Form 485APOS Managed Portfolio Series

Article

September 14, 2026 4:51 PM EDT

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Filed with the Securities and Exchange Commission on September 14, 2026

1933 Act Registration File No. 333-172080

1940 Act File No. 811-22525

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		[	X	]
Pre-Effective Amendment No.		[		]
Post-Effective Amendment No.	655	[	X	]

and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		[	X	]
Amendment No.	656	[	X	]

(Check appropriate box or boxes.)

MANAGED PORTFOLIO SERIES

(Exact Name of Registrant as Specified in Charter)

615 East Michigan Street

Milwaukee, WI 53202

(Address of Principal Executive Offices, including Zip Code)

Registrant’s Telephone Number, including Area Code: (414) 765-6844

Brian R. Wiedmeyer, President and Principal Executive Officer

Managed Portfolio Series

615 East Michigan Street

Milwaukee, WI 53202

(Name and Address of Agent for Service)

Copy to:

Christopher D. Menconi, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Ave, NW

Washington, DC 20004

It is proposed that this filing will become effective (check appropriate box)


[		]	immediately upon filing pursuant to Rule 485(b)
[		]	On (date) pursuant to Rule 485(b)
[		]	60 days after filing pursuant to Rule(a)(1)
[		]	on (date) pursuant to Rule(a)(1)
[	X	]	75 days after filing pursuant to Rule(a)(2)
[		]	on (date) pursuant to Rule 485(a)(2).

If appropriate, check the following box:


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

Explanatory Note: This Post-Effective Amendment No. 655 to the Registration Statement of Managed Portfolio Series (the

“Trust”) is being filed for the purpose of adding each new series, the Tuttle Capital Neocloud Income Blast ETF, Tuttle Capital

Robotics Income Blast ETF, Tuttle Capital AI Infrastructure Income Blast ETF, Tuttle Capital AI Power Generation Income Blast

ETF, Tuttle Capital Drones & Future of Warfare Income Blast ETF, Tuttle Capital Quantum Computing Income Blast ETF, Tuttle

Capital MANGOS Income Blast ETF, and Tuttle Capital FAB 10 Income Blast ETF.

TUTTLE CAPITAL MANAGEMENT — INCOME BLAST ETFs — PROSPECTUS

SUBJECT TO COMPLETION September 14, 2026

THE INFORMATION HEREIN IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE

SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SEC 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 IN WHICH THE OFFER OR SALE IS NOT PERMITTED.

TUTTLE CAPITAL MANAGEMENT, LLC

Income Blast ETFs – Prospectus

Each Fund is a Series of Managed Portfolio Series

Listed on the Cboe BZX Exchange, Inc.

[Effective Date], 2026


Ticker	Fund
[TICKER]	Tuttle Capital Neocloud Income Blast ETF
[TICKER]	Tuttle Capital Robotics Income Blast ETF
[TICKER]	Tuttle Capital AI Infrastructure Income Blast ETF
[TICKER]	Tuttle Capital AI Power Generation Income Blast ETF
[TICKER]	Tuttle Capital Drones & Future of Warfare Income Blast ETF
[TICKER]	Tuttle Capital Quantum Computing Income Blast ETF
[TICKER]	Tuttle Capital MANGOS Income Blast ETF
[TICKER]	Tuttle Capital FAB 10 Income Blast ETF

Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or

disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the

contrary is a criminal offense.

An investment in the Funds involves a high degree of risk. Each Fund is an actively managed ETF that pursues a

strategy combining synthetic long exposure with weekly put-credit-spread options to generate income. There is no

guarantee that any Fund will achieve its investment objective. You may lose money by investing in a Fund.

Shares of the Funds are not individually redeemable. Shares may only be acquired and redeemed directly from the

applicable Fund in Creation Units. Individual shares may only be purchased and sold on a national securities exchange

through a broker-dealer and may trade at a premium or discount to net asset value.

www.tuttlecapital.com | www.incomeblastetfs.com

TUTTLE CAPITAL MANAGEMENT — INCOME BLAST ETFs — PROSPECTUS

Table of Contents


	Page Number
Fund Summaries	1
( ) — Tuttle Capital Neocloud Income Blast ETF	1
( ) — Tuttle Capital Robotics Income Blast ETF	12
( ) — Tuttle Capital AI Infrastructure Income Blast ETF	23
( ) — Tuttle Capital AI Power Generation Income Blast ETF	33
( ) — Tuttle Capital Drones & Future of Warfare Income Blast ETF	43
( ) — Tuttle Capital Quantum Computing Income Blast ETF	53
( ) — Tuttle Capital MANGOS Income Blast ETF	64
( ) — Tuttle Capital FAB 10 Income Blast ETF	73
Additional Fund Information	82
Investment Objectives	82
Additional Information About Principal Investment Strategies	82
Additional Principal Risk Information	82
Investment Management	94
Buying and Selling Fund Shares	95
Other Considerations	97
Dividends, Distributions and Taxes	98
Additional Information	100
Financial Highlights	101
Service Providers	102

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 1

Tuttle Capital Neocloud Income Blast ETF

A Series of Managed Portfolio Series | Ticker: [ ] | Exchange: Cboe BZX Exchange, Inc.

Investment Objective

The Tuttle Capital Neocloud Income Blast ETF (the “Fund”) seeks capital appreciation and current income.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay

other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the

tables and Example below.


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees(1)	[...]
Distribution and Service (Rule 12b-1) Fees	None
Other Expenses(2)	0.00%
Total Annual Fund Operating Expenses	[...]

(1)Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management

fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, payments

under the Fund’s 12b-1 plan (if any), certain brokerage expenses, acquired fund fees and expenses, taxes, interest, fees

and expenses related to securities lending, litigation and arbitration expenses and other extraordinary expenses.

(2)Other Expenses are based on estimated amounts 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 sell all of your shares

at the end of those periods. The Example also assumes that your investment has a 5% return each year and that 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:


1 Year	3 Years
[...]	[...]

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. As of the date of this Prospectus, the Fund has not yet commenced operations

and therefore does not have any portfolio turnover information available.

