIAL HIGHLIGHTS**

Financial highlights are not yet available for the Funds as they had not commenced operations prior to the date of this Prospectus.

**INVESTMENT ADVISER**

**Opal Capital LLC** <br> 5200 Town Center Circle, Suite 305<br> Boca Raton, Florida 33486

**INVESTMENT SUB-ADVISER**

**Polen Capital Management, LLC** <br> 1825 NW Corporate Boulevard, Suite 300, <br> Boca Raton, Florida 33431

**ADMINISTRATOR AND**<br> **TRANSFER AGENT**

**U.S. Bank Global Fund Services** <br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53201-0701

**CUSTODIAN**

**U.S. Bank, N.A.**<br> 1555 North Rivercenter Drive, Suite 302<br> Milwaukee, Wisconsin 53212

**INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM**

[●]

**UNDERWRITER**

**Quasar Distributors, LLC**<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101

**COUNSEL**

**Faegre Drinker Biddle & Reath LLP** <br> One Logan Square, Suite 2000<br> Philadelphia, Pennsylvania 19103-6996

**FOR MORE INFORMATION**

For more information about the Funds, the following documents are available free upon request:

**Annual/Semi-Annual Reports**

Once available, additional information about the Funds' investments will be included in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. The annual report will contain a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its most recently completed fiscal year. The Form N-CSR will contain the Funds' annual and semi-annual financial statements.

**Statement of Additional Information**

The Funds' SAI, dated [●], 2026, has been filed with the SEC. The SAI, which includes additional information about the Funds, may be obtained free of charge at the Funds' website or by calling 800-617-0004. The SAI, as supplemented from time to time, is incorporated by reference into this Prospectus and is legally considered a part of this Prospectus.

**TO OBTAIN INFORMATION**

The SAI is available, without charge, upon request along with the semi-annual and annual reports and Form N-CSR (when available). To obtain a free copy of the SAI, semi-annual or annual reports, Form N-CSR or if you have questions about the Funds:

**By Internet**

Visit www.[●].com

**By Telephone**

Call 1-800-617-0004 or your securities dealer.

**From the SEC**

Information about the Funds (including the SAI) and other information about the Funds is available on the EDGAR Database on the SEC's Internet site at www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by sending an electronic request to publicinfo@sec.gov.

Investment Company Act File Number 811-23011

**The information in this Statement of Additional Information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to Completion**

**Dated April 20, 2026**

**Polen Dividend Income ETF<br> (NYSE Arca, Inc. – DIVZ)**

**Polen International Dividend Income ETF<br> (Cboe BZX Exchange, Inc. – IDVZ)**

**Each a series of The RBB Fund Trust**

**______________________________**

**Statement of Additional Information**

**Dated [●], 2026**

The Polen Dividend Income ETF ("Dividend Income ETF") and Polen International Dividend Income ETF ("International Dividend Income ETF") (each a "Fund" and together, the "Funds") are each series of The RBB Fund Trust (the "Trust"), an open-end management investment company organized as a Delaware statutory trust on August 29, 2014.

Opal Capital LLC (the "Adviser") serves as the investment adviser to the Funds and Polen Capital Management, LLC (the "Sub-Adviser") serves as the investment sub-adviser to the Funds.

Information about the Funds is set forth in the prospectus dated [●], 2026 (the "Prospectus") and provides the basic information you should know before investing. To obtain a copy of the Prospectus and/or the Funds' Annual and Semi-Annual Reports, once available, please call 1-800-617-0004 or visit the Funds' website at [●].com. This Statement of Additional Information ("SAI") is not a prospectus but contains information in addition to and more detailed than that set forth in the Prospectus. It is incorporated by reference in its entirety into the Prospectus. This SAI is intended to provide you with additional information regarding the activities and operations of the Funds and the Trust, and it should be read in conjunction with the Prospectus.

Each of the Dividend Income ETF and International Dividend Income ETF is an accounting successor of the Polen Dividend Income ETF and Polen International Dividend Income ETF, each a series of the Elevation Series Trust (each a "Predecessor Fund" and together the "Predecessor Funds"). The financial statements and financial highlights for the Predecessor Funds (File No. 811-23812) for the fiscal year ended December 31, 2025 for the Dividend Income ETF and for the fiscal year ended October 31, 2025 for the International Dividend Income ETF, which are contained in the [Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/1936157/000199937126000168/est-ncsr_103125.htm) for each of those fiscal years, are hereby incorporated herein by reference into this SAI. These financial statements have been audited by [●], the Predecessor Funds' independent registered public accounting firm, whose report thereon is incorporated herein by reference.

**Table of Contents**

---

| | |
|:---|:---|
| FUND HISTORY | 3 |
| INVESTMENT POLICIES AND PRACTICES | 3 |
| INVESTMENT RESTRICTIONS | 19 |
| EXCHANGE LISTING AND TRADING | 21 |
| MANAGEMENT OF THE TRUST | 21 |
| CODE OF ETHICS | 33 |
| PRINCIPAL HOLDERS | 33 |
| INVESTMENT ADVISORY AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT | 34 |
| PORTFOLIO MANAGER | 36 |
| UNDERWRITER | 36 |
| DISTRIBUTION AND SERVICE PLAN | 37 |
| PURCHASE AND REDEMPTION OF CREATION UNITS | 37 |
| PORTFOLIO HOLDINGS INFORMATION | 43 |
| DETERMINATION OF NET ASSET VALUE | 43 |
| DIVIDENDS, DISTRIBUTIONS, AND TAXES | 44 |
| PORTFOLIO TRANSACTIONS AND BROKERAGE | 46 |
| PROXY VOTING PROCEDURES | 47 |
| PAYMENTS TO FINANCIAL INTERMEDIARIES | 47 |
| GENERAL INFORMATION | 48 |
| FINANCIAL STATEMENTS | 49 |
| APPENDIX A | A-1 |
| APPENDIX B | B-1 |

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**FUND HISTORY**

The Trust is an open-end management investment company organized as a Delaware statutory trust on August 29, 2014. The Trust's Amended and Restated Agreement and Declaration of Trust permits the Trust to offer separate series of shares of beneficial interest (each of which is a separate mutual fund) and separate classes of such series. Upon liquidation, shareholders of a series of the Trust are entitled to share pro rata in the net assets of such series available for distribution to shareholders. Expenses attributable to any series of the Trust are borne by that series.

The Trust is authorized to issue an unlimited number of interests (or "Shares") with no par value. Shares of each series have equal voting rights, and are voted in the aggregate and not by the series except in matters where a separate vote is required by the Investment Company Act of 1940, as amended (the "1940 Act"), or when the matter affects only the interest of a particular series. The Trust's series may hold special meetings of shareholders to elect or remove Trustees of the Trust, change fundamental policies, approve a management contract, or for other purposes. The Trust's series will mail proxy materials in advance of a shareholder meeting, including a proxy and information about the proposals to be voted on. When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each full share owned and fractional votes for fractional Shares owned. Fund Shares do not have cumulative voting rights or any preemptive or conversion rights. The Trust does not normally hold annual meetings of shareholders. This SAI pertains to the Shares representing interests in the Funds.

Each Fund offers and issues Shares at its net asset value per share ("NAV") only in aggregations of a specified number of Shares (each a "Creation Unit"). Each Fund also generally offers and issues Shares in exchange for a basket of securities ("Deposit Securities") together with the deposit of a specified cash payment ("Cash Component"). The Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. The Shares of the Dividend Income ETF and International Dividend Income ETF are listed for trading on the NYSE Arca, Inc. and the Cboe BZX Exchange, Inc., respectively (each, an "Exchange"), and the Funds trade on the applicable Exchange at market prices. These prices may differ from the Shares' NAVs. The Shares are also redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of each Fund generally consists of at least 10,000 Shares.

Shares of each Fund may be issued in advance of receipt of Deposit Securities subject to various conditions including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the market value of the missing Deposit Securities as set forth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption (the "Transaction Fee"). In all cases, such fees will be limited in accordance with the requirements of the Securities and Exchange Commission (the "SEC") applicable to management investment companies offering redeemable securities. Each Fund may charge, either in lieu or in addition to the fixed creation or redemption Transaction Fee, a variable fee for creations and redemptions in order to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transaction, up to a maximum of 2.00% of the NAV per Creation Unit, inclusive of any Transaction Fees charged (if applicable).

Each Fund is an actively-managed exchange-traded fund ("ETF"). The International Dividend Income ETF is a non-diversified series under the 1940 Act.

It is currently contemplated that in the third quarter of 2026, each Predecessor Fund will be reorganized into its corresponding Fund of the Trust.

**INVESTMENT POLICIES AND PRACTICES**

Each Fund's investment objective and principal investment strategies are described in the Prospectus. The sections below describe some of the different types of investments that may be made by each Fund. The following information supplements, and should be read in conjunction with, the Prospectus. To the extent an investment with respect to a Fund is discussed in the Principal Investment Policies and Risks section below but not in the Prospectus, such policy is not a principal investment of such Fund.

With respect to each Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

There can be no guarantee that a Fund will achieve its investment objective. Each Fund may not necessarily invest in all of the instruments or use all of the investment techniques permitted by the Prospectus and this SAI, or invest in such instruments or engage in such techniques to the full extent permitted by the Fund's investment policies and limitations.

**Principal Investment Policies and Risks**

**Active Management Risk** 

The Adviser actively manages each Fund's investments. Consequently, each Fund is subject to the risk that the investment techniques and risk analyses employed by the Adviser may not produce the desired results. This could cause each Fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives. Additionally, legislative, regulatory or tax developments may affect the investment techniques available to the Adviser in connection with managing a Fund and may also adversely affect the ability of the Funds to achieve their investment goal.

**American, European and Global Depositary Receipts**

As part of its principal investment strategy, each Fund may invest in American Depository Receipts ("ADRs"). ADRs, as well as other "hybrid" forms of ADRs, including European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs"), are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities including increased market, illiquidity, currency, political, information and other risks, and even where traded in U.S. dollars are subject to currency risk if the underlying security is traded in a foreign currency. GDRs, EDRs, and other similar instruments may be issued by a U.S. or non-U.S. entity and may be traded in other currencies. GDRs are tradable both in the United States and Europe and are designed for use throughout the world. EDRs are issued in bearer form and are designed for use in European securities markets.

Investments in the securities of foreign issuers may subject a Fund to investment risks that differ in some respects from those related to investments in securities of U.S. issuers. Such risks include future adverse political and economic developments, possible imposition of withholding taxes on income, possible seizure, nationalization or expropriation of foreign deposits, possible establishment of exchange controls or taxation at the source or greater fluctuation in value due to changes in exchange rates. Foreign issuers of securities often engage in business practices different from those of domestic issuers of similar securities, and there may be less information publicly available about foreign issuers. In addition, foreign issuers are, generally speaking, subject to less government supervision and regulation and different accounting treatment than are those in the United States.

**Cyber Security Risk**

Each Fund and its service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause a Fund to lose proprietary information, suffer data corruption, or lose operational capacity. Breaches in cyber security include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber-attacks. Cyber security breaches affecting the Funds, the Adviser, the Sub-Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Funds. For instance, cyber security breaches may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Funds to regulatory fines or financial losses and/or cause reputational damage. A Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. The use of artificial intelligence and machine learning could exacerbate these risks. While the Funds and their service providers have established information technology and data security programs and have in place business continuity plans and other systems designed to prevent losses and mitigate cyber security risk, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified or that cyber-attacks may be highly sophisticated. Furthermore, the Funds 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 Funds, or the Adviser.

**Dividend Paying Risk**

While a Fund may hold stocks of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Fund. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. A Fund's emphasis on dividend-paying companies involves the risk that such companies may fall out of favor with investors and underperform the market.

**Early Close/Trading Halt Risk *(only International Dividend Income ETF)***

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 the Fund or an underlying fund from buying or selling certain securities or financial instruments. In these circumstances, a Fund or an underlying fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

**Emerging & Foreign Markets Risk *(only International Dividend Income ETF)***

The Fund may invest in securities of issuers located in emerging markets. Securities in emerging markets are less liquid and subject to greater price volatility, and have a smaller market capitalization, than the U.S. securities markets. In certain countries, there may be fewer publicly traded securities and the market may be dominated by a few issues or sectors. Issuers and securities markets in such countries are not subject to as extensive and frequent accounting, financial and other reporting requirements or as comprehensive government regulations as are issuers and securities markets in the U.S. In particular, the assets and profits appearing on the financial statements of emerging country issuers may not reflect their financial position or results of operations in the same manner as financial statements for U.S. issuers. Substantially less information may be publicly available about emerging market issuers than is available about issuers in the United States.

Emerging markets are typically marked by a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of ownership of such securities by a limited number of investors. Certain emerging markets are in the earliest stages of their development. Even the markets for relatively widely traded securities in emerging markets may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited size of many of these markets can cause prices to be erratic for reasons apart from factors that affect the soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of emerging country securities may also affect the Fund's ability to value accurately its portfolio securities or to acquire or dispose of securities at the price and time it wishes to do so or in order to meet redemption requests.

Antiquated legal systems in certain emerging markets may have an adverse impact on a Fund's investments. For example, while the potential liability of a shareholder in a U.S. corporation for acts of the corporation is generally limited to the amount of the shareholder's investment, the notion of limited liability is less clear in certain emerging markets. Similarly, the rights of investors in emerging market companies may be more limited than those of shareholders in U.S. corporations, the legal remedies for investors in emerging markets may be more limited than the 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 may be limited.

Transaction costs, including brokerage commissions or dealer mark-ups, in emerging markets may be higher than in the United States and other developed securities markets. In addition, existing laws and regulations are often inconsistently applied. As legal systems in emerging countries develop, foreign investors may be adversely affected by new or amended laws and regulations. In circumstances where adequate laws exist, it may not be possible to obtain swift and equitable enforcement of the law.

Foreign investment in the securities markets of certain emerging countries is restricted or controlled to varying degrees. These restrictions may limit an underlying fund's investment in certain emerging countries and may increase the expenses of the underlying fund and, consequently, the Fund. Certain emerging countries require governmental approval prior to investments by foreign persons or limit investment by foreign persons to only a specified percentage of an issuer's outstanding securities or a specific class of securities which may have less advantageous terms (including price) than securities of the company available for purchase by nationals. In addition, the repatriation of both investment income and capital from emerging countries may be subject to restrictions which require governmental consents or prohibit repatriation entirely for a period of time. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of the operation of an underlying fund. An underlying fund may be required to establish special custodial or other arrangements before investing in certain emerging countries.

Emerging countries may be subject to a substantially greater degree of economic, political and social instability than is the case in the United States and most Western European countries. This instability may result from, among other things, the following: (i) authoritarian governments or military involvement in political and economic decision making, including changes or attempted changes in governments through extra-constitutional means; (ii) popular unrest associated with demands for improved conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; (v) ethnic, religious and racial disaffection or conflict; and (vi) the absence of developed legal structures governing foreign private investments and private property. Such economic, political and social instability could disrupt the principal financial markets in which an underlying fund may invest and adversely affect the value of the Fund's assets. The Fund's investments can also be adversely affected by any increase in taxes or by political, economic or diplomatic developments.

The economies of emerging countries may differ unfavorably from the U.S. economy in growth of gross domestic product, rate of inflation, capital reinvestment, resources, self-sufficiency and balance of payments. Many emerging countries have experienced in the past, and continue to experience, high rates of inflation. In certain countries, inflation has at times accelerated rapidly to hyperinflationary levels, creating a negative interest rate environment and sharply eroding the value of outstanding financial assets in those countries. Other emerging countries, on the other hand, have recently experienced deflationary pressures and are in economic recessions. The economies of many emerging countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners. In addition, the economies of some emerging countries are vulnerable to weakness in world prices for their commodity exports. An underlying fund's income and, in some cases, capital gains from foreign stocks and securities will be subject to applicable taxation in certain of the countries in which it invests, and treaties between the U.S. and such countries may not be available in some cases to reduce the otherwise applicable tax rates.

**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. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Funds invests will cause the NAV of the Funds to fluctuate. The Funds purchase equity securities traded in the U.S. on registered exchanges or the over-the-counter market. Equity securities are described in more detail below:

● *Common Stock*. Common stock represents an equity or ownership interest in an issuer. 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.

● *Preferred Stock.* Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

● *Warrants.* Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

● *Convertible Securities.* Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by the Funds is called for redemption or conversion, the Funds could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

● *Small-Cap and Mid Cap Stocks.* The Fund and underlying funds may invest in securities of companies with small- and mid-size capitalizations which tend to be riskier than securities of companies with large capitalizations. This is because small- and mid-cap companies typically have smaller product lines and less access to liquidity than large cap companies, and are therefore more sensitive to economic downturns. In addition, growth prospects of small- and mid-cap companies tend to be less certain than large cap companies, and the dividends paid on small- and mid-cap stocks are frequently negligible. Moreover, small- and mid-cap stocks have, on occasion, fluctuated in the opposite direction of large cap stocks or the general stock market. Consequently, securities of small- and mid-cap companies tend to be more volatile than those of large-cap companies. The market for small-cap securities may be thinly traded and as a result, greater fluctuations in the price of small-cap securities may occur.

**Foreign Securities *(only International Dividend Income ETF)***

Investments in foreign securities involve higher costs than investments in U.S. securities, including higher transaction costs as well as the imposition of additional taxes by foreign governments. In addition, foreign investments may include additional risks associated with more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund may invest. Volume and liquidity in most foreign bond markets are less than in the United States and, at times, volatility or price can be greater than in the United States. Future political and economic information, the possible imposition of withholding taxes on interest income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls, or the adoption of other governmental restrictions, might adversely affect the payment of principal and interest on foreign obligations. Inability to dispose of securities due to settlement problems could result either in losses to an underlying investment company due to subsequent declines in value of the securities, or, if the underlying investment company has entered into a contract to sell the securities, could result in possible liability to the purchaser. Individual foreign economies may differ favorably or unfavorably from the U.S. economy in such respects as growth or gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. Fixed commissions on foreign securities exchanges are generally higher than negotiated commissions on U.S. exchanges. There is generally less government supervision and regulation of securities exchanges, brokers, dealers and listed companies than in the United States.

Settlement mechanics may be slower or less reliable than within the United States, thus increasing the risk of delayed settlements of portfolio transactions or loss of certificates for portfolio securities. Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Such delays in settlement could result in temporary periods when a portion of the assets of an underlying investment company is uninvested and no return is earned thereon. The inability of an underlying investment company to make intended security purchases due to settlement problems could cause the underlying investment company to miss attractive investment opportunities.

Each Fund values its securities and other assets in U.S. dollars. As a result, if a Fund invests in securities denominated in foreign currencies, the NAV of the Fund's shares may fluctuate with U.S. dollar exchange rates as well as the price changes of the Fund's securities in the various local markets and currencies. Thus, an increase in the value of the U.S. dollar compared to the currencies in which the Fund makes its investments could reduce the effect of increases and magnify the effect of decreases in the price of the Fund's securities in their local markets. Conversely, a decrease in the value of the U.S. dollar may have the opposite effect of magnifying the effect of increases and reducing the effect of decreases in the prices of a Fund's securities in its foreign markets. In addition to favorable and unfavorable currency exchange rate developments, each Fund is subject to the possible imposition of exchange control regulations or freezes on convertibility of currency.

If a Fund invests in obligations of foreign branches of U.S. banks (Eurodollars) and U.S. branches of foreign banks (Yankee dollars) or foreign branches of foreign banks, these investments involve risks that are different from investments in securities of U.S. banks, including potential unfavorable political and economic developments, different tax provisions, seizure of foreign deposits, currency controls, interest limitations or other governmental restrictions which might affect payment of principal or interest. A Fund may also invest in debt securities issued or guaranteed by foreign governments, including Yankee bonds, which are issued by foreign governments and their agencies and foreign corporations, but pay interest in U.S. dollars and are typically issued in the United States.

European countries can be affected by the significant fiscal and monetary controls that the European Economic and Monetary Union ("EMU") imposes for membership. Europe's economies are diverse, its governments are decentralized, and its cultures vary widely. Several European Union ("EU") countries, including Greece, Ireland, Italy, Spain and Portugal, have faced budget issues, some of which may have negative long-term effects for the economies of those countries and other EU countries. There is continued concern about national-level support for the euro and the accompanying coordination of fiscal and wage policy among EMU member countries. Member countries are required to maintain tight control over inflation, public debt, and budget deficit to qualify for membership in the EMU. These requirements can severely limit the ability of EMU member countries to implement monetary policy to address regional economic conditions.

Recently, various countries have seen significant internal conflicts and in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect a Fund's investments.

Recent examples of the above include conflict, loss of life and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe and Israel, Hamas and other militant groups in the Middle East. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities and commodities. These impacts could negatively affect a Fund's investments in securities and instruments that are economically tied to the applicable region, and include (but are not limited to) declines in value and reductions in liquidity. In addition, to the extent new sanctions are imposed or previously relaxed sanctions are reimposed (including with respect to countries undergoing transformation), complying with such restrictions may prevent a Fund from pursuing certain investments, cause delays or other impediments with respect to consummating such investments or divestments, require divestment or freezing of investments on unfavorable terms, render divestment of underperforming investments impracticable, negatively impact a Fund's ability to achieve its investment objective, prevent a Fund from receiving payments otherwise due it, increase diligence and other similar costs to a Fund, render valuation of affected investments challenging, or require a Fund to consummate an investment on terms that are less advantageous than would be the case absent such restrictions. Any of these outcomes could adversely affect a Fund's performance with respect to such investments, and thus the Fund's performance as a whole.

**Large-Capitalization Investing** 

Large capitalization companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Also, large capitalization companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. As a result, a Fund's performance may be adversely affected if securities of large-capitalization companies underperform securities of smaller-capitalization companies or the market as a whole. 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.

**Market Risk**

The market price of securities owned by any Fund may go up or down, sometimes rapidly or unpredictably.

Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously.

Equity securities generally have greater price volatility than fixed-income securities.

**Mid-Capitalization Investing** 

The value of securities of mid-cap companies may be more volatile than the value of securities of companies with larger capitalizations and also tend to be more adversely affected by issuer-specific events and political, market and economic developments than the securities of larger companies. Mid capitalization companies often have narrower commercial markets and more limited operating histories, product lines, and managerial and financial resources than larger, more established companies. As a result, performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund's portfolio. Additionally, mid-capitalization companies may have less market liquidity than larger capitalization companies, and they can be sensitive to changes in interest rates, borrowing costs and earnings.

**New Fund Risk *(only International Dividend Income ETF)***

Because the Fund is new, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

**Non-Diversification (*only International Dividend Income ETF*)**

To the extent that a Fund holds securities of a smaller number of issuers or invests a larger percentage of its assets in a single issuer than a diversified portfolio, the value of the Fund, as compared to the value of a diversified portfolio, will generally be more volatile and more sensitive to the performance of any one of those issuers and to economic, political, market or regulatory events affecting any one of those issuers.

**Tax Risks** 

As with any investment, you should consider how your investment in Shares will be taxed. The tax information in the Prospectus and this SAI is provided as general information. You should consult your own tax professional about the tax consequences of an investment in Shares. Unless your investment in Shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when a Fund makes distributions or you sell Shares.

**Value Investing**

Each Fund invests in equity securities of companies that the Adviser believes are undervalued. Investments in a fund that purchases value-oriented stocks involves special risks. The Funds offer investors the opportunity to invest in a diversified portfolio of securities whose market prices may be well below the stocks' intrinsic values at time of purchase.

The Adviser may be wrong in its assessment of a company's value, and the stocks owned by a Fund may not reach what the Adviser believes are their true or intrinsic values. The market may not favor value-oriented stocks and may not favor equities at all, which may cause a Fund's relative performance to suffer. There may be periods during which a Fund is unable to find securities that meet its value investment criteria. If a Fund is selling investments or experiencing net subscriptions during those periods, a Fund could have a significant cash position, which could adversely impact such Fund's performance under certain market conditions and could make it more difficult for a Fund to achieve its investment objective.

**Non-Principal Risk** 

**Artificial Intelligence Risk**

Advancements in technology may also adversely impact markets and the overall performance of the Funds. 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 a Fund's holdings may be impacted, which could significantly impact the overall performance of the Fund.

**Borrowing**

Although the Funds do not intend to borrow money, a Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, a Fund may borrow up to one-third (1/3) of its total assets. A Fund will borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the borrowing Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the borrowing Funds' portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. A Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**Business Development Companies** 

The Funds may invest in shares of business development companies ("BDCs"), subject to the limitations set forth in the 1940 Act. A BDC is a closed-end investment company that elects to register as a BDC and invests in small- and medium-sized companies as well as distressed companies to help these firms grow in the initial stages of their development. As with any investment by a Fund in another investment company, shareholders bear both their proportionate share of the Fund's expenses and similar expenses of the BDC. Debt securities in which BDCs generally invest are unrated or below investment grade. Below investment grade debt securities are often referred to as "high yield" or "junk" bonds. Further, debt securities held by BDCs may be unsecured or secured with minimal, if any, collateral or cash flow coverage, making such asset-backed securities higher risk than typical asset-backed instruments. The revenues, income (or losses) and valuations of the companies can, and often do, fluctuate suddenly and dramatically, and they face considerable risk of loss. As a result, investments in BDCs may expose a Fund to greater risk and cause it to experience higher volatility than it otherwise would. In addition to being difficult to value, privately placed securities in which BDCs may invest may also be thinly traded or illiquid. BDCs that invest in such securities accordingly may have difficulty liquidating them, including to provide liquidity to shareholders such as a Fund.

The Fund's performance will be affected by both the BDCs in which it invests and the performance of the BDCs' portfolio companies. Little public information generally exists about the portfolio companies in which BDCs may invest. Accordingly, the fair values of such companies' securities often are not readily determinable. Although each BDC's board of directors is responsible for determining the fair value of the BDC's portfolio companies' securities, uncertainty surrounding the determination may adversely affect the determination of the BDC's net asset value. This could cause the Fund's investments in a BDC to be inaccurately valued, including overvalued. Investing in BDCs thus entails a risk that a fully informed evaluation of the BDC and its portfolio companies is not achievable.

BDCs often borrow funds to make investments. Such borrowings expose BDCs to the risks associated with interest rate fluctuations, which may have a material adverse impact on their ability to achieve their investment objectives and on their rate of return and performance. Such borrowings also expose a Fund to the risks of leverage. Leverage magnifies the potential loss on amounts invested and therefore increases the expected volatility and risk profile of a Fund. Leverage is generally considered a speculative investment technique. Certain BDCs may be incentivized by their management fee structure to engage in leverage, particularly where their management fees are paid on gross assets, including those acquired through the use of leverage. These management fee structures may dramatically increase the management fees paid by BDCs to their (usually external) managers, even though management fees generally paid by BDCs may already be higher than those charged by other registered investment companies.

**Closed-End Funds**

Typically, shares of a closed-end fund are bought and sold on an exchange. The risks of investing in a closed-end investment company typically reflect the risk of the types of securities in which the closed-end fund invests. Closed-end funds often leverage returns by issuing debt securities, auction rate preferred securities or reverse-repurchase agreements. A Fund may invest in debt securities issued by closed-end funds, subject to any quality or other standards applicable to the Fund's investment in debt securities. If a Fund invests in shares issued by leveraged closed-end funds, it will face certain risks associated with leveraged investments. Investments in closed-end funds are subject to additional risks. For example, the price of the closed-end fund's shares quoted on an exchange may not reflect the net asset value of the securities held by the closed-end fund. The premium or discount that the share prices represent versus net asset value may change over time based on a variety of factors, including supply of and demand for the closed-end fund's shares, that are outside the closed-end fund's control or unrelated to the value of the underlying portfolio securities. If a Fund invests in the closed-end fund to gain exposure to the closed-end fund's investments, the lack of correlation between the performance of the closed-end fund's investments and the closed-end fund's share price may compromise or eliminate any such exposure.

**Derivatives**

The Funds may invest in derivative products to, among other things, obtain exposure to specific asset class sectors and seek to hedge against possible adverse impact of changes in stock market prices, currency exchange rates or interest rates in the market value of its securities or securities to be purchased. Rule 18f-4 under the 1940 Act provides for the regulation of a registered investment company's use of derivatives and related instruments. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users and requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. With respect to reverse repurchase agreements or other similar financing transactions in particular, including certain tender option bonds, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Funds have adopted 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 Funds may engage in derivative transactions could limit or prevent the Funds from using certain 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.

Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. As of the date of this SAI, each Fund is relying on the limited derivatives user exception.

**Exchange-Traded Notes ("ETNs")**

The Funds may invest in ETNs. ETNs are debt securities that are traded on an exchange (*e.g.*, the New York Stock Exchange) whose returns are linked to the performance of a particular market benchmark or strategy. If a Fund holds an ETN to maturity, the issuer of the ETN will pay the Fund a cash amount that is linked to the performance of the corresponding index during the period beginning on the inception date and ending at maturity, less investor fees. ETNs generally do not make periodic coupon payments or provide principal protection. An ETN that is tied to a specific benchmark or strategy may not produce returns that replicate exactly the performance of its corresponding benchmark or strategy.

ETNs are subject to credit risk, including the credit risk of the issuer. The value of an ETN may drop due to a downgrade in the issuer's credit rating, even when the underlying benchmark or strategy remains unchanged. An ETN may trade at a premium or discount to its benchmark or strategy. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced underlying assets. When a Fund invests in ETNs, it will bear its proportionate share of any fees and expenses borne by the ETN. A decision by the Fund to sell ETN holdings may be limited by the availability of a secondary market. Some ETNs that use leverage may be relatively illiquid at times and, as a result, may be difficult to purchase or sell at a fair price. Leveraged ETNs are subject to the same risk as other instruments that use leverage.

**Illiquid Investments**

Pursuant to Rule 22e-4 ("Rule 22e-4" or the "Liquidity Rule") under the 1940 Act, the Funds may invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that the Funds reasonably expect cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. These investments may include restricted securities and repurchase agreements maturing in more than 7 days. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the "1933 Act"), and thus may be sold only in privately negotiated transactions or pursuant to an exemption from registration. Subject to the adoption of guidelines by the Board, certain restricted securities that may be sold to institutional investors pursuant to Rule 144A under the 1933 Act and non-exempt commercial paper may be determined to be liquid by the Adviser. Illiquid investments involve the risk that the investments will not be able to be sold at the time the Adviser desires or at prices approximating the value at which the Funds are carrying the investments. To the extent an investment held by the Funds is deemed to be an illiquid investment or a less liquid investment, the Funds will be exposed to greater liquidity risk.

The Trust has implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4. If the limitation on illiquid investments is exceeded, the condition will be reported to the Board and, when required by the Liquidity Rule, to the SEC.

**Investment Company Shares**

The Funds may invest in shares of other investment companies to the extent permitted by applicable law and subject to certain restrictions. These investment companies typically incur fees that are separate from those fees incurred directly by the Funds. The Funds' purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying the Funds' expenses. Unless an exception is available, Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined. These limits will not apply to the investment of uninvested cash balances in shares of registered or unregistered money market funds whether affiliated or unaffiliated. The foregoing exemption, however, only applies to an unregistered money market fund that (i) limits its investments to those in which a money market fund may invest under Rule 2a-7 of the 1940 Act, and (ii) undertakes to comply with all the other provisions of Rule 2a-7.

For hedging or other purposes, the Funds may invest in investment companies that seek to track the composition and/or performance of specific indexes or portions of specific indexes. Certain of these investment companies, known as ETFs, are traded on a securities exchange. The market prices of index-based investments will fluctuate in accordance with changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which the shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

Investments by the Funds in other investment companies, including ETFs, will be subject to the limitations of the 1940 Act. Pursuant to Rule 12d1-4 and procedures approved by the Board, the Funds 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 the Funds' shares, evaluations and findings by investment advisers, funds' investment agreements and limits on most three-tier fund structures.

Certain investment companies whose securities are purchased by the Funds may not be obligated to redeem such securities in an amount exceeding 1% of the investment company's total outstanding securities during any period of less than 30 days. Therefore, such securities that exceed this amount may be illiquid.

**Master Limited Partnerships**

The Funds may invest in master limited partnerships ("MLPs") to the extent consistent with its investment objective and strategies. MLPs are publicly traded companies organized as limited partnerships or limited liability companies and treated as partnerships for U.S. federal tax purposes. MLPs combine the tax advantages of a partnership with the liquidity of a publicly traded stock. MLP income is generally not subject to entity-level tax. Instead, an MLP's income, gain, loss, deductions, and other tax items pass through to common unitholders. If tax were to be required to be paid by the MLP at the entity level, the value of the MLP interests held by a Fund would be expected to decrease. Additionally, if the Fund retains an investment in an MLP until the Fund's basis in the MLP interest is reduced to zero, subsequent distributions from the MLP will generally be taxable at ordinary income rates to the extent of previously taken depreciation deductions.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("MQD"). Common and general partner interests also accrue arrearages in distributions to the extent that the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD. However, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner that causes distributions paid per common unit surpassing specified target levels. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a tier at which it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures, and acquire assets in order to increase the partnership's cash flow and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

**Money Market Securities**

The Funds may invest its assets in money market instruments (the types of which are discussed below). Money market instruments include (i) short-term U.S. government securities, including custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; (ii) commercial paper rated in the highest short-term rating category by a nationally recognized statistical ratings organization ("NRSRO"), such as S&P Global Ratings ("S&P") or Moody's Investors Service ("Moody's"), or determined by the Adviser to be of comparable quality at the time of purchase; (iii) short-term bank obligations (certificates of deposit, time deposits and bankers' acceptances) of U.S. domestic banks, foreign banks and foreign branches of domestic banks, and commercial banks with assets of at least $1 billion as of the end of their most recent fiscal year; and (iv) repurchase agreements involving such securities. Each of these types of money market securities is discussed in more detail below. For a description of ratings, see <u>Appendix B</u> to this SAI.

