# EDGAR Filing Document

**Accession Number:** 0001552947
**File Stem:** 0001580642-23-001445
**Filing Date:** 2023-3
**Character Count:** 45807
**Document Hash:** 807bdcf89275c352afc59f78bdf84053
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001445.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001580642-23-001445

**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:** 23726366

**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) Dynamic Yield ETF (Series ID: S000072292)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000228396 | LeaderShares(R) Dynamic Yield ETF |  |

**LeaderShares<sup>®</sup> Dynamic Yield ETF**

**SUMMARY PROSPECTUS** 

March 1, 2023

DYLD

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-equity-skew-etf. You can also obtain these documents at no cost by calling<br> 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> Dynamic Yield ETF (the "Dynamic Yield ETF" or the "Fund") seeks current income.

**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%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 sell 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 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 period ended October 31, 2022, the Fund's portfolio turnover rate was 66%.

**Principal Investment Strategies:** The Fund will be an actively managed exchange traded fund ("ETF") that normally invests, directly or indirectly, at least 80% of its net assets, including any borrowings for investment purposes, in a diversified portfolio of fixed income instruments. The Fund is not managed relative to an index and has broad flexibility to allocate its assets across different types of securities and sectors of the fixed income markets. The principal investments of the Fund include corporate bonds, U.S. government and agency securities, private debt, foreign sovereign bonds, convertible securities, bank loans, asset-backed securities, mortgage-backed securities, and cash equivalent instruments. The Fund may also invest in other investment companies, including other exchange-traded funds.

The Fund may invest in fixed income instruments with fixed or adjustable (floating) rates. The Fund does not seek to maintain any particular weighted average maturity or duration, and may invest in fixed income instruments of any maturity or duration. The Fund will invest in both investment grade and below investment grade (often referred to as "high yield" or "junk" bonds) securities. The Fund will typically invest a substantial portion of the Fund's investments in securities of issuers with a range of credit ratings. The Fund may invest up to 50% of its net assets in high yield securities. The Fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign issuers, including investing up to 20% of its net assets in issuers located in emerging market countries.

The number of sectors in which the Fund will be invested at any time may vary based upon market and economic conditions and other factors. During periods that Redwood Investment Management, LLC (the "Adviser") identifies as above average risk, such as when risk of loss in the non-Treasury bond sectors are elevated or when significant market disruption occurs, the Fund may invest up to 100% of its net assets in U.S. government securities of the same maturity.

The Fund's top-down investment process is driven by a quantitative model process that incorporates various fundamental and technical inputs to help the Adviser determine the most attractive sectors and segments of the bond market from a risk-reward perspective. The Adviser utilizes its quantitative research models to seek to identify when the opportunities for yield from increased credit risk and/or duration risk is sufficient to compensate for the relative risk of those exposures as compared to lower credit risk and/or shorter duration risk, and when to take more defensive positions if the yield premium relative to risk is less attractive due to greater risk of loss or downside volatility. The strategy seeks to capture higher yields when the Adviser's research indicates the risk of significant drawdown (or loss in value) is low and moves to a more defensive position when its research indicates the risk of significant drawdown (or loss in value) is high. The Adviser also considers the convexity of the Fund's portfolio, which measures the sensitivity of a bond's price to its yield as interest rates fluctuate and takes into account the price impact of pre-payment risk of bonds. Factors that the models and the Adviser take into account include trends in interest rates, credit spreads, and the relative strength of various bond market sectors such as treasuries, investment grade corporate, non-investment grade corporate, mortgage-backed, asset-backed and sovereign debt.

The relative risk across different sectors and segments of the fixed income market is assessed and baskets of representative securities within each such sector and segment are identified to implement the desired risk exposures. The Fund will sell a portfolio holding when the quantitative model outputs indicate a more attractive investment is available or when a change in risk exposure is desired by the Adviser.

The Fund may engage in active and frequent trading. The Fund's portfolio turnover will vary based on the frequency and magnitude of changes in risks in the fixed income market. The frequency with which the Fund will re-balance its underlying holdings is not pre-determined and will occur when changes to the Fund's portfolio risk exposures are made by the Adviser, which are currently anticipated to occur between zero to four times in any given calendar year, although there is no limit to the number of re-balancings in a single year and the number may vary from year to year.

**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.** 

* *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. Management risk includes the risk that the quantitative model used by
the Adviser may not perform as expected, particularly in volatile markets. 