Principal Investment Strategies

The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”) that seeks to provide investment

exposure to a portfolio of equity securities of Neocloud Companies (as defined below) selected by the Adviser, while

also generating income through a structured options overlay strategy. Unlike an index fund, the Fund does not seek to

track any third-party index; the Adviser has broad discretion to select and weight the Fund's exposure to Neocloud

Companies. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of

borrowings, if any, for investment purposes) in equity positions, including shares of the Roundhill Neocloud ETF, and in

derivative instruments that provide long investment exposure to Neocloud Companies (as defined below). The Fund’s

use of derivative instruments may include exchange-listed and FLexible EXchange® (“FLEX”) options, and/or total

return swap agreements (“swaps”).

The Fund seeks to achieve economic exposure approximating 100% of the upside (and downside) price performance of

equity securities of Neocloud Companies (before fees and expenses) while also seeking to generate income.

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 2

Rather than purchasing the equity securities of Neocloud Companies directly or indirectly through an unaffiliated ETF,

such as the NCLD ETF, the Fund will typically obtain all or a portion of its investment exposure to such securities —

individually or as a reference basket constructed by the Adviser — through exchange-listed and FLEX options (including

deep in-the-money calls and synthetic long positions) and/or total return swaps referencing one or more Neocloud

Companies, a basket thereof, or the NCLD ETF.

•Deep in-the-money call options have strike prices significantly below the current market price, and tend to

closely mirror the performance, of their referenced securities while requiring less capital than a direct

investment.

•Synthetic long positions are constructed using long call options and short put options that reference such

securities and have the same strike prices and expiration dates. A synthetic long position generally is intended

to produce economic exposure similar to owning the applicable reference asset directly. The call options

purchased and the put options sold by the Fund will generally have one-month to one-year terms and strike

prices approximately equal to the then-current price of the reference asset at the time the contracts are

purchased and sold, respectively.

•Total return swaps are agreements under which the Fund and a counterparty exchange the total return of the

reference asset for payments based on a floating interest rate or similar reference rate. These positions may be

established using both standardized listed options and FLEX Options.

•The Fund may also hold the equity securities of Neocloud Companies directly or indirectly through shares of

the NCLD ETF to the extent the Adviser determines that derivative exposure is impractical or unavailable on

acceptable terms.

The Fund seeks to generate income for shareholders by employing a put credit spread strategy referencing individual

Neocloud Companies held (directly or synthetically) by the Fund, a reference basket thereof, or shares of the NCLD

ETF. Under this strategy, the Fund will sell (or write) put options that are near-the-money (i.e., with strike prices close to

the current market price of the reference asset) to collect premiums and generate income, while simultaneously

purchasing out-of-the-money put options (i.e., with lower strike prices further below the current market price of the

reference asset). This results in a net credit to the Fund at initiation, with the maximum profit realized if the reference

asset's price remains above the higher strike price at expiration, allowing both options to expire worthless while the

Fund retains its premiums. The Adviser will select options based on factors such as implied volatility, time to expiration,

and overall market conditions, aiming to balance income generation with risk management, though there is no

assurance that the strategy will achieve its objectives or avoid losses. The strike prices may be selected to be in-the-

money, at-the-money, or out-of-the-money depending on market conditions. The Fund intends to implement and roll

these spreads on a recurring basis (typically weekly), and net premiums received are intended to support the Fund's

income generation objective.

The Fund intends to make weekly distribution payments to shareholders, but there is no assurance that the Fund will

make a distribution in any particular week or that the amount of a distribution will remain consistent from week to week.

There is no guarantee that the Fund's investment strategy will be properly implemented, and an investor may lose some

or all of its investment.

To execute the Fund’s structured options overlay strategy, the Adviser will typically select for a reference basket only

companies with corresponding liquid U.S.-listed options, with international exposure typically limited to ADRs, rather

than locally-listed securities.

The Fund will concentrate its investments (i.e., invest more than 25% of its net assets) in an industry or group of related

industries to approximately the same extent that the NCLD ETF concentrates its investments in such industry or group

of related industries. As a result, the industries in which the Fund concentrates may change if the NCLD ETF changes

the industries in which it concentrates.

Information About Neocloud Companies and NCLD ETF

The Adviser defines “Neocloud Companies” as companies that derive at least 50% of their revenue or net income from,

or that the Adviser determines have committed at least 50% of the value of their assets to, one or more neocloud

technologies and services, including, but not limited to, graphics-processing-unit-as-a-service (“GPU-as-a-Service”)

platforms, high-density colocation data centers- purpose-built or retrofitted for artificial intelligence (“AI”) and high-

performance computing (“HPC”) workloads, AI platforms, data center development, construction and operation services,

development of power generation, grid interconnection, and on-site power delivery infrastructure, cooling and advanced

thermal management infrastructure, and AI-scale networking technologies (“neocloud technologies and services”).

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 3

In selecting and weighting the Fund's investment exposure, the Adviser allocates across the business lines described

above using a modified equal-weighted methodology, rebalanced quarterly, based on factors that include, among

others, the Adviser's assessment of a company's relevance to, and purity of business exposure within, the neocloud

investment theme, as well as market capitalization, trading liquidity, and the availability of listed or FLEX options or

willing swap counterparties for the security. The Fund expects to have investment exposure to approximately7 to 25

Neocloud Companies at any given time, although this number may vary.

The Roundhill Neocloud ETF (Ticker: NCLD) is an actively managed exchange-traded fund advised by Roundhill

Financial Inc. and listed on The Nasdaq Stock Market LLC. The NCLD ETF seeks capital appreciation by investing

primarily in the equity securities of “Neocloud Companies,” which the NCLD ETF's adviser defines as companies that

derive at least 50% of their revenue, contracted backlog or capital commitments from one or more neocloud

technologies and services. The NCLD ETF invests across market capitalizations, in developed and emerging markets,

using both direct equity investments and derivative instruments such as swaps and forwards. The NCLD ETF may have

significant exposure to Asian issuers. The NCLD ETF will concentrate its investments in the group of industries

comprising the industrials and information technology sector.

