TOAK — Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF ☆

The Twin Oak Short Horizon Absolute Return ETF (“ Short Horizon ETF” or the “Fund”) seeks capital appreciation with low price volatility. Manager Directed Portfolios Twin Oak Short Horizon Absolute Return ETF is an exchange-traded fund listed on the NYSE Arca under the ticker TOAK and traded in USD. It is classified as Alternatives (Blend).