# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001441
**Filing Date:** 2023-3
**Character Count:** 28487
**Document Hash:** 0a645a93c4a98b5324730e4d8c9b10be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001441.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001580642-23-001441

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**EFFECTIVENESS DATE**: 20230313

**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:** 23726306

**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

### LeaderShares(R) Activist Leaders(R) ETF (Series ID: S000068213)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000218403 | LeaderShares(R) Activist Leaders(R) ETF |  |

**LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF**

**SUMMARY PROSPECTUS** 

March 1, 2023

ACTV

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, both dated March 1, 2023, as supplemented to date, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at https://www.leadersharesetfs.com/funds/leadershares-activist-leaders-etf. You can also obtain these documents at no cost by calling 1-(888) 617-1444 or by sending an email request to info@leadersharesetfs.com. Shares of the Fund are listed and traded on the New York Stock Exchange ("NYSE") (the "Exchange").

**Investment Objective:** The LeaderShares<sup>®</sup> Activist Leaders<sup>®</sup> ETF (the "Activist Leaders ETF" or the "Fund") seeks to generate long-term capital growth.

**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;**Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;Management Fee<sup>(1)</sup> | &nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;Distribution (12b-1) and Service Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total Annual Fund Operating Expenses** | &nbsp;&nbsp;**0.75%** |

---

(1) The Fund's adviser provides
investment advisory service, and pays most of the Fund's operating expenses (except all brokerage fees and commissions, taxes, borrowing
costs (such as dividend expense on securities sold short and interest), fees and expenses of other investment companies in which the Fund
may invest, or extraordinary expenses such as litigation) in return for a "unitary fee."

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

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $77 | $240 | $417 | $930 |

---

**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 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 67% of the average value of its portfolio.

**Principal Investment Strategies:** The Fund is an actively managed exchange-traded fund ("ETF") that employs an investment approach that focuses on equity securities that are the target of shareholder activism. These equity securities are identified using a proprietary quantitative methodology built on the foundation of tracking legally mandated filings known as "13D" filings that are submitted with the Securities and Exchange Commission ("SEC"). Rules adopted under the Securities Exchange Act of 1934 require a shareholder that acquires, with an activist intent, more than 5% of a company's shares to file a form with the SEC known as a Schedule 13D that discloses the investor's identity and the investor's purpose in acquiring those shares.

The Fund's Adviser identifies Activist Leader<sup>®</sup> investors utilizing a proprietary methodology based upon qualitative elements, including research into the effectiveness of activist investors' achievement of stated objectives and creation of positive shareholder returns in positions that were the subject of a 13D filing by them. Because the Adviser's identification of Activist Leaders<sup>®</sup> investors is based on ongoing research, the list of Activist Leaders<sup>®</sup> investors may change over time.

The Fund will be invested in equity securities of companies listed on a U.S. exchange with market capitalizations of at least $1 billion at the time of initial purchase. The Fund may focus its investments in a particular sector, industry or group of industries.

The Fund may engage in active and frequent trading.

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

* *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<br>
(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 market or other securities markets or adverse
investor sentiment 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.

* *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 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
during 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.

* *Quantitative Investing Risk.* The Adviser may use proprietary computer trading modeling systems to implement its investment strategies for the Fund.
Investments selected using these models may perform differently than the market as a whole or from their expected performance as a result
of the factors used in the models, the weight placed on each factor, changes from the factors' historical trends and technical issues
in the construction and implementation of the models. There is no assurance that the models are complete or accurate, or representative
of future market cycles, nor will they necessarily be beneficial to the Fund if they are accurate. These systems may negatively affect
Fund performance for various reasons, including human judgment, inaccuracy of historical data and non-quantitative factors (such as market
or trading system dysfunctions, investor fear or over-reaction).

* *Activist Risk.* An activist investor uses an
equity stake in a company to put public pressure on the company's management team and board in order to achieve certain objectives
such as the increase of shareholder value through changes in corporate policy or financing structure, or to reduce expenses. Shareholder
activism can take any of several forms, including proxy battles, publicity campaigns, and negotiations with management. Although the Fund
does not intend to invest in companies for the purpose of effecting change or influencing or controlling management itself, the Fund invests
in companies that the Adviser believes have potential for capital appreciation resulting from such changes. The Adviser's evaluation
of companies may prove incorrect, or the efforts which they invest may not be successful, or even if successful, may have unintended affects
or cause the Fund's investment to lose value.

* *Equity Risk.* Equity securities are susceptible to general 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.

* *Authorized Participant Concentration Risk.* To
the extent that authorized participants are unable or otherwise unavailable to proceed with creation and/or redemption orders and no other
authorized participant is able to create or redeem in their place, shares may trade at a discount to net asset value ("NAV")
and may face delisting.

