Twin Oak Active Opportunities ETF is an actively managed, non-diversified exchange-traded fund that seeks long-term capital appreciation through a flexible multi-asset investment strategy. The fund invests directly and indirectly in equity securities, including common and preferred shares of small-, mid- and large-capitalization companies; fixed-income securities, including U.S. government, corporate and other debt obligations across short-, intermediate- and long-term maturities and investment-grade and below-investment-grade credit qualities; exchange-traded funds; and cash and cash-equivalent instruments. It may obtain exposure through other ETFs and uses bottom-up fundamental research together with top-down market analysis to select investments and adjust allocations across asset classes. The fund is listed on the Cboe BZX Exchange under the ticker TSPX and is advised by Twin Oak ETF Company, which is headquartered in Wellesley, Massachusetts; TSPX operates as a series of Manager Directed Portfolios, a Delaware statutory trust. The fund commenced operations on February 20, 2025. Recent operational developments include the adviser’s voluntary reduction of the fund’s management fee from 0.99% to 0.35% of average daily net assets, contributing to stated net annual fund expenses of 0.43%; the fund’s 2025 annual prospectus and shareholder-report updates; and the continuation of its active allocation strategy across equity, fixed-income and ETF exposures.