**Options** 

The Funds may purchase and write put and call options on indices and enter into related closing transactions. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

The Funds may purchase and write put and call options on foreign currencies (traded on U.S. and foreign exchanges or over-the-counter markets) to manage its exposure to exchange rates. Call options on foreign currency written by a Fund will be "covered," which means that the Fund will own an equal amount of the underlying foreign currency.

Put and call options on indices are similar to options on securities except that options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally, rather than the price movements in individual securities.

A Fund may trade put and call options on securities, securities indices and currencies, as the Adviser or applicable Sub-Adviser determines is appropriate in seeking the Fund's investment objective, and except as restricted by the Fund's investment limitations. See "Investment Limitations."

The initial purchase (sale) of an option contract is an "opening transaction." In order to close out an option position, a Fund may enter into a "closing transaction," which is simply the sale (purchase) of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened. If a Fund is unable to effect a closing purchase transaction with respect to an option it has written, it will not be able to sell the underlying security until the option expires or the Fund delivers the security upon exercise.

A Fund may purchase put and call options on securities to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market value of securities that the Fund may seek to purchase in the future. A Fund purchasing put and call options pays a premium therefor. If price movements in the underlying securities are such that exercise of the options would not be profitable for a Fund, loss of the premium paid may be offset by an increase in the value of the Fund's securities or by a decrease in the cost of acquisition of securities by the Fund.

A 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 may purchase and write options on an exchange or over-the-counter. Over-the-counter options ("OTC options") differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is done normally by reference to information from a market maker. It is the SEC's position that OTC options are generally illiquid.

The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date.

Risks associated with options transactions include: (1) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (2) there may be an imperfect correlation between the movement in prices of options and the securities underlying them; (3) there may not be a liquid secondary market for options; and (4) while a Fund will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security.

**Other Short-Term Instruments**

The Funds may invest in short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (i) shares of money market funds; (ii) obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (iv) commercial paper rated at the date of purchase "Prime-1" by Moody's or "A-1" by S&P or, if unrated, of comparable quality as determined by the Adviser; (v) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; and (vi) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Funds. Any of these instruments may be purchased on a current or a forward-settled basis. Money market instruments also include shares of money market funds. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Real Estate Investment Trusts ("REITs")**

Each Fund may invest in real estate investment trusts ("REITs"), which are pooled investment vehicles that manage a portfolio of real estate or real estate-related loans to earn profits for their shareholders. REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Investing in REITs involves certain unique risks in addition to the risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, and mortgage REITs may be affected by the quality of the borrower on any credit extended. REITs are dependent on management skills, may not be diversified geographically or by property type, and are subject to heavy cash flow dependency, default by borrowers, and self-liquidation. REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the "Code"), to avoid entity-level tax and be eligible to pass through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the 1940 Act. REITs are also subject to the risks of changes in the Code that could affect their tax status.

REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT's investment in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed-rate obligations can be expected to decline. In contrast, as interest rates on adjustable-rate mortgage loans are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates, and as a result, the value of such investments will fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed-rate obligations.

The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in which a REIT may not have control over its investments. REITs may use significant amounts of leverage.

The REIT investments of a Fund may not provide complete tax information to the Fund until after the calendar year-end. Consequently, because of the delay, it may be necessary for a Fund to request permission to extend the deadline for issuance of Forms 1099-DIV beyond January 31. Alternatively, amended Forms 1099-DIV may be sent. Also, under current provisions of the Code, distributions attributable to operating income of REITs in which a Fund invests are not eligible for favorable tax treatment as long-term capital gains and will be taxable to you as ordinary income. A Fund may designate such distributions as "section 199A dividends" to the extent of the excess of the ordinary REIT dividends, other than capital gain dividends and portions of REIT dividends designated as qualified dividend income, that a Fund receives from a REIT for a taxable year over the Fund's expenses allocable to such dividends. Section 199A dividends may be taxed to individuals and other non-corporate shareholders at a reduced effective federal income tax rate, provided you have satisfied a holding period requirement for a Fund's shares and satisfied certain other conditions.

**Repurchase Agreements** 

The Funds may enter into repurchase agreements with financial institutions. A repurchase agreement is an agreement under which the Funds acquire a fixed income security (generally a security issued by the U.S. government or an agency thereof, a banker's acceptance, or a certificate of deposit) from a commercial bank, broker, or dealer, and simultaneously agrees to resell such security to the seller at an agreed upon price and date (normally, the next business day). Because the security purchased constitutes collateral for the repurchase obligation, a repurchase agreement may be considered a loan that is collateralized by the security purchased. The acquisition of a repurchase agreement may be deemed to be an acquisition of the underlying securities as long as the obligation of the seller to repurchase the securities is collateralized fully. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with creditworthy financial institutions whose condition will be continually monitored by the Adviser. The repurchase agreements entered into by the Funds will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement and consist only of securities permissible under Section 101(47)(A)(i) of the Bankruptcy Code (the Adviser monitors compliance with this requirement). Under all repurchase agreements entered into by the Funds, the custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, the Funds will seek to liquidate such collateral. However, the exercising of the Funds' right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Funds could suffer a loss. It is the current policy of the Funds not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Funds, amounts to more than 15% of the Funds' total assets. The investments of the Funds in repurchase agreements, at times, may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

**Reverse Repurchase Agreements**

Each Fund may enter into reverse repurchase agreements with respect to portfolio securities for temporary purposes (such as to obtain cash to meet redemption requests) when the liquidation of portfolio securities is deemed disadvantageous or inconvenient by the Adviser. Reverse repurchase agreements involve the sale of securities held by a Fund subject to the Fund's agreement to repurchase the securities at an agreed-upon price, date and rate of interest. Such agreements may be considered borrowings under the 1940 Act and may be entered into only for temporary or emergency purposes. Reverse repurchase agreements involve the risk that the market value of the securities sold by a Fund may decline below the price of the securities a Fund is obligated to repurchase and the interest received on the cash exchanged for the securities.

**RIC Compliance Risk**

Each Fund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company ("RIC") under Subchapter M of Subtitle A, Chapter 1, of the Code. To continue to qualify for federal income tax treatment as a RIC, a Fund must meet certain source-of-income, asset diversification and annual distribution requirements. If for any taxable year a Fund fails to qualify for the special federal income tax treatment afforded to RICs, all of the Fund's taxable income will be subject to federal income tax at regular corporate rates (without any deduction for distributions to its shareholders) and its income available for distribution will be reduced. Under certain circumstances, a Fund could cure a failure to qualify as a RIC, but in order to do so, the Fund could incur significant Fund-level taxes and could be forced to dispose of certain assets.

**Securities Lending**

The Funds may lend its portfolio securities to financial institutions. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreases below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers which the Adviser deems to be of good standing and only when, in the Adviser's judgment, the income to be earned from the loans justifies the attendant risks. The Funds may not make loans in excess of 331/3% of the value of its total assets. The Funds may pay a part of the interest earned from the investment of collateral, or other fee, to an unaffiliated or, to the extent consistent with the 1940 Act or the rules and SEC interpretations thereunder, affiliated third party for acting as the Funds' securities lending agent.

By lending its securities, the Funds may increase their income by receiving payments from the borrower that reflect the amount of any interest or any dividends payable on the loaned securities as well as by either investing cash collateral received from the borrower in short-term instruments or obtaining a fee from the borrower when U.S. government securities or letters of credit are used as collateral. The Funds do not have the right to vote loaned securities. The Funds may attempt to call loaned securities back to permit the exercise of voting rights if time and jurisdictional restrictions permit. There is no guarantee that all loans can be recalled.

**Stock Index and Interest Rate Futures Transactions**

An index future obligates a Fund to pay or receive an amount of cash equal to a fixed dollar amount specified in the futures contract multiplied by the difference between the settlement price of the contract on the contract's last trading day and the value of the index based on the prices of the securities that comprise the index at the opening of trading in such securities on the next business day. No physical delivery of the securities comprising the index is made; generally contracts are closed out prior to the expiration date of the contract.

The market value of a stock index futures contract is based primarily on the value of the underlying index. Changes in the value of the index will cause roughly corresponding changes in the market price of the futures contract. If a stock index is established that is made up of securities whose market characteristics closely parallel the market characteristics of the securities in a Fund's portfolio, then the market value of a futures contract on that index should fluctuate in a way closely resembling the market fluctuation of the portfolio. Thus, for example, if the Fund sells futures contracts, a decline in the market value of the portfolio will be offset by an increase in the value of the short futures position to the extent of the hedge (i.e., the size of the futures position). However, if the market value of the portfolio were to increase, a Fund would lose money on the futures contracts. Stock index futures contracts are subject to the same risks as other futures contracts.

An interest rate future generally obligates a Fund to purchase or sell an amount of a specific debt security. Such purchase or sale will take place at a future date at a specific price established by the terms of the futures contract.

**Temporary Defensive Positions**

In anticipation of or in response to adverse market, economic, political or other conditions, each Fund may take temporary defensive positions (up to 100% of its assets) in cash, cash equivalents and all types of money market and short-term debt securities. If a Fund were to take a temporary defensive position, it may be unable to achieve its investment objective for a period of time.

**U.S. Government Securities**

A Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as Fannie Mae, Freddie Mac, Ginnie Mae, the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury. While the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. 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.

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 United States and could impact the liquidity of the U.S. Government securities markets and ultimately a Fund.

● **U.S. Treasury Obligations.** U.S. Treasury obligations consist of bills, notes and bonds issued by the U.S. Treasury and separately traded interest and principal component parts of such obligations that are transferable through the federal book-entry system known as Separately Traded Registered Interest and Principal Securities ("STRIPS") and Treasury Receipts ("TRs").

● **U.S. Government Zero Coupon Securities.** STRIPS and receipts are sold as zero coupon securities, that is, fixed income securities that have been stripped of their unmatured interest coupons. Zero coupon securities are sold at a (usually substantial) discount and redeemed at face value at their maturity date without interim cash payments of interest or principal. The amount of this discount is accreted over the life of the security, and the accretion constitutes the income earned on the security for both accounting and tax purposes. Because of these features, the market prices of zero coupon securities are generally more volatile than the market prices of securities that have similar maturity but that pay interest periodically. Zero coupon securities are likely to respond to a greater degree to interest rate changes than are non-zero coupon securities with similar maturity and credit qualities.

● **U.S. Government Agencies.** Some obligations issued or guaranteed by agencies of the U.S. government are supported by the full faith and credit of the U.S. Treasury, others are supported by the right of the issuer to borrow from the Treasury, while still others are supported only by the credit of the instrumentality. Guarantees of principal by agencies or instrumentalities of the U.S. government may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities nor to the value of the Fund's shares.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to each Fund. These restrictions cannot be changed with respect to each Fund without the approval of the holders of a majority of the Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of a Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund. A non-fundamental policy may be changed by the Board without the approval of shareholders.

The Funds may not:

&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;2. Issue senior securities, except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase or sell commodities or commodity contracts, except as permitted by the 1940 Act, as amended,
and interpreted or modified by the regulatory authority having jurisdiction from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell real estate (including real estate limited partnership interests), provided that the
Fund may invest: (a) in securities secured by real estate or interests therein or issued by companies that invest in real estate or interests
therein; or (b) in real estate investments trusts;

&nbsp;&nbsp;&nbsp;&nbsp;5. Act as an underwriter of securities within the meaning of the 1933 Act, except insofar as it might be
deemed to be an underwriter upon disposition of certain portfolio securities acquired within the limitation on purchases of restricted
securities;

&nbsp;&nbsp;&nbsp;&nbsp;6. Make loans, except to the extent permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;7. Invest 25% or more of its total assets, taken at market value at the time of each investment, in the securities
of one or more issuers conducting their principal business activities in the same industry or group of industries, provided that (a) there
is no limitation with respect to (i) instruments issued or guaranteed by the United States, any state, territory or possession of
the United States, the District of Columbia or any of their authorities, agencies, instrumentalities or political subdivisions, and (ii) repurchase
agreements secured by the instruments described in clause (i); (b) wholly-owned finance companies will be considered to be in the
industries of their parents if their activities are primarily related to financing the activities of the parents; and (c) utilities
will be divided according to their services, for example, gas, gas transmission, electric and gas, electric and telephone will each be
considered a separate industry; and

&nbsp;&nbsp;&nbsp;&nbsp;8. The Dividend Income ETF will not, with respect to 75% of its total assets, (i) purchase securities of
any issuer (except securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or shares of investment companies)
if, as a result, more than 5% of its total assets would be invested in the securities of such issuer, or (ii) acquire more than 10% of
the outstanding voting securities of any one issuer.\*

\* For purposes of this policy, the issuer of the underlying security will be deemed to be the issuer of any respective depositary receipt.

For purposes of determining industry concentration, if a Fund invests in affiliated or unaffiliated underlying investment companies, the Fund will consider the concentration of the underlying investment companies for purposes of determining compliance with its own concentration policy. In addition, a Fund looks through a private activity municipal debt security whose principal and interest payments are derived principally from the assets and revenues of a non-governmental entity to determine the industry to which the investments should be allocated when determining the Fund's compliance with its own concentration policy.

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitation with respect to the borrowing of money will be observed continuously.

**The following restrictions are non-fundamental and may be changed without a shareholder vote.**

In addition to the investment restrictions adopted as fundamental policies as set forth above, the Funds observe the following non-fundamental restrictions, which may be changed without shareholder approval upon 60 days' written notice to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;1. Under normal circumstances, at least 80% of the Dividend Income ETF's net assets (plus borrowings
for investment purposes) will be invested in dividend paying equity securities, including common stocks and ADRs.

&nbsp;&nbsp;&nbsp;&nbsp;2. Under normal circumstances, at least 80% of the International Dividend ETF's net assets (plus borrowings
for investment purposes) will be invested in securities of dividend paying companies.

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitation with respect to the borrowing of money will be observed continuously.

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the applicable Exchange.

There can be no assurance that a Fund will continue to meet the requirements of the applicable Exchange necessary to maintain the listing of the Fund's Shares. The applicable Exchange may, but is not required to, remove the Shares of a Fund from listing if, among other things (i) following the initial 12-month period beginning upon the commencement of trading of the Fund, there are fewer than 50 beneficial owners of the Fund's Shares; (ii) the Fund's portfolio holdings are not made available to all market participants at the same time; (iii) the Fund has failed to file any filings required by the SEC or the applicable Exchange is aware that the Fund is not in compliance with the conditions of any exemptive order or no-action relief granted by the SEC or its staff under the 1940 Act with respect to the Fund; (iv) the applicable Exchange's ongoing listing requirements are not continuously maintained; (v) any of the continuous listing representations for the issue of the Fund's Shares are not continuously met; or (vi) such other event shall occur or condition exists that, in the opinion of the applicable Exchange, makes further dealings on the exchange inadvisable. The applicable Exchange will remove a Fund's Shares from listing and trading upon termination of the Fund.

The Trust reserves the right to adjust the price levels of its Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the Funds.

As in the case of other stocks traded on the applicable Exchange, brokers' commissions on transactions will be based on negotiated commission rates at customary levels.

**PORTFOLIO TURNOVER**

Portfolio turnover measures the percentage of a Fund's total portfolio market value that was purchased or sold during the period. A Fund's turnover rate provides an indication of how transaction costs (which are not included in the Fund's expenses) may affect the Fund's performance. Also, funds with a high turnover may be more likely to distribute capital gains that may be taxable to shareholders.

Each Predecessor Fund's portfolio turnover rates for the two most recent fiscal years of the Predecessor Funds are stated below. Portfolio turnover rates could change significantly in response to turbulent market conditions.

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| | | |
|:---|:---|:---|
| | Fiscal Year Ended<br> December 31, 2025 | Fiscal Year Ended<br> December 31, 2024 |
| Dividend Income ETF | 52% | 80% |

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| | | |
|:---|:---|:---|
| | Fiscal Year Ended<br> October 31, 2025 | Fiscal Year Ended<br> October 31, 2024 |
| International Dividend Income ETF<sup>(1)</sup> | 35% | N/A |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Because the Predecessor Fund of International Dividend Income
ETF had not yet commenced operations as of the fiscal year ending October 31, 2024, the portfolio turnover rate is not available.

**MANAGEMENT OF THE TRUST**

The business and affairs of the Trust are managed under the oversight of the Board, subject to the laws of the State of Delaware and the Trust's organizational documents. The Trustees are responsible for deciding matters of overall policy and overseeing the actions of the Trust's service providers. The officers of the Trust conduct and supervise the Trust's daily business operations.

Trustees who are not deemed to be "interested persons" of the Trust (as defined in the 1940 Act) are referred to as "Independent Trustees." Trustees who are deemed to be "interested persons" of the Trust are referred to as "Interested Trustees." The Board is currently composed of five Independent Trustees and two Interested Trustees. The Board has selected Arnold M. Reichman, an Independent Trustee, to act as Chair. Mr. Reichman's duties include presiding at meetings of the Board and interfacing with management to address significant issues that may arise between regularly scheduled Board and Committee meetings. In the performance of his duties, Mr. Reichman will consult with the other Independent Trustees and the Trust's officers and legal counsel, as appropriate. The Chair may perform other functions as requested by the Board from time to time.

The Board meets as often as necessary to discharge its responsibilities. Currently, the Board conducts regular, in-person meetings at least four times a year, and holds special in-person or telephonic meetings as necessary to address specific issues that require attention prior to the next regularly scheduled meeting. The Board also relies on professionals, such as the Trust's independent registered public accounting firms and legal counsel, to assist the Trustees in performing their oversight responsibilities.

The Board has established seven standing committees - Audit, Contract, Executive, Nominating and Governance, Product Development, Regulatory Oversight, and Valuation Committees (each a "Committee" and together, the "Committees"). The Board may establish other committees, or nominate one or more Trustees to examine particular issues related to the Board's oversight responsibilities, from time to time. Each Committee meets periodically to perform its delegated oversight functions and reports its findings and recommendations to the Board. For more information on the Committees, see the section entitled "Standing Committees."

The Board has also established an Advisory Board whose members are not "interested persons" of the Trust (as defined in the 1940 Act) and who serve in a consultative capacity to the Board, providing non-binding advice to the Board regarding the oversight of the affairs of the Trust (each, an "Advisory Board Member"). An Advisory Board Member participates in Board discussions and reviews Board materials relating to the Funds, but is not a Trustee, has no power to vote on any matter presented to the Board, and has no power to act on behalf of or otherwise bind the Board, the Trustees or any committee of the Board. The Board appointed Eugene Podsiadlo as an Advisory Board Member effective October 1, 2025.

The Board has determined that the Trust's leadership structure is appropriate because it allows the Board to effectively perform its oversight responsibilities.

**Trustees, Advisory Board Members, and Executive Officers**

The Trustees, Advisory Board Members, and executive officers of the Trust, their ages, business addresses and principal occupations during the past five years are set forth in this section.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address, and**<br> **Year of Birth** | **Position(s)<br> Held with<br> RBB** | **Term of Office**<br> **and<br> Length of Time<br> Served<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Director/Trustee\*** | **Other**<br> **Directorships<br> Held by Director/Trustee** |
| **INDEPENDENT DIRECTORS/TRUSTEES** | **INDEPENDENT DIRECTORS/TRUSTEES** | **INDEPENDENT DIRECTORS/TRUSTEES** | **INDEPENDENT DIRECTORS/TRUSTEES** | **INDEPENDENT DIRECTORS/TRUSTEES** | **INDEPENDENT DIRECTORS/TRUSTEES** |
| Gregory P. Chandler<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1966 | Director/Trustee | 2012 to present | Since 2025 Financial Consultant; from 2020-2025, Chief Financial Officer, HC Parent Corp (life sciences consulting services). | [●] | FS Specialty Lending Corp (previously Energy and Power Fund) (registered investment company); Wilmington Funds (10 portfolios) (registered investment company). |
| Lisa A. Dolly<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1966 | Director/Trustee | October 2021 to present | Independent Director. | [●] | Allfunds Group PLC (United Kingdom wealthtech and fund distribution provider); Securities Industry and Financial Markets Association (trade association for broker dealers, investment banks and asset managers); Hightower Advisors (wealth management firm); Cohen & Steers, Inc. (global investment manager). |
| Nicholas A. Giordano<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1943 | Director/Trustee | 2006 to present | Since 1997, Consultant, financial services organizations. | [●] | None. |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address, and**<br> **Year of Birth** | **Position(s)<br> Held with<br> RBB** | **Term of Office**<br> **and<br> Length of Time<br> Served<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Director/Trustee\*** | **Other**<br> **Directorships<br> Held by Director/Trustee** |
| Arnold M. Reichman<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1948 | Chair Director/Trustee | 2005 to present<br> 1991 to present | Retired.  | [●] | None. |
| Martha A. Tirinnanzi<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960 | Director/Trustee | January 2024 to present | Since 2014, Instructor, The Institute for Financial Markets; from 2013-2023, President and Chief Executive Officer, Financial Standards, Inc. (consulting firm); from 2020-2022, Adjunct Professor of Finance and Accounting, The Catholic University of America's Busch School of Business. | [●] | Intercontinental Exchange, Inc. ("ICE") (financial services company and operator of global exchanges and clearinghouses); ICE Mortgage Services, LLC (a subsidiary of ICE); ICE Mortgage Technology, Inc. (a subsidiary of ICE). |
| **INTERESTED DIRECTOR/TRUSTEE<sup>2</sup>** | **INTERESTED DIRECTOR/TRUSTEE<sup>2</sup>** | **INTERESTED DIRECTOR/TRUSTEE<sup>2</sup>** | **INTERESTED DIRECTOR/TRUSTEE<sup>2</sup>** | **INTERESTED DIRECTOR/TRUSTEE<sup>2</sup>** | **INTERESTED DIRECTOR/TRUSTEE<sup>2</sup>** |
| Robert Sablowsky<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1938 | Vice Chair Director/Trustee | 2016 to present<br> 1991 to present | Since 2002, Senior Director – Investments and prior thereto Executive Vice President, of Oppenheimer & Co., Inc. (a registered broker-dealer). | [●] |  |
| Brian T. Shea<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960 | Director/Trustee | 2018 to present | Independent Director. | [●] | Ameriprise Financial, Inc. (financial services company); Barclays PLC, Barclays Bank PLC and Barclays Execution Services Limited (financial services companies). |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address, and**<br> **Year of Birth** | **Position(s)<br> Held with<br> RBB** | **Term of Office**<br> **and<br> Length of Time<br> Served<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Director/Trustee\*** | **Other**<br> **Directorships<br> Held by Director/Trustee** |
| **DISINTERESTED ADVISORY BOARD MEMBERS<sup>3</sup>** | **DISINTERESTED ADVISORY BOARD MEMBERS<sup>3</sup>** | **DISINTERESTED ADVISORY BOARD MEMBERS<sup>3</sup>** | **DISINTERESTED ADVISORY BOARD MEMBERS<sup>3</sup>** | **DISINTERESTED ADVISORY BOARD MEMBERS<sup>3</sup>** | **DISINTERESTED ADVISORY BOARD MEMBERS<sup>3</sup>** |
| Eugene Podsiadlo<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1957 | Advisory Board Member | October 2025 to present | Since 2023, Senior Advisor and Limited Partner, AI Capital, LLC; since 2020, Senior Advisor and Industry Council Member, Cross Creek Advisors; from February-June 2023, Executive Vice President of Clearbrook, LLC; from 2020-2022, Registered Securities Principal and Representative, March Capital. | N/A | None. |
| **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** | **OFFICERS** |
| Steven Plump<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1959 | President | August 2022 to present | From 2011 to 2021, Executive Vice President, PIMCO LLC. | N/A | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address, and**<br> **Year of Birth** | **Position(s)<br> Held with<br> RBB** | **Term of Office**<br> **and<br> Length of Time<br> Served<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Director/Trustee\*** | **Other**<br> **Directorships<br> Held by Director/Trustee** |
| Salvatore Faia, JD,<br> CPA, CFE<br> Gateway Corporate<br> Center, Suite 216<br> 223 Wilmington West<br> Chester Pike<br> Chadds Ford, PA 19317<br> Year of Birth: 1962 | Chief Compliance Officer | 2004 to present | Since 2004, President, Vigilant Compliance, LLC (investment management services company); since 2005, Independent Trustee of EIP Investment Trust (registered investment company); since 2021, Chief Compliance Officer of The RBB Fund Trust; President of The RBB Fund Trust from 2021 to 2022; President of The RBB Fund, Inc. from 2009 to 2022. | N/A | N/A |
| James G. Shaw<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960 | Chief Financial Officer and Secretary Chief Operating Officer | 2016 to present August 2022 to present | Since 2022, Chief Operating Officer of The RBB Fund Trust and The RBB Fund Inc.; since 2021, Chief Financial Officer and Secretary of The RBB Fund Trust; since 2016, Chief Financial Officer and Secretary of The RBB Fund Inc. | N/A | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address, and**<br> **Year of Birth** | **Position(s)<br> Held with<br> RBB** | **Term of Office**<br> **and<br> Length of Time<br> Served<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Director/Trustee\*** | **Other**<br> **Directorships<br> Held by Director/Trustee** |
| Craig A. Urciuoli<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1974  | Director of Marketing & Business Development  | 2019 to present | Since 2021, Director of Marketing & Business Development of The RBB Fund Trust; since 2019, Director of Marketing & Business Development of The RBB Fund, Inc. | N/A | N/A |
| Jennifer Witt<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1982 | Assistant Treasurer | 2018 to present  | Since 2020, Vice President, U.S. Bank Global Fund Services (fund administrative services firm). | N/A  | N/A  |
| Edward Paz<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1971 | Assistant Secretary | 2016 to present | Since 2007, Vice President and Counsel, U.S. Bank Global Fund Services (fund administrative services firm). | N/A | N/A |
| Joshua Solin<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1988  | Assistant Treasurer | January 2025 to present | Since 2023, Assistant Vice President, U.S. Bank Global Fund Services (fund administrative services firm); from 2021 to 2023, Officer, U.S. Bank Global Services. | N/A | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address, and**<br> **Year of Birth** | **Position(s)<br> Held with<br> RBB** | **Term of Office**<br> **and<br> Length of Time<br> Served<sup>1</sup>** | **Principal**<br> **Occupation(s)**<br> **During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Director/Trustee\*** | **Other**<br> **Directorships<br> Held by Director/Trustee** |
| Thomas M. Reynolds<br> 615 East Michigan Street<br> Milwaukee, WI 53202<br> Year of Birth: 1960 | Assistant Treasurer and Assistant Secretary | September 2024 to present | Since 2024, Assistant Treasurer & Assistant Secretary of the RBB Trust, Inc.; from 2023-2024, Vice President of Virtus Investment Partners; from 2020-2023, CFO of Stone Harbor Investment Partners LP. | N/A | N/A |
| Jillian L. Bosmann<br> One Logan Square<br> Suite 2000<br> Philadelphia, PA 19103<br> Year of Birth: 1979 | Assistant Secretary | 2017 to present | Since 2017, Partner, Faegre Drinker Biddle & Reath LLP (law firm). | N/A | N/A |

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\* Each Trustee oversees [●] portfolios of the fund complex, consisting of the series in the Trust ([●] portfolios) and in The RBB Fund, Inc. ([●] portfolios).

(1) Subject to the Trust's Retirement Policy, each Trustee may continue to serve as a Trustee until the last day of the calendar
year in which the applicable Trustee attains age 75 or until his or her successor is elected and qualified or his or her death, resignation
or removal. The Board reserves the right to waive the requirements of the policy with respect to an individual Trustee. The Board has
approved waivers of the policy with respect to Messrs. Giordano, Reichman, and Sablowsky. Each officer holds office at the pleasure of
the Board until the next special meeting of the Trust or until his or her successor is duly elected and qualified, or until he or she
dies, resigns or is removed.

(2) Messrs. Sablowsky and Shea are considered "interested persons" of the Trust as that term is defined in the 1940 Act and
are referred to as "Interested Trustees." Mr. Sablowsky is considered an "Interested Trustee" of the Trust by
virtue of his position as a senior officer of Oppenheimer & Co., Inc., a registered broker-dealer. Mr. Shea is considered an "Interested
Trustee" of the Trust by virtue of his position on the board of Barclays Bank plc, a multinational bank.

(3) A Disinterested Advisory Board Member is an Advisory Board Member that is not an "interested person" of the Trust within
the meaning of Section 2(a)(19) of the 1940 Act.

**Trustee Experience, Qualifications, Attributes and/or Skills**

The information above includes each Trustee's principal occupations during the last five years. Each Trustee possesses extensive additional experience, skills and attributes relevant to his or her qualifications to serve as a Trustee. The cumulative background of each Trustee led to the conclusion that each Trustee should serve as a Trustee of the Trust. Mr. Chandler has demonstrated leadership and management abilities as evidenced by his senior executive-level positions in the investment technology consulting/services and investment banking/brokerage industries, and also serves on various boards. Ms. Dolly has over three decades of experience in the financial services industry, and she has demonstrated her leadership and management abilities by serving in numerous senior executive-level positions. Mr. Giordano has years of experience as a consultant to financial services organizations and also serves on the boards of other registered investment companies. Mr. Reichman brings decades of investment management experience to the Board, in addition to senior executive-level management experience. Mr. Sablowsky has demonstrated leadership and management abilities as evidenced by his senior executive-level positions in the financial services industry. Mr. Shea has demonstrated leadership and management abilities as evidenced by his senior executive-level positions in the brokerage, clearing, banking and investment services industry, including service on the boards of public companies, industry regulatory organizations and a university. Ms. Tirinnanzi has over 20 years of strategic, regulatory and operational management experience in the financial and mortgage industries, including service on the boards of a public company and real estate investment trust, and brings to the Board her expertise regarding derivatives markets and related businesses.

**Standing Committees**

*Audit Committee.* The Board has an Audit Committee comprised of three Independent Trustees. The current members of the Audit Committee are Ms. Tirinnanzi and Messrs. Chandler and Giordano. The Audit Committee, among other things, reviews results of the annual audit and approves the firm(s) to serve as independent auditors. The Audit Committee convened five times during the fiscal year ended August 31, 2025.

*Contract Committee.* The Board has a Contract Committee comprised of an Interested Trustee and two Independent Trustees. The current members of the Contract Committee are Mses. Dolly and Tirinnanzi and Mr. Sablowsky. The Contract Committee reviews and makes recommendations to the Board regarding the approval and continuation of agreements and plans of the Trust. The Contract Committee convened four times during the fiscal year ended August 31, 2025.

*Executive Committee.* The Board has an Executive Committee comprised of an Interested Trustee and three Independent Trustees. The current members of the Executive Committee are Messrs. Chandler, Giordano, Reichman and Sablowsky. The Executive Committee may generally carry on and manage the business of the Trust when the Board is not in session. The Executive Committee convened one time during the fiscal year ended August 31, 2025.

*Nominating and Governance Committee.* The Board has a Nominating and Governance Committee comprised of three Independent Trustees. The current members of the Nominating and Governance Committee are Messrs. Chandler, Giordano and Reichman. The Nominating and Governance Committee recommends to the Board all persons to be nominated as Trustees of the Trust. The Nominating and Governance Committee will consider nominees recommended by shareholders. Recommendations should be submitted to the Committee care of the Trust's Secretary. The Nominating and Governance Committee convened four times during the fiscal year ended August 31, 2025.

*Product Development Committee.* The Board has a Product Development Committee comprised of the Interested Trustees and two Independent Trustees. The current members of the Product Development Committee are Messrs. Chandler, Reichman, Sablowsky, and Shea. The Product Development Committee oversees the process regarding the addition of new investment advisers and investment products to the Trust. The Product Development Committee convened five times during the fiscal year ended August 31, 2025.

*Regulatory Oversight Committee.* The Board has a Regulatory Oversight Committee comprised of the Interested Trustees and two Independent Trustees. The current members of the Regulatory Oversight Committee are Ms. Dolly and Messrs. Reichman, Sablowsky, and Shea. The Regulatory Oversight Committee monitors regulatory developments in the mutual fund industry and focuses on various regulatory aspects of the operation of the Trust. The Regulatory Oversight Committee convened four times during the fiscal year ended August 31, 2025.

*Valuation Committee.* The Board has a Valuation Committee comprised of the Interested Trustees and two officers of the Trust. The members of the Valuation Committee are Messrs. Faia, Sablowsky, Shea and Shaw. The Valuation Committee is responsible for reviewing fair value determinations. The Valuation Committee convened four times during the fiscal year ended August 31, 2025.

