# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001324
**Filing Date:** 2023-3
**Character Count:** 44330
**Document Hash:** be9dd6346536b418f42d815f080bbe32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001324.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001580642-23-001324

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Two Roads Shared Trust
- **CENTRAL INDEX KEY:** 0001552947
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-182417
- **FILM NUMBER:** 23715291

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 402-895-1600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Conductor Global Equity Value ETF (Series ID: S000074951)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000233407 | Conductor Global Equity Value ETF |  |

**SUMMARY PROSPECTUS**

**March 1, 2023**

**CONDUCTOR GLOBAL EQUITY VALUE ETF**

CGV

a series of Two Roads Shared Trust

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. The Fund's Prospectus and Statement of Additional Information, each dated March 1, 2023, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at https://conductoretfs.com/resources. You can also obtain these documents at no cost by calling 1-615-200-0057 or by sending an email request to Fulfillment@ultimusfundsolutions.com. Shares of the Fund are listed and traded on the New York Stock Exchange.

**Investment Objective** **:** The Conductor Global Equity Value ETF (the "Fund") seeks to provide long-term risk-adjusted total return.

**Fees and Expenses of the Fund** **:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Shareholder Fees<br> (fees paid directly from your investment)** | |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) |  |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load)<br> (as a % of original purchase price) |  |
| &nbsp;&nbsp;Redemption Fee<br> (as a % of amount redeemed within 30 days of purchase) |  |
| &nbsp;&nbsp;**Annual Fund Operating Expenses<br> (expenses that you pay each year as a<br> percentage of the value of your investment)** |  |
| &nbsp;&nbsp;Management Fees | 1.25% |
| &nbsp;&nbsp;Distribution and Service (12b-1) Fees | 0.00% |
| &nbsp;&nbsp;Other Expenses | 0.46% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(1)</sup> | <u>0.05%</u> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 1.76% |
| &nbsp;&nbsp;Expense Waiver <sup>(2)</sup> | <u>(0.46)%</u> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses After Expense Waiver | 1.30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment
companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because
the financial statements include only the direct operating expenses incurred by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund's adviser has contractually agreed to reduce the Fund's fees
and/or absorb expenses of the Fund to ensure that total annual Fund operating expenses (exclusive of any front-end or contingent deferred
loads; brokerage fees and commissions; expenses of other investment companies in which the Fund may invest ("acquired fund fees
and expenses"); borrowing costs, such as interest and dividend expense on securities sold short; taxes; and extraordinary expenses,
such as litigation expenses) do not exceed 1.25% of the Fund's average daily net assets. These fee waiver and expense reimbursements
are not recoupable by the Adviser. This arrangement will remain in effect through at least March 1, 2024, as the Adviser has agreed to
continue it for the duration of its investment advisory agreement with the Fund. This agreement may be terminated by the Fund's
Board of Trustees on 60 days' written notice to the adviser.

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;$132 | &nbsp;&nbsp;$509 | &nbsp;&nbsp;$911 | &nbsp;&nbsp;$2035 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. For the fiscal year ended October 31, 2022, the Fund's portfolio turnover rate was 139% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund is an actively-managed exchange-traded fund ("ETF") that normally invests at least 80% of its assets in equity securities or investments that are economically tied to equity securities. The Fund seeks to achieve its investment objective by investing under normal circumstances in a portfolio of equity securities of companies that are believed to exhibit strong fundamental attributes. The Fund's investment adviser, IronHorse Capital LLC ("IronHorse" or the "Adviser"), develops the composition of the Fund's portfolio using technical, fundamental and quantitative analysis to select equity securities that meet specific value-oriented criteria. The Fund's investment in shares of other investment companies, including exchange-traded funds ("ETFs"), will be counted toward the 80% policy discussed above to the extent such investments have economic characteristics similar to equity securities.

The Adviser employs a fundamentals-based quantitative factor model to attempt to identify investments that are undervalued by the market in comparison to the Adviser's assessment of the investments' intrinsic value. The model relies upon fundamental metrics which include, but are not limited to: cash flow generation, profitability and balance sheet metrics. Once investment opportunities meeting these fundamental criteria are identified, the Adviser employs a technical model to measure relative price trends. The technical model evaluates the momentum, pricing behavior and chart patterns of each security to trigger buy and sell decisions. No individual securities will be purchased unless all specific fundamental and technical criteria are satisfied. The Adviser will generally sell an investment whose price the Adviser believes is no longer undervalued by the market in comparison to the Adviser's assessment of the investments' intrinsic value, as a result of a material change in the business of the issuer or a material appreciation in the price of the security, or if the Adviser believes that a more attractive investment opportunity becomes available.

