Filed pursuant to Rule 497(e)
Registration Nos. 333-206240; 811-23084
Subversive Decarbonization ETF (DKRB)
Listed on Cboe BZX Exchange, Inc.
Subversive Food Security ETF (KCAL)
Listed on Cboe BZX Exchange, Inc.
Subversive Mental Health ETF (SANE)
Listed on Cboe BZX Exchange, Inc.
Supplement dated March 15, 2024 to the
Summary Prospectuses, Prospectus and Statement of Additional Information
each dated January 31, 2024
The Board of Trustees of Series Portfolios Trust, based upon a recommendation from Subversive Capital Advisor LLC (the “Adviser”), the investment adviser to the Subversive Decarbonization ETF, Subversive Food Security ETF and Subversive Mental Health ETF (each, a “Fund” and collectively, the “Funds”), approved a plan of liquidation (the “Plan of Liquidation”) for the Funds. Pursuant to the Plan of Liquidation, the Funds are expected to be liquidated (the “Liquidation”) immediately after the close of business on March 28, 2024 (the “Liquidation Date”). Shareholder approval of the Plan of Liquidation is not required. Shares of the Funds are listed on the Cboe BZX Exchange, Inc.
Effective immediately, the Adviser will begin an orderly transition of the Funds’ portfolio holdings to cash and cash equivalents. As a result, each Fund will cease investing its assets in a manner designed to achieve its investment objective as stated in such Fund’s prospectus.
The Funds will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of the Funds will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Funds’ shares during that time period. Customary brokerage charges may apply to such transactions.
Under the terms of the Plan of Liquidation, on or about the Liquidation Date, each Fund will liquidate its assets and distribute cash in an amount equal to the net asset value of a Fund’s shares after all charges, taxes, expenses and liabilities of a Fund has been paid or provided for. These distributions are taxable events. You should consult with your tax advisor for further information regarding the federal, state and/or local income tax consequences of the Liquidation that are relevant to your specific situation. In addition, these payments to shareholders will include accrued capital gains and dividends, if any. As calculated on the Liquidation Date, each Fund’s net asset value will reflect the costs of liquidating the assets of the Fund. Once the distributions have been completed, each Fund will terminate. Proceeds of the Liquidation will be sent to shareholders promptly after the Liquidation Date.
For additional information, please call 1-800-617-0004.
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Please retain this Supplement with your Summary Prospectus, Prospectus, and SAI for future reference.