**Risk Oversight**

The Board performs its risk oversight function for the Trust through a combination of (1) direct oversight by the Board as a whole and Board committees and (2) indirect oversight through the Trust's investment advisers and other service providers, Trust officers and the Trust's Chief Compliance Officer ("CCO"). The Trust is subject to a number of risks, including but not limited to investment risk, compliance risk, operational risk, reputational risk, credit risk and counterparty risk. Day-to-day risk management with respect to the Trust is the responsibility of the Trust's investment advisers or other service providers (depending on the nature of the risk) that carry out the Trust's investment management and business affairs. Each of the investment advisers and the other service providers have their own independent interest in risk management and their policies and methods of risk management will depend on their functions and business models and may differ from the Trust's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls.

The Board provides risk oversight by receiving and reviewing on a regular basis reports from the Trust's investment advisers or other service providers, receiving and approving compliance policies and procedures, periodic meetings with the Trust's portfolio managers to review investment policies, strategies and risks, and meeting regularly with the Trust's CCO to discuss compliance reports, findings and issues. The Board also relies on the Trust's investment advisers and other service providers, with respect to the day-to-day activities of the Trust, to create and maintain procedures and controls to minimize risk and the likelihood of adverse effects on the Trust's business and reputation.

Board oversight of risk management is also provided by various Board Committees. For example, the Audit Committee meets with the Trust's independent registered public accounting firms to ensure that the Trust's respective audit scopes include risk-based considerations as to the Trust's financial position and operations.

The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight. The Board's oversight role does not make the Board a guarantor of the Trust's investments or activities.

**Trustee and Advisory Board Member Ownership of Shares of the Trust**

The following table sets forth the dollar range of equity securities beneficially owned by each Trustee and Advisory Board Member in the Funds and in all of the portfolios of the Trust and The RBB Fund, Inc. (together, the "Fund Complex") (which for each Trustee comprise all registered investment companies within the Trust's family of investment companies overseen by him or her), as of December 31, 2025, including amounts through the deferred compensation plan:

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity <br> Securities in the <br> Funds<sup>(1)</sup>** | **Aggregate Dollar Range of Equity Securities in All <br> Registered Investment Companies Overseen by Trustee <br> within the Family of Investment Companies** |
| **Independent Trustees** |  |  |
| Gregory P. Chandler |  | Over $100,000 |
| Lisa A. Dolly |  | $50001-$100000 |
| Nicholas A. Giordano |  | $50001-$100000 |
| Arnold M. Reichman |  | Over $100,000 |
| Martha A. Tirinnanzi |  | Over $100,000 |
| **Interested Trustees** |  |  |
| Robert Sablowsky |  | Over $100,000 |
| Brian T. Shea |  | $10001-$50000 |
| **Disinterested Advisory Board Member** |  |  |
| Eugene Podsiadlo<sup>(2)</sup> |  | $10001-$50000 |

---

(1) The Funds had not commenced operations prior to the date of this SAI.

(2) Mr. Podsiadlo is not a Trustee. He was appointed as an Advisory Board Member effective October 1, 2025.

**Trustees', Advisory Board Members' and Officers' Compensation**

Effective January 1, 2026, the Fund Complex, based on an allocation formula, pays each Trustee and Advisory Board Member a retainer at the rate of $265,000 annually, $15,000 for each regular meeting of the Board attended in-person; $6,000 for each Regulatory Oversight Committee meeting attended in-person; $5,000 for each other committee (excluding the Regulatory Oversight Committee) meeting attended in-person; $9,000 and $6,500, respectively, for each special in-person or telephonic Board meeting that lasts longer than 30 minutes; $4,000 for each special committee meeting that lasts longer than 30 minutes; $3,000 for each special Board or committee meeting that lasts less than 30 minutes. The Chair of the Audit Committee and Chair of the Regulatory Oversight Committee each receives an additional fee of $50,000 for their services. The Chair of the Contract Committee and the Chair of the Nominating and Governance Committee each receives an additional fee of $40,000 per year for their services. The Vice Chair of the Regulatory Oversight Committee receives an additional fee of $25,000 for his services. The Chair of the Board receives an additional fee of $125,000 per year for his services in this capacity and the Vice Chair of the Board receives an additional fee of $50,000 per year for his services in this capacity.

From January 1, 2025 through December 31, 2025, the Fund Complex, based on an allocation formula, paid each Trustee and Advisory Board Member a retainer at the rate of $225,000 annually, $15,000 for each regular meeting of the Board attended in-person; $6,000 for each Regulatory Oversight Committee meeting attended in-person; $5,000 for each other committee (excluding the Regulatory Oversight Committee) meeting attended in-person; $9,000 and $6,500, respectively, for each special in-person or telephonic Board meeting that lasts longer than 30 minutes; $4,000 for each special committee meeting that lasts longer than 30 minutes; $3,000 for each special Board or committee meeting that lasts less than 30 minutes. The Chair of the Audit Committee and Chair of the Regulatory Oversight Committee each received an additional fee of $50,000 for their services. The Chair of the Contract Committee and the Chair of the Nominating and Governance Committee each received an additional fee of $40,000 per year for their services. The Vice Chair of the Regulatory Oversight Committee received an additional fee of $25,000 for his services. The Chair of the Board received an additional fee of $125,000 per year for his services in this capacity and the Vice Chair of the Board receives an additional fee of $50,000 per year for his services in this capacity.

From January 1, 2024 through December 31, 2024, the Fund Complex, based on an allocation formula, paid each Trustee a retainer at the rate of $175,000 annually, $13,500 for each regular meeting of the Board attended in-person; $5,000 for each Regulatory Oversight Committee meeting attended in-person; $4,000 for each other committee (excluding the Regulatory Oversight Committee) meeting attended in-person; $7,500 and $5,000, respectively, for each special in-person or telephonic Board meeting that lasts longer than 30 minutes; $3,000 for each special committee meeting that lasts longer than 30 minutes; $2,000 for each special Board or committee meeting that lasts less than 30 minutes. The Chair of the Audit Committee and Chair of the Regulatory Oversight Committee each received an additional fee of $35,000 for their services. The Chair of the Contract Committee and the Chair of the Nominating and Governance Committee each received an additional fee of $25,000 per year for their services. The Vice Chair of the Regulatory Oversight Committee received an additional fee of $15,000 for his services. The Chair of the Board received an additional fee of $100,000 per year for his services in this capacity and the Vice Chair of the Board received an additional fee of $40,000 per year for his services in this capacity.

Trustees are reimbursed for any reasonable out-of-pocket expenses incurred in attending meetings of the Board or any committee thereof. An employee of Vigilant Compliance, LLC serves as CCO of the Trust. Vigilant Compliance, LLC is compensated for the services provided to the Trust, and such compensation is determined by the Board. For the fiscal year ended August 31, 2025, Vigilant Compliance, LLC received $1,060,000 in the aggregate from all series of the Fund Complex for its services. For the fiscal year ended August 31, 2025, Vigilant Compliance, LLC did not receive any fees from the Funds because the Funds had not commenced operations prior to the date of this SAI. Employees of the Trust serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Director of Marketing & Business Development, and Assistant Treasurer and Assistant Secretary, and are compensated for services provided. For the fiscal year ended August 31, 2025, each of the following members of the Board and the President, Chief Financial Officer, Chief Operating Officer, Secretary, Director of Marketing & Business Development, and Assistant Treasurer and Assistant Secretary received compensation from the Fund Complex in the following amounts:

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Name of Trustee/Officer</u>** | **Aggregate** <br> **Compensation** <br> **from the Funds<sup>(1)</sup>** | **Pension or** <br> **Retirement** <br> **Benefits Accrued <br> as Part of Fund<br> Expenses** | **Estimated Annual<br> Benefits Upon<br> Retirement** | &nbsp;&nbsp; **Total**<br> **Compensation**<br> **From Fund Complex**<br> **Paid to**<br> **Trustees**<br> **or Officers** |
| **Independent Trustees:** |  |  |  |  |
| Gregory P. Chandler, Trustee | $0 | N/A | N/A | $406250 |
| Lisa A. Dolly, Trustee | $0 | N/A | N/A | $363750 |
| Nicholas A. Giordano, Trustee | $0 | N/A | N/A | $369250 |
| Arnold M. Reichman, Trustee and Chair | $0 | N/A | N/A | $476750 |
| Robert A. Straniere, Trustee<sup>(2)</sup> | $0 | N/A | N/A | $101250 |
| Martha A. Tirinnanzi, Trustee | $0 | N/A | N/A | $336000 |
| **Interested Trustees:** |  |  |  |  |
| Robert Sablowsky, Trustee and Vice Chair | $0 | N/A | N/A | $466750 |
| Brian T. Shea, Trustee | $0 | N/A | N/A | $380500 |
| **Disinterested Advisory Board Members:** |  |  |  |  |
| Eugene Podsiadlo<sup>(3)</sup> | $0 | N/A | N/A | $0 |
| **Officers:** |  |  |  |  |
| Steven Plump, President | $0 | N/A | N/A | $424750 |
| James G. Shaw, Chief Financial Officer, Chief Operating Officer and Secretary | $0 | N/A | N/A | $546000 |
| Craig Urciuoli, Director of Marketing & Business Development | $0 | N/A | N/A | $434750 |
| Thomas Reynolds, Assistant Treasurer and Assistant Secretary | $0 | N/A | N/A | $200000 |

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(1) The Funds had not commenced operations prior to the date of this SAI.

(2) Mr. Straniere retired from his role as a Trustee effective January 2025.

(3) Mr. Podsiadlo began serving as an Advisory Board Member effective October 1, 2025.

Each compensated Trustee is entitled to participate in the Trust's deferred compensation plan (the "DC Plan"). Under the DC Plan, a compensated Trustee may elect to defer all or a portion of his or her compensation and have the deferred compensation treated as if it had been invested by the Trust in Shares of one or more of the portfolios of the Trust. The amount paid to the Trustees under the DC Plan will be determined based upon the performance of such investments.

As of [●], 2026, the Independent Trustees and their respective immediate family members (spouse or dependent children) [did not own beneficially or of record any securities of the Trust's investment advisers or distributor, or of any person directly or indirectly controlling, controlled by, or under common control with the investment advisers or distributor].

**Trustee Emeritus Program**

The Board has created a position of Trustee Emeritus, whereby an incumbent Trustee who has attained at least the age of 75 and completed a minimum of fifteen years of service as a Trustee or as a director of The RBB Fund, Inc., may, in the sole discretion of the Nominating and Governance Committee of the Trust (the "NGC"), be recommended to the full Board to serve as Trustee Emeritus.

A Trustee Emeritus that has been approved as such receives an annual fee in an amount equal to up to 50% of the annual base compensation paid to a Trustee. Effective January 1, 2026, a Trustee Emeritus can receive an annual fee in an amount up to 50% of the annual base compensation paid to a Trustee in effect at the time such Trustee Emeritus was first appointed Trustee Emeritus. Compensation will be determined annually by the NGC and the Board with respect to each Trustee Emeritus. In addition, a Trustee Emeritus will be reimbursed for certain expenses incurred in connection with their service, including expenses of travel and lodging incurred in attendance at Board/Committee meetings. A Trustee Emeritus will continue to receive relevant materials concerning the Funds and will be available to consult with the Trustees at reasonable times as requested. However, a Trustee Emeritus does not have any voting rights at Board meetings and is not subject to election by shareholders of the Funds.

A Trustee Emeritus will be permitted to serve in such capacity from year to year at the pleasure of the NGC and the Board for up to three years. Effective February 2024, Julian Brodsky serves as a Trustee Emeritus of the Trust. Effective January 2025, Robert Straniere serves as a Trustee Emeritus of the Trust.

For the fiscal year ended August 31, 2025, Messrs. Brodsky and Straniere received compensation for their roles as a Trustee Emeritus in the following amounts:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Aggregate Compensation from the Funds\*** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated Annual Benefits Upon Retirement** | **Total Compensation From Fund Complex** |
| Julian Brodsky | $0 | N/A | N/A | $106250 |
| Robert Straniere | $0 | N/A | N/A | $84375 |

---

\* The Funds had not commenced operations prior to the date of this SAI.

**CODE OF ETHICS**

The Trust, the Adviser, and the Sub-Adviser have each adopted a code of ethics ("Code of Ethics") pursuant to Rule 17j-1 under the 1940 Act, which governs personal securities trading by their respective personnel. Each Code of Ethics permits such individuals to purchase and sell securities, including securities that are purchased, sold, or held by the Funds, but only subject to certain conditions designed to ensure that purchases and sales by such individuals do not adversely affect the Funds' investment activities.

**PRINCIPAL HOLDERS**

Any person owning, directly or indirectly, more than 25% of the outstanding Shares of a Fund is presumed to control the Funds. Principal holders are persons who own 5% or more of the outstanding Shares of a Fund. No principal shareholder information is provided for the Funds because the Funds had not commenced operations prior to the date of this SAI.

Because the Funds had not commenced operations prior to the date of this SAI, the Trustees and officers of the Trust as a group owned none of the outstanding Shares of each of the Funds.

As of [●], to the Trust's knowledge, the following named persons at the addresses shown below were owners of record of approximately 5% or more of the total outstanding shares of the Predecessor Funds as indicated below. See "Additional Information Concerning Company Shares" below. Any shareholder that owns 25% or more of the outstanding shares of a Fund may be presumed to "control" (as that term is defined in the 1940 Act) the Fund. Shareholders controlling a Fund or class could have the ability to vote a majority of the shares of the Fund or class on any matter requiring approval of the shareholders of the Fund or class

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| | | |
|:---|:---|:---|
| **Name of Fund** | **Shareholder Name and Address** | **Percentage of**<br> **Shares Owned as of**<br> **[●]** |
| Dividend Income ETF | [●] | [●] |
| International Dividend Income ETF | [●] | [●] |

---

As of [●], Trustees and Officers as a group owned less than 1% of the outstanding shares of each Predecessor Fund.

**INVESTMENT ADVISORY AGREEMENT AND INVESTMENT SUB-ADVISORY AGREEMENT**

**Investment Advisory Agreement**

Opal Capital LLC serves as the investment adviser to the Funds. The Adviser is located at located at 5200 Town Center Circle, Suite 305, Boca Raton, Florida 33486. The Adviser is controlled by Graff Capital Management, LLC and Austin Graff. The Adviser is registered with the SEC as an investment adviser. The Adviser was also the sub-adviser of the Predecessor Funds.

The Adviser provides investment advisory services to each Fund pursuant to the terms of an Investment Advisory Agreement (the "Advisory Agreement") between the Trust and the Adviser. After an initial two year-term, the Advisory Agreement may be continued in effect from year to year with the approval of (1) the Board or (2) vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of the Fund, provided that in either event the continuance must also be approved by a majority of the Independent Trustees by vote cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement terminates automatically in the event of its assignment, as defined in the 1940 Act and the rules thereunder.

Subject to the supervision of the Board, the Adviser will provide for the overall management of the Funds including (i) the provision of a continuous investment program for the Funds, including investment research and management with respect to all securities, investments, cash and cash equivalents, (ii) the determination from time to time of the securities and other investments to be purchased, retained, or sold by the Funds, and (iii) the placement from time to time of orders for all purchases and sales of securities and other investments made for the Funds. The Adviser will provide the services rendered by it in accordance with each Fund's investment objective, restrictions and policies as stated in the Prospectus and in this SAI. The Adviser will not be liable for any error of judgment, mistake of law, or for any loss suffered by the Funds in connection with the performance of the Advisory Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard of its obligations and duties under the Advisory Agreement.

Pursuant to the terms of the Advisory Agreement, in consideration of the services provided by the Adviser, each Fund pays the Adviser a unitary management fee that is computed and paid monthly at an annual rate of 0.65% and 0.75% for the Dividend Income ETF and the International Dividend Income ETF, respectively, of the average daily net assets during the month of each Fund. From the unitary management fee, the Adviser pays most of the expenses of each Fund, including the cost of sub-advisory fees to any investment sub-adviser, the cost of transfer agency, custody, fund administration, legal, audit and other services. However, under the Advisory Agreement, the Adviser is not responsible for (i) its advisory fees payable under the investment advisory agreement; (ii) distribution fees and expenses, if any, paid by a Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (iii) interest expenses; (iv) brokerage expenses, trading expenses and other expenses (such as stamp taxes) in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (v) tax expenses (including any income or franchise taxes) and governmental fees; and (vi) extraordinary expenses, such as litigation costs and other expenses not incurred in the ordinary course of business..

No advisory fee information is provided since the Funds had not commenced operations prior to the date of this SAI. Predecessor Funds paid its investment adviser the following advisory fees, including waivers and reimbursement for their past three fiscal years.

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| | | | |
|:---|:---|:---|:---|
| **Dividend Income ETF<sup>(1)</sup>** | **For Fiscal Year Ended <br> December 31, 2025** | **For Fiscal Year Ended <br> December 31, 2024** | **For Fiscal Year Ended <br> December 31, 2023** |
| Management Fees Paid to Adviser | $1138686 | $645824 | $433554 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Information prior to June 13, 2025 is that of a predecessor fund
of the Predecessor Fund.

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| | | | |
|:---|:---|:---|:---|
| **International Dividend Income ETF** | **For Fiscal Year Ended <br> October 31, 2025\*** | **For Fiscal Year Ended <br> October 31, 2024\*** | **For Fiscal Year Ended <br> October 31, 2023\*** |
| Management Fees Paid to Adviser | $469296 | N/A | N/A |

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\* The International Dividend Income ETF commenced operations on December 26, 2024.

**Investment Sub-Advisory Agreement**

The Trust and the Adviser [submitted] an application with the SEC for an exemptive order with respect to each Fund that would permit the Adviser to engage or terminate a sub-adviser, and to enter into and materially amend an existing sub-advisory agreement, upon the approval of the Board, without obtaining shareholder approval. This requested exemptive relief has been approved by the Board and each Fund's initial shareholder. Consequently, if approved by the SEC, under the exemptive order, the Adviser would have the right to hire, terminate and replace sub-advisers when the Board and the Adviser feel that a change would benefit a Fund. The exemptive order will enable each Fund to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approval of sub-advisory agreements. There is no guarantee that the SEC will grant the requested exemptive order.

The Adviser has retained Polen Capital Management, LLC, a Delaware limited liability company whose main offices are located at 1825 NW Corporate Boulevard, Suite 300, Boca Raton, Florida 33431, to serve as sub-adviser for each Fund. The Sub-Adviser was formed in 1979 and commenced operations and registered with the SEC as an investment adviser in 1980.

The Sub-Adviser provides trading and execution services to the Funds pursuant to the terms of a Sub-Advisory Agreement (the "Sub-Advisory Agreement") among the Trust, the Adviser and the Sub-Adviser. After the initial two year-term, the Sub-Advisory Agreement may be continued in effect from year to year with the (1) approval of the Board, or (2) vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of each Fund, provided that in either event the continuance must also be approved by a majority of the Independent Trustees by vote cast in person at a meeting called for the purpose of voting on such approval. The Sub-Advisory Agreement terminates automatically in the event of its assignment, as defined in the 1940 Act and the rules thereunder.

For its services, the Sub-Adviser receives a fee from the Adviser.

The Sub-Advisory Agreement provides that the Sub-Adviser shall not be protected against any liability to the Trust or its shareholders by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties, or from reckless disregard of its obligations or duties thereunder.

**PORTFOLIO MANAGER**

This section includes information about each Fund's portfolio manager, including information about other accounts they manage, the dollar range of Fund Shares they own and how they are compensated.

<u>The Adviser</u>

[*Description of Compensation.* The portfolio manager receives a fixed base salary and may receive a discretionary bonus that is not directly tied to the performance of any particular Fund. Bonuses are based on the overall success and profitability of the Adviser and may take into account qualitative factors such as investment process adherence, collaboration, and risk management. This compensation structure is designed to reduce incentives to favor one client account or Fund over another. The portfolio manager is an equity holder in the Adviser.]

*Other Accounts.* In addition to the Funds, the portfolio manager is responsible for the day-to-day management of certain other accounts, as listed below. The information below is provided as of [●], 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts** | **Total Accounts** | **Accounts With** <br> **Performance-Based Fees** | **Accounts With** <br> **Performance-Based Fees** |
| **Portfolio Manager;**<br>**Other Accounts** | **Number** | **Assets** | **Number** | **Assets** |
| ***Austin Graff*** |  |  |  |  |
| Registered Investment Companies | [●] | [●] | [●] | [●] |
| Other Pooled Investment Vehicles | [●] | [●] | [●] | [●] |
| Other Accounts | [●] | [●] | [●] | [●] |

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*Conflict of Interest.* [The portfolio manager's management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Funds' investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have similar investment objectives or strategies as a Fund. A potential conflict of interest may arise as a result, whereby a portfolio manager could favor one account over another. Another potential conflict could include a portfolio manager's knowledge about the size, timing, and possible market impact of Fund trades, whereby the portfolio manager could use this information to the advantage of other accounts and to the disadvantage of the Funds. However, the [Adviser] has adopted policies and procedures reasonably designed to address potential conflicts of interest and promote fair treatment of all accounts, including trade allocation policies for equitable distribution of investment opportunities and aggregated trades over time, pre- and post-trade compliance monitoring to support consistent trading and allocation practices.]

*Securities Ownership.* The portfolio manager did not own any Shares of the Funds as no Shares of the Funds were outstanding prior to the date of this SAI. As of [●], 2026 the portfolio manager owned securities of the Predecessor Funds in the amount set forth in the table below.

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| | |
|:---|:---|
| **Portfolio Manager(s); Name of Fund** | **Dollar Range of Ownership of Securities\*** |
| Austin Graff | |
| *Dividend Income ETF* | [●] |
| *International Dividend Income ETF* | [●] |

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\* Dollar ranges are as follows: none; $1-$10,000; $10,001-$50,000; $50,001-$100,00; $100,001-$500,000; $500,001-$1,000,000; and over $1,000,000.

**UNDERWRITER**

The Trust has entered into a distribution agreement (the "Distribution Agreement") with Quasar Distributors, LLC (the "Distributor"), a wholly-owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), located at 190 Middle Street, Suite 301, Portland, Maine 04101, pursuant to which the Distributor acts as each Fund's principal underwriter and distributes Shares. Shares are continuously offered for sale by the Distributor only in Creation Units. Each Creation Unit is made up of generally at least 10,000 Shares. The Distributor will not distribute Shares in amounts less than a Creation Unit.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will receive orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor will deliver prospectuses and, upon request, Statements of Additional Information to persons purchasing Creation Units and will maintain records of orders placed with it. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and a member of the Financial Industry Regulatory Authority ("FINRA").

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of Shares. Such Soliciting Dealers may also be Authorized Participants (as discussed in "Procedures for Creation of Creation Units" below) or DTC Participants.

The Distribution Agreement has an initial term of up to two years and will continue in effect thereafter only if such continuance is specifically approved at least annually by the Board or by vote of a majority of a Fund's outstanding voting securities and, in either case, by a majority of the Independent Trustees. The Distribution Agreement is terminable without penalty by the Trust, on behalf of the Fund, on 60 days' written notice when authorized either by a majority vote of a Fund's shareholders or by vote of a majority of the Board, including a majority of the Independent Trustees of the Trust, or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its "assignment," as defined in the 1940 Act.

**DISTRIBUTION AND SERVICE PLAN**

As stated in the Funds' Prospectus, the Trust has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 with respect to Shares of the Funds. However, no 12b-1 fee is currently charged to the Funds, and there are no plans in place to impose a Rule 12b-1 fee at this time. Pursuant to the Plan, the Funds may enter into agreements from time to time with financial intermediaries providing for support and/or distribution services to customers of the financial intermediaries who are the beneficial owners of Fund Shares. Under the agreements, the Funds may pay financial intermediaries up to 0.25% (on an annualized basis) of the average daily NAV of the Shares beneficially owned by their customers. Distribution services may include: (i) services in connection with distribution assistance; or (ii) payments to financial institutions and other financial intermediaries, such as broker-dealers and mutual fund "supermarkets," as compensation for services or reimbursement of expenses incurred in connection with distribution assistance.

Any amendment to increase materially the costs under the Plan with respect to a Fund must be approved by the holders of a majority of the outstanding Shares of the Fund. So long as the Plan is in effect, the selection and nomination of the members of the Board who are not "interested persons" (as defined in the 1940 Act) of the Trust will be committed to the discretion of such Non-Interested Trustees.

**PURCHASE AND REDEMPTION OF CREATION UNITS**

**Purchase and Issuance of Creation Units**

The Trust issues and sells Shares of the Funds only: (i) in Creation Units on a continuous basis through the Distributor, without a sales load (but subject to transaction fees), at their NAV next determined after receipt of an order, on any Business Day, in proper form pursuant to the terms of the Authorized Participant Agreement ("Participant Agreement"); or (ii) pursuant to the Dividend Reinvestment Service (defined below). The NAV of each Fund's Shares is calculated each business day as of the close of regular trading on the applicable Exchange, generally 4:00 p.m., Eastern Time. The Funds will not issue fractional Creation Units. A Business Day is any day on which the applicable Exchange is open for business.

FUND DEPOSIT. The consideration for purchase of a Creation Unit of a Fund generally consists of the in-kind deposit of a designated portfolio of securities (the "Deposit Securities") per each Creation Unit, plus the Cash Component (defined below), computed as described below. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a "cash in lieu" amount ("Deposit Cash") to be added to the Cash Component to replace any Deposit Security. When accepting purchases of Creation Units for all or a portion of Deposit Cash, a Fund may incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser. These additional costs associated with the acquisition of Deposit Securities ("Non-Standard Charges") may be recoverable from the purchaser of creation units.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the "Fund Deposit," which represents the minimum initial and subsequent investment amount for a Creation Unit of a Fund. The "Cash Component" is an amount equal to the difference between the NAV of a Fund's Shares (per Creation Unit) and the market value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (*i.e.*, the NAV per Creation Unit exceeds the market value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component will be such positive amount. If the Cash Component is a negative number (*i.e.*, the NAV per Creation Unit is less than the market value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the market value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which will be the sole responsibility of the Authorized Participant (as defined below).

Each Fund, through the National Securities Clearing Corporation ("NSCC"), makes available on each Business Day, immediately prior to the opening of business on the applicable Exchange (currently 9:30 a.m., Eastern time), the list of the names and the required number of Shares of each Deposit Security or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, in order to effect purchases of Creation Units of a Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of Shares of the Deposit Securities or the amount of Deposit Cash, as applicable, required for a Fund Deposit for a Fund changes from time to time as rebalancing adjustments and corporate action events are reflected by the Sub-Adviser. The composition of the Deposit Securities will change in response to adjustments to the weighting or composition of the securities constituting a Fund's portfolio.

The Trust reserves the right to permit or require the substitution of an amount of cash (*i.e.,* a "cash in lieu" amount) to replace any Deposit Security, which will be added to the Deposit Cash, if applicable, and the Cash Component, including, without limitation, in situations where the Deposit Security: (i) may not be available in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities and municipal securities; (iii) may not be eligible for trading by an Authorized Participant (as defined below) or the investor for which it is acting; (iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would result in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v) in certain other situations (collectively, "custom orders").

CASH PURCHASE METHOD. The Trust may at its discretion permit full or partial cash purchases of Creation Units of the Funds. When full or partial cash purchases of Creation Units are available or specified for the Funds, they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a full or partial cash purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser together with a Creation Transaction Fee and Non-Standard Charges, as may be applicable.

PROCEDURES FOR PURCHASE OF CREATION UNITS. To be eligible to place orders with the Distributor to purchase a Creation Unit of a Fund, an entity must be (i) a "Participating Party", *i.e.*, a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process"), a clearing agency that is registered with the SEC; or (ii) a DTC Participant. In addition, each Participating Party or DTC Participant (each, an "Authorized Participant" or "AP") must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Transfer Agent" or "Fund Services") and the Trust, with respect to purchases and redemptions of Creation Units. Each AP will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust an amount of cash sufficient to pay the Cash Component together with the Creation Transaction Fee (defined below) and any other applicable fees and taxes. The Adviser may retain all or a portion of the Transaction Fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the purchase of a Creation Unit, which the Transaction Fee is designed to cover.

All orders to purchase Shares directly from a Fund must be placed for one or more Creation Units in the manner set forth in the Participant Agreement (the "Cut-Off Time"). The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date."

An AP may require an investor to make certain representations or enter into agreements with respect to the order (e.g., to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase Shares directly from a Fund in Creation Units have to be placed by the investor's broker through an AP that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such APs may have international capabilities.

On days when the applicable Exchange closes earlier than normal, a Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which a Fund's investments are primarily traded is closed on any day, a Fund will not accept orders on such day. Orders must be transmitted by an AP by telephone or other transmission method acceptable to the Distributor pursuant to procedures set forth in the Participant Agreement and in accordance with the AP Handbook. With respect to a Fund, the Distributor will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an AP should allow sufficient time to permit proper submission of the purchase order to the Distributor by the Cut-Off Time on the Business Day on which the order is placed. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Distributor or an AP.

Fund Deposits must be delivered by an AP through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a subcustody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian will cause the subcustodian of such Fund to maintain an account into which the AP will deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local subcustodian. The Fund Deposit transfer must be ordered by the AP in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of a Fund or its agents by no later than the settlement date. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination will be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than the settlement date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received in a timely manner by the settlement date, the creation order may be cancelled. Upon written notice to the Distributor, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of a Fund.

The order will be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the Cut-Off Time and the federal funds in the appropriate amount are deposited by 2:00 p.m., Eastern time, with the Custodian on the settlement date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 2:00 p.m., Eastern time on the settlement date, then the order may be deemed to be rejected and the AP will be liable to the Fund for losses, if any, resulting therefrom. A creation request is considered to be in "proper form" if all procedures set forth in the Participant Agreement, AP Handbook and this SAI are properly followed.

ISSUANCE OF A CREATION UNIT. Except as provided herein, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the subcustodian has confirmed to the Custodian that the required Deposit Securities (or the cash value thereof) have been delivered to the account of the relevant subcustodian or subcustodians, the Distributor and the Adviser will be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than the third Business Day following the day on which the purchase order is deemed received by the Distributor. However, each Fund reserves the right to settle Creation Unit transactions on a basis other than the third Business Day following the day on which the purchase order is deemed received by the Distributor in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. The AP will be liable to a Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have a value greater than the NAV of the Shares on the date the order is placed in proper form since in addition to available Deposit Securities, cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the market value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which will be maintained in a separate non-interest bearing collateral account. An additional amount of cash will be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily marked to market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. APs will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received by the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a Transaction Fee as set forth below under "Creation Transaction Fee" will be charged in all cases, unless otherwise advised by the Funds, and Non-Standard Charges may also apply. The delivery of Creation Units so created generally will occur no later than the settlement date.

ACCEPTANCE OF ORDERS OF CREATION UNITS. The Trust reserves the right to reject an order for Creation Units transmitted to it by the Distributor in respect of a Fund including, without limitation, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (c) the investor(s), upon obtaining the Shares ordered, would own 80% or more of the currently outstanding Shares of a Fund; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; or (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful.

CREATION TRANSACTION FEE. A purchase (*i.e.*, creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units, and investors will be required to pay a Creation Transaction Fee regardless of the number of Creation Units created in the transaction. A Fund may adjust the creation transaction fee from time to time based upon actual experience. In addition, a Fund may impose a Non-Standard Charge of up to 2% of the value of the creation transactions for cash creations, non- standard orders, or partial cash purchases for the Fund. A Fund may adjust the Non-Standard Charge from time to time based upon actual experience. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services, which may include an amount for the Creation Transaction Fee and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. The Adviser may retain all or a portion of the Transaction Fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the purchase of a Creation Unit, which the Transaction Fee is designed to cover. The standard Creation Transaction Fee for each Fund is $300.

RISKS OF PURCHASING CREATION UNITS. There are certain legal risks unique to investors purchasing Creation Units directly from a Fund. Because each Fund's Shares may be issued on an ongoing basis, a "distribution" of Shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from a Fund, breaks them down into the constituent Shares, and sells those Shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary-market demand for Shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause a shareholder to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with each Fund's Shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3)(C) of the Securities Act.

**Redemption of Creation Units**

Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by a Fund through the Transfer Agent and only on a Business Day. EXCEPT UPON LIQUIDATION OF A FUND, THE TRUST WILL NOT REDEEM SHARES IN AMOUNTS LESS THAN CREATION UNITS. Investors must accumulate enough Shares in the secondary market to constitute a Creation Unit in order to have such Shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of Shares to constitute a redeemable Creation Unit.

With respect to each Fund, the Custodian, through the NSCC, makes available immediately prior to the opening of business on the applicable Exchange (currently 9:30 a.m., Eastern time) on each Business Day, the list of the names and share quantities of the Fund's portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of a Fund, redemption proceeds for a Creation Unit will consist of Fund Securities -- as announced by the Custodian on the Business Day of the request for redemption received in proper form -- plus cash in an amount equal to the difference between the NAV of the Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less any fixed redemption transaction fee as set forth below and any Non-Standard Charges. If the Fund Securities have a value greater than the NAV of the Shares, a compensating cash payment equal to the differential is required to be made by or through an AP by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an AP may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

CASH REDEMPTION METHOD. Although the Trust does not ordinarily permit full or partial cash redemptions of Creation Units of the Funds, when full or partial cash redemptions of Creation Units are available or specified for a Fund, they will be effected in essentially the same manner as in-kind redemptions thereof. In the case of full or partial cash redemptions, the AP will receive the cash equivalent of the Fund Securities it would otherwise receive through an in-kind redemption, plus the same Cash Amount to be paid to an in-kind redeemer. A Fund may incur costs such as brokerage costs or taxable gains or losses that the Fund might not have incurred if the redemption had been made in-kind. 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.