The Fund seeks to invest under normal circumstances in equity securities that are economically tied to at least three countries (one of which may be the United States). Under normal circumstances, the Fund invests at least 40% of its assets in issuers located outside the United States, unless market conditions are not deemed favorable by the Adviser, in which case the Fund would invest at least 30% of its assets in issuers located outside the United States. Equity securities in which the Fund may invest include common stocks and equity-equivalent securities. The Fund may invest in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign (non-U.S.) issuers, provided that such investments shall be in accordance with the limits set forth in the second sentence of this paragraph. The Fund may invest in common stocks of large-cap companies, as well as small and mid-cap companies. The Adviser typically purchases stocks on host exchanges of a company's respective country of domicile, allowing the Fund to benefit from pure currency diversification.

The Fund prioritizes managing risk exposures. When the Adviser's macro analysis indicates that market risks have risen, the Fund may employ hedges such as cash or ETFs to preserve portfolio returns. The Fund may engage in active trading of portfolio securities to achieve its investment goal.

The Fund may also engage in securities lending to generate income.

**Principal Investment Risks: As with all funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Many factors affect the Fund's net asset value and performance. Each risk summarized below is a principal risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other factors.**

**As with any fund, there is no guarantee that the Fund will achieve its goal.** 

The Fund may be subject to the risks described below through its own direct investments and indirectly through its investments in underlying funds, including ETFs.

* *Market Risk.* Overall market
risk may affect the value of individual instruments in which the Fund invests. The Fund is subject to the risk that the securities
markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and other factors, which may negatively
affect the Fund's performance. Factors such as domestic and foreign (non-U.S.) economic
growth and market conditions, real or perceived adverse economic or political conditions, inflation, changes in interest rate levels,
lack of liquidity in the bond or other markets, volatility in the equities markets or adverse investor sentiment affect the securities
markets and political events affect the securities markets. U.S. and foreign stock markets have experienced periods of substantial price
volatility in the past and may do so again in the future. Securities markets also may experience long periods of decline in value. A change
in financial condition or other event affecting a single issuer or market may adversely impact securities markets as a whole. Rates of
inflation have recently risen. The value of assets or income from an investment may be worth less in the future as inflation decreases
the value of money. As inflation increases, the real value of the Fund's assets can decline as can the value of the Fund's
distributions. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could
lose money.

Local, state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund's net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments' reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance. A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers.

* *Market Events Risk.* There has been increased volatility, depressed
valuations, decreased liquidity and heightened uncertainty in the financial markets during the past several years, including what was
experienced in 2020. These conditions may continue, recur, worsen or spread. The U.S. government and the Federal Reserve, as well as certain
foreign governments and central banks, took steps to support financial markets, including by lowering interest rates to historically low
levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being
unlikely to achieve the desired results. The U.S. government and the Federal Reserve have recently reduced market support activities,
including by increasing interest rates. Such reduction, including interest rate increases, could negatively affect financial markets generally,
increase market volatility and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative changes
in the United States and in other countries may also contribute to decreased liquidity and increased volatility in the financial markets.
The impact of these influences on the markets, and the practical implications for market participants, may not be fully known for some
time.

* *Management Risk.* The risk
that investment strategies employed by the Adviser in selecting investments for the Fund may not result in an increase in the value of
your investment or in overall performance equal to other similar investment vehicles having similar investment strategies. Management
risk includes the risk that the quantitative model used by the Fund's investment adviser may not perform as expected, particularly
in volatile markets.

