Equable Shares Small Cap Fund (Series 1)

(Class I EQSIX)

A Series of Series Portfolios Trust

August 10, 2018

Supplement to the Summary Prospectus, Prospectus and

Statement of Additional Information (“SAI”) dated May 30, 2018

Effective as of the close of business on August 16, 2018, the Equable Shares Small Cap Fund (Series 1) (the “Fund”) will be closed to all new purchases.  The Fund will remain open to automatic reinvestment of dividends and capital gains distributions, as described under the section entitled “Distribution of Fund Shares – Dividends, Distributions and their Taxation” in the Prospectus.

The decision and timing for future opening or closing of the Fund will be at the discretion of the Fund’s investment adviser, Teramo Advisors, LLC.

For investor inquiries about the Fund, please call the Fund at (888) 898-2024.

Please retain this Supplement with your Prospectus, Summary Prospectus and SAI for future reference.