The Fund is not sponsored, endorsed, or affiliated with Roundhill Financial Inc. or the NCLD ETF. The Adviser

has no ability to influence the composition or investment decisions of the NCLD ETF's portfolio. Investors should refer to

the NCLD ETF's own prospectus for additional information regarding the NCLD ETF's investment objective, strategies,

and risks.

Principal Risks

The principal risks of investing in the Fund are summarized below. Shareholders of the Fund, as with all funds, are

subject to the risk that their investments could lose money. The Fund is not intended to be a complete investment

program. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any

government agency.

•General Market Risk. The Fund's net asset value (“NAV”) and investment return will fluctuate based upon

changes in the value of its portfolio securities. Certain securities selected for the Fund's portfolio may be worth

less than the price originally paid for them, or less than they were worth at an earlier time.

•Management Risk. The Fund may not meet its investment objective or may underperform the market or

comparable investment products if the Adviser cannot successfully implement the Fund's investment strategies.

•Equity Securities Risk. The equity securities held in the Fund's portfolio may experience sudden, unpredictable

drops in value or long periods of decline in value. This may occur because of factors that affect securities markets

generally or factors affecting specific industries, sectors, or companies in which the Fund invests

•Issuer-Specific Risk. Individual securities may experience sudden and unpredictable drops in value due to

company-specific factors such as management decisions, product failures, litigation, or regulatory actions.

•Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of

its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a

result, the Fund may be more exposed to the risks associated with and developments affecting an individual

issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility

and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s

performance. However, the Fund intends to satisfy the diversification requirements for qualifying as a regulated

investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the

“Code”).

•ETF Investing Risk. The Fund may invest directly in, or have investment exposure to, shares of the NCLD ETF, a

registered investment company that is sponsored, managed, and controlled by Roundhill Financial Inc., an entity

unaffiliated with the Adviser. The Adviser has no ability to influence the NCLD ETF's portfolio composition,

investment strategy, or expenses, and has no special access to non-public information about the NCLD ETF. A

change in the NCLD ETF's investment strategy, portfolio managers, fees, or liquidation of the NCLD ETF could

adversely affect the Fund. In addition, because the Fund typically obtains its exposure to the NCLD ETF

synthetically through options and/or swap agreements rather than by purchasing the NCLD ETF's shares directly,

the Fund's derivative positions may not track the performance of the NCLD ETF precisely, which could cause the

Fund to underperform or outperform a direct investment in the NCLD ETF.

•ETF Risks. 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. The Fund has a

limited number of financial institutions that 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

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 4

either of the following events occur, shares may trade at a material discount to 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.

•Costs of Buying or Selling Shares. Due to the costs of buying or selling shares, including brokerage

commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce

investment results and an investment in shares may not be advisable for investors who anticipate regularly

making small investments.

•Shares May Trade at Prices Other Than NAV. As with all ETFs, shares may be bought and sold in the

secondary market at market prices. Although it is expected that the market price of shares will approximate

the Fund’s NAV, 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) due to supply and demand of shares or during periods

of market volatility. This risk is heightened in times of market volatility, periods of steep market declines,

and periods when there is limited trading activity for shares in the secondary market, in which case such

premiums or discounts may be significant. Because securities held by the Fund may trade on foreign

exchanges that are closed when the Fund’s primary listing exchange is open, there are likely to be

deviations between the current price of a security and the security’s last quoted price from the closed

foreign market. This may result in premiums and discounts that are greater than those experienced by

domestic ETFs.

•Trading. Although shares are listed for trading on the Cboe BZX Exchange, Inc. (the “Exchange”) and may

be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade

with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares

may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less

liquid than shares, and this could lead to differences between the market price of the shares and the

underlying value of those shares.

•Cash Redemption Risk. The Fund generally expects to effect redemptions for cash, rather than in-kind,

and may be required to sell or unwind portfolio investments, including derivative positions, to obtain the

cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it

might not have recognized if it had redeemed shares in kind, which may cause the Fund to pay higher

annual capital gain distributions than if it had redeemed shares in kind.

•No Direct Acquired Fund Fees. The Fund typically obtains its investment exposure to the NCLD ETF

synthetically, through exchange-listed options, FLEX Options, and/or swap agreements, rather than by purchasing

shares of the NCLD ETF directly. Accordingly, the Fund does not treat the NCLD ETF as an “acquired fund” for

purposes of the acquired fund fees and expenses disclosure required by Form N-1A, except in circumstances

when the Adviser determines that derivative exposure is impractical or unavailable on acceptable terms and the

Fund invests directly in NCLD ETF shares. Under normal circumstances, the Fund does not directly bear the

NCLD ETF's management fee or other operating expenses when investing synthetically using derivatives;

however, the price of the derivative instruments referencing the NCLD ETF may reflect, in part, the market's

expectations regarding the NCLD ETF's future expenses and performance.

•Non-Index Methodology Risk. The Fund does not seek to track a third-party index. Instead, the Adviser has

broad discretion to select, weight, and rebalance the Fund's portfolio of reference companies based on the criteria

described in “Principal Investment Strategies.” The Adviser's assessment of whether a company satisfies those

criteria involves subjective judgment, and reasonable people may disagree with the Adviser's determinations. The

Fund's performance therefore depends heavily on the Adviser's skill in selecting reference companies consistent

with the Fund's investment theme.

•Reference Basket and Swap Availability Risk. The Adviser constructs the Fund's portfolio of reference

companies using its own, non-index-based criteria, which are not independently verified by a third party and

involve subjective judgment. There can be no assurance that the Adviser's selections will achieve the Fund's

investment objective. In addition, there may be a limited number of counterparties willing to enter into swap

agreements referencing a specific basket of securities selected by the Adviser, or willing to do so on terms

acceptable to the Fund, which could limit the Fund's ability to implement its investment strategy, increase the

Fund's costs, or require the Fund to use exchange-listed or FLEX options on individual securities or shares of the

NCLD ETF instead.