REDEMPTION TRANSACTION FEES. A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units, and APs will be required to pay a Redemption Transaction Fee regardless of the number of Creation Units created in the transaction. The redemption transaction fee is the same no matter how many Creation Units are being redeemed pursuant to any one redemption request. A Fund may adjust the redemption transaction fee from time to time based upon actual experience. In addition, a Fund may impose a Non-Standard Charge of up to 2% of the value of a redemption transaction for cash redemptions, non-standard orders, or partial cash redemptions for the Fund. Investors who use the services of an AP, broker or other such intermediary may be charged a fee for such services which may include an amount for the Redemption Transaction Fees and Non-Standard Charges. Investors are responsible for the costs of transferring the securities constituting the Fund Securities to the account of the Trust. The Non-Standard Charges are payable to each Fund as it incurs costs in connection with the redemption of Creation Units, the receipt of Fund Securities and the Cash Redemption Amount and other transactions costs. The standard Redemption Transaction Fee for each Fund is $300.

PROCEDURES FOR REDEMPTION OF CREATION UNITS. Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to the time as set forth in the Participant Agreement. A redemption request is considered to be in "proper form" if (i) an AP has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book- entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the AP on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's Shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request will be rejected.

The AP must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an AP which has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such AP. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an AP and transfer of the Shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not APs.

In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, a redeeming shareholder or AP acting on behalf of such Shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within three business days of the trade date.

ADDITIONAL REDEMPTION PROCEDURES. In connection with taking delivery of Shares of Fund Securities upon redemption of Creation Units, the AP must maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of the Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within three Business Days of the trade date. However, due to the schedule of holidays in certain countries, the different treatment among foreign and U.S. markets of dividend record dates and dividend ex-dates (that is the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances, the delivery of in-kind redemption proceeds may take longer than three Business Days after the day on which the redemption request is received in proper form. If neither the redeeming Shareholder nor the AP acting on behalf of such redeeming Shareholder has appropriate arrangements to take delivery of the Fund Securities in the applicable foreign jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of the Fund Securities in such jurisdiction, the Trust may, in its discretion, exercise its option to redeem such Shares in cash, and the redeeming shareholder will be required to receive its redemption proceeds in cash.

If it is not possible to make other such arrangements, or it is not possible to effect deliveries of the Fund Securities, the Trust may in its discretion exercise its option to redeem such Shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that each Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares of the relevant Fund next determined after the redemption request is received in proper form (minus a redemption transaction fee and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The Funds may also, in their sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

Redemptions of Shares for Fund Securities will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserve the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering the Fund Securities under such laws. An AP or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund Securities applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The AP may request the redeeming investor of the Shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an AP that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An AP may be required by the Trust to provide a written confirmation with respect to QIB status in order to receive Fund Securities.

Because the portfolio securities of the Funds may trade on the relevant exchange(s) on days that the applicable Exchange is closed or are otherwise not Business Days for such Fund, shareholders may not be able to redeem their Shares of a Fund, or to purchase or sell Shares of such Fund on the applicable Exchange, on days when the NAV of such Fund could be significantly affecting by events in the relevant foreign markets.

The right of redemption may be suspended or the date of payment postponed with respect to each Fund (1) for any period during which the applicable Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the applicable Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the Shares of the Fund or determination of the NAV of the Shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

**PORTFOLIO HOLDINGS INFORMATION**

Each Fund discloses its full portfolio holdings, as of the close of business the prior day, each day before the opening of trading on the applicable Exchange on the Funds' website at [●].com.

**DETERMINATION OF NET ASSET VALUE**

In accordance with procedures adopted by the Board, the NAV per share of each Fund is calculated by determining the value of the net assets attributed to the Fund and dividing by the number of outstanding Shares of the Fund. All securities are valued on each Business Day as of the close of regular trading on the NYSE (normally, but not always, 4:00 p.m. Eastern Time) or such other time as the NYSE or National Association of Securities Dealers Automated Quotations System ("NASDAQ") market may officially close. The term "Business Day" means any day the NYSE is open for trading, which is Monday through Friday except for holidays. The NYSE is generally closed on the following holidays: New Year's Day (observed), Martin Luther King, Jr. Day, Washington's Birthday (observed), Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

The time at which transactions and Shares are priced and the time by which orders must be received may be changed in case of an emergency or if regular trading on the NYSE is stopped at a time other than 4:00 p.m. Eastern Time. The Trust reserves the right to reprocess purchase, redemption and exchange transactions that were initially processed at a NAV other than a Fund's official closing NAV (as the same may be subsequently adjusted), and to recover amounts from (or distribute amounts to) shareholders based on the official closing NAV. The Trust reserves the right to advance the time by which purchase and redemption orders must be received for same business day credit as otherwise permitted by the SEC. In addition, a Fund may compute its NAV as of any time permitted pursuant to any exemption, order or statement of the SEC or its staff.

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. Prices are generally determined using readily available market prices. Subject to the approval of the Board, the Funds may employ outside organizations, which may use a matrix or formula method that takes into consideration market indices, matrices, yield curves and other specific adjustments in determining the approximate market value of portfolio investments. This may result in the investments being valued at a price that differs from the price that would have been determined had the matrix or formula method not been used. All cash, receivables, and current payables are carried on a Fund's books at their face value. Other assets, if any, are valued at fair value as determined in good faith by the Valuation Designee under the direction of the Board.

The procedures used by any pricing service and its valuation results are reviewed by the officers of the Trust under the general supervision of the Board.

A Fund may hold portfolio securities that are listed on foreign exchanges. These securities may trade on weekends or other days when the Funds do not calculate NAV. As a result, the value of these investments may change on days when you cannot purchase or sell Fund Shares.

**DIVIDENDS, DISTRIBUTIONS, AND TAXES**

The following information supplements and should be read in conjunction with the section in the Funds' Prospectus titled "DIVIDENDS, DISTRIBUTIONS, AND TAXES." In addition, the following is only a summary of certain U.S. federal income tax considerations that generally affect the Funds and their shareholders. No attempt is made to present a comprehensive explanation of the tax treatment of a Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a substitute for careful tax planning. Shareholders are urged to consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

It is the policy of the Trust each fiscal year to distribute substantially all of each Fund's net investment income (*i.e.,* generally, the income that it earns from dividends and interest on its investments, and any short-term capital gains, net of Fund expenses) and net capital gains (i.e., the excess of the Fund's net long-term capital gains over its net short-term capital losses), if any, to its shareholders.

**Dividend Reinvestment Service**

The Funds will not make the DTC book-entry dividend reinvestment service available for use by beneficial owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Funds through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial owners should be aware that each broker may require investors to adhere to specific procedures and timetables in order to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares issued by a Fund at NAV. Distributions reinvested in additional Shares of each Fund will nevertheless be taxable to beneficial owners acquiring such additional Shares to the same extent as if such distributions had been received in cash.

**Taxes - General**

The discussions of the federal tax consequences in the Prospectus and this SAI are based on the Code and the regulations issued under it, and court decisions and administrative interpretations, as in effect on the date of the Prospectus and this SAI, respectively. Future legislative or administrative changes or court decisions may significantly alter the statements included herein, and any such changes or decisions may be retroactive. Each Fund intends to elect to be, and intends to qualify each year for treatment as, a regulated investment company under Subchapter M of Subtitle A, Chapter 1, of the Code. As such, each Fund generally will be exempt from federal income tax on its net investment income and realized capital gains that it distributes to shareholders. To qualify for treatment as a regulated investment company, each Fund must meet three important tests each year.

First, each Fund must derive with respect to each taxable year at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities, or currencies, or net income derived from interests in qualified publicly traded partnerships.

Second, generally, at the close of each quarter of its taxable year, at least 50% of the value of each Fund's assets must consist of cash and cash items, U.S. government securities, securities of other regulated investment companies, and securities of other issuers (as to which that Fund has not invested more than 5% of the value of its total assets in securities of such issuer and as to which that Fund does not hold more than 10% of the outstanding voting securities of such issuer), and no more than 25% of the value of that Fund's total assets may be invested in the securities (other than U.S. government securities and securities of other regulated investment companies), of (1) any one issuer, (2) two or more issuers that the Fund controls and that are engaged in the same or similar trades or businesses, or (3) one or more qualified publicly traded partnerships.

Third, each Fund must distribute an amount equal to at least the sum of 90% of its investment company taxable income (net investment income and the excess of net short-term capital gain over net long-term capital loss) before taking into account any deduction for dividends paid, and 90% of its tax-exempt income, if any, for the year.

Each Fund intends to comply with these requirements. If a Fund were to fail to make sufficient distributions, it could be liable for corporate income tax (which may include interest or penalties) and for excise tax (as discussed below) in respect of the shortfall or, if the shortfall is large enough and such Fund does not satisfy the 90% distribution requirement described above, such Fund could be disqualified as a regulated investment company. If for any taxable year a Fund were not to qualify as a regulated investment company, all its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to shareholders. In that event, taxable shareholders would recognize dividend income on distributions (including distributions of capital gains) to the extent of a Fund's current and accumulated earnings and profits, and corporate shareholders could be eligible for the dividends-received deduction.

The Code imposes a nondeductible 4% excise tax on regulated investment companies that fail to distribute each year an amount equal to specified percentages of their ordinary taxable income and capital gain net income (excess of capital gains over capital losses). Each Fund intends to make sufficient distributions or deemed distributions each year to avoid liability for this excise tax.

Each of a Fund's hedging and derivatives transactions are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower-taxed long-term capital gain into higher- taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause a Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the intended characterization of certain complex financial transactions and (vii) produce income that will not be treated as qualifying income for purposes of the 90% gross income test described above. These rules could therefore affect the character, amount and timing of distributions to shareholders and a Fund's status as a regulated investment company. Each Fund will monitor its transactions and may make certain tax elections in order to mitigate the effect of these provisions.

A Fund's investment in non-U.S. securities may be subject to non-U.S. withholding taxes. In that case, a Fund's yield on those securities would be decreased. Shareholders will generally not be entitled to claim a credit or deduction with respect to any non-U.S. taxes paid by a Fund.

**Loss Carryforwards**

For federal income tax purposes, each Fund is generally permitted to carry forward a net capital loss in any year to offset its own capital gains, if any, during subsequent years.

**State and Local Taxes**

Although each Fund expects to qualify as a regulated investment company and to be relieved of all or substantially all federal income taxes, depending upon the extent of its activities in states and localities in which its offices are maintained, in which its agents or independent contractors are located or in which it is otherwise deemed to be conducting business, a Fund may be subject to the tax laws of such states or localities.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

[The Adviser has engaged the Sub-Adviser to perform certain responsibilities with respect to each Fund's portfolio transactions and brokerage. On a daily basis, the Adviser provides to the Sub-Adviser a model with respect to each Fund. Using such models, the Sub-Adviser may implement changes to a Fund's portfolio in connection with any rebalancing or reconstitution of a Fund, may trade portfolio securities on behalf of a Fund, and may select broker-dealers to execute purchase and sale transactions for a Fund.

Subject to policies established by the Board, oversight by the Adviser, and applicable rules, the Sub-Adviser is responsible for the execution of portfolio transactions and the allocation of brokerage transactions for the Funds. In executing portfolio transactions, the Sub-Adviser seeks to obtain the most favorable execution for the Funds, taking into account such factors as the price (including the applicable brokerage commission or dealer spread), size of the order, difficulty of execution and operational facilities of the firm involved. While the Sub-Adviser generally seeks reasonably competitive commission rates, payment of the lowest commission or spread is not necessarily consistent with obtaining the best price and execution in particular transactions.

The Sub-Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing of a Fund, subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is entitled to a fee by the Adviser.]

**Brokerage Transactions**

Generally, equity securities, both listed and over-the-counter, are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Funds will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When a Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

[In addition, the Sub-Adviser may place a combined order for two or more accounts it manages, including the Funds, engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed equitable to each account and each Fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or Fund may obtain, it is the opinion of the Sub-Adviser, subject to the oversight of the Adviser and the Board, that the advantages of combined orders outweigh the possible disadvantages of separate transactions. Nonetheless, the Sub-Adviser believes that the ability of a Fund to participate in higher volume transactions will generally be beneficial to the Funds.]

No brokerage commission information is provided since the Funds had not commenced operations prior to the date of this SAI. The Dividend Income ETF paid aggregate brokerage commissions of $[●], $56,978, and $48,465 for the fiscal years ended December 31, 2025, 2024, and 2023, respectively (Information prior to June 13, 2025 is that of a predecessor fund of the Predecessor Fund). The International Dividend Income ETF paid aggregate brokerage commissions of $[●] for the fiscal year ended October 31, 2025.

Each Fund is required to identify any securities of the Trust's regular broker-dealers (as defined in Rule 10b-1 under the 1940 Act) or their parents held by the Fund as of the end of the most recent fiscal year. Information about the Funds' ownership of its regular broker-dealers is not provided as the Funds had not commenced operations prior to the date of this SAI.

**Brokerage Selection**

The Trust does not expect to use one particular broker or dealer, and when one or more brokers is believed capable of providing the best combination of price and execution, the Sub-Adviser may select a broker based upon brokerage or research services provided to the Adviser. The Sub-Adviser may pay a higher commission than otherwise obtainable from other brokers in return for such services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

[The Sub-Adviser does not currently use Fund assets for, or participate in, third-party soft dollar arrangements or receive proprietary research from full service brokers. The Sub-Adviser also does not "pay up" for the value of any such proprietary research. If, in the future, the Sub-Adviser were to obtain brokerage and research services from broker-dealers, it would do so in arrangements that are consistent with Section 28 of the Exchange Act.]

**PROXY VOTING PROCEDURES**

The Board has delegated the responsibility of voting proxies with respect to the portfolio securities purchased and/or held by the Funds to the Adviser, subject to the Board's continuing oversight. In exercising its voting obligations, the Adviser is guided by its general fiduciary duty to act prudently and in the interest of the Funds. The Adviser will consider factors affecting the value of a Fund's investments and the rights of shareholders in its determination on voting portfolio securities.

The Adviser will vote proxies in accordance with its proxy policies and procedures, which are included in Appendix B to this SAI.

**More Information**

Each year, the Funds will make available the actual voting records relating to portfolio securities held by each Fund during the 12-month period ending June 30 without charge, upon request by calling 1-800-617-0004, or by accessing the SEC's website at www.sec.gov*.* In addition, a copy of the Adviser's proxy-voting policies and procedures is available by calling 1-800-617-0004 and will be sent within three business days of receipt of a request.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

The Adviser and/or its affiliates, at their discretion, may make payments from their own resources and not from Fund assets to affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates, as incentives to help market and promote the Funds and/or in recognition of their distribution, marketing, administrative services, and/or processing support.

These additional payments may be made to financial intermediaries that sell Fund Shares or provide services to the Funds, the Adviser, or shareholders of the Funds through the financial intermediary's retail distribution channel and/or fund supermarkets. Payments may also be made through the financial intermediary's retirement, qualified tuition, fee-based advisory, wrap fee bank trust, or insurance (e.g., individual or group annuity) programs. These payments may include, but are not limited to, placing a Fund in a financial intermediary's retail distribution channel or on a preferred or recommended fund list; providing business or shareholder financial planning assistance; educating financial intermediary personnel about a Fund; providing access to sales and management representatives of the financial intermediary; promoting sales of Fund Shares; providing marketing and educational support; maintaining share balances and/or for sub-accounting, administrative or shareholder transaction processing services. A financial intermediary may perform the services itself or may arrange with a third party to perform the services.

The Adviser and/or its affiliates may also make payments from their own resources to financial intermediaries for costs associated with the purchase of products or services used in connection with sales and marketing, participation in and/or presentation at conferences or seminars, sales or training programs, client and investor entertainment and other sponsored events. The costs and expenses associated with these efforts may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law.

Revenue sharing payments may be negotiated based on a variety of factors, including the level of sales, the amount of Fund assets attributable to investments in a Fund by financial intermediaries' customers, a flat fee or other measures as determined from time to time by the Adviser and/or its affiliates. A significant purpose of these payments is to increase the sales of Fund Shares, which in turn may benefit the Adviser through increased fees as Fund assets grow.

**GENERAL INFORMATION**

**Anti-Money Laundering Program**

The Funds have established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Funds' Program provides for the development of internal practices, procedures, and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that certain of its service providers have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity, and conducting a complete and thorough review of all new account applications. The Funds will not transact business with any person or legal entity and beneficial owner, if applicable, whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

**Independent Registered Public Accounting Firm**

[●], located at [●], serves as the independent registered public accounting firm for the Funds. Its services include auditing the Funds' financial statements. [●], an affiliate of [●], provides tax services as requested.

**Transfer Agent**

U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as the Funds' transfer agent and dividend disbursing agent.

**Custodian**

U.S. Bank, N.A, 1555 North Rivercenter Drive, Suite 302, Milwaukee, WI 53212, serves as custodian (the "Custodian") of the Funds' assets and is responsible for maintaining custody of the Funds' cash and investments and retaining sub-custodians, including in connection with the custody of foreign securities. Cash held by the Custodian, the amount of which may at times be substantial, is insured by the Federal Deposit Insurance Corporation up to the amount of available insurance coverage limits. The Custodian and Fund Services are affiliates.

**Administrator**

U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, WI 53202**,** serves as the administrator (the "Administrator") and provides various administrative and accounting services necessary for the operations of the Funds. Services provided by the Administrator include facilitating general Fund management; monitoring Fund compliance with federal and state regulations; supervising the maintenance of the Funds' general ledger, the preparation of the Funds' financial statements, the determination of NAV, and the payment of dividends and other distributions to shareholders; and preparing specified financial, tax, and other reports. Fund Services and the Custodian are affiliates.

Paralel Technologies LLC served as the administrator to the Predecessor Funds. The administration, accounting and transfer agent fees paid to Paralel Technologies LLC by Dividend Income ETF and International Dividend Income ETF for the past three fiscal years are as follows:

<u>Dividend Income ETF<sup>(1)</sup></u>

---

| | | | |
|:---|:---|:---|:---|
|  | **For Fiscal Year Ended <br> December 31, 2025** | **For Fiscal Year Ended <br> December 31, 2024** | **For Fiscal Year Ended <br> December 31, 2023** |
| **Administration and Fund Accounting Fees** | [●] | $70273 | $67630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Information prior to June 13, 2025 is that of a predecessor fund
of the Predecessor Fund.

<u>International Dividend Income ETF</u>

---

| | |
|:---|:---|
|  | **For Fiscal Year Ended <br> October 31, 2025\*** |
| **Administration and Fund Accounting Fees** | [●] |

---

\* The International Dividend Income ETF commenced operations on December 26, 2024.

**Counsel**

Faegre Drinker Biddle & Reath LLP, One Logan Square, Suite 2000, Philadelphia, Pennsylvania 19103-6996, serves as counsel to the Trust.

**Registration Statement**

This SAI and the Prospectus do not contain all of the information set forth in the Registration Statement the Trust has filed with the SEC. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by SEC rules and regulations. A text-only version of the Registration Statement is available on the SEC's website, www.sec.gov.

**FINANCIAL STATEMENTS**

The audited financial statements, financial highlights, and notes thereto in the Predecessor Funds' annual report on Form N-CSR for the fiscal year ended December 31, 2025 for the Dividend Income ETF (an Annual Report) and for the fiscal period ended October 31, 2025 for the International Dividend Income ETF (an Annual Report) have been audited by [●], the Predecessor Funds' independent registered public accounting firm, whose reporting thereon also appears in its respective Annual Report, which is incorporated by reference into this SAI. No other parts of the Annual Reports are incorporated by reference herein. Copies of the Predecessor Funds' Annual Reports may be obtained at no charge by calling [●].

**<u>APPENDIX A</u>**

**DESCRIPTION OF SECURITIES RATINGS**

**<u>Short-Term Credit Ratings</u>**

An ***S&P Global Ratings*** short-term issue credit rating is generally assigned to those obligations considered short-term in the relevant market. The following summarizes the rating categories used by S&P Global Ratings for short-term issues:

"A-1" - A short-term obligation rated "A-1" is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

"A-2" - A short-term obligation rated "A-2" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

"A-3" - A short-term obligation rated "A-3" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

"B" - A short-term obligation rated "B" is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

"C" - A short-term obligation rated "C" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

"D" - A short-term obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring.

Local Currency and Foreign Currency Ratings - S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency.

"NR" - This indicates that a rating has not been assigned or is no longer assigned.

***Moody's Investors Service ("Moody's")*** short-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.

Moody's employs the following designations to indicate the relative repayment ability of rated issuers:

"P-1" - Issuers (or supporting institutions) rated Prime-1 reflect a superior ability to repay short-term obligations.

"P-2" - Issuers (or supporting institutions) rated Prime-2 reflect a strong ability to repay short-term obligations.

"P-3" - Issuers (or supporting institutions) rated Prime-3 reflect an acceptable ability to repay short-term obligations.

"NP" - Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

"NR" - Is assigned to an unrated issuer, obligation and/or program.

***Fitch, Inc. / Fitch Ratings Ltd. ("Fitch")*** short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-term ratings are assigned to obligations whose initial maturity is viewed as "short-term" based on market convention.<sup>1</sup> Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets. The following summarizes the rating categories used by Fitch for short-term obligations:

"F1" - Securities possess the highest short-term credit quality. This designation indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

"F2" - Securities possess good short-term credit quality. This designation indicates good intrinsic capacity for timely payment of financial commitments.

"F3" - Securities possess fair short-term credit quality. This designation indicates that the intrinsic capacity for timely payment of financial commitments is adequate.

"B" - Securities possess speculative short-term credit quality. This designation indicates minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

"C" - Securities possess high short-term default risk. Default is a real possibility.

"RD" - Restricted default. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

"D" - Default. Indicates a broad-based default event for an entity, or the default of a short-term obligation.

"NR" - Is assigned to an issue of a rated issuer that are not and have not been rated.

The ***Morningstar® DBRS Ratings Limited ("Morningstar DBRS")*** short-term obligation ratings provide Morningstar DBRS's opinion on the risk that an issuer will not meet its short-term financial obligations in a timely manner. The obligations rated in this category typically have a term of shorter than one year. The R-1 and R-2 rating categories are further denoted by the subcategories "(high)", "(middle)", and "(low)".

The following summarizes the ratings used by Morningstar DBRS for commercial paper and short-term debt:

"R-1 (high)" - Short-term debt rated "R-1 (high)" is of the highest credit quality. The capacity for the payment of short-term financial obligations as they fall due is exceptionally high. Unlikely to be adversely affected by future events.

<sup>1</sup> A long-term rating can also be used to rate an issue with short maturity.

"R-1 (middle)" - Short-term debt rated "R-1 (middle)" is of superior credit quality. The capacity for the payment of short-term financial obligations as they fall due is very high. Differs from "R-1 (high)" by a relatively modest degree. Unlikely to be significantly vulnerable to future events.

"R-1 (low)" - Short-term debt rated "R-1 (low)" is of good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Overall strength is not as favorable as higher rating categories. May be vulnerable to future events, but qualifying negative factors are considered manageable.

"R-2 (high)" - Short-term debt rated "R-2 (high)" is considered to be at the upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.

"R-2 (middle)" - Short-term debt rated "R-2 (middle)" is considered to be of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be exposed to other factors that could reduce credit quality.

"R-2 (low)" - Short-term debt rated "R-2 (low)" is considered to be at the lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. A number of challenges are present that could affect the issuer's ability to meet such obligations.

"R-3" - Short-term debt rated "R-3" is considered to be at the lowest end of adequate credit quality. There is a capacity for the payment of short-term financial obligations as they fall due. May be vulnerable to future events, and the certainty of meeting such obligations could be impacted by a variety of developments.

"R-4" - Short-term debt rated "R-4" is considered to be of speculative credit quality. The capacity for the payment of short-term financial obligations as they fall due is uncertain.

"R-5" - Short-term debt rated "R-5" is considered to be of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet short-term financial obligations as they fall due.

"D" - A downgrade to "D" may occur when the issuer has filed under any applicable bankruptcy, insolvency or winding-up statute, or there is a failure to satisfy an obligation after the exhaustion of grace periods. Morningstar DBRS may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**<u>Long-Term Issue Credit Ratings</u>**

The following summarizes the ratings used by ***S&P Global Ratings*** for long-term issues:

"AAA" - An obligation rated "AAA" has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

"AA" - An obligation rated "AA" differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

"A" - An obligation rated "A" is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

"BBB" - An obligation rated "BBB" exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

"BB," "B," "CCC," "CC" and "C" - Obligations rated "BB," "B," "CCC," "CC" and "C" are regarded as having significant speculative characteristics. "BB" indicates the least degree of speculation and "C" the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

"BB" - An obligation rated "BB" is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

"B" - An obligation rated "B" is more vulnerable to nonpayment than obligations rated "BB", but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

"CCC" - An obligation rated "CCC" is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

"CC" - An obligation rated "CC" is currently highly vulnerable to nonpayment. The "CC" rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

"C" - An obligation rated "C" is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

"D" - An obligation rated "D" is in default or in breach of an imputed promise. For non-hybrid capital instruments, the "D" rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The "D" rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to "D" if it is subject to a distressed debt restructuring

Plus (+) or minus (-) - Ratings from "AA" to "CCC" may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

"NR" - This indicates that a rating has not been assigned, or is no longer assigned.

Local Currency and Foreign Currency Ratings - S&P Global Ratings' issuer credit ratings make a distinction between foreign currency ratings and local currency ratings. A foreign currency rating on an issuer can differ from the local currency rating on it when the obligor has a different capacity to meet its obligations denominated in its local currency, versus obligations denominated in a foreign currency.

***Moody's*** long-term ratings are forward-looking opinions of the relative credit risks of financial obligations with an original maturity of eleven months or more. Such ratings reflect both on the likelihood of default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment. The following summarizes the ratings used by Moody's for long-term debt:

"Aaa" - Obligations rated "Aaa" are judged to be of the highest quality, subject to the lowest level of credit risk.

"Aa" - Obligations rated "Aa" are judged to be of high quality and are subject to very low credit risk.

"A" - Obligations rated "A" are judged to be upper-medium grade and are subject to low credit risk.

"Baa" - Obligations rated "Baa" are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

"Ba" - Obligations rated "Ba" are judged to be speculative and are subject to substantial credit risk.

"B" - Obligations rated "B" are considered speculative and are subject to high credit risk.

"Caa" - Obligations rated "Caa" are judged to be speculative of poor standing and are subject to very high credit risk.

"Ca" - Obligations rated "Ca" are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

"C" - Obligations rated "C" are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from "Aa" through "Caa." The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

"NR" - Is assigned to unrated obligations, obligation and/or program.

The following summarizes long-term ratings used by ***Fitch***:

"AAA" - Securities considered to be of the highest credit quality. "AAA" ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

"AA" - Securities considered to be of very high credit quality. "AA" ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

"A" - Securities considered to be of high credit quality. "A" ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

"BBB" - Securities considered to be of good credit quality. "BBB" ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

"BB" - Securities considered to be speculative. "BB" ratings indicates an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternatives may be available to allow financial commitments to be met.

"B" - Securities considered to be highly speculative. "B" ratings indicate that material credit risk is present

"CCC" - A "CCC" rating indicates that substantial credit risk is present.

"CC" - A "CC" rating indicates very high levels of credit risk.

"C" - A "C" rating indicates exceptionally high levels of credit risk.

Defaulted obligations typically are not assigned "RD" or "D" ratings but are instead rated in the "CCC" to "C" rating categories, depending on their recovery prospects and other relevant characteristics. Fitch believes that this approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

Plus (+) or minus (-) may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the "AAA" obligation rating category, or to corporate finance obligation ratings in the categories below "CCC".

"NR" - Is assigned to an unrated issue of a rated issuer.

The Morningstar DBRS long-term obligation ratings provide Morningstar DBRS's opinion on the risk that investors may not be repaid in accordance with the terms under which the long-term obligation was issued. The obligations rated in this category typically have a term of one year or longer. All rating categories from AA to CCC contain subcategories "(high)" and "(low)". The absence of either a "(high)" or "(low)" designation indicates the rating is in the middle of the category. The following summarizes the ratings used by Morningstar DBRS for long-term debt:

"AAA" - Long-term debt rated "AAA" is of the highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events.

"AA" - Long-term debt rated "AA" is of superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from "AAA" only to a small degree. Unlikely to be significantly vulnerable to future events.

"A" - Long-term debt rated "A" is of good credit quality. The capacity for the payment of financial obligations is substantial, but of lesser credit quality than "AA." May be vulnerable to future events, but qualifying negative factors are considered manageable.

"BBB" - Long-term debt rated "BBB" is of adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events.

"BB" - Long-term debt rated "BB" is of speculative, non-investment grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events.

"B" - Long-term debt rated "B" is of highly speculative credit quality. There is a high level of uncertainty as to the capacity to meet financial obligations.

"CCC", "CC" and "C" - Long-term debt rated in any of these categories is of very highly speculative credit quality. In danger of defaulting on financial obligations. There is little difference between these three categories, although "CC" and "C" ratings are normally applied to obligations that are seen as highly likely to default or subordinated to obligations rated in the "CCC" to "B" range. Obligations in respect of which default has not technically taken place but is considered inevitable may be rated in the "C" category.

"D" - A downgrade to "D" may occur when the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods. Morningstar DBRS may also use "SD" (Selective Default) in cases where only some securities are impacted, such as the case of a "distressed exchange".

**<u>Municipal Note Ratings</u>**

An ***S&P Global Ratings*** U.S. municipal note rating reflects S&P Global Ratings' opinion about the liquidity factors and market access risks unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to assign, S&P Global Ratings' analysis will review the following considerations:

● Amortization schedule - the larger the final maturity relative to other maturities, the more likely it will be treated as a note; and

● Source of payment - the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.

Municipal Short-Term Note rating symbols are as follows:

"SP-1" - A municipal note rated "SP-1" exhibits a strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation.

"SP-2" - A municipal note rated "SP-2" exhibits a satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.

"SP-3" - A municipal note rated "SP-3" exhibits a speculative capacity to pay principal and interest.

"D" - This rating is assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.

***Moody's*** uses the global short-term Prime rating scale (listed above under Short-Term Credit Ratings) for commercial paper issued by U.S. municipalities and nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by an issuer's self-liquidity.

For other short-term municipal obligations, Moody's uses one of two other short-term rating scales, the Municipal Investment Grade ("MIG") and Variable Municipal Investment Grade ("VMIG") scales provided below.

Moody's uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less.

MIG Scale

"MIG-1" - This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

"MIG-2" - This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

"MIG-3" - This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

"SG" - This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

"NR" - Is assigned to an unrated obligation, obligation and/or program.

In the case of variable rate demand obligations ("VRDOs"), Moody's assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer's ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders ("on demand") and/or mandatory tenders of the VRDO. The short-term payment obligation rating uses the VMIG scale. Transitions of VMIG ratings with conditional liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer's long-term rating drops below investment grade.

Moody's typically assigns the VMIG rating if the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three years but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as "NR".

"VMIG-1" - This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity provider and structural and legal protections.

"VMIG-2" - This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider and structural and legal protections.

"VMIG-3" - This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity provider and structural and legal protections.

"SG" - This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not have a sufficiently strong short-term rating or may lack the structural and/or legal protections.

"NR" - Is assigned to an unrated obligation, obligation and/or program.

**<u>About Credit Ratings</u>**

An ***S&P Global Ratings*** issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

Ratings assigned on ***Moody's*** global long-term and short-term rating scales are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities.

***Fitch's*** credit ratings are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer Default Ratings (IDRs) are assigned to corporations, sovereign entities, financial institutions such as banks, leasing companies and insurers, and public finance entities (local and regional governments). Issue-level ratings are also assigned and often include an expectation of recovery, which may be notched above or below the issuer-level rating. Issue ratings are assigned to secured and unsecured debt securities, loans, preferred stock and other instruments. Credit ratings are indications of the likelihood of repayment in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e., rate to a higher or lower standard than that implied in the obligation's documentation).

***Morningstar DBRS*** offers independent, transparent, and innovative credit analysis to the market. Credit ratings are forward-looking opinions about credit risk that reflect the creditworthiness of an issuer, rated entity, security and/or obligation based on Morningstar DBRS's quantitative and qualitative analysis in accordance with applicable methodologies and criteria. They are meant to provide opinions on relative measures of risk and are not based on expectations of, or meant to predict, any specific default probability. Credit ratings are not statements of fact. Morningstar DBRS issues credit ratings using one or more categories, such as public, private, provisional, final(ized), solicited, or unsolicited. From time to time, credit ratings may also be subject to trends, placed under review, or discontinued. Morningstar DBRS credit ratings are determined by credit rating committees.

