Disclosures and Risk

An investor should consider the investment objectives, risks, charges, and expenses of the Fund(s) carefully before investing. The prospectus and the summary prospectus contain this and other information about the Fund(s). You may obtain a prospectus and a summary prospectus by visiting twinoaketfs.com. Please read the prospectus or summary prospectus carefully before investing.

All investments are subject to risks, including the possible loss of principal. There is no assurance that the objectives of any strategy or fund will be achieved or will be successful.

The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. The Fund’s investment adviser has not previously managed a registered fund, which may increase the risk of investing in the Fund. As an actively managed fund, the performance of the Fund will depend on whether or not the Adviser is successful in pursuing the Fund’s investment strategies. Additionally, while the Fund seeks to be managed in a tax efficient manner, there is no guarantee that the Fund will be successful in this endeavor.

Common stocks and other equity securities generally increase or decrease in value based on the earnings of a company and on general industry and market conditions. A fund that invests a significant amount of its assets in common stocks and other equity securities is likely to have greater fluctuations in share price than a fund that invests a significant portion of its assets in fixed income securities

You will indirectly bear fees and expenses charged by underlying investment companies in addition to the Fund’s direct fees and expenses. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in the underlying investment company. The risk of owning another investment company generally reflects the risks of owning the underlying investments the investment company holds.

Affiliates Risk: The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies.

Non-Diversification Risk: More of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Shares more susceptible to certain risks than shares of a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

Counterparty Risk: Some of the Fund’s derivatives contracts are privately negotiated in the over-the-counter market. A counterparty defaulting on its payment obligations to the Fund will cause the value of an investment in the Fund to decrease.

Derivatives Risk: The Fund may use derivative contracts which can disproportionately increase losses and reduce opportunities for gains when stock prices, currency rates or interest rates are changing.

Illiquid Securities Risk: The Fund may invest up to 15% of its net assets in illiquid investments which are instruments that the Fund reasonably expects 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.

Leverage Risk: The Funds use of options, swaps, or other derivative instruments may result in losses to the Fund or may adversely affect the Fund’s NAV or total return, because these instruments are more sensitive to interest rate changes.

Options Risk: Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks from which the Fund may not fully benefit.

Swap Risk: It can involve greater risks than direct investment in securities, because swaps may be leveraged and tend to magnify the Fund’s losses.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns. ETF’s are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include options risk, liquidity risk, derivatives risk, equity and general market risks, authorized participation concentration risk, portfolio turnover risk, cybersecurity risk, other investment companies risk, as well as risks associated with fixed income securities. For a complete description of the Fund’s principal investment risks, please refer to the prospectus.

Please note, the information provided on this website is for informational purposes only and investors should determine for themselves whether a particular service or product is suitable for their investment needs. Please refer to the disclosure and offering documents for further information concerning specific products or services.

Nothing provided on this site constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments. Investments in securities entail risk and are not suitable for all investors. This site is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction.

Quasar Distributors, LLC, Member FINRA is the distributor for the Twin Oak Endure ETF. Learn more about Quasar Distributors, LLC at FINRA's BrokerCheck

Twin Oak ETF Company, serves as the investment adviser to the Funds. Twin Oak ETF Company is not affiliated with Quasar Distributors, LLC.

The third parties named herein are not affiliated with Twin Oak ETF Company.

Glossary:

30 Day Bid/Ask - The median bid-ask spread (expressed as a percentage rounded to the nearest hundredth) is calculated by identifying the national best bid and national best offer ("NBBO") for each Fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified.

SEC 30-Day Yield - Is based on a 30-day period and is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period.

SEC Unsubsidized 30-Day Yield - Reflects the 30-day yield if the investment adviser were not waiving all or part of its fee or reimbursing the fund for part of its expenses. Total return would have also been lower in the absence of these temporary reimbursements or waivers.

Primary Index – The Cboe S&P 500 95-10 Collar Index (CLL) is based on a collar strategy. An option collar spread is designed to reduce the cost of hedging negative stock returns. The CLL tracks the value of a portfolio that protects an investment in S&P 500 stocks with a long 5 % out-of-the money put option on the S&P 500 (SPX put). The premium of the put is partly defrayed by the premium collected on short position in a 10% out-of-the-money SPX call option (SPX call).

Secondary Index – The S&P 500 Index is (the “Primary Index”) is designed to measure the performance of large cap US equities in the United States. The index includes 500 leading U.S. large cap companies and captures approximately 80% coverage of the available market.