•Neocloud Companies Risk. Neocloud Companies are engaged in the capital-intensive buildout of GPU

computing capacity and AI data center infrastructure, often financed in significant part with debt. These companies

may depend on a small number of graphics processing unit (“GPU”) manufacturers for hardware supply and on a

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 5

concentrated group of hyperscale cloud providers and AI developers as customers. A slowdown in AI infrastructure

spending, GPU supply constraints, or increased competition among neocloud providers could materially adversely

affect these companies.

•Information Technology Sector Risk. Technology companies and companies that rely heavily on technological

advances may have limited product lines, markets, financial resources, supply chains and personnel. These

companies typically face intense competition, potentially rapid product obsolescence and changes in product

cycles and customer preferences. They may face unexpected risks and costs associated with technological

developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on

intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology

companies may face increased government scrutiny and may be subject to adverse government or legal action.

•Industrials Sector Risk. The industrials sector can be significantly affected by, among other things, worldwide

economic growth, supply and demand for specific products and services, rapid technological developments,

international political and economic developments, environmental issues, tariffs and trade barriers, and tax and

governmental regulatory policies. As the demand for, or prices of, industrials increase, the value of the Fund’s

investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of,

industrials generally would be expected to contribute to declines in the value of such securities. Such declines may

occur quickly and without warning and may negatively impact the value of the Fund and your investment.

•Artificial Intelligence Companies Risk. Companies engaged in the development, production, or utilization of AI

technologies, including hardware (e.g. semiconductors, accelerators), software platforms, cloud infrastructure, and

related services, may be subject to intense competition, rapid product obsolescence, and unpredictable changes

in the AI market. The commercial viability of AI technologies and applications is not certain. AI technologies may

fail to achieve expected performance, face regulatory restrictions, or be displaced by competing technologies.

•Foreign Securities Risk. Investments in securities of foreign companies, including through ADRs, involve certain

risks that may not be present with investments in U.S. securities. For example, the value of such securities may be

subject to risk of decline due to foreign currency fluctuations, the imposition of tariffs, or to political or economic

instability. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Such

investments also may be subject to withholding or other taxes and may be indirectly subject to additional trading,

settlement, custodial, and operational risks. These and other factors can make investments in the Fund more

volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not

subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in

the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or

complete. Foreign markets often have less reliable securities valuations and greater risk associated with the

custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for

investigations into or litigation against companies and shareholders may have limited legal remedies.

•Depositary Receipts Risk. Depositary receipts, including American Depositary Receipts (“ADRs”) and

Global Depositary Receipts (“GDRs”), involve risks similar to those associated with investments in foreign

securities, such as changes in political or economic conditions of other countries and changes in the

exchange rates of foreign currencies. Depositary Receipts listed on U.S. exchanges are issued by banks or

trust companies, and Depositary Receipts entitle the holder to all dividends and capital gains that are paid

out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in Depositary Receipts

as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the

Depositary Receipts may not provide a return that corresponds precisely with that of the Underlying

Shares.

The Fund and NCLD ETF may invest, directly or indirectly, in Depositary Receipts whose underlying

securities are non-voting preferred securities. Preferred securities combine some of the characteristics of

both common stocks and bonds. Preferred securities are typically subordinated to bonds and other debt

securities in a company’s capital structure in terms of priority to corporate income, subjecting them to

greater credit risk than those debt securities. Generally, holders of preferred securities have no voting

rights with respect to the issuing company unless preferred dividends have been in arrears for a specified

number of periods, at which time the preferred security holders may obtain limited rights. In certain

circumstances, an issuer of preferred securities may defer payment on the securities and, in some cases,

redeem the securities prior to a specified date. Preferred securities may also be substantially less liquid

than other securities, including common stock.

•Emerging Markets Risk. Investments in securities and instruments traded in developing or emerging

markets, or that provide exposure to such securities or markets, can involve additional risks relating to

political, economic, or regulatory conditions not associated with investments in U.S. securities and

instruments or investments in more developed international markets. Such conditions may impact the

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 6

ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price

for Shares and cause the Fund to decline in value.

•Geographic Investment Risk. To the extent the Fund invests a significant portion of its assets in the

securities of companies of a single country or region, it is more likely to be impacted by events or

conditions affecting that country or region.

•Risks of Investing in Asia. The Fund may invest and the NCLD ETF invests significantly in the

securities of Asian issuers. As such, the Fund and NCLD ETF are subject to certain risks specifically

associated with investments in the securities of Asian issuers. Many Asian economies have

experienced rapid growth and industrialization, and there is no assurance that this growth rate will be

maintained. Some Asian economies are highly dependent on trade, and economic conditions in

other countries within and outside Asia can impact these economies. Certain of these economies

may be adversely affected by trade or policy disputes with its major trade partners. There is also 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 investors and financial

intermediaries. Certain Asian countries have experienced and may in the future experience

expropriation and nationalization of assets, confiscatory taxation, currency manipulation, political

instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or

political unrest. In particular, escalated tensions involving North Korea and any outbreak of hostilities

involving North Korea could have a severe adverse effect on Asian economies. Governments of

certain Asian countries have exercised, and continue to exercise, substantial influence over many

aspects of the private sector. In certain cases, the government owns or controls many companies,

including the largest in the country. Accordingly, government actions could have a significant effect

on Asian issuers or on economic conditions generally. Recent developments in relations between the

U.S. and China have heightened concerns of increased tariffs and restrictions on trade between the

two countries. An increase in tariffs or trade restrictions, or even the threat of such developments,

could lead to a significant reduction in international trade, which could have a negative impact on the

economy of Asian countries and a commensurately negative impact on the Fund.