* *Absence of an Active Market Risk.* The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares due to a limited
number of market markers or authorized participants. The Fund may rely on a small number of third-party market makers to provide a market
for the purchase and sale of shares and market makers are under no obligation to make a market in the Fund's shares. Additionally,
only a limited number of institutions act as authorized participants for the Fund and only an authorized participant may engage in creation
or redemption transactions directly with the Fund and are not obligated to submit purchase or redemption orders for Creation Units. Decisions
by market makers or authorized participants to reduce their role or step away from these activities in times of market stress could inhibit
the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund's portfolio
securities and the Fund's market price. Any trading halt or other problem relating to the trading activity of these market makers
or any issues disrupting the authorized participants' ability to proceed with creation and/or redemption orders could result in
a dramatic change in the spread between the Fund's net asset value and the price at which the Fund's shares are trading on
the Exchange, which could result in a decrease in value of the Fund's shares. This reduced effectiveness could result in Fund shares
trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads for Fund shares. 

*Cash Positions Risk.* The Fund may hold a significant position in cash, cash equivalent securities or U.S. Treasury investments. When the Fund's investment in cash, cash equivalent securities or U.S. Treasury investment increases, the Fund may not participate in market advances or declines to the same extent that it would if the Fund were more fully invested.

*Cash Transactions Risk .* The Fund may effect all or a portion of its creations and redemptions for cash rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. ETFs are able to make in-kind redemptions and avoid being taxed on gains on the distributed portfolio securities at the fund level. If the Fund effects redemptions for cash may be required to sell portfolio securities in

order to obtain the cash needed to distribute redemption proceeds. Any recognized gain on these sales by the Fund will generally cause the Fund to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities only in-kind. The Fund intends to distribute these gains to shareholders to avoid being taxed on this gain at the fund level and otherwise comply with the special tax rules that apply to it. This strategy may cause shareholders to be subject to tax on gains they would not otherwise be subject to, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities market is relatively illiquid and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to those purchasing and redeeming Creation Units in the form of creation and redemption transaction fees. In addition, these factors may result in wider spreads between the bid and the offered prices of the Fund's shares than for ETFs that distribute portfolio securities in-kind. The Fund's use of cash for creations and redemptions could also result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective.

* *ETF Structure Risks:* The
Fund is structured as an ETF and as a result is subject to special risks, including:

○ Not Individually Redeemable: Shares are not individually redeemable and may be redeemed by the Fund at net asset value ("NAV") only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough shares to constitute a Creation Unit.

○ Trading Issues: Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable, such as extraordinary market volatility. There can be no assurance that shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares.

○ Market Price Variance Risk. The market prices of shares will fluctuate in response to changes in NAV and supply and demand for shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This means that shares may trade at a discount or premium to NAV. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to NAV, the shareholder may sustain losses if the shares are sold at a price that is less than the price paid by the shareholder for the shares.

■ In times of market stress, such as what was experienced in 2020 with the COVID-19 pandemic, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences between the market value of Fund shares and the Fund's net asset value.

■ The market price for the Fund's shares may deviate from the Fund's net asset value, particularly during times of market stress, with the result that investors may pay significantly more or significantly less for Fund shares than the Fund's net asset value, which is reflected in the bid and ask price for Fund shares or in the closing price.

■ When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Fund's shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of the Fund's shares and the Fund's net asset value.

■ In stressed market conditions, the market for the Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's net asset value.

* *Model Risk.* The
Fund will use model-based strategies that, while historically effective, may not be successful on an ongoing basis or could contain unknown
errors. Any imperfections or limitations in a model could affect the ability of the manager to implement strategies. By necessity, models
make simplifying assumptions that limit their efficacy. Models relying on historical market data can fail to predict future market events.
Further, the data used in models may be inaccurate and/or it may not include the most recent information about a company or a security.
In addition, computer programming used to create quantitative models, or the data on which such models operate, might contain one or more
errors. Such errors might never be detected, or might be detected only after the Fund has sustained a loss (or reduced performance) related
to such errors. Moreover, an increasing number of market participants may rely on models that are similar to those used by the Adviser,
which may result in a substantial number of market participants taking the same action with respect to an investment. Should one or more
of these other market participants begin to divest themselves of one or more portfolio holdings, the Fund could suffer significant losses.
In addition, changes in underlying market conditions can adversely affect the performance of a model.

 

* *Value Investing Risk.* Value
investing attempts to identify securities selling at a discount in comparison to the Adviser's assessments of their intrinsic value.
Such securities may not increase in price as anticipated by the Adviser, and may even decline further in value if other investors fail
to recognize the issuer's value or if the events or factors that the Adviser believes will increase a security's market value
do not occur.