**<u>APPENDIX B</u>**

**Opal Capital LLC**

**20.1 Proxy Voting with Respect to Individual Client Accounts**

**20.1.1 Policy**

The firm has voting power with respect to securities in client accounts. When the firm has proxy voting power with respect to securities in a client's account, it owes certain fiduciary duties with respect to the voting of proxies. These fiduciary duties include (i) the duty of care, which requires the firm to monitor corporate events and to vote the proxies; and (ii) the duty of loyalty, which requires the firm to vote proxies in a manner consistent with the best interests of the client, and to put the client's interests before the firm's own interests. In keeping with its fiduciary duties, the firm has adopted and implemented this Proxy Voting Policy, which sets forth policies and procedures designed to ensure that the firm votes each client's securities in the best interests of the client. A copy Voting Policy will be provided upon receipt of a written request.

**20.1.2 Proxy Voting Decisions**

The firm will be authorized to take action and render any advice with respect to the voting of proxies for securities held in the client's account. The firm will vote with management's recommendation unless the firm determines it is not in the best interest of clients. Clients may contact the firm for information about how it voted with respect to any of the securities held in the client's account.

As a general rule, the firm will vote all proxies relating to a particular proposal the same way for all client accounts holding the security in accordance with the firm's Proxy Policy, unless a client specifically instructs the firm in writing to vote such client's securities otherwise. When making proxy voting decisions, the firm may seek advice or assistance from third-party consultants, such as proxy voting services or legal counsel.

**20.1.3 Legal Proceedings and Class Actions**

Except as required by applicable law, the firm will not be obligated to render advice or take any action on behalf of a client with respect to assets presently or formerly held in the client's account that become the subject of any legal proceedings, including bankruptcies.

**20.1.4 Conflicts of Interest**

The firm has adopted a Code of Ethics and other compliance policies and procedures to preserve the independence of its investment advice to its clients. Nonetheless, from time to time a proxy proposal may still involve a conflict between the interests of the client and the interests of the firm or an affiliated person of the firm. For example, a conflict would arise if a firm client's account held securities issued by a company and that company (or its affiliate or pension plan) was also a client of the firm.

Firm personnel responsible for voting client proxies may consult with the CCO, who may consult with legal counsel if necessary to determine whether a material conflict appears to exist with respect to a given proxy proposal. When a material conflict appears to exist and cannot be adequately addressed or resolved by the firm's other policies and procedures, the following procedures will apply:

● Before voting proxies for clients affected by the conflict, the firm will:

&nbsp;&nbsp;&nbsp;&nbsp;o disclose the nature of the conflict to such clients;

&nbsp;&nbsp;&nbsp;&nbsp;o inform such clients how the firm plans to vote the proxies; and

&nbsp;&nbsp;&nbsp;&nbsp;o give each such client the opportunity, by a certain date, to waive the conflict or to instruct the firm how to vote the proxies affected
by the conflict.

● If a client instructs the firm how to vote proxies affected by the conflict, the firm will vote such proxies in accordance with such client's instructions.

● If a client waives the conflict or does not respond in a timely manner, the firm will vote such proxies as previously disclosed to the client in accordance with this Proxy Voting Policy.

● The firm may take such other action as may be deemed necessary or appropriate, including, without limitation, excluding certain persons from the proxy vote at issue.

Nothing in these procedures is intended to revoke the firm's voting power with respect to proxies relating to proposals that do not pose a material conflict.

**20.1.5 Disclosures to Clients**

Upon a client's request, the firm will furnish, without charge, to the requesting client (i) a copy of this Proxy Voting Policy, or (ii) information about how the firm voted with respect to such client's securities. Except as otherwise directed by a client or as required by law, the firm will maintain the confidentiality of how it plans to vote or has voted proxies relating to such client's securities.

**20.1.6 Books and Records Relating to Proxies**

In connection with voting proxies and this Proxy Voting Policy, the firm shall maintain (in hardcopy or electronic form) such books and records as may be required by applicable law, rules, or regulations, including:

● The firm's policies and procedures relating to voting proxies.

● A copy of each proxy statement that the firm receives regarding clients' securities, provided that the firm may rely on:

● a third party to make and retain, on the firm's behalf, pursuant to a written undertaking, a copy of proxy statements or by obtaining a copy of proxy statements from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system;

● A record of each vote cast by the firm on behalf of clients, provided that the firm may rely on a third party to make and retain, on the firm's behalf, pursuant to a written undertaking, records of votes cast;

that memorialize the basis for that decision; and

&nbsp;&nbsp;&nbsp;&nbsp;o A record of each written client request for proxy voting information and a copy of any written response by the firm to any written
or oral client request for information on how the firm voted proxies on behalf of the requesting client

Such books and records shall be maintained and preserved in an easily accessible place for a period of not less than five years from the end of the fiscal year during which the last entry was made on such record, the first two years in an appropriate office of the firm.

**20.2 Proxy Voting with Respect to the Fund**

**20.2.1 Overview**

Opal Capital manages the affairs of the Fund. As part of its fiduciary obligations to the shareholders of the Fund, the firm exercises its voting rights in the companies in which it invests.

The overriding objective of the firm's proxy voting activities is to enhance shareholder value on a long-term basis. As a result, our proxy voting guidelines have been developed in a manner which the firm believes is consistent with this goal. However, it is important to note that this document contains guidelines only, and not rigid, inflexible, voting directives. We will evaluate each voting matter on a case-by-case basis and may vote in a manner contrary to the guidelines if we feel that this would ultimately enhance long-term shareholder value. Opal Capital will coordinate with and provide all information necessary for U.S. Bank's Fund Administration Group to fulfill its Form N-PX filing obligations.

**20.2.2 Guidelines Pertaining to Routine Matters**

Opal Capital will generally cause the Fund to vote in favor of management proposals on routine matters such as the election of directors, appointment of auditors, indemnification of directors, and receipt and approval of financial statements, provided it is in line with the other guidelines set forth in the Proxy Voting Guidelines.

**20.2.3 Guidelines Pertaining to Non-Routine Matters**

With respect to non-routine matters, such as take-over defense measures and changes in capital structure, Opal Capital will examine proxies and recommendations for special proposals to assess the impact on the value of the securities, generally voting in favor of proposals that would enhance the investment value of the relevant security in the long term and against proposals that increase the risk level and reduce the investment value of the relevant security in the long term. Other issues, including those business issues specific to the issuer or those raised by shareholders of the issuer, are addressed on a case-by-case basis with a focus on the potential impact of the vote on shareholder value.

**20.2.4 Guidelines Pertaining to the Board of Directors**

Ideally, the Board of Directors will comprise a majority of unrelated experienced directors, where an unrelated director is independent of management and is free from any relationship or interest that conflicts with the director's ability to act in the best interests of shareholders. A Board of Directors should be large enough to allow for sufficient coverage of responsibilities, but should not be so large that meetings and discussions become cumbersome. All boards shall have an audit committee headed and staffed by outside directors. We are generally opposed to cumulative voting proposals, but acknowledge that it may be a useful tool if a board is unresponsive to shareholders. A staggered board is one in which some directors are elected to terms greater than one year. Our preference is for all directors to stand for election on an annual basis. While attendance is only one factor in evaluating a director's effectiveness, we view absences without extenuating circumstances negatively. We believe that directors should be provided insurance against liability claims, so long as their actions were taken honestly and in good faith with a view to the best interests of the company. We will generally support the auditor recommended by the audit committee, but will review proposed changes in auditors on a case-by-case basis.

**20.2.5 Guidelines Pertaining to Executive and Director Compensation**

We consider individuals within a management team as integral to the execution of the company's strategy. As a result, attracting and retaining qualified individuals through competitive compensation is necessary. Competitive compensation is considered in the context of what other leading companies in the same industries are paying to attract and retain their managers. Compensation should be tied to measurable performance and motivate managers to reach longer-term targets, rather than used as a reward for past performance. Furthermore, compensation should be tied to shareholder value so that the interests of both shareholders and managers are aligned.

We are not opposed to stock options as a form of compensation, but we are critical of compensation packages that have excessive granting of options; that cause substantial dilution of the existing shareholders; that have no, or very short, vesting periods; and/or that have options priced below the current market price. We will not support the re-pricing or extension of previously issued options held by senior management. We prefer to see stock options distributed to key contributors to corporate prosperity, but generally do not support plans that are excessively concentrated in the hands of a single individual. We support companies that encourage their executives to buy and hold a meaningful number of Shares in the company so that they have the same financial interest as other shareholders. Compensation measures such as "golden parachutes" and corporate loans to individual managers are often justified by companies as ways of attracting and retaining quality managers; however, these compensation items are often abused, and we are opposed to compensation measures that are excessive and outside of competitive industry practices.

With respect to director compensation, appropriate board members provide valuable experience and strategic support to the company, and competitive compensation is

necessary to attract and retain these individuals. Compensation should be aligned with the interests of shareholders and managers. We support companies that encourage their board members to buy and hold a meaningful number of Shares in the company so that they have the same financial interest as other shareholders.

**20.2.6 Guidelines Pertaining to Takeover Protection**

Takeover protection measures are created to guard against takeover bids that do not represent a fair value for the company's assets. the main purpose for a shareholder rights plan is to ensure equal treatment for all shareholders and to provide the board sufficient time to consider alternatives. We generally will not support plans that are anti-takeover in nature and serve to entrench the power of incumbent management and boards. However, we will generally support takeover protection measures that protect the rights and interests of all shareholders and seek to maximize shareholder value.

**20.2.7 Guidelines Pertaining to Shareholder Rights**

A multiple-voting class structure refers to unequal voting rights between classes of Shares. This potentially allows minority shareholders with multiple voting rights to impose their interests over those of all other shareholders. Therefore, we generally will not support the creation or extension of multiple-voting structures. We will support the replacement of multiple-voting structure with one vote per share, given the cost of such change is modest and is in the best interest of non-controlling shareholders.

While supermajority requirements are appropriate in some circumstances, it can be subject to abuse and act as an anti-takeover mechanism. While a two-thirds supermajority (66.7%) is most common and is considered reasonable, we will review supermajority proposals requiring more than a two-thirds majority on a case-by-case basis.

We acknowledge that the Board may need the flexibility to issue Shares to meet changing financial conditions, such as stock splits, restructurings, acquisitions, stock option plans, or takeover defenses. We will review proposals on a case-by-case basis to determine if the amount requested is necessary for sound business reasons.

"Blank cheque" preferred Shares usually carry a preference in dividends, rank ahead of common Shares upon liquidation, and give the board broad discretion (a "blank cheque") to establish voting, dividend, conversion, and other rights in respect to these Shares. Once those Shares have been authorized, shareholders have no further power to determine how or when they will be allocated. Due to the potential for abuse, we generally will not support the authorization of, or an increase in, "blank cheque" preferred Shares.

Linked proposals are resolutions that link two issues together. They may be used to pass proposals that would not be approved if they were proposed individually. We generally will not support linked proposals except in the case where each individual issue contained in the proposal is in the best interests of shareholders. Each issue within a linked proposal will be considered as being mutually exclusive of each other.

Shareholders should have the right to bring relevant proposals to the annual general meeting. These proposals should be included on the proxy ballot for consideration by all shareholders. Certain shareholder proposals put unreasonable constraints on management and the Board, which may hinder the company's ability to create long-term shareholder value. We will review shareholder proposals on a case-by-case basis.

**20.2.8 Voting Procedures**

The firm is responsible for directing how proxies relating to any securities of the Fund are to be voted. The firm is required to follow the guidelines set forth in this Proxy Voting Guideline. The Board of Directors of the firm oversees the proxy voting process and reviews proxy voting results, policies, and procedures on an annual basis to ensure that securities held by the Fund are voted in accordance with the Policies.

**20.2.9 Conflicts of Interest**

Opal Capital may have a conflict of interest in voting a particular proxy. A conflict of interest could arise, for example, as a result of a business relationship with a company, or a direct or indirect business interest in the matter being voted upon, or as a result of a personal relationship with corporate directors or candidates for directorships. Whether a relationship creates a material conflict of interest will depend upon the facts and circumstances.

Opal Capital will use its best efforts to identify and resolve potential conflicts of interest. When the firm becomes aware of any vote that presents a conflict, the conflict will be reported to the CCO and proxies will be voted in a manner consistent with the best interests of the firm's clients and shareholders of the Funds ("Trust"), without regard to any other business relationship that may exist. In cases where a conflict of interest arises between the interests of shareholders of the Trust and those of Opal Capital or any affiliate or associate of the Trust, Opal Capital will always vote in accordance with the best interests of the Trust.

Opal Capital may determine that there is a conflict of interest as a result of:

● Significant business relationships. Opal Capital will consider whether the matter involves an issuer or proponent with which the firm has a significant business relationship. Opal Capital has significant business relationships with certain entities, such as other investment advisory firms, vendors, clients, and broker-dealers. For this purpose, a "significant business relationship" is one that is reasonably likely to create an incentive for the adviser to vote in favor of management.

● Significant personal or family relationships. Opal Capital will consider whether the matter involves an issuer, proponent, or individual with which an employee of the firm has a significant personal or family relationship. For this purpose, a "significant personal or family relationship" is one that would be reasonably likely to influence how the adviser votes a proxy.

In the event the CCO determines that the firm has a conflict of interest with respect to a proxy proposal, the CCO shall also determine whether the conflict is material to that proposal. The CCO may determine on a case-by-case basis that a particular proposal does not involve a material conflict of interest. If the CCO determines that a conflict is not material, then the firm may vote the proxy in a manner consistent with the best interests of the firm's clients and shareholders of the Trust.

In the event the CCO determines that the firm has a material conflict of interest with respect to a proxy proposal, the firm will vote on the proposal in accordance with the determination of the CCO. Alternatively, prior to voting on the proposal, the firm may:

● Contact an independent third party to recommend how to vote on the proposal and vote in accordance with the recommendation of such third party (or have the third party vote such proxy).

● With respect to clients that are not subject to ERISA, fully disclose the nature of the conflict to the client in the case of the Trust, the Trust's CCO, and obtain the consent of the client or the Trust's Board of Trustees ("Board") as to how Opal Capital will vote on the proposal.

● Otherwise obtain instructions from the client or the board as to how the proxy should be voted.

Opal Capital may not address a material conflict of interest by abstaining from voting unless the CCO, the third party, the client, or the Trust's CCO or Board, as appropriate, has determined that abstaining from voting on the proposal is in the client's or the Trust's best interests or that the potential costs involved with voting the proxy outweigh the potential benefits to a client, the Fund, or its shareholders.

The CCO shall document the manner in which proxies involving a material conflict of interest have been voted as well as the basis for any determination that the adviser does not have a material conflict of interest with respect to a particular matter.

**20.2.10 Books and Records Relating to Proxies**

In connection with voting proxies and this Proxy Voting Policy, the firm shall maintain (in hardcopy or electronic form) such books and records as may be required by applicable law, rules, or regulations, including:

● The firm's policies and procedures relating to voting proxies

● A copy of each proxy statement that the firm receives regarding clients' securities, provided that the firm may rely on:

● A third party to make and retain, on the firm's behalf, pursuant to a written undertaking, a copy of proxy statements or by obtaining a copy of proxy statements from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system;

● A record of each vote cast by the firm on behalf of clients, provided that the firm may rely on a third party to make and retain, on the firm's behalf, pursuant to a written undertaking, records of votes cast;

● A record of each written client request for proxy voting information and a copy of any written response by the firm to any written or oral client request for information on how the firm voted proxies on behalf of the requesting client.

● Such books and records shall be maintained and preserved in an easily accessible place for a period of not less than five years from the end of the fiscal year during which the last entry was made on such record, the first two years in an easily accessible location at an appropriate office of the firm.

**THE RBB FUND TRUST**

**PART C**

**OTHER INFORMATION**

**Item 28.** **Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1618627/000158281614000626/certoftrust.htm) <sup>(1)</sup>

(2) [Amended and Restated Agreement and Declaration of Trust dated October 21, 2015](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/agmtdecltrust.htm) <sup>(2)</sup>

(3) [Certificate of Amendment to Certificate of Trust](http://www.sec.gov/Archives/edgar/data/1618627/000139834422015786/fp0078809_ex9928a3.htm) <sup>(6)</sup>

(b) [Bylaws, as amended](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928b.htm) <sup>(5)</sup>

(c) Instruments Defining Rights of Security Holders are incorporated by reference to the [Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/agmtdecltrust.htm) and [Bylaws](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928b.htm)

(d) Investment Advisory Agreement Contracts

(1) [Investment Advisory Agreement *(Penn Capital Funds)* between the Registrant and Penn Capital Management Company, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928d1.htm) <sup>(17)</sup>

(2) [Form of Expense Limitation Agreement *(Penn Capital Funds)* between the Registrant and Penn Capital Management Company, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425001544/fp0092139-1_ex9928d2.htm) <sup>(16)</sup>

(3) [Investment Advisory Agreement *(P/E Global Enhanced International Fund)* between the Registrant and P/E Global LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928d3.htm) <sup>(11)</sup>

(4) [Expense Limitation Agreement *(P/E Global Enhanced International Fund)* between the Registrant and P/E Global LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928d4.htm) <sup>(11)</sup>

(5) [Investment Advisory Agreement *(Torray Fund)* between the Registrant and Torray Investment Partners LLC (f/k/a Torray LLC)](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928d5.htm) <sup>(11)</sup>

(6) [Expense Limitation Agreement *(Torray Fund)* between the Registrant and Torray Investment Partners LLC (f/k/a Torray LLC)](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928d6.htm) <sup>(11)</sup>

(7) [Investment Advisory Agreement *(Longview Advantage ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](https://www.sec.gov/Archives/edgar/data/1618627/000199937125018397/ex99-d7.htm) <sup>(26)</sup>

(8) [Form of Expense Limitation Agreement *(Longview Advantage ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928d8.htm) <sup>(23)</sup>

(9) [Investment Advisory Agreement *(First Eagle ETFs)* between the Registrant and First Eagle Investment Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d9.htm) <sup>(14)</sup>

(10) [Investment Sub-Advisory Agreement *(First Eagle ETFs)* among Registrant, First Eagle Investment Management, LLC, and Exchange Traded Concepts, LLC<sup>(</sup>](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d10.htm) <sup>14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) [Expense Limitation Agreement *(First Eagle ETFs)* between Registrant and First Eagle Investment Management, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928d11.htm) <sup>(14)</sup>

(12) [Investment Advisory Agreement *(Tweedy, Browne Insider + Value ETF)* between the Registrant and Tweedy, Browne Company LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928d12.htm) <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Investment Sub-Advisory Agreement *(Tweedy, Browne Insider + Value ETF)* among Registrant, Tweedy, Browne Company LLC, and Exchange Traded Concepts, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928d13.htm) <sup>(15)</sup>

(14) [Investment Advisory Agreement *(Advent Convertible Bond ETF)* between Registrant and Advent Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928d14.htm) <sup>(18)</sup>

(15) [Investment Advisory Agreement *(Twin Oak Enhanced Credit ETF)* between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425010162/fp0093681-1_ex9928d15.htm) <sup>(19)</sup>

(16) [Investment Sub-Advisory Agreement *(Twin Oak Enhanced Credit ETF)* between Twin Oak ETF Company and Exchange Traded Concepts, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d16.htm) <sup>(20)</sup>

(17) [Expense Limitation Agreement (*Twin Oak Enhanced Credit ETF*) between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d17.htm) <sup>(20)</sup>

(18) [Investment Advisory Agreement (*Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF and Twin Oak Endure ETF*) between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928d18.htm) <sup>(27)</sup>

(19) [Investment Sub-Advisory Agreement *(Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF and Twin Oak Endure ETF)* between Twin Oak ETF Company and Exchange Traded Concepts, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d19.htm) <sup>(20)</sup>

(20) [Expense Limitation Agreement (*Twin Oak Endure ETF*) between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928d20.htm) <sup>(20)</sup>

(21) Investment Advisory Agreement *(MUFG Japan Small Cap Active ETF)* between Registrant and Clearbrook Investment Consulting, LLC will be filed by amendment.

(22) [Investment Sub-Advisory Agreement *(MUFG Japan Small Cap Active ETF)* between Clearbrook Investment Consulting, LLC and Mitsubishi UFJ Trust and Banking Corporation](https://www.sec.gov/Archives/edgar/data/1618627/000199937125018397/ex99-d22.htm) <sup>(26)</sup>

(23) Investment Trading Advisory Agreement *(MUFG Japan Small Cap Active ETF)* between Clearbrook Investment Consulting, LLC and Exchange Traded Concepts, LLC will be filed by amendment.

(24) [Investment Sub-Advisory Agreement *(Wayfinder Dynamic U.S. Interest Rate ETF, Wayfinder U.S. Dispersion ETF, Wayfinder Gold ETF, Wayfinder Oil ETF, Wayfinder U.S. Market Better Beta ETF, and Wayfinder Saber ETF)* between Gladius Capital Management LP and Vident Advisory, LLC (d/b/a Vident Asset Management)](https://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928d24.htm) <sup>(25)</sup>

(25) [Investment Advisory Agreement *(Wayfinder Dynamic U.S. Interest Rate ETF, Wayfinder U.S. Dispersion ETF, Wayfinder Gold ETF, Wayfinder Oil ETF, Wayfinder U.S. Market Better Beta ETF, and Wayfinder Saber ETF)* between Registrant and Gladius Capital Management LP](https://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928d25.htm) <sup>(25)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [Expense Limitation Agreement *(Wayfinder Dynamic U.S. Interest Rate ETF, Wayfinder U.S. Dispersion ETF, Wayfinder Gold ETF, Wayfinder Oil ETF, Wayfinder U.S. Market Better Beta ETF, and Wayfinder Saber ETF)* between Registrant and Gladius Capital Management LP](https://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928d26.htm) <sup>(25)</sup>

(27) [Addendum No. 1 to Investment Advisory Agreement (*Tweedy, Browne International Insider + Value ETF*) between the Registrant and Tweedy, Browne Company LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928d26.htm) <sup>(24)</sup>

(28) [Addendum No. 1 to Investment Sub-Advisory Agreement (*Tweedy, Browne International Insider + Value ETF*) among Registrant, Tweedy, Browne Company LLC, and Exchange Traded Concepts, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928d27.htm) <sup>(24)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) [Addendum No. 1 to Investment Advisory Agreement (*Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF and Twin Oak Hedged Opportunities ETF*) between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928d29.htm) <sup>(27)</sup>

(30) [Addendum No. 1 to Investment Sub-Advisory Agreement (*Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF and Twin Oak Hedged Opportunities ETF*) between Twin Oak ETF Company and Exchange Traded Concepts, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928d30.htm) <sup>(27)</sup>

(31) [Expense Limitation Agreement (*Advent Convertible Bond ETF*) between Registrant and Advent Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000199937125018397/ex99-d31.htm) <sup>(26)</sup>

(32) [Investment Advisory Agreement (*Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF*) between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022912/fp0096611-1_ex9928d32.htm) <sup>(30)</sup>

(33) [Investment Advisory Agreement (*Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF*) between the Registrant and Opal Capital LLC](https://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-d33.htm) <sup>(31)</sup>

(34) [Investment Sub-Advisory Agreement (*Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF*) between Opal Capital LLC and Vident Asset Management](https://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-d34.htm) <sup>(31)</sup>

(35) [Investment Advisory Agreement among Gladius Capital Management LP, Wayfinder Gold Offshore Limited and Wayfinder Oil Offshore Limited](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022912/fp0096611-1_ex9928d35.htm) <sup>(30)</sup>

(36) [Investment Advisory Agreement among Gladius Capital Management LP and Wayfinder Oil Offshore Limited](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022912/fp0096611-1_ex9928d36.htm) <sup>(30)</sup>

(37) [Investment Advisory Agreement (*M.D. Sass Concentrated Value ETF*) between the Registrant and M.D. Sass, LLC is filed herewith.](fp0098592-1_ex9928d37.htm)

(38) [Delegated Services Sub-Advisory Agreement (*M.D. Sass Concentrated Value ETF*) between M.D. Sass, LLC and Tidal Investments LLC is filed herewith.](fp0098592-1_ex9928d38.htm)

(39) [Expense Limitation Agreement *(Twin Oak Enhanced Fixed Income ETF and Twin Oak Hedged Opportunities ETF)* between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928d38.htm) <sup>(27)</sup>

(40) [Expense Limitation Agreement *(Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF*) between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022912/fp0096611-1_ex9928d39.htm) <sup>(30)</sup>

(41) [Form of Investment Advisory Agreement (*The Snowball ETF*) between the Registrant and Exchange Traded Concepts, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-d41.htm) <sup>(33)</sup>

(42) [Form of Investment Sub-Advisory Agreement *(The Snowball ETF)* between Exchange Traded Concepts, LLC and Snowball Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-d42.htm) <sup>(33)</sup>

(43) Addendum No. 2 to Investment Advisory Agreement *(Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF)* between Registrant and Twin Oak ETF Company will be filed by amendment.

(44) Addendum No. 2 to Investment Sub-Advisory Agreement *(Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF)* between Twin Oak ETF Company and Exchange Traded Concepts, LLC will be filed by amendment.

(45) Investment Advisory Agreement (*Equity Partners ETF*) between the Registrant and Seven Post Investment Office LP will be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) Investment Sub-Advisory Agreement (*Equity Partners ETF*) between Seven Post Investment Office LP and Exchange Traded Concepts, LLC will be filed by amendment.

(47) Expense Limitation Agreement (*Equity Partners ETF*) between Registrant and Seven Post Investment Office LP will be filed by amendment.

(48) [Expense Limitation Agreement *(Twin Oak Strategic Solutions ETF)* between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-d48.htm) <sup>(31)</sup>

(49) [Expense Limitation Agreement *(Twin Oak Active Opportunities II ETF)* between Registrant and Twin Oak ETF Company](https://www.sec.gov/Archives/edgar/data/1618627/000199937126002583/ex99-d49.htm) <sup>(32)</sup>

(50) [Expense Waiver Agreement *(Tweedy, Browne Insider + Value ETF)* between Registrant and Tweedy, Browne Company LLC](https://www.sec.gov/Archives/edgar/data/1618627/000199937126002583/ex99-d50.htm) <sup>(32)</sup>

(51) Investment Advisory Agreement (*Synera Funds Japan Active+ ETF*) between the Registrant and Millburn Ridgefield LLC will be filed by amendment.

(52) Investment Sub-Advisory Agreement (*Synera Funds Japan Active+ ETF*) between Millburn Ridgefield LLC and [ ] will be filed by amendment.

(53) Investment Sub-Advisory Agreement (*Synera Funds Japan Active+ ETF*) between Millburn Ridgefield LLC and Twin Oak ETF Company will be filed by amendment.

(54) Investment Sub-Advisory Agreement (*Synera Funds Japan Active+ ETF*) between Millburn Ridgefield LLC and Exchange Traded Concepts, LLC will be filed by amendment.

(55) Expense Limitation Agreement (*Synera Funds Japan Active+ ETF*) between Registrant and Millburn Ridgefield LLC will be filed by amendment.

(56) Addendum No. 1 to Investment Advisory Agreement (*Polen Dividend Income ETF and Polen International Dividend Income ETF*) between the Registrant and Opal Capital LLC will be filed by amendment.

(57) Investment Sub-Advisory Agreement (*Polen Dividend Income ETF and Polen International Dividend Income ETF*) between Opal Capital LLC and Polen Capital Management, LLC will be filed
 by amendment.

(1) [Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928e5.htm) <sup>(8)</sup>

(2) [First Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834423023276/fp0086228-1_ex9928e8.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Second Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928e7.htm) <sup>(7)</sup>

(4) [Third Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928e9.htm) <sup>(13)</sup>

(5) [Amendment to Distribution Agreement between the Registrant and Quasar Distributors, LLC dated August 31, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928e10.htm) <sup>(24)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [ETF Distribution Agreement between the Registrant and Quasar Distributors, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024994/fp0081359-1_ex9928e6.htm) <sup>(10)</sup>

(7) [Amendment to ETF Distribution Agreement dated September 27, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928e11.htm) <sup>(14)</sup>

(8) [Amendment to ETF Distribution Agreement dated January 29, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928e12.htm) <sup>(17)</sup>

(9) [Amendment to ETF Distribution Agreement dated May 15, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928e13.htm) <sup>(21)</sup>

(10) [Amendment to ETF Distribution Agreement dated November 26, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-e10.htm) <sup>(31)</sup>

(11) Amendment to ETF Distribution Agreement will be filed by amendment.

(f) Bonus or Profit Sharing Contracts – Not Applicable

(g) (1) (i) [Custody Agreement between the Registrant and U.S. Bank National Association](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/custodyagmt.htm) <sup>(2)</sup>

(ii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated July 17, 2017](http://www.sec.gov/Archives/edgar/data/1618627/000089418917005729/amend-cust_agmt.htm) <sup>(4)</sup>

(iii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928g1iii.htm) <sup>(5)</sup>

(iv) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated July 22, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928g1iv.htm) <sup>(8)</sup>

(v) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928g1v.htm) <sup>(7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928g1vi.htm) <sup>(11)</sup>

(vii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928g1vii.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated February 21, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928g1viii.htm) <sup>(17)</sup>

(ix) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated May 16, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928g1ix.htm) <sup>(21)</sup>

(x) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated June 11, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928g1x.htm) <sup>(22)</sup>

(xi) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated September 5, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928g1xi.htm) <sup>(24)</sup>

(xii) [Amendment to Custody Agreement between the Registrant and U.S. Bank National Association dated November 28, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022748/fp0096527-1_ex9928gxii.htm) <sup>(28)</sup>

(xv) Amendment to Custody Agreement between the Registrant and U.S. Bank National Association will be filed by amendment.

---

| | |
|:---|:---|
| (h) |  |
|  | (1) (i) [Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/adminsvcsagmt.htm)<sup>(2)</sup> |
|  | (ii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 17, 2017](http://www.sec.gov/Archives/edgar/data/1618627/000089418917005729/amend-fundadmsvc_agmt.htm)<sup>(4)</sup> |
|  | (iii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928h1iii.htm)<sup>(5)</sup> |
|  | (iv) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 2, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h1iv.htm)<sup>(8)</sup> |
|  | (v) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 1, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h1v.htm)<sup>(8)</sup> |
|  | (vi) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928h1vi.htm)<sup>(7)</sup> |
|  | (vii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928h1vii.htm)<sup>(11)</sup> |
|  | (viii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928h1viii.htm)<sup>(14)</sup> |
|  | (ix) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 21, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928h1ix.htm)<sup>(17)</sup> |
|  | (x) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 16, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928h1x.htm)<sup>(21)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928h1xi.htm) <sup>(22)</sup>

(xii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 5, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928h1xii.htm) <sup>(24)</sup>

(xiii) [Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 28, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022748/fp0096527-1_ex9928h1xiii.htm) <sup>(28)</sup>

(xvi) Amendment to Fund Administration Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC will be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (i) [Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/transferagmtsvcagmt.htm) <sup>(2)</sup>

(ii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 17, 2017](http://www.sec.gov/Archives/edgar/data/1618627/000089418917005729/amend-tas_agmt.htm) <sup>(4)</sup>

(iii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928h2iii.htm) <sup>(5)</sup>

(iv) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 22, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h2iv.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928h2v.htm) <sup>(7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928h2vi.htm) <sup>(11)</sup>

(vii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928h2vii.htm) <sup>(14)</sup>

(viii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 21, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928h2viii.htm) <sup>(17)</sup>

(ix) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 16, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928h2ix.htm) <sup>(21)</sup>

(x) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928h2x.htm) <sup>(22)</sup>

(xi) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 5, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928h2xi.htm) <sup>(24)</sup>

(xii) [Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 28, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022748/fp0096527-1_ex9928h2xii.htm) <sup>(28)</sup>

(xv) Amendment to Transfer Agent Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC will be filed by amendment.

(3) (i) [Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/accountingscvagmt.htm) <sup>(2)</sup>

(ii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 17, 2017](http://www.sec.gov/Archives/edgar/data/1618627/000089418917005729/amend-fundacctg_agmt.htm) <sup>(4)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 24, 2021](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928h3iii.htm) <sup>(5)</sup>

(iv) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated July 1, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928h3iv.htm) <sup>(8)</sup>

(v) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 7, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928h3v.htm) <sup>(7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated December 28, 2022](http://www.sec.gov/Archives/edgar/data/1618627/000139834422025303/fp0081157-1_ex9928h3vi.htm) <sup>(11)</sup>

(vii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated October 22, 2024](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928h3vii.htm) <sup>(14)</sup>

(viii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated February 21, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928h3viii.htm) <sup>(17)</sup>

(ix) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated May 16, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928h3ix.htm) <sup>(21)</sup>

(x) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated June 11, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928h3x.htm) <sup>(22)</sup>

(xi) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated September 5, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425018755/fp0095591-1_ex9928h3xi.htm) <sup>(24)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC dated November 28, 2025](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022748/fp0096527-1_ex9928h3xii.htm) <sup>(28)</sup>

(xv) Amendment to Fund Accounting Servicing Agreement between the Registrant and U.S. Bancorp Fund Services, LLC will be filed by amendment.