•China and Hong Kong-Specific Risk. Investments in Chinese issuers subject the Fund to risks

specific to China. Investments in the securities of Chinese issuers that trade on an exchange in

Hong Kong subject the Fund to risks specific to China and Hong Kong. China and Hong Kong may

be subject to considerable degrees of economic, political and social instability. China and Hong Kong

are developing markets and demonstrate significantly higher volatility from time to time in

comparison to developed markets. Over the past 25 years, the Chinese government has undertaken

reform of economic and market practices and is expanding the sphere of private ownership of

property in China. However, Chinese markets generally continue to experience inefficiency, volatility

and pricing anomalies resulting from governmental influence, a lack of publicly available information

and/or political and social instability. Internal social unrest or confrontations with other neighboring

countries, including military conflicts in response to such events, may also disrupt economic

development in China and result in a greater risk of currency fluctuations, currency convertibility,

interest rate fluctuations and higher rates of inflation. Export growth continues to be a major driver of

China’s rapid economic growth. Reduction in spending on Chinese products and services, institution

of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading

partners may have an adverse impact on the Chinese economy. China is also vulnerable

economically to the impact of a public health crisis, which could depress consumer demand, reduce

economic output, and potentially lead to market closures, travel restrictions, and quarantines, all of

which would negatively impact China’s economy and could affect the economies of its trading

partners. Further, any attempt by China to tighten its control over Hong Kong’s political, economic,

legal or social policies may result in an adverse effect on Hong Kong’s markets

For purposes of raising capital offshore on exchanges outside of China, including on U.S.

exchanges, many Chinese-based operating companies are structured as Variable Interest Entities

(“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes a shell

company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign

exchange and enters into contractual arrangements with the VIE. This structure allows Chinese

companies in which the government restricts foreign ownership to raise capital from foreign

investors. While the shell company has no equity ownership of the VIE, these contractual

arrangements permit the shell company to consolidate the VIE’s financial statements with its own for

accounting purposes and provide for economic exposure to the performance of the underlying

Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund,

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 7

will have exposure to the Chinese-based operating company only through contractual arrangements

and has no ownership in the Chinese-based operating company. Furthermore, because the shell

company only has specific rights provided for in these service agreements with the VIE, its abilities

to control the activities at the Chinese-based operating company are limited and the operating

company may engage in activities that negatively impact investment value.

•China A-Shares Risk. A-Shares are issued by companies incorporated in mainland China and are

denominated in Chinese renminbi and traded on the two main Chinese exchanges: the Shanghai

Stock Exchange (“SSE”) and Shenzhen Stock Exchange (“SZSE”). Foreign investors can access

investments in A-Shares by obtaining a QFII or a RQFII license, as well as through the Stock

Connect Program, which is a securities trading and clearing program with an aim to achieve mutual

stock market access between the China and Hong Kong markets. Stock Connect was developed by

Hong Kong Exchanges and Clearing Limited, the SSE (in the case of Shanghai Connect) or the

SZSE (in the case of Shenzhen Connect), and the CSDCC. The Fund and NCLD ETF currently

intend to gain exposure to A-Shares through the Stock Connect Programs. The markets on which A-

Shares trade are considered emerging markets characterized by generally low trading volume and

less market liquidity due to various factors. For example, investments in A-Shares are subject to

various regulations and limits, and the recoupment or repatriation of assets invested in A-Shares is

subject to restrictions imposed by the Chinese government. In addition, investors from outside

mainland China may face difficulties or prohibitions accessing certain A-Shares that are part of a

restricted list in countries such as the U.S. A-Shares may also be subject to frequent and widespread

trading halts, which can increase pricing volatility and cause the A-Shares to become illiquid. Trading

suspensions in certain stock could lead to greater market execution, clearing and settlement risks

and costs for the Fund, and the creation and redemption of Creation Units (as defined below) may

also be disrupted. These risks, among others, could adversely affect the value of the Fund’s

investments.

•Geopolitical Risk. Some countries and regions in which the Fund or the NCLD ETF may invest have

experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty,

natural and environmental disasters and/or systemic market dislocations that have led, and in the future

may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and

world economies and markets generally, each of which may negatively impact the Fund’s and the NCLD

ETF’s investments.

•Capital Controls and Sanctions Risk. Economic conditions, such as volatile currency exchange rates

and interest rates, political events, military action and other conditions may, without prior warning, lead to

foreign government intervention (including intervention by the U.S. government with respect to foreign

governments, economic sectors, foreign companies and related securities and interests) and the imposition

of capital controls and/or sanctions, which may also include retaliatory actions of one government against

another government, such as seizure of assets. Capital controls and/or sanctions include the prohibition of,

or restrictions on, the ability to transfer currency, securities or other assets. Capital controls and/or

sanctions may also impact the ability of the Fund and the NCLD ETF to buy, sell or otherwise transfer

securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the

trading market and price for Shares, and cause the Fund and the NCLD ETF to decline in value.

•Derivatives Risk. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those

associated with directly investing in securities or other ordinary investments, including risk related to the market,

higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of

derivatives is a highly specialized activity that involves investment techniques and risks different from those

associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or

smaller gains than directly investing in securities. When the Fund uses derivatives, there may be imperfect

correlation between the value of the underlying securities and the derivative. Because derivatives often require

only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts

initially invested. The Fund is also subject to risks associated with the NCLD ETF’s use of certain derivative

instruments, including swaps and forward contracts. In addition, the Fund’s investments in derivatives are subject

to the following risks:

•Options Risk. Purchasing options is a speculative activity and entails greater than ordinary investment

risk. Options enable the Fund to purchase exposure that is significantly greater than the premium paid.

