Disclosures and Risk

Investors should carefully consider the Fund’s objectives, risks, charges, and expenses before investing. Please carefully read the prospectus and summary prospectus, available at twinoaketfs.com, for complete information.

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.

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.

Below are several specific risks associated with investments in fixed income securities.

• Affiliated Fund Risk: The Adviser may invest in other funds it manages, creating potential conflicts of interest if its financial interests differ from the Fund’s. These affiliated funds may have higher fees or need assets for liquidity and strategy execution. Such conflicts could lead to suboptimal investment choices and higher costs, reducing Fund returns.

• Equity Securities Risk: Stock prices fluctuate with market conditions and company-specific events. Equity securities are generally more volatile than debt instruments. Changes in equity values directly impact the Fund’s NAV and investor returns.

• Large Capitalization Companies Risk: Large companies may respond slowly to innovation or competitive challenges and often grow less rapidly than smaller firms. Under-performance of large-cap holdings can weigh on the Fund’s returns.

• Large Shareholder Risk: Significant redemptions by large shareholders can force the Fund to sell securities quickly, raising costs and impacting liquidity. Sudden outflows can depress NAV and hinder execution of the Fund’s strategy.

• Leverage Risk: Leverage amplifies gains and losses, making the Fund more volatile. Losses may exceed the original investment, especially when derivatives create leverage. Excessive leverage can lead to rapid and substantial declines in NAV.

• Liquidity Risk: Certain holdings—especially derivatives—may be hard to sell quickly or at reasonable prices. Market stress can magnify this challenge. Reduced liquidity can increase losses and limit the Adviser’s ability to reposition the portfolio.

• Non‑Diversification Risk: Concentrating assets in fewer issuers magnifies the impact of adverse events at those issuers. Volatility is typically higher than in diversified funds. Issuer‑specific problems can lead to outsized losses and greater NAV swings for the Fund

• Options Risk: Options are specialized and can lose value if expected price relationships to the underlying don’t materialize; purchased options can expire worthless. Writing options can create losses exceeding the premium received. Misjudged or mis-priced options positions can reduce returns and increase risk in the Fund.

• Small and Medium Capitalization Companies Risk: Smaller companies’ stocks can be more volatile and harder or costlier to trade, especially if the Fund is a large holder. They may be more sensitive to economic downturns and issuer‑specific events. Heightened volatility or trade frictions in small/mid-caps can increase losses and transaction costs for the Fund

• Swap Risk: Swaps may be leveraged, difficult to value, and subject to counterparty default and tracking error versus the intended exposure. Over‑the‑counter swaps add further counterparty risk. Adverse swap outcomes can materially harm the Fund’s performance and magnify losses

• Underlying Funds Risk: The Fund’s performance is influenced by the performance of any underlying investment companies, such as ETFs or money market funds, in which it invests. These investments carry their own risks, expenses, and potential issues like trading below NAV, illiquidity, or failure to track their intended index. Poor performance or operational issues in underlying funds can negatively impact the Fund’s returns and increase costs.

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.

Distributed by Quasar Distributions, LLC.

Twin Oak ETF Company, serves as the investment adviser to the Funds.

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 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.

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