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iM DBi Managed Futures Strategy and the iM DBi Hedge Strategy ETFs reorganized

(click link to see table)

497 1 imdbietfsreorg497ejune2021.htm 497 IM DBI ETFS

Filed pursuant to Rule 497(e)
Registration Nos. 333-133691; 811-21897
iM DBi Managed Futures Strategy ETF (DBMF)
iM DBi Hedge Strategy ETF (DBEH),
each a series of Manager Directed Portfolios (the “Trust”)

Supplement dated June 10, 2021 to each Fund’s Summary Prospectus, Prospectus, and
Statement of Additional Information (“SAI”), each dated April 30, 2021

This supplement provides new and additional information beyond that contained in the Prospectus. It should be retained and read in conjunction with the Prospectus.

On June 2, 2021, the Board of Trustees of the Trust approved the reorganization of each of the iM DBi Managed Futures Strategy ETF and the iM DBi Hedge Strategy ETF (each, a “Target Fund,” and together, the “Target Funds”) into the iM DBi Managed Futures Strategy ETF and the iM DBi Hedge Strategy ETF (each, an “Acquiring Fund,” and together, the “Acquiring Funds”), each a newly-created series of Litman Gregory Funds Trust. The reorganizations are subject to certain conditions including approval by shareholders of the Target Funds. Each Acquiring Fund will have an investment objective and principal investment strategies and limitations that are substantially similar to the investment objective, strategies and limitations of each respective Target Fund.

The Target Funds’ investment adviser, iM Global Partner US LLC (“iM Global”), proposed the reorganizations because iM Global believes that each Target Fund and its shareholders would benefit by becoming series of Litman Gregory Funds Trust following the recent acquisition of the parent company of Litman Gregory Fund Advisors, LLC (“LGFA”) by iM Global. The reorganizations were proposed due to the increased distribution opportunities and enhanced capabilities that will be available to the Target Funds from the combined advisory entities.

After the closing of each reorganization, which is subject to approval by the shareholders of the applicable Target Fund, LGFA will serve as the investment adviser to the Acquiring Funds. Dynamic Beta investments LLC, the sub-adviser to each Target Fund, will continue to serve as the sub-adviser to each Acquiring Fund after the closing of each reorganization...
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