Consequently, the value of such options can be volatile, and a small investment in options can have a large

impact on the performance of the Fund. The Fund risks losing all or part of the cash paid (premium) for

purchasing options. Even a small decline in the value of a reference asset underlying call options or a

small increase in the value of a reference asset underlying put options can result in the entire investment in

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 8

such options being lost. A long call option premium may be lost entirely if the reference asset does not rise

above the strike price. A long put option premium may be lost entirely if the reference asset does not fall

below the strike price. In addition, the value of an option may be adversely affected if the market for the

option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option’s

reference asset, an increase in interest rates, a change in the actual or perceived volatility of the stock

market or the reference asset and the remaining time to expiration. The Fund’s investment in options may

reduce the Fund’s profit from its other holdings and may result in a significantly greater decline in the value

of the Fund than if it had invested directly in the reference asset instead of using options.

•Options Tax Risk. The writing of options by the Fund may significantly reduce or eliminate its ability to

make distributions eligible to be treated as qualified dividend income. Covered call options, among other

investment strategies employing options, may also be subject to the federal tax rules applicable to

straddles under the Code. If positions held by the Fund were treated as “straddles” for federal income tax

purposes, or the Fund’s risk of loss with respect to a position was otherwise diminished as set forth in

Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified

dividend income subject to such favorable income tax treatment in the hands of non-corporate

shareholders or eligible for the dividends received deduction for corporate shareholders. In addition,

generally, straddles are subject to certain rules that may affect the amount, character and timing of the

Fund’s recognition of gains and losses with respect to straddle positions by requiring, among other things,

that: (1) any loss realized on disposition of one position of a straddle may not be recognized to the extent

that the Fund has unrealized gains with respect to the other position in such straddle; (2) the Fund’s

holding period in straddle positions be suspended while the straddle exists (possibly resulting in a gain

being treated as short-term capital gain rather than long-term capital gain); (3) the losses recognized with

respect to certain straddle positions that are part of a mixed straddle and that are not subject to Section

1256 of the Code be treated as 60% long-term and 40% short-term capital loss; (4) losses recognized with

respect to certain straddle positions that would otherwise constitute short-term capital losses be treated as

long-term capital losses; and (5) the deduction of interest and carrying charges attributable to certain

straddle positions may be deferred.

•Put Spread Strategy Risk. The Fund's put credit spread strategy is subject to substantial risks, including

the potential for losses if the price of the reference asset declines below the lower (purchased) strike price,

adverse effects from changes in market volatility on option premiums, and the possibility of assignment on

the sold puts, which could require the Fund to purchase the reference asset (or settle in cash) at an above-

market price. There is no guarantee that the strategy will generate income or that any income generated

will be sufficient to offset losses elsewhere in the Fund's portfolio.

◦Swap Agreements Risk. The use of swap transactions is a highly specialized activity, which involves

investment techniques and risks different from those associated with ordinary portfolio securities

transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal

depends on the ability of the Adviser to structure swap agreements in accordance with the Fund’s

investment objective and to identify counterparties for those swap agreements. The swap agreements in

which the Fund invests are generally traded in the over-the-counter market, which generally has less

transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties

agree to exchange the return (or differentials in rates of return) earned or realized on particular

predetermined reference assets or underlying securities or instruments. The gross return to be exchanged

or swapped between the parties is calculated based on a notional amount or the return on or change in

value of a particular dollar amount invested in a basket of securities. The Fund’s use of swap agreements

will increase leverage in the Fund’s investments, which will tend to magnify the gains and losses of the

underlying securities. If the underlying securities have a dramatic move that causes a material decline in

the Fund’s net assets, the terms of a swap agreement between the Fund and its counterparty may permit

the counterparty to immediately close out the swap transaction with the Fund. In that event, the Fund may

be unable to enter into another swap agreement or invest in other derivatives to achieve exposure to the

same underlying securities.

•Counterparty Risk. The risk of loss to the Fund for swap transactions that are entered into on a net basis

depends on which party is obligated to pay the net amount to the other party. If the counterparty is

obligated to pay the net amount to the Fund, the risk of loss to the Fund is loss of the entire amount that

the Fund is entitled to receive. If the Fund is obligated to pay the net amount, the Fund’s risk of loss is

generally limited to that net amount. If a swap agreement involves the exchange of the entire principal

value of a security, the entire principal value of that security is subject to the risk that the other party to the

swap will default on its contractual delivery obligations. A counterparty may be unwilling or unable to make

timely payments to meet its contractual obligations or may fail to return holdings that are subject to the

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 9

agreement with the counterparty. If the counterparty or its affiliate becomes insolvent, bankrupt or defaults

on its payment obligations to the Fund, the value of an investment held by the Fund may decline.

Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there

are delays in the Fund’s ability to access such collateral, the Fund may not be able to achieve its

investment objective. In addition, the Fund may enter into swap agreements with a limited number of

counterparties, which may increase the Fund’s exposure to counterparty credit risk. Further, there is a risk

that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the

Fund and, as a result, the Fund may not be able to achieve its investment objective or may decide to

change its investment objective.

•FLEX Options Risk. FLEX Options held by the Fund will generally be exercisable only at the strike price

on their expiration date. Prior to expiration, the value of FLEX Options will be determined based on market

quotations or other recognized pricing methods, and such values may vary due to factors other than

changes in the value of the reference asset, including interest rate changes, changing supply and demand,

decreased liquidity, and changing volatility levels. Although FLEX Options are listed on an exchange, there

is no guarantee that a liquid secondary trading market will exist, and if trading in the FLEX Options is

limited or absent, the value of the FLEX Options may be adversely affected.

•Forward Contracts Risk. A forward contract is an over-the-counter derivative transaction between two

parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a

specified date in the future. Forward contracts are negotiated on an individual basis and are not

standardized or traded on exchanges. The market for forward contracts is substantially unregulated and

can experience lengthy periods of illiquidity, unusually high trading volume and other negative impacts,

such as political intervention, which may result in volatility or disruptions in such markets. A relatively small

price movement in a forward contract may result in substantial losses to the Fund, exceeding the amount of

the margin paid.

•Liquidity Risk. The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in

illiquid assets involve the risk that the Fund may be unable to sell such assets or unwind such positions at a

reasonable price. In volatile markets, the Fund may not be able to close out a position without incurring a loss.

