V-Square Quantitative Management LLC to Close V-Shares US Leadership Diversity ETF (VDNI) and V-Shares MSCI World ESG Materiality and Carbon Transition ETF (VMAT)

The Board of Trustees of Managed Portfolio Series (the "Trust") has determined to close and liquidate the V-Shares US Leadership Diversity ETF (NYSE: VDNI) and V-Shares MSCI World ESG Materiality and Carbon Transition ETF (CBOE: VMAT) (each a "Fund", together the “Funds”) effective immediately after the close of business on January 10, 2024, based upon a recommendation by V-Square Quantitative Management LLC (the “Adviser”), the adviser to each Fund.

Each Fund's last day of trading will be January 9, 2024, which will also be the final day for creation unit orders by authorized participants. Each Fund will conclude operations and distribute the remaining proceeds to shareholders promptly after the close of business January 10, 2024. Shareholders who do not sell their Fund shares by this date will have their shares automatically redeemed for cash based on the Fund's net asset value (NAV). Customary brokerage charges may apply to transactions to sell Fund shares. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation.

Each Fund’s investment objective, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the Fund and may be obtained by calling 1-800-617-0004 or visiting https://www.v-shares.com. Read it carefully before investing.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund.

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