(4) [Form of Shareholder Servicing Plan](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/shareholdersvcplan.htm) <sup>(2)</sup>

(5) [Fund of Funds Investment Agreement *(Tweedy, Browne International Insider + Value ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000199937126002583/ex99-h5.htm) <sup>(32)</sup>

(i) (1) [Opinion and Consent of Counsel relating to the Penn Capital Mid Cap Core Fund (*formerly, Penn Capital Small/Mid Cap Equity Fund*), Penn Capital Special Situations Small Cap Equity Fund (*formerly, Penn Capital Small Cap Equity Fund*), and Penn Capital Opportunistic High Income Fund (*formerly, Penn Capital Opportunistic High Yield Fund*)](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/legalopinion.htm) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Opinion and Consent of Counsel relating to the Penn Capital Short Duration High Income Fund (*formerly, Penn Capital Defensive Short Duration High Income Fund*)](http://www.sec.gov/Archives/edgar/data/1618627/000168035917000387/opinionconsentcounsel.htm) <sup>(3)</sup>

(3) [Opinion of Counsel relating to the Torray Fund](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928i1.htm) <sup>(7)</sup>

(4) [Opinion of Counsel relating to the P/E Global Enhanced International Fund](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928i1.htm) <sup>(8)</sup>

(5) [Opinion of Counsel relating to the Longview Advantage ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928i5.htm) <sup>(13)</sup>

(6) [Opinion of Counsel relating to the First Eagle ETFs](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928i6.htm) <sup>(12)</sup>

(7) [Opinion of Counsel relating to the Tweedy, Browne Insider + Value ETF](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928i7.htm) <sup>(15)</sup>

(8) [Opinion of Counsel relating to the Advent Convertible Bond ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928i8.htm) <sup>(18)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Opinion of Counsel relating to the Twin Oak Enhanced Credit ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425010162/fp0093681-1_ex9928i9.htm) <sup>(19)</sup>

(10) [Opinion of Counsel relating to the Twin Oak Active Opportunities II ETF, the Twin Oak Active Opportunities III ETF and the Twin Oak Endure ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928i10.htm) <sup>(20)</sup>

(11) [Opinion of Counsel relating to the MUFG Japan Small Cap Active ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928i11.htm) <sup>(22)</sup>

(12) [Opinion of Counsel relating to the Wayfinder Dynamic U.S. Interest Rate ETF, the Wayfinder U.S. Dispersion ETF, the Wayfinder Gold ETF, the Wayfinder Oil ETF, the Wayfinder U.S. Market Better Beta ETF, and the Wayfinder Saber ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928i12.htm) <sup>(25)</sup>

(13) [Opinion of Counsel relating to Tweedy, Browne International Insider + Value ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425016563/fp0095138-1_ex9928i13.htm) <sup>(23)</sup>

(14) [Opinion of Counsel relating to Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF and Twin Oak Hedged Opportunities ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928i14.htm) <sup>(27)</sup>

(15) [Opinion of Counsel relating to Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022912/fp0096611-1_ex9928i15.htm) <sup>(30)</sup>

(16) [Opinion of Counsel relating to Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF](https://www.sec.gov/Archives/edgar/data/1618627/000199937125021104/exi-16.htm) <sup>(29)</sup>

(17) [Opinion of Counsel relating to M.D. Sass Concentrated Value ETF *(formerly, M.D. Sass Concentrated Equities ETF* *)*](https://www.sec.gov/Archives/edgar/data/1618627/000199937126002583/ex99-i17.htm) <sup>(32)</sup>

(18) [Opinion of Counsel relating to The Snowball ETF](https://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-i18.htm)<sup>(33)</sup>

(19) Opinion of Counsel relating to Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF will be filed by amendment.

(20) Opinion of Counsel relating to Equity Partners ETF will be filed by amendment.

(21) Opinion of Counsel relating to Synera Funds Japan Active+ ETF will be filed by amendment.

(22) Opinion of Counsel relating to Polen Dividend Income ETF and Polen International Dividend Income ETF will be filed by amendment.

(23) [Consent of Counsel is filed herewith.](fp0098592-1_ex9928i23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;(j) (1) Not Applicable.

(k) Omitted Financial Statements – Not Applicable.

(l) (1) [Initial Capital Agreement *(Penn Capital Funds)*](http://www.sec.gov/Archives/edgar/data/1618627/000158281615000383/purchaseagmt.htm) <sup>(2)</sup>

(2) [Initial Capital Agreement](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024960/fp0081330-1_ex9928l2.htm) [*(P/E Global Enhanced International Fund)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024960/fp0081330-1_ex9928l2.htm) <sup>(9)</sup>

(3) [Initial Capital Agreement *(Torray Fund)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024435/fp0081116-1_ex9928l2.htm) <sup>(7)</sup>

(4) [Initial Capital Agreement *(Longview Advantage ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928l4.htm) <sup>(17)</sup>

(5) [Initial Capital Agreement *(First Eagle ETFs)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928l5.htm) <sup>(14)</sup>

(6) [Initial Capital Agreement *(Tweedy, Browne Insider + Value ETF)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928l6.htm) <sup>(15)</sup>

(7) [Initial Capital Agreement *(Advent Convertible Bond ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928l7.htm) <sup>(18)</sup>

(8) [Initial Capital Agreement *(Twin Oak Enhanced Credit ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928l8.htm) <sup>(22)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) [Initial Capital Agreement *(Twin Oak Endure ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011733/fp0093910-1_ex9928l9.htm) <sup>(21)</sup>

(10) [Form of Initial Capital Agreement *(Twin Oak Active Opportunities II ETF and the Twin Oak Active Opportunities III ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425011015/fp0093800-1_ex9928l10.htm) <sup>(20)</sup>

(11) [Initial Capital Agreement *(MUFG Japan Small Cap Active ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928l11.htm) <sup>(22)</sup>

(12) [Initial Capital Agreement *(Wayfinder Dynamic U.S. Interest Rate ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928l12.htm) <sup>(25)</sup>

(13) Initial Capital Agreement *(Wayfinder U.S. Dispersion ETF, the Wayfinder Gold ETF, the Wayfinder Oil ETF, the Wayfinder U.S. Market Better Beta ETF, and the Wayfinder Saber ETF)* will be filed by amendment.

(14) [Initial Capital Agreement (*Tweedy, Browne International Insider + Value ETF*)](https://www.sec.gov/Archives/edgar/data/1618627/000139834425016563/fp0095138-1_ex9928l13.htm) <sup>(23)</sup>

(15) [Form of Initial Capital Agreement (*Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, and Twin Oak Hedged Opportunities ETF*)](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928l15.htm) <sup>(27)</sup>

(16) Initial Capital Agreement (*Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF*) will be filed by amendment.

---

| | | |
|:---|:---|:---|
|  | (17) | [Initial Capital Agreement (*Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000199937125021104/exl-17.htm)<sup>(29)</sup> |
|  | (18) | Initial Capital Agreement (*M.D. Sass Concentrated Value ETF*) will be filed by amendment. |
|  | (19) | [Form of Initial Capital Agreement (*The Snowball ETF*)](https://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-l19.htm)<sup>(33)</sup> |
|  | (20) | Form of Initial Capital Agreement *(Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF)* is will be filed by amendment. |
|  | (21) | Initial Capital Agreement *(Equity Partners ETF)* will be filed by amendment. |
|  | (22) | [Initial Capital Agreement *(Twin Oak Strategic Solutions ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-l22.htm)<sup>(31)</sup> |
|  | (23) | Initial Capital Agreement *(Synera Funds Japan Active+ ETF)* will be filed by amendment. |
|  | (24) | Initial Capital Agreement (*Polen Dividend Income ETF and Polen International Dividend Income ETF*) will be filed by amendment. |
| (m) |  | Rule 12b-1 Plan |
|  | (1) | [Plan of Distribution pursuant to Rule 12b-1 *(P/E Global Enhanced International Fund – Class A)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928m1.htm)<sup>(8)</sup> |
|  | (2) | [Plan of Distribution pursuant to Rule 12b-1 *(P/E Global Enhanced International Fund – Investor Class)*](http://www.sec.gov/Archives/edgar/data/1618627/000139834422024609/fp0081109-1_ex9928m2.htm)<sup>(8)</sup> |
|  | (3) | [Plan of Distribution pursuant to Rule 12b-1 *(Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF, Twin Oak Enhanced Credit ETF, Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF, and Twin Oak Hedged Opportunities ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928m.htm)<sup>(27)</sup> |
|  | (4) | [Plan of Distribution pursuant to Rule 12b-1 *(Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000199937125021104/exm-4.htm)<sup>(29)</sup> |
|  | (5) | Plan of Distribution pursuant to Rule 12b-1 *(Twin Oak Apex Opportunities ETF and Twin Oak Horizons ETF)* will be filed by amendment. |
|  | (6) | Plan of Distribution pursuant to Rule 12b-1 *(Synera Funds Japan Active+ ETF)* will be filed by amendment. |
|  | (7) | [Plan of Distribution pursuant to Rule 12b-1 *(The Snowball ETF)*](https://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-m.htm)<sup>(33)</sup> |
| (n) |  | Amended Rule 18f-3 Plan will be filed by amendment. |
| (o) |  | Reserved. |
| (p) |  | Code of Ethics |
|  | (1) | [Code of Ethics of Registrant](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928p1.htm)<sup>(5)</sup> |
|  | (2) | [Code of Ethics of Penn Capital Management Company, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928p2.htm)<sup>(18)</sup> |
|  | (3) | [Code of Ethics of Foreside Financial Group, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834421020665/fp0069806_ex9928p3.htm)<sup>(5)</sup> |
|  | (4) | [Code of Ethics of P/E Global LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928p4.htm)<sup>(13)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Code of Ethics of Torray Investment Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023225/fp0091374-1_ex9928p5.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Code of Ethics of Hill Investment Group Partners, LLC d/b/a Longview Research Partners](http://www.sec.gov/Archives/edgar/data/1618627/000139834424017858/fp0090153-1_ex9928p6.htm) <sup>(13)</sup>

(7) [Code of Ethics of First Eagle Investment Management, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425022420/fp0096494-1_ex9928p7.htm) <sup>(27)</sup>

(8) [Code of Ethics of Exchange Traded Concepts, LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834425005619/fp0092682-1_ex9928p8.htm) <sup>(17)</sup>

(9) [Code of Ethics of Tweedy, Browne Company LLC](http://www.sec.gov/Archives/edgar/data/1618627/000139834424023350/fp0091386-1_ex9928p9.htm) <sup>(15)</sup>

(10) [Code of Ethics of Advent Capital Management, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425007030/fp0093001-1_ex9928p10.htm) <sup>(18)</sup>

(11) [Code of Ethics of Twin Oak ETF Company](http://www.sec.gov/Archives/edgar/data/1618627/000139834425010162/fp0093681-1_ex9928p11.htm) <sup>(19)</sup>

(12) [Code of Ethics of Clearbrook Investment Consulting, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425012654/fp0094102-1_ex9928p12.htm) <sup>(22)</sup>

(13) Code of Ethics of Mitsubishi UFJ Trust and Banking Corporation will be filed by amendment.

(14) [Code of Ethics of Gladius Capital Management LP](https://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928p14.htm) <sup>(25)</sup>

(15) [Code of Ethics of Vident Advisory, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000139834425020138/fp0095946-1_ex9928p15.htm) <sup>(25)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Code of Ethics of Opal Capital LLC](https://www.sec.gov/Archives/edgar/data/1618627/000199937126001237/ex99-p16.htm) <sup>(31)</sup>

(17) [Code of Ethics of M.D. Sass, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000199937126002583/ex99-p17.htm) <sup>(32)</sup>

(18) Code of Ethics of Tidal Investments LLC will be filed by amendment.

(19) [Code of Ethics of Snowball Advisors, LLC](https://www.sec.gov/Archives/edgar/data/1618627/000199937126006825/ex99-p19.htm) <sup>(33)</sup>

(20) Code of Ethics of Seven Post Investment Office LP will be filed by amendment.

(21) Code of Ethics of Millburn Ridgefield LLC will be filed by amendment.

<sup>(1)</sup> Incorporated herein by reference to the Registrant's Initial Registration Statement on Form N-1A as filed with the SEC via EDGAR on November 13, 2014.

<sup>(2)</sup> Incorporated herein by reference to the Registrant's Pre-Effective Registration Statement No. 3 on Form N-1A as filed with the SEC via EDGAR on November 18, 2015.

<sup>(3)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 6 on Form N-1A as filed with the SEC via EDGAR on July 14, 2017.

<sup>(4)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 8 on Form N-1A as filed with the SEC via EDGAR on October 27, 2017.

<sup>(5)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 15 on Form N-1A as filed with the SEC via EDGAR on October 29, 2021.

<sup>(6)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 16 on Form N-1A as filed with the SEC via EDGAR on August 16, 2022.

<sup>(7)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 28 on Form N-1A as filed with the SEC via EDGAR on December 9, 2022.

<sup>(8)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 31 on Form N-1A as filed with the SEC via EDGAR on December 15, 2022.

<sup>(9)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 32 on Form N-1A as filed with the SEC via EDGAR on December 23, 2022.

<sup>(10)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 33 on Form N-1A as filed with the SEC via EDGAR on December 27, 2022.

<sup>(11)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 34 on Form N-1A as filed with the SEC via EDGAR on December 30, 2022.

<sup>(12)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 39 on Form N-1A as filed with the SEC via EDGAR on December 21, 2023.

<sup>(13)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 44 on Form N-1A as filed with the SEC via EDGAR on September 13, 2024.

<sup>(14)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 49 on Form N-1A as filed with the SEC via EDGAR on December 13, 2024.

<sup>(15)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 50 on Form N-1A as filed with the SEC via EDGAR on December 18, 2024.

<sup>(16)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 54 on Form N-1A as filed with the SEC via EDGAR on January 31, 2025.

<sup>(17)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 55 on Form N-1A as filed with the SEC via EDGAR on March 14, 2025.

<sup>(18)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 56 on Form N-1A as filed with the SEC via EDGAR on April 11, 2025.

<sup>(19)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 61 on Form N-1A as filed with the SEC via EDGAR on May 27, 2025.

<sup>(20)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 62 on Form N-1A as filed with the SEC via EDGAR on May 30, 2025.

<sup>(21)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 63 on Form N-1A as filed with the SEC via EDGAR on June 11, 2025.

<sup>(22)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 64 on Form N-1A as filed with the SEC via EDGAR on July 2, 2025.

<sup>(23)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 66 on Form N-1A as filed with the SEC via EDGAR on August 25, 2025.

<sup>(24)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 67 on Form N-1A as filed with the SEC via EDGAR on October 1, 2025.

<sup>(25)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 73 on Form N-1A as filed with the SEC via EDGAR on October 31, 2025.

<sup>(26)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 74 on Form N-1A as filed with the SEC via EDGAR on November 21, 2025.

<sup>(27)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 75 on Form N-1A as filed with the SEC via EDGAR on December 12, 2025.

<sup>(28)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 76 on Form N-1A as filed with the SEC via EDGAR on December 19, 2025.

<sup>(29)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 78 on Form N-1A as filed with the SEC via EDGAR on December 23, 2025.

<sup>(30)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 79 on Form N-1A as filed with the SEC via EDGAR on December 23, 2025.

<sup>(31)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 81 on Form N-1A as filed with the SEC via EDGAR on January 20, 2026.

<sup>(32)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 82 on Form N-1A as filed with the SEC via EDGAR on February 4, 2026.

<sup>(33)</sup> Incorporated herein by reference to the Registrant's Post-Effective Registration Statement No. 87 on Form N-1A as filed with the SEC via EDGAR on March 24, 2026.

**Item 29. Persons Controlled by or Under Common Control with Registrant**

No person is directly or indirectly controlled by or under common control with the Registrant.

**Item 30. Indemnification**

Under the terms of the Delaware Statutory Trust Act ("DSTA") and the Registrant's Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust"), no officer or trustee of the Registrant shall have any liability to the Registrant, its shareholders, or any other party for damages, except to the extent such limitation of liability is precluded by Delaware law, the Declaration of Trust or the By-Laws of the Registrant.

Subject to the standards and restrictions set forth in the Declaration of Trust, DSTA, Section 3817, permits a statutory trust to indemnify and hold harmless any trustee, beneficial owner or other person from and against any and all claims and demands whatsoever. DSTA, Section 3803 protects trustees, officers, managers and other employees, when acting in such capacity, from liability to any person other than the Registrant or beneficial owner for any act, omission or obligation of the Registrant or any trustee thereof, except as otherwise provided in the Declaration of Trust.

The Declaration of Trust provides that any person who is or was a Trustee, officer, employee or other agent, including the underwriter, of such Trust shall be liable to the Trust and its shareholders only for (1) any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing, or (2) the person's own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person (such conduct referred to herein as Disqualifying Conduct) and for nothing else. Except in these instances and to the fullest extent that limitations of liability of agents are permitted by the DSTA, these Agents (as defined in the Declaration of Trust) shall not be responsible or liable for any act or omission of any other Agent of the Trust or any investment adviser or principal underwriter. Moreover, except and to the extent provided in these instances, none of these Agents, when acting in their respective capacity as such, shall be personally liable to any other person, other than such Trust or its shareholders, for any act, omission or obligation of the Trust or any trustee thereof.

The Trust shall indemnify, out of its property, to the fullest extent permitted under applicable law, any of the persons who was or is a party or is threatened to be made a party to any Proceeding (as defined in the Declaration of Trust) because the person is or was an Agent of such Trust. These persons shall be indemnified against any Expenses (as defined in the Declaration of Trust), judgments, fines, settlements and other amounts actually and reasonably incurred in connection with the Proceeding if the person acted in good faith or, in the case of a criminal proceeding, had no reasonable cause to believe that the conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or plea of nolo contendere or its equivalent shall not in itself create a presumption that the person did not act in good faith or that the person had reasonable cause to believe that the person's conduct was unlawful. There shall nonetheless be no indemnification for a person's own Disqualifying Conduct.

Indemnification of Registrant's Trustees, officers, advisor, distributor, custodian, administrator, transfer agent and accounting services provider against certain stated liabilities is provided for in the following documents:

(a) Section 12 of the Form of Investment Advisory Agreement (*Penn Capital Funds*) between the Registrant and Penn Capital Management Company, LLC in exhibit (d)(1), as previously filed and incorporated herein by reference.

(b) Section 12 of the Investment Advisory Agreement (*P/E Global Enhanced International Fund*) between the Registrant and P/E Global LLC in exhibit (d)(3), as previously filed and incorporated herein by reference.

(c) Section 12 of the Investment Advisory Agreement *(Torray Fund)* between the Registrant and Torray, LLC in exhibit (d)(5), as previously filed and incorporated herein by reference.

(d) Section 12 of the Investment Advisory Agreement *(Longview Advantage ETF, Longview Advantage Fixed Income ETF and Longview Advantage Real Estate ETF)* between the Registrant and Hill Investment Group Partners, LLC d/b/a Longview Research Partners in exhibits (d)(7) and (d)(32), as previously filed and incorporated herein by reference.

(e) Section 12 of the Investment Advisory Agreement *(First Eagle ETFs)* between the Registrant and First Eagle Investment Management, LLC in exhibit (d)(9), as previously filed and incorporated herein by reference.

(f) Section 12 of the Investment Advisory Agreement *(Tweedy, Browne Insider + Value ETF)* between the Registrant and Tweedy, Browne Company LLC in exhibit (d)(12), as previously filed and incorporated herein by reference.

(g) Section 12 of the Investment Advisory Agreement *(Advent Convertible Bond ETF)* between the Registrant and Advent Convertible Bond ETF in exhibit (d)(14), as previously filed and incorporated herein by reference.

(h) Section 12 of the Investment Advisory Agreement *(Twin Oak Enhanced Credit ETF)* between the Registrant and Twin Oak ETF Company in exhibit (d)(15), as previously filed and incorporated herein by reference.

(i) Section 12 of the Investment Advisory Agreement *(Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF, Twin Oak Endure ETF, Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF and Twin Oak Hedged Opportunities ETF)* between the Registrant and Twin Oak ETF Company in exhibit (d)(18), as previously filed and incorporated herein by reference.

(j) Section 12 of the Investment Advisory Agreement *(Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF)* between the Registrant and Opal Capital LLC in exhibit (d)(33), as previously filed and incorporated herein by reference.

(k) Section 12 of the Investment Advisory Agreement *(M.D. Sass Concentrated Value ETF)* between the Registrant and M.D. Sass, LLC in exhibit (d)(37), is filed herewith.

(l) Section 12 of the Form of Investment Advisory Agreement *(The Snowball ETF)* between the Registrant and Exchange Traded Concepts, LLC in exhibit (d)(41), as previously filed and incorporated herein by reference.

(m) Sections 7 and 8 of the Distribution Agreement (*Penn Capital Funds*) in exhibit (e)(1), as previously filed and incorporated herein by reference.

(n) Sections 9 and 10 of the Distribution Agreement in exhibit (e)(6), as previously filed and incorporated herein by reference.

(o) Article X, Section 10.01 of the Custody Agreement in exhibit (g)(1)(i), as previously filed and incorporated herein by reference.

(p) Section 6 of the Fund Administration Servicing Agreement in exhibit (h)(1)(i), as previously filed and incorporated herein by reference.

(q) Section 8 of the Transfer Agent Servicing Agreement and Exhibit C thereto in exhibit (h)(2)(i), as previously filed and incorporated herein by reference.

(r) Section 9 of the Fund Accounting Servicing Agreement in exhibit (h)(3)(i), as previously filed and incorporated herein by reference.

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 Securities and Exchange Commission 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 31. Business and Other Connections of Investment Advisers**

Advent Capital Management, LLC, the investment adviser to the Advent Convertible Bond ETF, is a registered investment advisor. For additional information, please see Advent Capital Management, LLC's Form ADV (SEC File No. 801-60263), incorporated herein by reference, which sets forth the directors and officers of Advent Capital Management, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Advent Capital Management, LLC and its directors and officers during the past two years.

Clearbrook Investment Consulting, LLC, the investment adviser to the MUFG Japan Small Cap Active ETF, is a registered investment advisor. For additional information, please see Clearbrook Investment Consulting, LLC's Form ADV (SEC File No. 801-56832), incorporated herein by reference, which sets forth the directors and officers of Clearbrook Investment Consulting, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Clearbrook Investment Consulting, LLC and its directors and officers during the past two years.

Exchange Traded Concepts, LLC, the investment adviser to The Snowball ETF, is a registered investment advisor. For additional information, please see Exchange Traded Concepts, LLC's Form ADV (SEC File No. 801-70485), incorporated herein by reference, which sets forth the directors and officers of Exchange Traded Concepts,, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Exchange Traded Concepts, LLC and its directors and officers during the past two years.

First Eagle Investment Management, LLC, the investment adviser to the First Eagle Global Equity ETF and First Eagle Overseas Equity ETF, is a registered investment advisor. For additional information, please see First Eagle Investment Management, LLC's Form ADV (SEC File No. 801-50659), incorporated herein by reference, which sets forth the directors and officers of First Eagle Investment Management, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by First Eagle Investment Management, LLC and its directors and officers during the past two years.

Gladius Capital Management LP, the investment adviser to the Wayfinder Dynamic U.S. Interest Rate ETF, the Wayfinder U.S. Dispersion ETF, the Wayfinder Gold ETF, the Wayfinder Oil ETF, the Wayfinder U.S. Market Better Beta ETF, and the Wayfinder Saber ETF, is a registered investment advisor. For additional information, please see Gladius Capital Management LP's Form ADV (SEC File No. 801-70841), incorporated herein by reference, which sets forth the directors and officers of Gladius Capital Management LP and information as to any business, profession, vocation or employment of a substantial nature engaged in by Gladius Capital Management LP and its directors and officers during the past two years.

Hill Investment Group Partners, LLC, d/b/a Longview Research Partners, the investment adviser to the Longview Advantage ETF, Longview Advantage Fixed Income ETF, and Longview Advantage Real Estate ETF, is a registered investment advisor. For additional information, please see Hill Investment Group Partners, LLC d/b/a Longview Research Partners' Form ADV (SEC File No. 801-120176), incorporated herein by reference, which sets forth the directors and officers of Hill Investment Group Partners, LLC d/b/a Longview Research Partners and information as to any business, profession, vocation or employment of a substantial nature engaged in by Hill Investment Group Partners, LLC d/b/a Longview Research Partners and its directors and officers during the past two years.

M.D. Sass, LLC, the investment adviser to the M.D. Sass Concentrated Value ETF, is a registered investment advisor. For additional information, please see M.D. Sass, LLC's Form ADV (SEC File No. 801-8663), incorporated herein by reference, which sets forth the directors and officers of M.D. Sass, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by M.D. Sass, LLC and its directors and officers during the past two years.

Opal Capital LLC, the investment adviser to the Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF, is a registered investment advisor. For additional information, please see Opal Capital LLC's Form ADV (SEC File No. 801-126398), incorporated herein by reference, which sets forth the directors and officers of Opal Capital LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Opal Capital LLC and its directors and officers during the past two years.

P/E Global LLC, the investment adviser to the P/E Global Enhanced International Fund, is a registered investment advisor. For additional information, please see P/E Global LLC's Form ADV (SEC File No. 801-72133), incorporated herein by reference, which sets forth the directors and officers of P/E Global LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by P/E Global LLC and its directors and officers during the past two years.

Penn Capital Management Company, LLC, the investment adviser to the Penn Capital Short Duration High Income Fund and Penn Capital Special Situations Small Cap Equity Fund, is a registered investment advisor. For additional information, please see Penn Capital Management Company, LLC's Form ADV (SEC File No. 801-31452), incorporated herein by reference, which sets forth the directors and officers of Penn Capital Management Company, LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Penn Capital Management Company, LLC and its directors and officers during the past two years.

Seven Post Investment Office LP, the investment adviser to the Equity Partners ETF, is a registered investment advisor. For additional information, please see Seven Post Investment Office LP's Form ADV (SEC File No. 801-72411), incorporated herein by reference, which sets forth the directors and officers of Seven Post Investment Office LP and information as to any business, profession, vocation or employment of a substantial nature engaged in by Seven Post Investment Office LP and its directors and officers during the past two years.

Torray Investment Partners LLC, the investment adviser to the Torray Equity Income Fund, is a registered investment advisor. For additional information, please see Torray Investment Partners LLC's Form ADV (SEC File No. 801-8629), incorporated herein by reference, which sets forth the directors and officers of Torray Investment Partners LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Torray Investment Partners LLC and its directors and officers during the past two years.

Tweedy, Browne Company LLC, the investment adviser to the Tweedy, Browne Insider + Value ETF and Tweedy, Browne International Insider + Value ETF, is a registered investment advisor. For additional information, please see Tweedy, Browne Company LLC's Form ADV (SEC File No. 801-10669), incorporated herein by reference, which sets forth the directors and officers of Tweedy, Browne Company LLC and information as to any business, profession, vocation or employment of a substantial nature engaged in by Tweedy, Browne Company LLC and its directors and officers during the past two years.

Twin Oak ETF Company, the investment adviser to the Twin Oak Enhanced Credit ETF, Twin Oak Active Opportunities II ETF, Twin Oak Active Opportunities III ETF, Twin Oak Endure ETF, Twin Oak Enhanced Equity ETF, Twin Oak Enhanced Fixed Income ETF, Twin Oak Global Equity ETF, Twin Oak Strategic Solutions ETF, Twin Oak Hedged Opportunities ETF, Twin Oak Apex Opportunities ETF, and Twin Oak Horizons ETF, is a registered investment advisor. For additional information, please see Twin Oak ETF Company's Form ADV (SEC File No. 801-130584), incorporated herein by reference, which sets forth the directors and officers of Twin Oak ETF Company and information as to any business, profession, vocation or employment of a substantial nature engaged in by Twin Oak ETF Company and its directors and officers during the past two years.

**Item 32. Principal Underwriter.**

(a) Quasar Distributors, LLC ("Quasar") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capital Advisors Growth Fund, Series of Advisors Series Trust

2. Chase Growth Fund, Series of Advisors Series Trust

3. Davidson Multi Cap Equity Fund, Series of Advisors Series Trust

4. Edgar Lomax Value Fund, Series of Advisors Series Trust

5. First Sentier American Listed Infrastructure Fund, Series of Advisors Series Trust

6. First Sentier Global Listed Infrastructure Fund, Series of Advisors Series Trust

7. Fort Pitt Capital Total Return Fund, Series of Advisors Series Trust

8. Huber Large Cap Value Fund, Series of Advisors Series Trust

9. Huber Mid Cap Value Fund, Series of Advisors Series Trust

10. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

11. Huber Small Cap Value Fund, Series of Advisors Series Trust

12. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

13. Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

14. Medalist Partners Short Duration Fund, Series of Advisors Series Trust

15. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

16. PIA BBB Bond Fund, Series of Advisors Series Trust

17. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

18. PIA High Yield Fund, Series of Advisors Series Trust

19. PIA MBS Bond Fund, Series of Advisors Series Trust

20. PIA Short-Term Securities Fund, Series of Advisors Series Trust

21. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

22. Poplar Forest Partners Fund, Series of Advisors Series Trust

23. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

24. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

25. Pzena International Value Fund, Series of Advisors Series Trust

26. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Pzena Small Cap Value Fund, Series of Advisors Series Trust

28. Reverb ETF, Series of Advisors Series Trust

29. Scharf Fund, Series of Advisors Series Trust

30. Scharf Global Opportunity Fund, Series of Advisors Series Trust

31. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

32. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

33. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

34. VegTech Plant-based Innovation & Climate ETF, Series of Advisors Series Trust

35. The Aegis Funds

36. Allied Asset Advisors Funds

37. Angel Oak Funds Trust

38. Angel Oak Strategic Credit Fund

39. Barrett Opportunity Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Brookfield Investment Funds

41. Buffalo Funds

42. Cushing<sup>®</sup>Mutual Funds Trust

43. DoubleLine Funds Trust

44. EA Series Trust *(f/k/a Alpha Architect ETF Trust)* 

45. Ecofin Tax-Advantaged Social Impact Fund, Inc.

46. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

47. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

48. AAM S&P 500 Emerging Markets High Dividend Value ETF, Series of ETF Series Solutions

49. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

50. AAM S&P Developed Markets High Dividend Value ETF, Series of ETF Series Solutions

51. AAM Transformers ETF, Series of ETF Series Solutions

52. AlphaMark Actively Managed Small Cap ETF, Series of ETF Series Solutions

53. Aptus Collared Income Opportunity ETF, Series of ETF Series Solutions

54. Aptus Defined Risk ETF, Series of ETF Series Solutions

55. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

56. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

57. Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

58. Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

59. Blue Horizon BNE ETF, Series of ETF Series Solutions

60. BTD Capital Fund, Series of ETF Series Solutions

61. Carbon Strategy ETF, Series of ETF Series Solutions

62. Cboe Vest 10 Year Interest Rate Hedge ETF, Series of ETF Series Solutions

63. ClearShares OCIO ETF, Series of ETF Series Solutions

64. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

65. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

66. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

67. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

68. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

69. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

70. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

71. Hoya Capital Housing ETF, Series of ETF Series Solutions

72. iBET Sports Betting & Gaming ETF, Series of ETF Series Solutions

73. International Drawdown Managed Equity ETF, Series of ETF Series Solutions

74. LHA Market State Alpha Seeker ETF, Series of ETF Series Solutions

75. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

76. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

77. LHA Risk-Managed Income ETF, Series of ETF Series Solutions

78. Loncar Cancer Immunotherapy ETF, Series of ETF Series Solutions

79. Loncar China BioPharma ETF, Series of ETF Series Solutions

80. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

81. Nationwide Dow Jones<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

82. Nationwide Nasdaq-100 Risk-Managed Income ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. Nationwide Russell 2000<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

84. Nationwide S&P 500<sup>®</sup>Risk-Managed Income ETF, Series of ETF Series Solutions

85. NETLease Corporate Real Estate ETF, Series of ETF Series Solutions

86. Opus Small Cap Value ETF, Series of ETF Series Solutions

87. Roundhill Acquirers Deep Value ETF, Series of ETF Series Solutions

88. The Acquirers Fund, Series of ETF Series Solutions

89. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

90. U.S. Global JETS ETF, Series of ETF Series Solutions

91. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. US Vegan Climate ETF, Series of ETF Series Solutions