Daily limits on price fluctuations and speculative position limits on exchanges on which the Fund may transact in

derivatives may prevent the Fund from promptly liquidating positions, subjecting the Fund to potentially greater

losses.

•Transaction Cost Risk. The Fund will pay transaction costs, such as commissions or mark-ups in the bid/offer

spread, when it establishes and closes out its options and swap positions. Because the Fund expects to reset its

option and/or swap positions frequently, while also rolling its put credit spread positions on a recurring basis

(typically weekly), the Fund will incur high transaction costs. Such transaction costs may include increased

brokerage commissions and wider bid/ask spreads. While the turnover of these derivative positions is not deemed

“portfolio turnover” for accounting purposes, the economic impact to the Fund is similar to what could occur if the

Fund experienced high portfolio turnover. These costs, which are not reflected in annual fund operating expenses

or in the Example, may adversely affect the Fund's performance and may result in higher taxes when shares are

held in a taxable account.

•Distribution Risk. As part of the Fund’s strategies, the Fund intends to make weekly distributions to shareholders.

There is no assurance that the Fund will make a distribution in any given week, and the amount of any distribution

will likely vary, potentially significantly, from one distribution to the next. Distributions, if any, may consist in part, or

in whole, of a return of capital, which would decrease the Fund's NAV and trading price over time. As a result, an

investor may suffer significant losses to their investment.

•NAV Erosion Risk Due to Distributions. When the Fund makes a distribution, its NAV will typically drop by the

amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if

any, may significantly erode the Fund's NAV and trading price over time, particularly during periods when the

Fund's option and swap positions are not generating sufficient premium income to offset the distributions paid. As

a result, an investor may suffer significant losses to their investment even if the reference asset's price is flat or

rising.

•Return of Capital Risk. The Fund expects to make distributions regardless of its performance. All or a portion of

such distributions may represent a return of capital, which would reduce the Fund’s NAV and trading price over

time and reduce the shareholder’s basis in their Fund shares and result in a higher capital gain, or lower capital

loss, when Fund shares on which the return of capital distribution were received are sold. After a shareholder’s

basis in the shares has been reduced to zero, return of capital distributions will be treated as gain from the sale of

the shareholder’s shares.

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 10

•Concentration Risk. Because the Fund's investments are concentrated in a particular industry, the Fund will be

subject to the risk that economic, political, or other conditions that have a negative effect on that industry will

negatively affect the Fund to a greater extent than if the Fund's assets were invested in a wider variety of

industries.

•Sector Risk. To the extent the Fund's investment exposure is concentrated in particular sectors of the economy,

the Fund's performance will be especially sensitive to developments that significantly affect those sectors.

•Emerging and Development-Stage Companies Risk. Relatively new, early-stage, or development-stage

companies may have limited operating histories, unproven business models, and/or a history of significant losses.

The companies may face intense competition from larger, better-capitalized companies, including large, diversified

technology companies for which quantum computing research is one of many business lines. Such companies

may also be more susceptible to adverse business or economic developments and may have limited product

lines, markets, or financial resources or be heavily reliant on a small number of contracts or programs, facing

heightened risks of capital adequacy, execution failure, and technology development delay.

•Large-Capitalization Companies Risk. The Fund’s performance may be adversely affected if securities of large

cap companies underperform securities of smaller-capitalization companies or the market as a whole. The

securities of large cap companies may be relatively mature compared to smaller companies and therefore subject

to slower growth during times of economic expansion. Large-capitalization companies may also be unable to

respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

•Mid-Capitalization Companies Risk. Mid-capitalization companies may be more vulnerable to adverse general

market or economic developments, and their securities may be less liquid and may experience greater price

volatility than larger, more established companies, as a result of several factors, including limited trading volumes,

fewer products or financial resources, management inexperience, and less publicly available information.

•New Fund Risk. As of the date of this Prospectus, the Fund has no operating history and currently has fewer

assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund's market exposure

for limited periods of time. This impact may be positive or negative, depending on the direction of market

movement during the period affected.

•Tax Risk. At the end of each quarter of the Fund’s taxable year, the Fund’s assets must be diversified so that (a)

at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government

securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one

issuer, to an amount not greater in value than 5% of the value of the Fund’s total assets and to not more than 10%

of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded

partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations

in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government

securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two

or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or

businesses, or the securities of one or more qualified publicly traded partnerships (i.e., the “Diversification

Requirement”). The determination of the value and the identity of the issuer of derivative investments that the

Fund may invest in are often unclear for purposes of the Diversification Requirement described above. Although

the Fund intends to carefully monitor its investments to ensure that it is adequately diversified under the

Diversification Requirement, there are no assurances that the Internal Revenue Service (“IRS”) will agree with the

Fund’s determination of the issuer under the Diversification Requirement with respect to such derivatives. The

application of these requirements to certain investments (including swaps and derivatives referencing other RICs)

that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund’s

investment objective is not clear. If the Fund were to fail to qualify as a RIC, it would be taxed in the same manner

as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing

its taxable income.

•Government Regulation and National Security Risk. Certain governments, including the U.S. government, may

regard companies engaged in certain technologies or activities as being of strategic and national security

significance. These companies may be subject to export controls, foreign investment restrictions, government

contracting requirements, and other forms of regulatory scrutiny that could restrict their ability to sell products or

services to certain customers or in certain jurisdictions, or that could otherwise adversely affect their business.

•Cybersecurity Risk. The Fund and its service providers may be susceptible to operational and information

security risks resulting from cybersecurity breaches, including cyber-attacks, which may cause the Fund to lose

money or suffer business disruption. A breach in cybersecurity, intentional or unintentional, may adversely impact

the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, loss of

proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and

the unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service

TUTTLE CAPITAL MANAGEMENT — NEOCLOUD INCOME BLAST ETF — SUMMARY PROSPECTUS 11

providers, market makers, institutional investors authorized to purchase and redeem shares directly from the Fund

(i.e., Authorized Participants), or the issuers of securities in which the Fund invests may subject the Fund to many

of the same risks associated with direct cybersecurity breaches.