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

* *Fixed Income Securities Risk.* When
the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically,
a rise in interest rates causes a decline in the value of fixed income securities or derivatives owned by the Fund. In general, the market
price of fixed income securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Other risk factors include credit risk <br>
(the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These
risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to
be reduced and fluctuate more than other types of investments. The fixed-income securities market can be susceptible to increases in volatility
and decreases in liquidity. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example,
a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect
the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund.

* *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.

* *Asset Allocation Risk.* Asset allocation risk is the risk that the selection by a manager of a fund in which the Fund invests and the allocation of
the Fund's assets among the various asset classes and market segments will cause the Fund to underperform other funds with similar
investment objectives. The Fund's investment in any one fund or asset class may exceed 25% of the Fund's total assets, which
may cause it to be subject to greater risk than a more diversified fund.

* *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.

* *Bank Loan Risk.* The
Fund's investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk.
In making investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily
upon the creditworthiness of the borrower for payment of principal and interest.

* *Cash Positions Risk.* The Fund may hold a significant position in cash and/or cash equivalent securities. When the Fund's investment in cash
or cash equivalent securities 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.

* *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.

* *Convertible Securities Risk.* The market value
of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible
security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or
dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception
of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted,
a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

* *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 investment held by the Fund. Changes in the credit rating of a debt security held by the Fund could
have a similar effect.

* *Credit Spread Risk.* The
risk that credit spreads (or the difference in yield between securities that is due to differences in their credit quality) may increase
when the market expects lower-grade bonds to default more frequently. Widening credit spreads may quickly reduce the market values of
lower-rated securities.

* *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 Markets 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 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Not Individually Redeemable.* Shares are
not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." You may
incur brokerage costs purchasing enough shares to constitute a Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Trading Issues.* Trading in shares on the NYSE (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 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.

* *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.

* *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. 

* *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.

* *High Yield Risk.* Investment
in or exposure to high yield (lower rated or below investment grade) debt instruments (also known as "junk bonds") may involve
greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments are
considered predominantly speculative and are higher risk than investment grade instruments with respect to the issuer's continuing
ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes
than higher rated debt instruments.

* *Index Risk.* If a derivative 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 Risks.* 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 management
fees of the investment company or ETF in addition to those paid by the Fund. The risk of owning an investment company or ETF generally
reflects the risks of owning the underlying investments the investment company or ETF holds. 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.

* *Leveraging Risk.* The
use of certain derivatives may increase leveraging risk and adverse changes in the value or level of the underlying asset, rate, or index
may result in a loss substantially greater than the amount paid for the derivative. The use of leverage may exaggerate any increase or
decrease in the net asset value, causing the Fund to be more volatile and small changes in the value of the underlying instrument may
produce disproportionate losses to the Fund. The use of leverage may increase expenses and increase the impact of a Fund's other
risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so in order to satisfy
its obligations, to meet additional margin requirements or to meet collateral segregation requirements or regulatory requirements resulting
in increased volatility of returns. Leverage, including borrowing, may cause the Fund to be more volatile than if the Fund had not been
leveraged.

* *LIBOR Risk.* The
Fund may invest in securities and other instruments whose interest payments are determined by references to the London Interbank Offered
Rate ("LIBOR"). The United Kingdom Financial Conduct Authority, which regulates LIBOR, previously announced that after 2021
it would cease its active encouragement of banks to provide the quotations needed to sustain LIBOR. ICE Benchmark Administration Limited,
the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to
cease publication of the remaining LIBOR settings on a representative basis after June 30, 2023. The U.S. Federal Reserve, based on the
recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants
and their regulators), has begun publishing Secured Overnight Financing Rate (SOFR), a broad measure of secured overnight U.S. Treasury
repo rates, that is intended to replace U.S. dollar LIBOR. Actions by regulators have resulted in the establishment of alternative reference
rates to LIBOR in most major currencies. Markets are developing in response to these new rates, but questions around liquidity in these
rates and how to appropriately adjust these rates to eliminate any economic value transfer at the time of transition remain a significant
concern. The unavailability of LIBOR presents risks to the Fund, including the risk that any pricing or adjustments to the Fund's
investments resulting from a substitute or alternate reference rate may adversely affect the Fund's performance and/or net asset
value. The utilization of an alternative reference rate, or the transition process to an alternative reference rate, may adversely affect
the fund's performance. It remains uncertain how such changes would be implemented and the effects such changes would have on the
Fund, including any negative effects on the Fund's liquidity and valuation of the Fund's investments, issuers of instruments
in which the Fund invests and financial markets generally.