* *Volatility Risk.* The investments
held by the Fund or an underlying fund may appreciate or decrease significantly in value over short periods of time. The value of an investment
in the Fund's or an underlying fund's portfolio may fluctuate due to factors that affect markets generally or that affect
a particular industry or sector. The value of an investment in the Fund's or an underlying fund's portfolio may also be more
volatile than the market as a whole. This volatility may affect the Fund's or an underlying fund's net asset value per share,
including by causing it to experience significant increases or declines in value over short periods of time. Events or financial circumstances
affecting individual investments, industries or sectors may increase the volatility of the Fund or an underlying fund.

* *Foreign (Non-U.S.) Investment Risk.* Foreign (non-U.S.) securities present greater investment risks than investing in the securities of U.S. issuers and may experience
more rapid and extreme changes in value than the securities of U.S. companies, due to less information about foreign (non-U.S.) companies
in the form of reports and ratings than about U.S. issuers; different accounting, auditing and financial reporting requirements; smaller
markets; nationalization; expropriation or confiscatory taxation; currency blockage; or political changes or diplomatic developments.
Foreign (non-U.S.) securities may also be less liquid and more difficult to value than securities of U.S. issuers.

* *Large-Cap Securities Risk.* The securities of large capitalization companies may underperform other segments of the market because such companies may be less
responsive to competitive challenges and opportunities, such as changes in technology and consumer tastes. Large market capitalization
companies may be unable to attain or maintain the high growth rate of successful smaller companies, especially during extended periods
of economic expansion.

* *Active Trading Risk.* A
higher portfolio turnover due to active and frequent trading may result in higher transactional and brokerage costs that may result in
lower investment returns.

* *Credit Risk.* The risk that
the Fund could lose money if the issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet
its contractual obligations on investments held by the Fund. Changes in the credit rating of a debt security held by the Fund could have
a similar effect.

* *Currency Risk.* The risk
that foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar and adversely affect the value of the Fund's
investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure
to, foreign (non-U.S.) currencies.

* *Cybersecurity Risk.* There is risk to the Fund of an unauthorized
breach and access to fund assets, customer data (including private shareholder information), or proprietary information, or the risk of
an incident occurring that causes the Fund, the investment adviser, custodian, transfer agent, distributor and other service providers
and financial intermediaries ("Service Providers") to suffer data breaches, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact the Fund
or its shareholders.

* *Emerging Market Risk.* Investing in emerging markets involves not only the risks described herein with respect to investing in foreign securities,
but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that
can be expected to have less stability than those of developed countries. The typically small size of the markets may also result in a
lack of liquidity and in price volatility of these securities. Emerging markets are riskier than more developed markets because they tend
to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Investments in emerging
markets may be considered speculative and share the risks of foreign developed markets but to a greater extent. Emerging markets are more
likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging
financial markets have far lower trading volumes and less liquidity than developed markets which may result in increased price volatility
of emerging market investments. The legal remedies for investors in emerging markets may be more limited than the remedies available in
the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors may be
limited.

* *Equity Risk.* Equity securities
including common stocks are susceptible to general stock market fluctuations, volatile increases and decreases in value as market confidence
in and perceptions of their issuers change and unexpected trading activity among retail investors. Factors that may influence the price
of equity securities include developments affecting a specific company or industry, or the changing economic, political or market conditions.
Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation
in the growth of an issuer may be limited.

* *Fluctuation of Net Asset Value Risk.* The NAV of the Fund's shares will generally fluctuate with changes in the market value of the Fund's holdings.
The market prices of the shares will generally fluctuate in accordance with changes in NAV as well as the relative supply of and demand
for the shares on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above their NAV. Price differences
may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for the shares will be closely
related to, but not identical to, the same forces influencing the prices of the Fund's holdings trading individually or in the aggregate
at any point in time.

* *Gap Risk.* The
Fund is subject to the risk that a stock price will change dramatically from one level to another with no trading in between and/or before
the Fund can exit the investment. Usually such movements occur when there are adverse news announcements, which can cause a stock price
to drop substantially from the previous day's closing price. Trading halts may lead to gap risk.