* *Active Trading Risk.* A higher portfolio turnover
due to active and frequent trading will result in higher transaction and brokerage costs associated
with the turnover which may reduce the Fund's return, unless the securities traded can be bought and sold without corresponding
commission costs. Active trading of securities may also increase the Fund's realized capital gains and losses, which may affect
the taxes you pay as a Fund shareholder.

* *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.

* *Fluctuation of Net Asset Value Risk.* Unlike
conventional ETFs, the Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified
Index. 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. Actively managed ETFs have a limited trading history and, therefore, there can be no assurance as to whether and/or
the extent to which the shares will trade at premiums or discounts to NAV.

* *Gap Risk.* The Fund is subject to the risk that a stock price or derivative value 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 or derivative value to drop substantially from the previous day's closing price. Trading halts may
lead to gap risk. Trading halts may lead to gap risk.

* *Information Technology Sector Risk.* Information
technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit
margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources
or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent
new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in
the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights
may adversely affect the profitability of these companies.

* *Management Risk.* The Fund's investment
strategies 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.

* *Market Capitalization Risk.* The Fund's anticipated weighting towards larger-sized companies subjects the Fund to the risk that larger companies may
not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and that they
may be less capable of responding quickly to competitive challenges and industry changes. Because the Fund may invest in companies of
any size, its share price could be more volatile than a fund that invests only in large companies. Small and medium–sized companies
typically have less experienced management, narrower product lines, more limited financial resources, and less publicly available information
than larger companies. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may
experience higher failure rates than larger companies.

* *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 are an inevitable part of investing in capital markets and 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.

* *New Fund Risk.* The Fund is recently formed.
Investors bear the risk that the Fund may not grow to or maintain 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.

* *Rules-Based Strategy Risk.* A rules-based investment strategy may not be successful on an ongoing basis or could contain unknown errors. In addition,
the data used may be inaccurate or the computer programming used to create a rules-based investment strategy might contain one or more
errors. Moreover, during periods of increased volatility or changing market conditions the commonality of portfolio holdings and similarities
between strategies of rules-based managers may amplify losses.

* *Sector Risk.* The risk that if the Fund invests
a significant portion of its total assets in certain issuers within the same economic sector, an economic, business or political development
or natural or other event, including war, terrorism, natural and environmental disasters, epidemics, pandemics and other public health
crisis, adversely affecting that sector may affect the value of the Fund's investments more than if the Fund's investments
were not so concentrated.

* *Volatility Risk.* The Fund's investments
may appreciate or decrease significantly in value over short periods of time. The value of an investment in the 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 portfolio may also be more volatile than the market as a whole. This volatility may affect the 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.

**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 by comparing the Fund's performance with a broad measure of market performance. The bar chart shows performance of the Fund's shares for each calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be aware that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information will be available at no cost by visiting www.leadersharesetfs.com or by calling 1-480-757-4277.

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

![](image_001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Highest Quarter: | &nbsp;&nbsp;03/31/2021 | &nbsp;&nbsp;14.04% |
| &nbsp;&nbsp;Lowest Quarter: | &nbsp;&nbsp;06/30/2022 | &nbsp;&nbsp;-15.80% |

---

**Performance Table<br> Average Annual Total Returns<br> (For the year ended December 31, 2022)**

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**One<br> Year** | &nbsp;&nbsp;**Since<br> Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;-20.01% | &nbsp;&nbsp;11.09% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions | &nbsp;&nbsp;-20.07% | &nbsp;&nbsp;10.91% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;-11.81% | &nbsp;&nbsp;8.53% |
| &nbsp;&nbsp;&nbsp;S&P 500 Index<sup>(2)</sup> | &nbsp;&nbsp;-18.11% | &nbsp;&nbsp;7.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Inception date is October 26, 2020

&nbsp;&nbsp;&nbsp;&nbsp;(2) The S&P 500 Index is a market-capitalization-weighted
index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations
are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns
are gross of any fees, brokerage commissions or other expenses of investing.

**Investment Adviser:** Redwood Investment Management, LLC (the "Adviser") serves as investment adviser to the Fund.

**Portfolio Managers:** The Fund is managed by a team comprised of Michael T. Messinger, Portfolio Manager and Managing Partner of Redwood, Richard M. Duff, Portfolio Manager and Managing Partner of Redwood, and Michael T. Cheung, Portfolio Manager and Managing Partner. Mr. Messinger, Mr. Duff, and Mr. Cheung have managed the Fund since its inception in October 2020.

**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 New York Stock Exchange ("NYSE") (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 www.leadersharesetfs.com.

**Tax Information:** The Fund's distributions generally will be taxable at ordinary income or long-term capital gain rates. 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.