Twin Oak Proposes Moving Two Active ETFs to RBB Fund Trust

Twin Oak plans to reorganize the Short Horizon Absolute Return ETF (TOAK) and Active Opportunities ETF (TSPX) from Manager Directed Portfolios into newly created, corresponding series of The RBB Fund Trust. Twin Oak will remain adviser, while the portfolio managers, investment objectives, and strategies will remain unchanged. The reorganizations require shareholder approval, with votes expected in the fourth quarter of 2026 and completion later in the year. The transactions are expected to be tax-free and will not alter shareholder value at closing.