* *Geographic and Sector Risk.* The risk that if the Fund invests a significant portion of its total assets in certain issuers within the same geographic region or
economic sector, an adverse economic, business or political development or natural or other event, including war, terrorism, natural and
environmental disasters, epidemics, pandemics and other public health crises, affecting that region or sector may affect the value of
the Fund's investments more than if the Fund's investments were not so focused. While the Fund may not concentrate in any
one industry, the Fund may invest without limitation in a particular country or sector.

* *Hedging Transactions Risk.* The Adviser from time to time employs various hedging techniques. The success of the Fund's hedging strategy
will be subject to the Adviser's ability to correctly assess the degree of correlation between the performance of the instruments
used in the hedging strategy and the performance of the investments in the portfolio being hedged. Because the characteristics of many
securities change as markets change or time passes, the success of the Fund's hedging strategy will also be subject to the Adviser's
ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of reasons, the Adviser
may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect
correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible
to hedge fully or perfectly against any risk, and hedging entails its own costs.

* *Index Risk.* If an ETF is linked to the performance of an index, it will be subject to the risks associated with changes in that index. 

* *Investment Companies and Exchange-Traded Funds ("ETFs") Risk.* When the Fund invests in other investment companies, including ETFs, it will bear additional expenses
based on its pro rata share of the other investment company's or ETF's operating expenses, including the potential duplication
of management fees. The risk of owning an investment company or ETF generally reflects the risks of owning the underlying investments
held by the investment company or ETF. The Fund also will incur brokerage costs when it purchases and sells ETFs.

* *Issuer-Specific Risk.* The
value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole.

* *New Fund Risk.* The Fund
is recently formed. Investors bear the risk that the Fund may not grow to or maintain an economically viable size, may not be successful
in implementing its investment strategy, and may not employ a successful investment strategy, any of which could result in the Fund being
liquidated at any time without shareholder approval and/or at a time that may not be favorable for certain shareholders. Such a liquidation
could have negative tax consequences for shareholders.

* *Portfolio Turnover Risk.* The
Fund may experience high portfolio turnover, including investments made on a shorter-term basis, which may lead to increased Fund expenses
that may result in lower investment returns. High portfolio turnover may also result in higher short-term capital gains taxable to shareholders.

* *Securities Lending Risk.* The risks associated with lending portfolio
securities to institutions, such as banks and certain broker-dealers, as with other extensions of secured credit, include, but are
not limited to, possible delays in receiving additional collateral or in the recovery of the securities loaned, possible loss of rights
in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments
made with the collateral.

* *Small-Cap and Mid-Cap Securities Risk.* The risk that the value of securities issued by small- and mid-capitalization companies may be more volatile than those of larger,
more established companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced
managers. Stocks of small- and medium-capitalization companies may also have a more limited trading market than stocks of larger companies.

* *Trading Issues Risk.* Trading
in Fund shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in
shares inadvisable. In addition, trading in Fund shares on the Exchange is subject to trading halts caused by extraordinary market volatility
pursuant to the Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the Exchange
necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining
its listing on the Exchange in the event the Fund's assets are small, the Fund does not have enough shareholders, or if the Fund
is unable to proceed with creation and/or redemption orders.

* *Valuation Risk.* The sale
price that the Fund could receive for a portfolio security may differ from the Fund's valuation of the security, particularly for
securities that trade in low volume or volatile markets or that are valued using a fair value methodology. In addition, the value of the
securities in the Fund's portfolio may change on days when shareholders will not be able to purchase or sell the Fund's shares.

**Performance:** The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The Fund has adopted the accounting history and performance of the predecessor mutual fund, the Conductor Global Equity Value Fund (the "Predecessor Fund") as the result of a reorganization of the Predecessor Fund into the Fund which was effective as of August 1, 2022 (the "Reorganization"). Prior to the Reorganization, the Fund had not yet commenced operations. The performance information shown in the bar chart below for the periods prior to August 1, 2022 is for the Predecessor Fund's Class Y shares, which commenced operations on April 19, 2016. The performance information and figures shown below for periods prior to April 19, 2016, reflect the historical performance of the then-existing Class I shares of the Predecessor Fund, which commenced operations on December 27, 2013. The performance figures for periods prior to April 19, 2016 have not been adjusted to reflect fees and expenses of Class Y shares of the Fund. If these returns had been adjusted, the performance information for the period would be higher than the returns shown based on differences in the classes' fee and expense structures. The Performance reflects fee waivers or expense limitations, if any, that were in effect during the periods presented. Returns in the bar chart and table for the Predecessor Fund have not been adjusted. The annual returns bar chart demonstrates the risks of investing in the Fund by showing how the Fund and Predecessor Fund's performance has varied from year to year. The performance table compares the performance of the Fund and, as applicable, the Predecessor Fund's Class I and Class Y shares over time to the performance of a broad-based market index. You should be aware that the Predecessor Fund's past performance (before and after taxes) may not be an indication of how the Fund, an exchange-traded fund, will perform in the future. Updated performance information is available at no cost by visiting conductorfunds.com or by calling 1-615-200-0057.