Performance Information

No performance information is presented for the Fund because it is a new fund and does not have a full calendar year

of performance history. Once the Fund has completed a full calendar year of operations, a bar chart and performance

table will be included in this Prospectus. Updated performance information will be available on the Fund’s website at

[...].

Investment Adviser

Tuttle Capital Management, LLC (the “Adviser”)

Portfolio Manager

Matthew Tuttle, Chief Investment Officer of the Adviser, is primarily responsible for the day-to-day management of the

Fund's portfolio. Mr. Tuttle has served as portfolio manager of the Fund since its inception in [...].

Purchase and Sale of Fund Shares

Shares are listed on the Exchange, and individual Fund shares may only be bought and sold in the secondary market

through brokers at market prices, rather than NAV. Because Fund shares trade at market prices rather than NAV, Fund

shares may trade at a price greater than NAV (premium) or less than NAV (discount).

The Fund issues and redeems shares only to APs (typically, broker-dealer) in large blocks of shares known as “Creation

Units.” The Fund generally issues and redeems Creation Units in exchange for a portfolio of securities and/or a

designated amount of U.S. cash.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase

Fund shares (bid) and the lowest price a seller is willing to accept for Fund shares (ask) when buying or selling shares

in the secondary market (the “bid-ask spread”). Recent information about the Fund, including its NAV, market price,

premiums and discounts, and bid-ask spreads is available on the Fund’s website at [...].

Tax Information

Distributions made by the Fund are generally taxable as ordinary income, qualified dividend income, or capital gains (or

a combination), unless you are investing through a tax-advantaged account such as a 401(k) plan or individual

retirement account. Distributions on investments made through tax-deferred arrangements may be taxed later upon

withdrawal of assets from those accounts.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary, the Adviser and its related

companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a

conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund

over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

TUTTLE CAPITAL MANAGEMENT — ROBOTICS INCOME BLAST ETF — SUMMARY PROSPECTUS 12

Tuttle Capital Robotics Income Blast ETF

A Series of Managed Portfolio Series | Ticker: [ ] | Exchange: Cboe BZX Exchange, Inc.

Investment Objective

The Tuttle Capital Robotics Income Blast ETF (the “Fund”) seeks capital appreciation and current income.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay

other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the

tables and Example below.


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees(1)	[...]
Distribution and Service (Rule 12b-1) Fees	None
Other Expenses(2)	0.00%
Total Annual Fund Operating Expenses	[...]

(1)Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management

fee. The Adviser, in turn, bears all of the Fund’s ordinary operating expenses, except for the management fee, payments

under the Fund’s 12b-1 plan (if any), certain brokerage expenses, acquired fund fees and expenses, taxes, interest, fees

and expenses related to securities lending, litigation and arbitration expenses and other extraordinary expenses.

(2)Other Expenses are based on estimated amounts 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 sell all of your shares

at the end of those periods. The Example also assumes that your investment has a 5% return each year and that 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:


1 Year	3 Years
[...]	[...]

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. As of the date of this Prospectus, the Fund has not yet commenced operations

and therefore does not have any portfolio turnover information available.

Principal Investment Strategies

The Fund is an actively managed, non-diversified exchange-traded fund (“ETF”) that seeks to provide investment

exposure to a portfolio of equity securities of Robotics Companies (as defined below) selected by the Adviser, while also

generating income through a structured options overlay strategy. Unlike an index fund, the Fund does not seek to track

any third-party index; the Adviser has broad discretion to select and weight the Fund’s exposure to Robotics

Companies. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of

borrowings, if any, for investment purposes) in equity positions, including shares of the ROBO Global Robotics and

Automation Index ETF, and in derivative instruments that provide long investment exposure to Robotics Companies (as

defined below). The Fund’s use of derivative instruments may include exchange-listed and FLexible EXchange®

(“FLEX”) options, and/or total return swap agreements (“swaps”).

The Fund seeks to achieve economic exposure approximating 100% of the upside (and downside) price performance of

equity securities of Robotics Companies (before fees and expenses) while also seeking to generate income.

Rather than purchasing the equity securities of Robotics Companies directly or indirectly through an unaffiliated ETF,

such as ROBO ETF, the Fund will typically obtain all or a portion of its investment exposure to such securities —

individually or as a reference basket constructed by the Adviser — through exchange-listed and FLEX options (including

TUTTLE CAPITAL MANAGEMENT — ROBOTICS INCOME BLAST ETF — SUMMARY PROSPECTUS 13

deep in-the-money calls and synthetic long positions) and/or total return swaps referencing one or more Robotics

Companies, a basket thereof, or the ROBO ETF.

•Deep in-the-money call options have strike prices significantly below the current market price, and tend to

closely mirror the performance, of their referenced securities while requiring less capital than a direct

investment.

•Synthetic long positions are constructed using long call options and short put options that reference such

securities and have the same strike prices and expiration dates. A synthetic long position generally is intended

to produce economic exposure similar to owning the applicable reference asset directly.

•The call options purchased and the put options sold by the Fund will generally have one-month to one-year

terms and strike prices approximately equal to the then-current price of the reference asset at the time the

contracts are purchased and sold, respectively.

•Total return swaps are agreements under which the Fund and a counterparty exchange the total return of such

securities for payments based on a floating interest rate or similar reference rate. These positions may be

established using both standardized listed options and FLEX Options.

•The Fund may also hold the equity securities of Robotics Companies directly or indirectly through the shares of

the ROBO ETF to the extent the Adviser determines that derivative exposure is impractical or unavailable on

acceptable terms.

The Fund seeks to generate income for shareholders by employing a put credit spread strategy referencing individual

Robotics Companies held (directly or synthetically) by the Fund, a reference basket thereof, or shares of the ROBO