93. First American Funds, Inc.

94. FundX Investment Trust

95. The Glenmede Fund, Inc.

96. The Glenmede Portfolios

97. The GoodHaven Funds Trust

98. Harding, Loevner Funds, Inc.

99. Hennessy Funds Trust

100. Horizon Funds

101. Hotchkis & Wiley Funds

102. Intrepid Capital Management Funds Trust

103. Jacob Funds Inc.

104. The Jensen Quality Growth Fund Inc.

105. Kirr, Marbach Partners Funds, Inc.

106. Leuthold Funds, Inc.

107. Core Alternative ETF, Series of Listed Funds Trust

108. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

109. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

110. LKCM Funds

111. LoCorr Investment Trust

112. MainGate Trust

113. ATAC Rotation Fund, Series of Managed Portfolio Series

114. Coho Relative Value Equity Fund, Series of Managed Portfolio Series

115. Coho Relative Value ESG Fund, Series of Managed Portfolio Series

116. Cove Street Capital Small Cap Value Fund, Series of Managed Portfolio Series

117. Ecofin Global Energy Transition Fund, Series of Managed Portfolio Series

118. Ecofin Global Renewables Infrastructure Fund, Series of Managed Portfolio Series

119. Ecofin Global Water ESG Fund, Series of Managed Portfolio Series

120. Ecofin Sustainable Water Fund, Series of Managed Portfolio Series

121. Jackson Square Large-Cap Growth Fund, Series of Managed Portfolio Series

122. Jackson Square SMID-Cap Growth Fund, Series of Managed Portfolio Series

123. Kensington Active Advantage Fund, Series of Managed Portfolio Series

124. Kensington Defender Fund, Series of Managed Portfolio Series

125. Kensington Dynamic Growth Fund, Series of Managed Portfolio Series

126. Kensington Managed Income Fund, Series of Managed Portfolio Series

127. LK Balanced Fund, Series of Managed Portfolio Series

128. Muhlenkamp Fund, Series of Managed Portfolio Series

129. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

130. Nuance Concentrated Value Long Short Fund, Series of Managed Portfolio Series

131. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

132. Olstein All Cap Value Fund, Series of Managed Portfolio Series

133. Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

134. Port Street Quality Growth Fund, Series of Managed Portfolio Series

135. Principal Street High Income Municipal Fund, Series of Managed Portfolio Series

136. Principal Street Short Term Municipal Fund, Series of Managed Portfolio Series

137. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

138. Reinhart International PMV Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

140. Tortoise Energy Infrastructure and Income Fund, Series of Managed Portfolio Series

141. Tortoise Energy Infrastructure Total Return Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. Tortoise North American Pipeline Fund, Series of Managed Portfolio Series

143. V-Shares MSCI World ESG Materiality and Carbon Transition ETF, Series of Managed Portfolio Series

144. V-Shares US Leadership Diversity ETF, Series of Managed Portfolio Series

145. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

146. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

147. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

148. Mar Vista Strategic Growth Fund, Series of Manager Directed Portfolios

149. Vert Global Sustainable Real Estate Fund, Series of Manager Directed Portfolios

150. Matrix Advisors Funds Trust

151. Matrix Advisors Value Fund, Inc.

152. Monetta Trust

153. Nicholas Equity Income Fund, Inc.

154. Nicholas Fund, Inc.

155. Nicholas II, Inc.

156. Nicholas Limited Edition, Inc.

157. Oaktree Diversified Income Fund Inc.

158. Permanent Portfolio Family of Funds

159. Perritt Funds, Inc.

160. Procure ETF Trust II

161. Professionally Managed Portfolios

162. Prospector Funds, Inc.

163. Provident Mutual Funds, Inc.

164. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

165. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

166. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

167. Aquarius International Fund, Series of The RBB Fund, Inc.

168. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

169. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

170. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

171. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

172. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

173. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

174. F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

175. F/m 6-Month Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

176. F/m 9-18 Month Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

177. F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

178. F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

179. F/m 5-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

180. F/m 7-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

181. F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

182. F/m 20-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

183. F/m 30-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

184. F/m 15+ Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

185. F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

186. F/m Emerald Special Situations ETF, Series of The RBB Fund, Inc.

187. F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF, Series of The RBB Fund, Inc.

188. F/m Ultrashort Tax-Free Municipal ETF, Series of The RBB Fund, Inc.

189. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

190. F/m Compoundr U.S. Aggregate Bond ETF of The RBB Fund, Inc.

191. F/m Compoundr High Yield Bond ETF of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

193. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

194. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

196. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

197. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

198. Motley Fool Innovative Growth Factor ETF, Series of The RBB Fund, Inc.

199. Motley Fool Momentum Factor ETF, Series of The RBB Fund, Inc.

200. Motley Fool Value Factor ETF, Series of The RBB Fund, Inc.

201. SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

202. SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

203. SGI Enhanced Nasdaq-100 ETF, Series of The RBB Fund, Inc.

204. SGI Global Equity Fund, Series of The RBB Fund, Inc.

205. SGI Peak Fund, Series of The RBB Fund, Inc.

206. SGI Prudent Fund, Series of The RBB Fund, Inc.

207. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

208. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

209. SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

210. SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

211. SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.

212. F/m US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

213. F/m US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

214. F/m US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

215. F/m US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

216. F/m US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

217. F/m US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

218. F/m US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

219. F/m US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

220. F/m US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

221. F/m US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

222. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

223. WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

224. WPG Partners Select Hedged Fund, Series of The RBB Fund, Inc.

225. P/E Global Enhanced International Fund, Series of The RBB Fund Trust

226. Torray Fund, Series of The RBB Fund Trust

227. Longview Advantage ETF, Series of The RBB Fund Trust

228. Longview Advantage Fixed Income ETF, Series of The RBB Fund Trust

229. First Eagle Global Equity ETF, Series of The RBB Fund Trust

230. First Eagle Overseas Equity ETF, Series of The RBB Fund Trust

231. Tweedy, Browne Insider + Value ETF, Series of The RBB Fund Trust

232. Tweedy, Browne International Insider + Value ETF, Series of The RBB Fund Trust

233. Advent Convertible Bond ETF, Series of The RBB Fund Trust

234. Twin Oak Active Opportunities II ETF, Series of The RBB Fund Trust

235. Twin Oak Active Opportunities III ETF, Series of The RBB Fund Trust

236. Twin Oak Endure ETF, Series of The RBB Fund Trust

237. Twin Oak Strategic Solutions ETF, Series of The RBB Fund Trust

238. Wayfinder Dynamic U.S. Interest Rate ETF, Series of The RBB Fund Trust

239. MUFG Japan Small Cap Active ETF, Series of The RBB Fund Trust

240. Penn Capital Short Duration High Income Fund, Series of The RBB Fund Trust

241. Penn Capital Special Situations Small Cap Fund, Series of The RBB Fund Trust

242. Pathfinder Focused Opportunities ETF, Series of The RBB Fund Trust

243. Pathfinder Disciplined US Equity ETF, Series of The RBB Fund Trust

244. M.D. Sass Concentrated Value ETF, Series of The RBB Fund Trust

245. The Snowball ETF, Series of The RBB Fund Trust

246. RBC Funds Trust

247. Series Portfolios Trust

248. Thompson IM Funds, Inc.

249. TrimTabs ETF Trust

250. Trust for Advised Portfolios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251. Barrett Growth Fund, Series of Trust for Professional Managers

252. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

253. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

254. CrossingBridge Low Duration High Yield Fund, Series of Trust for Professional Managers

255. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

257. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

258. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

259. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

260. Jensen Quality Value Fund, Series of Trust for Professional Managers

261. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

262. Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

263. Terra Firma US Concentrated Realty Fund, Series of Trust for Professional Managers

264. USQ Core Real Estate Fund

265. Wall Street EWM Funds Trust

(b) The following are the Officers and Manager of Quasar, the Registrant's underwriter. Quasar's main business address is 190 Middle Street, Suite 301, Portland, ME 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Jennifer A. Brunner | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Kelly B. Whetstone | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |

---

(c) Not Applicable.

**Item 33. Location of Accounts and Records.**

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, are maintained at the following locations:

---

| | |
|:---|:---|
| Records Relating to: | Are located at: |
| Registrant | The RBB Fund Trust<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202 |
| Investment Adviser | Advent Capital Management, LLC<br> 888 Seventh Avenue, 31<sup>st</sup> Floor<br> New York, New York 10106 |
| Investment Adviser | Clearbrook Investment Consulting, LLC<br> 21 West 46<sup>th</sup> Street, Suite 1507<br> New York, New York 10036 |

---

---

| | |
|:---|:---|
| Investment Adviser | Exchange Traded Concepts, LLC<br> 10900 Hefner Pointe Drive, Suite 207<br> Oklahoma City, Oklahoma 73012  |
| Investment Adviser | First Eagle Investment Management, LLC<br> 1345 Avenue of the Americas<br> New York, New York 10105 |
| Investment Adviser | Gladius Capital Management LP<br> 1835 Three Kings Drive, Suite 50 <br> Park City, Utah 84060 |
| Investment Adviser | Hill Investment Group Partners, LLC d/b/a Longview Research Partners<br> 190 Carondelet Plaza, Suite 1475<br> St. Louis, Missouri 63105 |
| Investment Adviser | M.D. Sass, LLC<br> 55 West 46th Street, Suite 2801<br> New York, NY 10036 |
| Investment Adviser | Opal Capital LLC<br> 5200 Town Center Circle, Suite 305<br> Boca Raton, Florida 33486 |
| Investment Adviser | P/E Global LLC<br> 75 State Street, 31<sup>st</sup> Floor<br> Boston, Massachusetts 02109 |
| Investment Adviser | Penn Capital Management Company, LLC<br> Navy Yard Corporate Center<br> 1200 Intrepid Avenue, Suite 400<br> Philadelphia, Pennsylvania 19112 |
| Investment Adviser | Seven Post Investment Office LP<br> One Montgomery Street, Suite 3150<br> San Francisco, California 94104 |
| Investment Adviser | Torray Investment Partners LLC<br> 7501 Wisconsin Avenue, Suite 750W<br> Bethesda, Maryland 20814 |
| Investment Adviser | Tweedy, Browne Company LLC<br> One Station Place<br> Stamford, Connecticut 06902 |
| Investment Adviser | Twin Oak ETF Company<br> 888 Worchester Street, Suite 200<br> Wellesley, Massachusetts 02482 |
| Registrant's Fund Administrator, Fund Accountant, Transfer Agent and Dividend Disbursing Agent | U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202 |
| Registrant's Custodian | U.S. Bank National Association<br> 1555 North Rivercenter Drive, Suite 302<br> Milwaukee, Wisconsin 53212 |
| Underwriter | Quasar Distributors, LLC<br> 190 Middle Street, Suite 301<br> Portland, ME 04101 |

---

**Item 34. Management Services**

Not applicable.

**Item 35. Undertakings**

None.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Short Hills, and State of New Jersey on April 20, 2026.

---

| | |
|:---|:---|
| **THE RBB FUND TRUST** | **THE RBB FUND TRUST** |
| By: | /s/ Steven Plump |
|  | Steven Plump |
|  | President |

---

Pursuant to the requirements of the 1933 Act, this Amendment to Registrant's Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| /s/ Steven Plump | President (Principal Executive Officer) | April 20, 2026 |
| Steven Plump | President (Principal Executive Officer) |  |
| /s/ James G. Shaw | Chief Financial Officer (Principal Financial and Accounting Officer) | April 20, 2026 |
| James G. Shaw | Chief Financial Officer (Principal Financial and Accounting Officer) |  |
| \*Gregory P. Chandler | Trustee | April 20, 2026 |
| Gregory P. Chandler |  |  |
| \*Lisa A. Dolly | Trustee | April 20, 2026 |
| Lisa A. Dolly |  |  |
| \*Nicholas A. Giordano | Trustee | April 20, 2026 |
| Nicholas A. Giordano |  |  |
| \*Arnold M. Reichman | Trustee | April 20, 2026 |
| Arnold M. Reichman |  |  |
| \*Robert Sablowsky | Trustee | April 20, 2026 |
| Robert Sablowsky |  |  |
| \*Brian T. Shea | Trustee | April 20, 2026 |
| Brian T. Shea |  |  |
| \*Martha A. Tirinnanzi | Trustee | April 20, 2026 |
| Martha A. Tirinnanzi |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ James G. Shaw |

---

James G. Shaw

Attorney-in-Fact

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Gregory P. Chandler, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Gregory P. Chandler |
| Gregory P. Chandler |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Lisa A. Dolly, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw her true and lawful attorneys, to execute in her name, place, and stead, in her capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in her name and on her behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as she might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Lisa A. Dolly |
| Lisa A. Dolly |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Nicholas A. Giordano, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Nicholas A. Giordano |
| Nicholas A. Giordano |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Arnold M. Reichman, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Arnold M. Reichman |
| Arnold M. Reichman |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Robert Sablowsky, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Robert Sablowsky |
| Robert Sablowsky |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Brian T. Shea, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw his true and lawful attorneys, to execute in his name, place, and stead, in his capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in his name and on his behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as he might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Brian T. Shea |
| Brian T. Shea |

---

THE RBB FUND, INC.

(the "Company")

THE RBB FUND TRUST

(the "Trust")

<u>POWER OF ATTORNEY</u>

Know All Men by These Presents, that the undersigned, Martha A. Tirinnanzi, hereby constitutes and appoints Jillian L. Bosmann, Edward Paz, Steven Plump, and James G. Shaw her true and lawful attorneys, to execute in her name, place, and stead, in her capacity as Director/Trustee or officer, or both, of the Company and of the Trust, the Registration Statement and any amendments thereto and all instruments necessary or incidental in connection therewith, and to file the same with the U.S. Securities and Exchange Commission; and said attorneys shall have full power and authority to do and perform in her name and on her behalf, in any and all capacities, every act whatsoever requisite or necessary to be done in the premises, as fully and to all intents and purposes as she might or could do in person, said acts of said attorneys being hereby ratified and approved.

---

| |
|:---|
| DATED: July 9, 2025 |
| /s/ Martha A. Tirinnanzi |
| Martha A. Tirinnanzi |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| [(d)(37)](fp0098592-1_ex9928d37.htm) | [Investment Advisory Agreement (*M.D. Sass Concentrated Value ETF*) between the Registrant and M.D. Sass, LLC](fp0098592-1_ex9928d37.htm) |
| [(d)(38)](fp0098592-1_ex9928d38.htm) | [Delegated Services Sub-Advisory Agreement (*M.D. Sass Concentrated Value ETF*) between M.D. Sass, LLC and Tidal Investments LLC](fp0098592-1_ex9928d38.htm) |
| [(i)(23)](fp0098592-1_ex9928i23.htm) | [Consent of Counsel](fp0098592-1_ex9928i23.htm) |

---

## Exhibit 99.28

**<u>INVESTMENT ADVISORY AGREEMENT</u>**

AGREEMENT made as of February 4, 2026 between THE RBB FUND TRUST, a Delaware statutory trust (herein called the "Fund"), and M.D. Sass, LLC, a Delaware limited liability company (herein called the "Investment Adviser").

WHEREAS, the Fund is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act"), and currently offers or proposes to offer shares representing interests in separate investment portfolios; and

WHEREAS, the Fund desires to retain the Investment Adviser to render certain investment advisory services to the Fund with respect to the Fund's portfolios listed on Exhibit A hereto (collectively, the "Portfolios" and each, a "Portfolio"), effective as of the dates specified on Exhibit A, and the Investment Adviser is willing to so render such services; and

WHEREAS, the Board of Trustees of the Fund and the shareholder(s) of each Portfolio have approved this Agreement, and the Investment Adviser is willing to furnish such services upon the terms and conditions herein set forth;

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and intending to be legally bound hereby, it is agreed between the parties hereto as follows:

SECTION 1. APPOINTMENT. The Fund hereby appoints the Investment Adviser to act as investment adviser for the Portfolios for the period and on the terms set forth in this Agreement. The Investment Adviser accepts such appointment and agrees to render the services herein set forth for the compensation herein provided.

SECTION 2. DELIVERY OF DOCUMENTS. The Fund has furnished the Investment Adviser with copies properly certified or authenticated of each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Resolutions of the Board of Trustees of the Fund authorizing the appointment of the Investment Adviser and the execution and delivery of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A prospectus and statement of additional information relating to each class of shares representing interests in each Portfolio of the Fund in effect under the Securities Act of 1933 (such prospectus and statement of additional information, as presently in effect and as they shall from time to time be amended and supplemented, are herein collectively called the "Prospectus" and "Statement of Additional Information," respectively).

The Fund will promptly furnish the Investment Adviser from time to time with copies, properly certified or authenticated, of all amendments of or supplements to the foregoing, if any.

In addition to the foregoing, the Fund will also provide the Investment Adviser with copies of the Fund's Amended and Restated Agreement and Declaration of Trust and Bylaws, and any registration statement or service contracts related to the Portfolios, and will promptly furnish the Investment Adviser with any amendments of or supplements to such documents.

SECTION 3. MANAGEMENT.

(a) Subject to the supervision of the Board of Trustees of the Fund and subject to Section 3(b) below, the Investment Adviser will provide for the overall management of the Portfolios including (i) the provision of a continuous investment program for each Portfolio, including investment research and management with respect to all securities, investments, cash and cash equivalents in each Portfolio, (ii) the determination from time to time of the securities and other investments to be purchased, retained, or sold by the Fund for each Portfolio, (iii) the placement from time to time of orders for all purchases and sales made for each Portfolio, (iv) in connection with its management of each Portfolio, monitoring and assistance with anticipated purchases and redemptions of creation units by shareholders and new investors, (v) the determination of the amount of the cash component, the identity and number of shares of the securities to be accepted in exchange for "Creation Units" for each Portfolio and the securities that will be applicable that day to redemption requests received for each Portfolio (and may give directions to the Fund's custodian with respect to such designations), (vi) the coordination of each Portfolio's compliance with rules of the applicable securities exchange, and (vii) the establishment, monitoring and keeping up-to-date of each Portfolio's website to comply with applicable law. The Investment Adviser shall have a limited power-of-attorney to execute any trading and/or subscription documents necessary in order to carry out its duties under this Section 3. The Investment Adviser will provide the services rendered by it hereunder in accordance with each Portfolio's investment objective, restrictions and policies as stated in the applicable Prospectus and Statement of Additional Information, provided that the Investment Adviser has actual notice or knowledge of any changes by the Board of Trustees to such investment objectives, restrictions or policies. The Investment Adviser further agrees that it will render to the Fund's Board of Trustees such periodic and special reports regarding the performance of its duties under this Agreement as the Board may reasonably request. The Investment Adviser agrees to provide to the Fund (or its agents and service providers) prompt and accurate data with respect to each Portfolio's transactions and, where not otherwise available, the daily valuation of securities in each Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Sub-Advisers.* The Investment Adviser may delegate certain of its responsibilities hereunder with respect to provision of the investment advisory services set forth in Section 3(a) above to one or more other parties (each such party, a "Sub-Adviser"), pursuant in each case to a written agreement with such Sub-Adviser that meets the requirements of Section 15 of the 1940 Act and rules thereunder applicable to contracts for service as investment adviser of a registered investment company (including without limitation the requirements for approval by the Board of Trustees of the Fund and the shareholders of each Portfolio), subject, however, to such exemptions as may be granted by the U.S. Securities and Exchange Commission (the "SEC") upon application or by rule. Such Sub-Adviser may (but need not) be affiliated with the Investment Adviser.

Any delegation of services pursuant to this Section 3(b) shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any fees or compensation payable to any Sub-Adviser shall be paid by the Investment Adviser and no additional obligation may be incurred on the Fund's behalf to any Sub-Adviser; except that any Fund expenses that may be incurred by the Investment Adviser and paid by the Fund to the Investment Adviser directly may be incurred by the Sub-Adviser and paid by the Fund to the Sub-Adviser directly, so long as such payment arrangements are approved by the Fund and the Investment Adviser prior to the Sub-Adviser's incurring such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If the Investment Adviser delegates its responsibilities to more than one Sub-Adviser, the Investment Adviser shall be responsible for assigning to each Sub-Adviser that portion of the assets of each Portfolio for which the Sub-Adviser is to act as Sub-Adviser, subject to the approval of the Fund's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To the extent that any obligations of the Investment Adviser or any Sub-Adviser require any service provider of the Fund or any Portfolio to furnish information or services, such information or services shall be furnished by the Fund's or the Portfolio's service providers directly to both the Investment Adviser and any Sub-Adviser.

SECTION 4. BROKERAGE. Subject to the Investment Adviser's obligation to obtain best price and execution, the Investment Adviser shall have full discretion to select brokers or dealers to effect the purchase and sale of securities. When the Investment Adviser places orders for the purchase or sale of securities for a Portfolio, in selecting brokers or dealers to execute such orders, the Investment Adviser is expressly authorized to consider the fact that a broker or dealer has furnished statistical, research or other information or services for the benefit of the Portfolio directly or indirectly. Without limiting the generality of the foregoing, the Investment Adviser is authorized to cause each Portfolio to pay brokerage commissions which may be in excess of the lowest rates available to brokers who execute transactions for the Portfolio or who otherwise provide brokerage and research services utilized by the Investment Adviser, provided that the Investment Adviser determines in good faith that the amount of each such commission paid to a broker is reasonable in relation to the value of the brokerage and research services provided by such broker viewed in terms of either the particular transaction to which the commission relates or the Investment Adviser's overall responsibilities with respect to accounts as to which the Investment Adviser exercises investment discretion. The Investment Adviser may aggregate securities orders so long as the Investment Adviser adheres to a policy of allocating investment opportunities to the Portfolios over a period of time on a fair and equitable basis relative to other clients. In no instance will a Portfolio's securities be purchased from or sold to the Fund's principal underwriter, the Investment Adviser, or any affiliated person thereof, except to the extent permitted by SEC exemptive order or by applicable law.

The Investment Adviser shall report to the Board of Trustees of the Fund at least quarterly with respect to brokerage transactions that were entered into by the Investment Adviser, pursuant to the foregoing paragraph, and shall certify to the Board that the commissions paid were reasonable in terms either of that transaction or the overall responsibilities of the Investment Adviser to the Fund and the Investment Adviser's other clients, that the total commissions paid by the Fund were reasonable in relation to the benefits to the Fund over the long term, and that such commissions were paid in compliance with Section 28(e) of the Securities Exchange Act of 1934.

SECTION 5. CONFORMITY WITH LAW; CONFIDENTIALITY. The Investment Adviser further agrees that it will comply with all applicable rules and regulations of all federal regulatory agencies and self-regulatory organizations having jurisdiction over each Portfolio and/or the Investment Adviser in the performance of its duties hereunder. The Investment Adviser will treat confidentially and as proprietary information regarding the Fund, including all records and other information relating to the Fund and prior, present, or potential shareholders (except with respect to clients of the Investment Adviser), and will not use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Investment Adviser may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or when so requested by the Fund. Where the Investment Adviser may be exposed to civil or criminal contempt proceedings for failure to comply with a request for records or other information relating to the Fund, the Investment Adviser may comply with such request prior to obtaining the Fund's written approval, provided that the Investment Adviser has taken reasonable steps to promptly notify the Fund, in writing, upon receipt of the request.

SECTION 6. SERVICES NOT EXCLUSIVE. The Investment Adviser and its officers may act and continue to act as investment managers for others, and nothing in this Agreement shall in any way be deemed to restrict the right of the Investment Adviser to perform investment management or other services for any other person or entity, and the performance of such services for others shall not be deemed to violate or give rise to any duty or obligation to the Portfolios or the Fund.

Nothing in this Agreement shall limit or restrict the Investment Adviser or any of its directors, officers, affiliates or employees from buying, selling or trading in any securities for its or their own account. The Fund acknowledges that the Investment Adviser and its directors, officers, affiliates, employees and other clients may, at any time, have, acquire, increase, decrease, or dispose of positions in investments which are at the same time being acquired or disposed of for the Portfolios. The Investment Adviser shall have no obligation to acquire for the Portfolios a position in any investment which the Investment Adviser, its directors, officers, affiliates or employees may acquire for its or their own accounts or for the account of another client, so long as it continues to be the policy and practice of the Investment Adviser not to favor or disfavor consistently or consciously any client or class of clients in the allocation of investment opportunities so that, to the extent practical, such opportunities will be allocated among clients over a period of time on a fair and equitable basis.

The Investment Adviser agrees that this Section 6 does not constitute a waiver by the Fund of the obligations imposed upon the Investment Adviser to comply with Sections 17(d) and 17(j) of the 1940 Act, and the rules thereunder, nor constitute a waiver by the Fund of the obligations imposed upon the Investment Adviser under Section 206 of the Investment Advisers Act of 1940 and the rules thereunder. Further, the Investment Adviser agrees that this Section 6 does not constitute a waiver by the Fund of the fiduciary obligation of the Investment Adviser arising under federal or state law, including Section 36 of the 1940 Act. The Investment Adviser agrees that this Section 6 shall be interpreted consistent with the provisions of Section 17(i) of the 1940 Act.

SECTION 7. BOOKS AND RECORDS. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Investment Adviser hereby agrees that all records which it maintains for the Portfolios are the property of the Fund and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Investment Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1 under the 1940 Act.

SECTION 8. EXPENSES. During the term of this Agreement, the Investment Adviser will pay all expenses incurred by it in connection with its activities under this Agreement. In addition, for no additional compensation, the Investment Adviser shall pay all of the other operating expenses of each Portfolio, excluding: (i) its advisory fees payable under this Agreement; (ii) distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (iii) interest expenses; (iv) brokerage expenses, trading expenses and other expenses (such as stamp taxes) in connection with the execution of portfolio transactions or in connection with creation and redemption transactions; (v) tax expenses (including any income or franchise taxes) and governmental fees; and (vi) extraordinary expenses, such as litigation costs and other expenses not incurred in the ordinary course of business.

General expenses of the Fund not readily identifiable as belonging to an investment portfolio of the Fund shall be allocated among all investment portfolios by or under the direction of the Fund's Board of Trustees in such manner as the Board determines to be fair and equitable and such expenses will be borne by the Investment Adviser or Portfolios in accordance with this Section 8.

SECTION 9. VOTING. The Investment Adviser shall have the authority to vote as agent for each Portfolio, either in person or by proxy, tender and take all actions incident to the ownership of all securities in which such Portfolio's assets may be invested from time to time, subject to such policies and procedures as the Board of Trustees of the Fund may adopt from time to time.

SECTION 10. RESERVATION OF NAME. The Investment Adviser shall at all times have all rights in and to each Portfolio's name and all investment models used by or on behalf of such Portfolio. The Investment Adviser may use each Portfolio's name or any portion thereof in connection with any other investment company or business activity without the consent of any shareholder and the Fund shall execute and deliver any and all documents required to indicate the consent of the Fund to such use. The Fund hereby agrees that in the event that neither the Investment Adviser nor any of its affiliates acts as investment adviser to a Portfolio, the name of the Portfolio will be changed to one that does not suggest an affiliation with the Investment Adviser.

SECTION 11. COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the services provided and the expenses assumed pursuant to this Agreement with respect to each Portfolio, the Fund will pay the Investment Adviser from the assets of such Portfolio and the Investment Adviser will accept as full compensation therefor a fee, computed daily and payable monthly, at the annual rate specified in Exhibit A for the Portfolio of the Portfolio's average daily net assets. For any period less than a full month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period bears to a full month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fee attributable to each Portfolio shall be satisfied only against the assets of such Portfolio and not against the assets of any other investment portfolio of the Fund. The Investment Adviser may from time to time agree not to impose all or a portion of its fee otherwise payable hereunder (in advance of the time such fee or portion thereof would otherwise accrue) and/or undertake to pay or reimburse a Portfolio for all or a portion of its expenses not otherwise required to be borne or reimbursed by the Investment Adviser.

SECTION 12. LIMITATION OF LIABILITY. The Investment Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Investment Adviser in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement ("disabling conduct"). Each Portfolio will indemnify the Investment Adviser against and hold it harmless from any and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses) resulting from any claim, demand, action or suit not resulting from disabling conduct by the Investment Adviser. Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the Investment Adviser was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Investment Adviser was not liable by reason of disabling conduct by (a) the vote of a majority of a quorum of trustees of the Portfolio who are neither "interested persons" of the Fund nor parties to the proceeding ("disinterested non-party trustees") or (b) an independent legal counsel in a written opinion. The Investment Adviser shall be entitled to advances from the Portfolio for payment of the reasonable expenses incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under the Delaware Statutory Trust Act. The Investment Adviser shall provide to the Portfolio a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Portfolio has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Portfolio is insured against losses arising by reason of the advance; or (b) a majority of a quorum of disinterested non-party trustees, or independent legal counsel, in a written opinion, shall have determined, based upon a review of facts readily available to the Portfolio at the time the advance is proposed to be made, that there is reason to believe that the Investment Adviser will ultimately be found to be entitled to indemnification. Any amounts payable by a Portfolio under this Section shall be satisfied only against the assets of the Portfolio and not against the assets of any other investment portfolio of the Fund.

The limitations on liability and indemnification provisions of this Section 12 shall not be applicable to any losses, claims, damages, liabilities or expenses arising from the Investment Adviser's rights to a Portfolio's name. The Investment Adviser shall indemnify and hold harmless the Fund and each Portfolio for any claims arising from the use of the term M.D. Sass in the name of the Portfolio.

SECTION 13. DURATION AND TERMINATION. This Agreement shall become effective with respect to each Portfolio as of the date first above written and, unless sooner terminated as provided herein, shall continue with respect to each Portfolio until August 16, 2027. Thereafter, if not terminated, this Agreement shall continue with respect to each Portfolio for successive annual periods ending on August 16, provided such continuance is specifically approved at least annually (a) by the Board of Trustees of the Fund, including by the vote of a majority of the Trustees of the Fund who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) by vote of a majority of the outstanding voting securities of such Portfolio; provided, however, that this Agreement may be terminated with respect to a Portfolio by the Fund at any time, without the payment of any penalty, by the Board of Trustees of the Fund or by vote of a majority of the outstanding voting securities of the Portfolio, on 60 days' prior written notice to the Investment Adviser, or by the Investment Adviser at any time, without payment of any penalty, on 60 days' prior written notice to the Fund. This Agreement will immediately terminate in the event of its assignment. (As used in this Agreement, the terms "majority of the outstanding voting securities," "interested person" and "assignment" shall have the same meaning as such terms have in the 1940 Act).

SECTION 14. AMENDMENT OF THIS AGREEMENT. No provision of this Agreement may be changed, discharged or terminated orally, except by an instrument in writing signed by the party against which enforcement of the change, discharge or termination is sought, and, unless otherwise permitted by the 1940 Act, no amendment of this Agreement affecting a Portfolio shall be effective until approved by vote of the holders of a majority of the outstanding voting securities of the Portfolio.

SECTION 15. MISCELLANEOUS. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

SECTION 16. NOTICE. All notices hereunder shall be given in writing and delivered by hand, national overnight courier, facsimile (provided written confirmation of receipt is obtained and said notice is sent via first class mail on the next business day) or mailed by certified mail, return receipt requested, as follows:

If to the Fund:

The RBB Fund Trust

c/o US Bancorp Fund Services, LLC

615 E. Michigan St.

Milwaukee, WI 53202

Attention: Steven Plump

If to the Investment Adviser:

M.D. Sass, LLC

55 West 46th Street, Suite 2801

New York, NY 10036

Attention: Bobby Liu, Chief Legal and Risk Officer

The effective date of any notice shall be (i) the date such notice is sent if such delivery is effected by hand or facsimile, (ii) one business day after the date such notice is sent if such delivery is effected by national overnight courier; or (iii) the fifth (5<sup>th</sup>) Business Day after the date of mailing thereof.

SECTION 17. GOVERNING LAW. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without giving effect to the conflicts of laws principles thereof.

SECTION 18. COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

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| | |
|:---|:---|
| THE RBB FUND TRUST | THE RBB FUND TRUST |
| By: | /s/ James G. Shaw |
| Name: | James G. Shaw |
| Title: | CFO/CEO and Secretary |
| M.D. SASS, LLC | M.D. SASS, LLC |
| By: | /s/ Sam Friedman |
| Name: | Sam Friedman |
| Title: | COO |

---

**EXHIBIT A**

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Effective Date of <br> Investment Advisory<br> Services** | **Annual Rate** |
| M.D. Sass Concentrated Value ETF | February 4, 2026 | 0.75% |

---

## Exhibit 99.28

**DELEGATED SERVICES**

**SUB-ADVISORY AGREEMENT**

This Delegated Services Sub-Advisory Agreement (the "<u>Agreement</u>") is made as of this 26<sup>th</sup> day of February, 2026 by and between **M.D. Sass, LLC**, a Delaware limited liability company, with its principal place of business at 55 West 46<sup>th</sup> Street, Suite 2801, New York, New York 10036 (the "<u>Adviser</u>"), and **Tidal Investments LLC**, a Delaware limited liability company, with its principal place of business at 234 West Florida Street, Suite 203, Milwaukee, Wisconsin 53204 (the "<u>Sub-Adviser</u>"), with respect to the series of **The RBB Trust** (the "<u>Trust</u>") identified on Schedule A to this Agreement, as may be amended from time to time (each, a "<u>Fund</u>," and collectively, the "<u>Funds</u>").

**BACKGROUND**

A. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), and engages in the business of providing investment advisory services.

B. The Adviser has entered into an Investment Advisory Agreement dated as of February 4, 2026 (the "<u>Investment Advisory Agreement</u>") with the Trust, an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), on behalf of the Funds.

C. The Sub-Adviser is registered as an investment adviser under the Advisers Act and engages in the business of providing investment advisory services.

D. The Investment Advisory Agreement contemplates that the Adviser may appoint one or more sub-advisers to perform some or all of the services for which the Adviser is responsible.