* *Liquidity Risk.* Liquidity
risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling
such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable
times or prices in order to satisfy its obligations. Liquidity risk may be magnified in an environment of rising interest rates or widening
credit spreads in which investor redemptions from fixed income mutual funds may be higher than normal. In the past, in stressed markets,
certain types of securities suffered periods of illiquidity if disfavored by the market. These risks may increase during periods of market
turmoil, such as that experienced in 2020 with COVID-19, and could have a negative effect on the Fund's performance.

* *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.

* *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, which may result in a decline in the value of the Fund's shares. 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, the model may not adequately take into
account certain factors, the data used in the model may be inaccurate, or the computer programming used to create quantitative models
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, during periods of increased volatility or changing market conditions, the commonality
of portfolio holdings and similarities between strategies of quantitative managers may amplify losses. 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.

* *Mortgage-Backed and Asset-Backed Securities Risk.* The risk of investing in mortgage-backed and other asset-backed securities, including prepayment
risk, extension risk, interest rate risk, market risk and management risk. Mortgage-backed securities include caps and floors, inverse
floaters, mortgage dollar rolls, private mortgage pass-through securities, resets and stripped mortgage securities. A systemic and persistent
increase in interest rate volatility may also negatively impact a number of the Fund's mortgage-backed and asset-backed securities
holdings. The Fund will invest less than 25% of its net assets in asset-backed securities or mortgage-backed securities that are below-investment
grade.

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

* *Odd Lot Pricing Risk.* Bonds
may be purchased and held as smaller sized bond positions known as "odd lots". Pricing services generally value such securities
based on bid prices for larger institutional sized bond positions known as "round lots"; and such round lot prices may reflect
more favorable pricing than odd lot holdings. The Fund may purchase securities suitable for its investment strategies in odd lots. Special
valuation considerations may apply with respect to the Fund's odd-lot positions, as the Fund may receive different prices when it
sells such positions than it would receive for sales of institutional round lot positions. The Fund may fair value a particular bond if
the Adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's
holding. There can be no assurance that the Fund's valuation procedures will result in pricing data that is completely congruent
with prices that the Fund might obtain on the open market.

* *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. A higher portfolio turnover may result in higher transactional and brokerage costs. High
portfolio turnover may also result in higher short-term capital gains taxable to shareholders.

* *Prepayment and Extension Risk.* Many
types of fixed income securities are subject to prepayment risk. Prepayment occurs when the issuer of a fixed income security can repay
principal prior to the security's maturity. Fixed income securities subject to prepayment can offer less potential for gains during
a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment and accordingly,
a decline in the Fund's net asset value. In addition, the potential impact of prepayment features on the price of a fixed income
security can be difficult to predict and result in greater volatility. On the other hand, rising interest rates could cause prepayments
of the obligations to decrease, extending the life of mortgage-and asset-backed securities with lower payment rates. This is known
as extension risk and may increase the Fund's sensitivity to rising rates and its potential for price declines.

* *Regulatory Risk.* Changes
in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could
impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

* *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.

* *U.S. Government Securities Risk.* The U.S.
government is not obligated to provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated
to do so by law. Certain U.S. government securities purchased by the Fund may not be backed by the full faith and credit of the United
States. It is possible that the issuers of such securities will not have the funds to meet their payment obligations in the future.

* *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.

* *Variable or Floating Rate Securities Risk.* Variable
and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do
not rise as much, or as quickly, as interest rates in general. Floating rate securities will not generally increase in value if interest
rates decline.

* *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)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Highest Quarter: | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;Lowest Quarter: | &nbsp;&nbsp;03/31/2022 | &nbsp;&nbsp;-6.94% |

---

**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;-10.60% | &nbsp;&nbsp;-6.16% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions | &nbsp;&nbsp;-11.21% | &nbsp;&nbsp;-6.83% |
| &nbsp;&nbsp;&nbsp;Return after taxes on Distributions and Sale of Fund Shares | &nbsp;&nbsp;-6.27% | &nbsp;&nbsp;-4.94% |
| &nbsp;&nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index<sup>(2)</sup> | &nbsp;&nbsp;-13.01% | &nbsp;&nbsp;-8.70% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Inception date is June 28, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures
the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. This includes Treasuries, government-related and corporate
securities, mortgage-backed securities, asset-backed securities and collateralized mortgage-backed securities.

**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 and Michael T. Cheung, Portfolio Manager and Managing Partner. Mr. Messinger and Mr. Cheung have managed the Fund since its inception in June, 2021.

**Purchase and Sale of Fund Shares:** The Fund will issue and redeem shares at NAV only in large blocks of 50,000 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 NYSE 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.