**Performance Bar Chart for the Calendar Years Ended December 31<sup>st</sup>:**

![](image_002.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Highest Quarter: | &nbsp;&nbsp;12/31/2019 | &nbsp;&nbsp;13.02% |
| &nbsp;&nbsp;Lowest Quarter: | &nbsp;&nbsp;03/31/2020 | &nbsp;&nbsp;-29.46% |

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**Performance Table**

**Average Annual Total Returns**

**(For the year ended December 31, 2022)**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Conductor Global Equity Value ETF** | &nbsp;&nbsp;**One<br> Year** | &nbsp;&nbsp;**Five<br> Years** | &nbsp;&nbsp;**Since<br> Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;0.38% | &nbsp;&nbsp;1.40% | &nbsp;&nbsp;5.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes on Distributions | &nbsp;&nbsp;-0.01% | &nbsp;&nbsp;0.61% | &nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return after taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;0.44% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; **MSCI ACWI SMID Value Index<sup>(2)</sup>**<br> (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;-12.78% | &nbsp;&nbsp;2.05% | &nbsp;&nbsp;4.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; **MSCI All Country World Value Index<sup>(3)</sup>**<br> (reflects no deduction for fees, expenses or taxes) | &nbsp;&nbsp;-7.55% | &nbsp;&nbsp;3.47% | &nbsp;&nbsp;4.82% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The Predecessor Fund's Class I shares commenced operations on December 27, 2013.
The Predecessor Fund's Class Y shares commenced operations on April 19, 2016. Date used to calculate performance since inception
for the indices is the commencement date of the Predecessor Fund's Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Effective October 14<sup>th</sup>, 2022, the
Fund's primary benchmark index was changed from the MSCI All Country World Index to the MSCI ACWI SMID Value Index because the Adviser
determined it is a more appropriate benchmark index given the Fund's strategy and portfolio holdings. The MSCI All Country World
Small/Mid (ACWI SMID) Cap Index captures mid and small cap representation across 23 Developed Markets and 24 Emerging Markets countries.
With 7,873 constituents, the index covers approximately 28% of the free float-adjusted market capitalization in each country. Investors
cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expense of
investing.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The MSCI All Country World (MSCI ACWI) Value Index captures large and mid-cap securities
exhibiting overall value style characteristics across 23 developed markets countries and 24 emerging markets countries. The value investment
style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price
and dividend yield. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions
or other expense of investing.

After-tax returns presented in the table for the Predecessor Fund were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Predecessor Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Investment Adviser:** IronHorse Capital LLC serves as investment adviser to the Fund.

**Portfolio Manager:** The Fund is managed by Charles Albert Cunningham, III, CFA, Chief Investment Officer of IronHorse.<br> Mr. Cunningham has managed the Fund since its inception (as the predecessor mutual fund) in 2013.

**Purchase and Sale of Fund Shares:** The Fund will issue and redeem shares at NAV only in large blocks of 25,000 shares (each block of shares is called a "Creation Unit"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Except when aggregated in Creation Units, the shares are not redeemable securities of the Fund.

Shares of the Fund are listed for trading on the Exchange and trade at market prices rather than NAV. Individual shares of the Fund may only be purchased and sold in secondary market transactions through a broker or dealer at market price. Because shares trade at market prices, rather than NAV, shares of the Fund may trade at a price that is greater than NAV (*i.e.*, a premium) or less than NAV (*i.e.*, a discount).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread").

Recent information, including information about the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is included on the Fund's website at conductoretfs.com.

**Tax Information:** The Fund's distributions generally will be taxable as ordinary income, long-term capital gains or qualified dividend income, or a combination of the three. A sale of shares may result in capital gain or loss.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Adviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.