E. Subject to the terms of this Agreement, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund.

**TERMS**

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the sufficiency of which is hereby acknowledged, and each of the parties hereto intending to be legally bound, it is agreed as follows:

1. <u>Appointment of the Sub-Adviser</u>. The Adviser hereby appoints the Sub-Adviser to act as an investment adviser for each Fund (or each portion of a Fund's assets allocated to the Sub-Adviser by the Adviser), subject to the supervision and oversight of the Adviser and the Board of Trustees of the Trust (the "<u>Board</u>"), and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Trust or the Adviser in any way or otherwise be deemed an agent of the Trust or the Adviser except as expressly authorized in this Agreement or another writing by the Trust, the Adviser and the Sub-Adviser. The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.

2. <u>Sub-Advisory Services</u>. The Sub-Adviser shall be primarily responsible, at the direction of the Adviser, for portfolio management and managing each Fund's daily creation and redemption and portfolio rebalancing processes, as needed. Portfolio management duties shall include, but not be limited to, in consultation with the Adviser, performing daily monitoring of: (i) Fund positions and variances from the most recently received portfolio disposition and creation unit basket instructions from the Adviser, (ii) portfolio positioning with investment guidelines and alignment with the Fund's target strategy, (iii) adherence to cash and holdings reconciliations and related trading of cash positions, and (iv) overall portfolio risk management with respect to daily portfolio disposition and acquisition activities. The Sub-Adviser shall also implement trading decisions for each Fund in accordance with instructions provided by the Adviser in writing pursuant to mutually agreed upon notification protocols. In the event the Sub-Adviser requires clarification on a particular Adviser instruction (*e.g.*, due to a potential regulatory or compliance issue), the Sub-Adviser will seek guidance from the Adviser prior to executing any transaction in question. The Sub-Adviser shall also assist in liquidity and valuation determinations for portfolio assets where reasonably requested by the Adviser.

The Adviser hereby grants the Sub-Adviser the authority to exercise full trading authority (subject to the Adviser's instructions and oversight) for each Fund with respect to creation unit, redemption and rebalancing processes, including corresponding with the Authorized Participants, and implementing activities necessary or incidental thereto, such as purchases, sales or other transactions, as well as with respect to all other such things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions. In particular, the Sub-Adviser shall have the authority to select broker-dealers to effect trade executions in its sole discretion (subject to its best obligations as stated in Section 7). The Sub-Adviser may consider input from the Adviser regarding broker selection or trading strategies; while retaining discretion over such decisions to act in a manner consistent with its best execution obligations.

The Sub-Adviser acknowledges that the Board retains ultimate authority over the Funds and may take any and all actions necessary and reasonable to protect the interests of the Funds' shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations of the Sub-Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Sub-Adviser has all requisite power and authority to enter into and perform its obligations under
this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Sub-Adviser is registered as an investment adviser under the Advisers Act and has provided its current
Form ADV, including the firm brochure and applicable brochure supplements to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. The Sub-Adviser maintains errors and omissions insurance coverage in an appropriate amount and shall provide
prior written notice to the Adviser and the Trust (i) of any material changes in its insurance policies or insurance coverage or (ii)
if any material claims will be made on its insurance policies. Furthermore, the Sub-Adviser shall upon reasonable request provide the
Adviser and the Trust with any information they may reasonably require concerning the amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. None of the Sub-Adviser, its affiliates, or any officer, director or employee of the Sub-Adviser or its
affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Sub-Adviser from acting as an investment
adviser to an investment company under the 1940 Act. The Sub-Adviser will promptly notify the Adviser and the Trust upon the Sub-Adviser's
discovery of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment
company pursuant to Section 9(a) of the 1940 Act or otherwise. The Sub-Adviser agrees to comply with the requirements of the 1940 Act,
the Advisers Act, the Securities Act of 1933, as amended (the "1933 Act"), the Securities Exchange Act of 1934, as amended
(the " <u>1934 Act</u> "), the Commodity Exchange Act and the rules and regulations thereunder, as applicable to its provision
of services under this Agreement, as well all other applicable federal and state laws, rules, and regulations, and any exchange listing
requirements, as applicable to its provision of services and receipt of compensation in connection therewith described under this Agreement
and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform
its duties hereunder in good order. The Sub-Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure
its compliance with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. The Sub-Adviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7
under the Advisers Act, which are reasonably designed to prevent violations of federal securities laws by the Sub-Adviser, its employees,
officers, and agents. Upon reasonable notice to and reasonable request, the Sub-Adviser shall provide the Adviser and the Trust with access
to the records relating to such policies and procedures as they relate to the Funds. The Sub-Adviser will also provide, at the reasonable
request of the Adviser or the Trust, periodic certifications, in a form reasonably acceptable to the Adviser or the Trust, attesting to
such written policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. The Sub-Adviser shall implement and maintain a business continuity plan and policies and procedures reasonably
designed to prevent, detect and respond to cybersecurity threats and to implement such internal controls and other safeguards as the Sub-Adviser
reasonably believes are necessary to protect each Fund's confidential information and the nonpublic personal information of Fund
shareholders. The Sub-Adviser shall promptly notify the Adviser and the Trust of any material violations or breaches of such policies
and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. The Sub-Adviser will not engage in any futures transactions, options on futures transactions or transactions
in other commodity interests on behalf of a Fund prior to the Sub-Adviser becoming registered or filing a notice of exemption on behalf
of the Fund with the National Futures Association (the " <u>NFA</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. The Sub-Adviser agrees to provide reasonable assistance with the liquidity classifications required under
each Fund's liquidity risk management program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. The Sub-Adviser will notify the Trust and the Adviser of any "assignment"
(as defined in the 1940 Act) of this Agreement by the Sub-Adviser or any change of control of the Sub-Adviser, as applicable. The Sub-Adviser
shall bear the Trust's reasonable, documented, out-of-pocket third-party expenses directly attributable to such assignment
or change of control, including costs associated with obtaining any required shareholder approval, provided that (i) such expenses are
customary and commercially reasonable, (ii) the Trust uses commercially reasonable efforts to mitigate such expenses, and (iii) such expenses
shall not include internal overhead, allocated personnel costs, or other ordinary course operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. The Sub-Adviser will immediately notify the Adviser of any financial condition that the Sub-Adviser reasonably
believes is likely to impair the Sub-Adviser's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. The execution, delivery and performance of this Agreement do not, and will not, conflict in any material
respect with, or result in any material violation or material default under, any agreement to which Sub-Adviser is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations of the Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. The Adviser has all requisite power and authority to enter into and perform its obligations under this
Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. The Adviser is registered as an investment adviser under the Advisers Act. None of the Adviser, its affiliates,
or any officer, manager, partner or employee of the Adviser or its affiliates is subject to any event set forth in Section 9 of the 1940
Act that would disqualify the Adviser from acting as an investment adviser to an investment company under the 1940 Act. The Adviser will
promptly notify the Sub-Adviser upon the Adviser's discovery of an occurrence of any event that would disqualify the Adviser from
serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise. The Adviser agrees to
comply with the requirements of the 1940 Act, the Advisers Act, the 1933 Act, the <u>1934 Act</u>, the Commodity Exchange Act and the
rules and regulations thereunder, as applicable, as well all other applicable federal and state laws, rules, regulations and case law,
and any exchange listing requirements, that relate to the Adviser's services described hereunder and to the conduct of its business
as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order.
The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. The Adviser has the authority under the Investment Advisory Agreement to appoint the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. The Adviser further represents and warrants that it has received a copy of the Sub-Adviser's current
Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. The Adviser has provided the Sub-Adviser with each Fund's most current
prospectus and statement of additional information contained in each Fund's registration statement and the Investment Policies,
as in effect from time to time. The Adviser shall promptly furnish to the Sub-Adviser copies of all material amendments or supplements
to the foregoing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. The Adviser or its delegate will provide timely information to the Sub-Adviser regarding such matters
as inflows to and outflows from each Fund and the cash requirements of, and cash available for investment in, each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. The Adviser or its delegate will timely provide the Sub-Adviser with copies of monthly accounting statements
for each Fund, and such other information as may be reasonably necessary or appropriate in order for the Sub-Adviser to perform its responsibilities
hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. The Adviser agrees that the Sub-Adviser may rely on specific information, instructions or requests made
to the Sub-Adviser by the Adviser with respect to the management of each Fund's assets, which are believed to be in good faith by
the Sub-Adviser to be reliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compliance</u>. The Adviser shall be responsible for ensuring that the instructions and guidance it
provides to the Sub-Adviser comply with (a) the objectives, policies, and restrictions set forth in each Fund's registration statement,
as amended or supplemented, and with any policies, guidelines, instructions, and procedures approved by the Board, and (b) applicable
federal and state laws, rules, and regulations, including those related to trades, Regulation M, and other similar requirements. The Sub-Adviser
shall be entitled to rely on such instructions and guidance from the Adviser in performing its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Proxy Voting</u>.

The Sub-Adviser shall have no proxy voting authority or responsibilities with respect to any Fund's proxy voting obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Brokerage</u>. The Adviser has delegated trading authority to the Sub-Adviser and, to that end, the
Sub-Adviser shall have the trading authority set forth below in this Section 7 (Brokerage) for each Fund's entire portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. The Sub-Adviser shall arrange for the placing and execution of Fund orders
for the purchase and sale of portfolio securities with members of securities exchanges, brokers, dealers, futures commission merchants,
issuers, and other permissible intermediaries, and may negotiate brokerage commissions, if applicable, and other transaction terms. The
Sub-Adviser shall seek to obtain "best execution" consistent with its relevant policies and procedures and its obligations
under applicable laws and regulations considering all circumstances, the Sub-Adviser is authorized to place orders for the purchase and
sale of portfolio securities for the Funds with such members of securities exchanges, brokers, dealers, futures commission merchants,
issuers, and other permissible intermediaries as it may select from time to time. The Sub-Adviser is authorized to execute account documentation,
agreements, contracts and other documents on behalf of the Funds, as the Sub-Adviser shall be requested by brokers, dealers or other intermediaries,
counterparties and other persons or entities in connection with the services provided hereunder. Subject to Section 7.2 below, the Sub-Adviser
is also authorized to place transactions with brokers who provide research or statistical information or analyses to the Funds, to the
Sub- Adviser, or to any other client for which the Sub-Adviser provides investment advisory services. The Sub-Adviser also agrees
that it will cooperate with the Trust and the Adviser to allocate brokerage transactions to brokers or dealers who provide benefits directly
to the Funds; provided, however, that such allocation comports with applicable law including, without limitation, Rule 12b-1(h) under
the 1940 Act. Should the Adviser elect the right to direct brokerage, the Sub-Adviser and its delegates shall not be obligated to seek
best execution on such directed brokerage transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. Notwithstanding the provisions of Section 7.1 above and subject to such policies and procedures as may
be adopted by the Board and officers of the Trust or the direction of the Adviser and consistent with Section 28(e) of the 1934 Act, the
Sub-Adviser is authorized to cause a Fund to pay a member of an exchange, broker or dealer an amount of commission for effecting a securities
transaction in excess of the amount of commission another member of an exchange, broker or dealer would have charged for effecting that
transaction, in such instances where the Sub-Adviser has determined in good faith that such amount of commission was reasonable in relation
to the value of the brokerage and research services provided by such member, broker or dealer, viewed in terms of either that particular
transaction or the Sub-Adviser's overall responsibilities with respect to the Funds and to other funds or clients for which the
Sub-Adviser exercises investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. The Sub-Adviser is authorized to direct portfolio transactions to a broker that is an affiliated person
of the Adviser, the Sub-Adviser, or the Funds in accordance with such standards and procedures as may be approved by the Board in accordance
with Rule 17e-1 under the 1940 Act, or other rules or guidance promulgated by the SEC. Any transaction placed with an affiliated broker
must (i) be placed at best execution, and (ii) may not be a principal transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest
of a Fund as well as other clients of the Sub-Adviser, the Sub-Adviser to the extent permitted by applicable laws and regulations and
subject to its policies on trade aggregation and allocation, is authorized to aggregate the securities to be purchased or sold to attempt
to obtain a more favorable price or lower brokerage commissions and efficient execution. Allocation of the securities so purchased or
sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner which the Sub-Adviser considers
to be equitable and consistent with its fiduciary obligations to the Funds and to its other clients over time and subject to its policies
on trade aggregation and allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. Subject to Sections 3.4 and 5 (*e.g.*, adherence to each Fund's
registration statement), the Sub-Adviser may, at the direction of the Adviser, make decisions for the Funds as to derivative instruments
and foreign currency matters and make determinations as to the retention or disposition of derivative instruments, foreign currencies
or securities or other instruments denominated in foreign currencies, or derivative instruments based upon foreign currencies, including
forward foreign currency contracts and options and futures on foreign currencies, and may execute and perform the same on behalf of a
Fund. The Sub-Adviser, on behalf of each Fund, is authorized to negotiate ISDA master agreements and related documents, and to
open accounts and take other necessary or appropriate actions related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Records/Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Recordkeeping</u>. The Sub-Adviser shall not be responsible for the provision of administrative, bookkeeping
or accounting services to the Funds, except as otherwise provided herein or as may be necessary for the Sub-Adviser to supply to the Adviser,
the Board or the Trust's chief compliance officer (the " <u>Chief Compliance Officer</u> ") the information required to
be supplied under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. The Sub-Adviser shall maintain separate books and detailed records of all matters pertaining to Fund assets
advised by the Sub-Adviser required by Rule 31a-1 under the 1940 Act (other than those records being maintained by any administrator,
sub-administrator, custodian or transfer agent appointed by the Funds) relating to its responsibilities provided hereunder with respect
to the Funds, and shall preserve such records for the periods and in a manner prescribed therefore by Rule 31a-2 under the 1940 Act (the
" <u>Funds' Books and Records</u> "). The Funds' Books and Records shall be available to the Adviser, the Board
and the Chief Compliance Officer at any time upon request, shall be delivered to the Adviser upon the termination of this Agreement and
shall be available without delay during any day the Adviser is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Holdings Information and Pricing</u>. The Sub-Adviser shall provide regular reports regarding Fund
holdings, and shall, on its own initiative, furnish the Adviser and the Board from time to time with whatever information the Sub-Adviser
believes is appropriate for this purpose. The Sub-Adviser agrees to notify the Adviser if the Sub-Adviser reasonably believes that the
value of any security held by a Fund may not reflect its fair value. The Sub-Adviser agrees to provide any pricing information of which
the Sub-Adviser is aware to the Trust, the Board, the Adviser and/or any Fund pricing agent to assist in the determination of the fair
value of any Fund holdings for which market quotations are not readily available or as otherwise required in accordance with the 1940
Act or the Trust's valuation procedures for the purpose of calculating each Fund's net asset value in accordance with procedures
and methods established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Cooperation with Agents of the Trust</u>. The Sub-Adviser agrees to cooperate with and provide reasonable
assistance to the Adviser, the Trust, the Chief Compliance Officer, any Trust custodian or foreign sub-custodians, any Trust pricing agents
and all other agents and representatives of the Trust, such information with respect to the Funds as they may reasonably request from
time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such persons and establish
appropriate interfaces with each so as to promote the efficient exchange of information and compliance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Information and Reporting</u>. The Sub-Adviser shall provide the Adviser and the Trust, and its respective
officers, with such periodic reports concerning the obligations the Sub-Adviser has assumed under this Agreement as the Board or the Adviser
may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. <u>Notification of Breach/Compliance Reports</u>. The Sub-Adviser shall notify the Adviser upon detection
of (i) any material failure to manage any Fund in accordance with its investment objectives and policies or any applicable law; or (ii)
any material breach of any of the Funds' or the Sub-Adviser's policies, guidelines or procedures. The Sub-Adviser agrees to
correct any such failure promptly and to take any action that the Adviser or the Board may reasonably request in connection with any such
breach. Upon request, the Sub-Adviser shall also provide the officers of the Trust with supporting certifications in connection with such
certifications of Fund financial statements and the Trust's disclosure controls adopted pursuant to the Sarbanes-Oxley Act of 2002
(the " <u>Sarbanes-Oxley Act</u> "), and the implementing regulations adopted thereunder, and agrees to inform the Trust of
any material development related to a Fund that the Adviser reasonably believes is relevant to the Fund's certification obligations
under the Sarbanes-Oxley Act. The Sub-Adviser will promptly notify the Adviser in the event the Sub-Adviser is served or otherwise receives
notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board, or body,
involving the affairs of the Trust or the Adviser (excluding class action suits in which a Fund is a member of the plaintiff class by
reason of the Fund's ownership of shares in the defendant) or the compliance by the Sub-Adviser with the federal or state securities
laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <u>Board and Filings Information</u>. The Sub-Adviser will also provide the Adviser and the Board with
any information reasonably requested regarding its management of the Funds required for any meeting of the Board, or for any shareholder
report, amended registration statement, proxy statement, or prospectus supplement to be filed by the Trust with the SEC. The Sub-Adviser
will make its officers and employees available to meet with the Board from time to time on reasonable notice to review its investment
management services to the Funds in light of current and prospective economic and market conditions and shall furnish to the Board such
information as may reasonably be requested by the Board under Section 15(c) of the 1940 Act in order for the Board to evaluate this Agreement
or any proposed amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. <u>Transaction Information</u>. The Sub-Adviser shall furnish to the Adviser, the Board or a designee
such information concerning portfolio transactions as may be necessary to enable the Adviser, the Board or a designated agent to perform
such compliance testing on the Funds and the Sub-Adviser's services as the Adviser may, in its sole discretion, determine to be
appropriate. The provision of such information by the Sub-Adviser to the Adviser, the Board or a designated agent in no way relieves the
Sub-Adviser of its own responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Code of Ethics</u>. The Sub-Adviser has adopted a written code of ethics
that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, which it will provide to the Adviser and
Trust. The Sub-Adviser shall ensure that its Access Persons (as defined in the Sub-Adviser's Code of Ethics) comply in all material
respects with the Sub-Adviser's Code of Ethics, as in effect from time to time. Upon request, the Sub-Adviser shall provide the
Adviser and the Trust with a copy of the Sub-Adviser's current Code of Ethics, as in effect from time to time. The Sub-Adviser certifies
that it has adopted procedures reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by the Sub-Adviser's
Code of Ethics. Annually, the Sub-Adviser shall furnish a written report, which complies with the requirements of Rule 17j-1, concerning
the Sub-Adviser's Code of Ethics to the Adviser and Trust. The Sub-Adviser shall respond to requests for information from the Adviser
and the Trust as to violations of the Code of Ethics by Access Persons and the sanctions imposed by the Sub-Adviser. The Sub-Adviser shall
notify the Adviser of any material violation of the Code of Ethics, whether or not such violation relates to a security held by any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Members and Employees</u>. Members and employees of the Sub-Adviser may be trustees, officers or employees
of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Custody</u>. Nothing in this Agreement shall permit the Sub-Adviser to take or receive physical possession
of cash, securities or other investments of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Sub-Advisory Fee</u>. During the term of this Agreement, the Sub-Adviser shall bear its own costs of
providing services under this Agreement. The Adviser agrees to pay to the Sub-Adviser or its designated paying agent, an annual sub-advisory
fee equal to the amount of the daily average net assets of each Fund shown on Schedule A attached hereto, payable on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. The initial fee under this Agreement shall be payable on the first business day of the first month following
the effective date of this Agreement with respect to a Fund and shall be prorated as set forth below. If this Agreement is terminated
with respect to a Fund prior to the end of any calendar month, the sub-advisory fee shall be prorated for the portion of any month in
which this Agreement is in effect according to the proportion which the number of calendar days, during which the Agreement is in effect,
bears to the number of calendar days in the month, and shall be payable within 30 days after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. The Sub-Adviser shall look exclusively to the Adviser for payment of the sub-advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Non-Exclusivity</u>. The services to be rendered by the Sub-Adviser under the provisions of this Agreement
are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render similar or different services to others so long as its
ability to render the services provided for in this Agreement shall not be impaired thereby. Without limiting the foregoing, the Sub-Adviser,
its members, employees and agents may engage in other businesses, may render investment advisory services to other investment companies,
or to any other corporation, association, firm, entity or individual, and may render underwriting services to the Trust on behalf of a
Fund or to any other investment company, corporation, association, firm, entity or individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Liability and Standard of Care</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. The Sub-Adviser shall exercise due care and diligence and use the same skill
and care in providing its services hereunder as it uses in providing services to other investment companies, accounts and customers, but
the Sub-Adviser and its affiliates and their respective agents, control persons, directors, officers, employees, supervised persons and
access persons shall not be liable for any action taken or omitted to be taken by the Sub-Adviser in the absence of willful misfeasance,
bad faith, gross negligence or reckless disregard of its duties. Notwithstanding the foregoing, federal securities laws and certain
state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall
in any way constitute a waiver or limitation of any right which the Trust, a Fund or any shareholder of a Fund may have under any federal
securities law or state law the applicability of which is not permitted to be contractually waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. The Sub-Adviser shall indemnify the Trust, each Fund, the Adviser and all affiliated persons thereof (within
the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the 1933 Act")
(the " <u>Adviser Indemnified Parties</u> ") against, and hold them harmless from, any costs, expense, claim, loss, liability,
judgment, fine, settlement or damage (including reasonable legal and other expenses) (collectively, " <u>Losses</u> ") arising
out of any claim, demands, actions, suits or proceedings (civil, criminal, administrative or investigative) asserted or threatened to
be asserted by any third party (collectively, " <u>Proceedings</u> ") in so far as such Loss (or actions with respect thereto)
arises out of or is based upon: (i) any material misstatement or omission of a material fact contained in a Fund's registration
statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund or the omission to state
therein a material fact known to the Sub-Adviser which was required to be stated therein or necessary to make the statements therein not
misleading, if such statement or omission was made solely in reliance upon information furnished to the Adviser or the Trust by the Sub-Adviser
Indemnified Parties (as defined below) for use therein; or (ii) the willful misfeasance, bad faith, gross negligence, or reckless disregard
of obligations or duties of the Sub-Adviser in the performance of its duties under this Agreement (collectively, " <u>Sub-Adviser Disabling Conduct</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. Notwithstanding anything to the contrary contained herein, the Sub-Adviser
and all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as
described in Section 15 of the 1933 Act) (the " <u>Sub-Adviser Indemnified Parties</u> ")shall not be liable to, nor shall they
have any indemnity obligation to, the Adviser, its officers, directors, agents, employees, controlling persons or shareholders or to a
Fund, Trust or their shareholders for: (i) any material misstatement or omission of a material fact contained in a Fund's registration
statement, proxy materials, reports, advertisements, sales literature, or other materials pertaining to a Fund, unless and to the extent
such material misstatement or omission was made in reliance upon, and is consistent with, the information furnished to the Adviser by
the Sub-Adviser specifically for use therein; (ii) any action taken or failure to act in good faith reliance upon (A) information,
instructions or requests, whether oral or written, with respect to a Fund made to the Sub-Adviser by a duly authorized officer of the
Adviser or the Trust; (B) the advice of counsel to the Trust; or (C) any written instruction of the Board; or (iii) acts of the Sub-Adviser
which result from or are based upon acts or omissions of the Adviser, including, but not limited to, a failure of the Adviser to provide
accurate and current information with respect to any records maintained by Adviser, which records are not also maintained by the Sub-Adviser;
provided, however, that the limitations on the Sub-Adviser's liability and indemnification obligations described in (i) through
(iii) above shall not apply with respect to, and to the extent, any portion of liability is attributable to Sub-Adviser Disabling Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4. The Sub-Adviser shall not be deemed by virtue of this Agreement to have made any representation or warranty
that any level of investment performance or level of investment results, either relative or absolute, will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5. For the avoidance of doubt, neither Fund shareholders nor the members of the Board shall be personally
liable under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6. The Adviser shall indemnify the Sub-Adviser and the Sub-Adviser Indemnified Parties against, and hold
them harmless from, any Losses arising out of any Proceedings in so far as such Loss (or actions with respect thereto) arises out of or
is based upon: (i) any material misstatement or omission of a material fact in information regarding the Adviser furnished by or on behalf
of the Adviser in writing for use in a Fund's registration statement, proxy materials, reports, advertisements, sales literature,
or other materials pertaining to a Fund; or (ii) the willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations
or duties of the Adviser in the performance of its duties under this Agreement (collectively, " <u>Adviser Disabling Conduct</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Term/Approval/Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. This Agreement shall become effective with respect to a Fund, as of the date set forth on the Schedule
A attached hereto, if approved: (i) by a vote of the Board, including a majority of those trustees of the Trust who are not "interested
persons" (as defined in the 1940 Act) of any party to this Agreement (the " <u>Independent Trustees</u> "), cast in person
at a meeting called for the purpose of voting on such approval (or in another manner permitted by the 1940 Act or pursuant to exemptive
relief therefrom), and (ii) by vote of a majority of the Fund's outstanding securities (to the extent required under the 1940 Act).
This Agreement shall continue with respect to each Fund until August 16, 2027, and may be renewed annually thereafter only so long as
such renewal and continuance is specifically approved at least annually by the Board provided that in such event such renewal and continuance
shall also be approved by the vote of a majority of the Independent Trustees cast in person at a meeting called for the purpose of voting
on such approval or by vote of a majority of the outstanding voting securities of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. No material amendment to this Agreement shall be effective unless the terms thereof have been approved
as required by the 1940 Act. The modification of any of the non-material terms of this Agreement may be approved by the vote, cast in
person at a meeting called for such purpose (or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom),
of a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. In connection with such renewal or amendment, the Sub-Adviser shall furnish such information as may be
reasonably necessary by the Adviser or the Board to evaluate the terms of this Agreement and any amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. This Agreement may be terminated at any time, without the payment of any
penalty, by the Board, including a majority of the Independent Trustees, by the vote of a majority of the outstanding voting securities
of a Fund, on sixty (60) days' written notice to the Adviser and the Sub-Adviser, or by the Adviser or Sub-Adviser on sixty (60)
days' written notice to the Trust and the other party. This Agreement will automatically terminate, without the payment of
any penalty, in the event the Investment Advisory Agreement between the Adviser and the Trust is assigned (as defined in the 1940 Act)
or terminates for any other reason. This Agreement will also terminate upon written notice to the other party that the other party is
in material breach of this Agreement, unless the other party in material breach of this Agreement cures such breach to the reasonable
satisfaction of the party alleging the breach within thirty (30) days after written notice. This Agreement will also automatically terminate
in the event of its assignment (as defined in the 1940 Act) unless the parties hereto, by agreement, obtain an exemption from the SEC
from the provisions of the 1940 Act pertaining to the subject matter of this subsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Use of the Sub-Adviser's Name</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. The parties agree that the name of the Sub-Adviser, the names of any affiliates of the Sub-Adviser and
any derivative or logo or trademark or service mark or trade name are the valuable property of the Sub-Adviser and its affiliates. The
Adviser and the Trust shall have the right to use such name(s), derivatives, logos, trademarks or service marks or trade names only with
the prior written approval of the Sub-Adviser, which approval shall not be unreasonably withheld or delayed so long as this Agreement
is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2. Upon termination of this Agreement, the Adviser and the Trust shall forthwith cease to use such name(s),
derivatives, logos, trademarks or service marks or trade names. The Adviser and the Trust agree that they will review with the Sub-Adviser
any advertisement, sales literature, or notice prior to its use that makes reference to the Sub-Adviser or its affiliates or any such
name(s), derivatives, logos, trademarks, service marks or trade names so that the Sub-Adviser may review the context in which it is referred
to, it being agreed that the Sub-Adviser shall have no responsibility to ensure the adequacy of the form or content of such materials
for purposes of the 1940 Act or other applicable laws and regulations. If the Adviser or the Trust makes any unauthorized use of the Sub-Adviser's
names, derivatives, logos, trademarks or service marks or trade names, the parties acknowledge that the Sub-Adviser shall suffer irreparable
harm for which monetary damages may be inadequate and thus, the Sub-Adviser shall be entitled to injunctive relief, as well as any other
remedy available under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Nonpublic Personal Information</u>. Notwithstanding any provision herein
to the contrary, the Sub-Adviser agrees on behalf of itself and its directors, shareholders, officers, and employees (1) to treat
confidentially and as proprietary information of the Adviser and the Trust (a) all records and other information relative to each Fund's
prior, present, or potential shareholders (and clients of said shareholders) and (b) any Nonpublic Personal Information, as defined under
Section 248.3(t) of Regulation S-P (" <u>Regulation S-P</u> "), promulgated under the Gramm-Leach-Bliley Act (the " <u>G-L-B Act</u> "), and (2) except after prior notification to and approval in writing by the Adviser or the Trust, not to use such records
and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by
Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in writing
to the Sub-Adviser. Such written approval shall not be unreasonably withheld by the Adviser or the Trust and may not be withheld where
the Sub-Adviser may be exposed to civil or criminal contempt or other proceedings for failure to comply after being requested to divulge
such information by duly constituted authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Anti-Money Laundering Compliance</u>. The Sub-Adviser acknowledges that, in compliance with the Bank
Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, " <u>AML Laws</u> "), the
Trust has adopted an Anti-Money Laundering Policy. The Sub-Adviser agrees to comply with the Trust's Anti-Money Laundering Policy
and the AML Laws, as the same may apply to the Sub-Adviser, now and in the future. The Sub-Adviser further agrees to provide to the Trust,
the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications
and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Sub-Adviser to
governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports
with such authorities as may be required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in
writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered
or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to
the other party's address set forth below, or such other address(es) as may be specified in writing by one party to the other party.

Notices to Adviser shall be sent to:

M.D. Sass, LLC

55 West 46th Street, Suite 2801

New York, NY 10036

Attn: Bobby Liu, Chief Legal and Risk Officer

Notices to Sub-Adviser shall be sent to:

Tidal Investments, LLC

234 W. Florida Street, Suite 700

Milwaukee, WI 53204

Attn: Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Successors</u>. This Agreement shall extend to and bind the heirs, executors, administrators and successors
of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Meanings</u>. For the purposes of this Agreement, the terms "vote of a majority of the outstanding
voting securities;" "interested persons;" and "assignment" shall have the meaning defined in the 1940 Act
or the rules promulgated thereunder; subject, however, to such exemptions as may be granted by the SEC under the 1940 Act or any interpretations
of the SEC staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Entire Agreement and Amendments</u>. This Agreement represents the entire
agreement among the parties with regard to the investment management matters described herein and may not be added to or changed
orally and may not be modified or rescinded except by a writing signed by the parties hereto except as otherwise noted herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Enforceability</u>. Any term or provision of this Agreement which is invalid or unenforceable in any
jurisdiction shall, as to such jurisdiction be ineffective to the extent of such invalidity or unenforceability without rendering invalid
or unenforceable the remaining terms or provisions of this Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Jurisdiction</u>. This Agreement shall be governed by and construed in accordance with the substantive
laws of the state of Delaware and the Adviser and Sub-Adviser consent to the jurisdiction of courts, both state or federal, in Delaware,
with respect to any dispute under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Severability</u>. Should any portion of this Agreement for any reason be held to be void in law or
in equity, the Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Trust and Shareholder Liability</u>. The Adviser and the Sub-Adviser are hereby expressly put on notice
of the limitation of shareholder liability as set forth in the Trust's Articles and agree that obligations assumed by the Trust
pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and if the liability relates to one or more series,
the obligations hereunder shall be limited to the respective assets of each Fund. The Adviser and the Sub-Adviser further agree that they
shall not seek satisfaction of any such obligation from the shareholders or any individual shareholder of the Fund(s), nor from the Trustees
or officers, or from any individual Trustees or officer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Third Party Beneficiary</u>. The Adviser and Sub-Adviser expressly agree that the Trust shall be deemed
an intended third-party beneficiary of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. <u>Section Headings</u>. The headings of sections contained in this Agreement are provided for convenience
only, form no part of this Agreement and shall not affect its construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have this Agreement to be executed by their duly authorized officers on the day and year first written above.

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| | |
|:---|:---|
| **M.D. SASS, LLC** | **M.D. SASS, LLC** |
| By: | /s/ Sam Friedman |
| Name: | Sam Friedman |
| Title: | Chief Operating Officer |
| **TIDAL INVESTMENTS LLC** | **TIDAL INVESTMENTS LLC** |
| By: | /s/ Jay Pestrichelli |
| Name: | Jay Pestrichelli |
| Title: | Chief Trading Officer |

---

**Schedule A** 

**to the**

**Sub-Advisory Agreement** 

**by and between**

**M.D. Sass, LLC**

 **and**

**Tidal Investments LLC** 

**As of: February 26, 2026**

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| | |
|:---|:---|
| **Fund Names** | **Effective Date of Sub-Advisory**<br> **Agreement** |
| M.D. Sass Concentrated Value ETF | February 26, 2026 |

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## Exhibit 99.28

CONSENT OF COUNSEL

We hereby consent to the use of our name and to the references to our Firm under the caption "Counsel" in the Prospectus and Statement of Additional Information included in Post-Effective Amendment Nos. 90/93 to the Registration Statement (File Nos. 333-200168 and 811-23011) on Form N-1A of The RBB Fund Trust, under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, respectively. In giving such consent, however, we do not 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 thereunder.

---

| |
|:---|
| /s/ Faegre Drinker Biddle & Reath LLP |
| Faegre Drinker Biddle & Reath LLP |

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Philadelphia, Pennsylvania

April 20, 2026